Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jan. 31, 2014 | Mar. 26, 2014 | Jul. 31, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Jan-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'URBN | ' | ' |
Entity Registrant Name | 'URBAN OUTFITTERS INC | ' | ' |
Entity Central Index Key | '0000912615 | ' | ' |
Current Fiscal Year End Date | '--01-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 144,560,953 | ' |
Entity Public Float | ' | ' | $4,876,471,643 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jan. 31, 2014 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $242,058 | $245,327 |
Marketable securities | 281,813 | 228,486 |
Accounts receivable, net of allowance for doubtful accounts of $1,711 and $1,681, respectively | 55,161 | 39,519 |
Inventories | 311,207 | 282,411 |
Prepaid expenses and other current assets | 75,968 | 61,827 |
Deferred taxes | 28,773 | 14,714 |
Total current assets | 994,980 | 872,284 |
Property and equipment, net | 806,909 | 733,416 |
Marketable securities | 366,422 | 149,585 |
Deferred income taxes and other assets | 52,903 | 41,926 |
Total Assets | 2,221,214 | 1,797,211 |
Current liabilities: | ' | ' |
Accounts payable | 137,036 | 99,059 |
Accrued compensation | 41,085 | 31,095 |
Accrued expenses and other current liabilities | 153,709 | 120,041 |
Total current liabilities | 331,830 | 250,195 |
Deferred rent and other liabilities | 195,214 | 192,428 |
Total Liabilities | 527,044 | 442,623 |
Commitments and contingencies (see Note 13) | ' | ' |
Shareholders' equity: | ' | ' |
Preferred shares; $.0001 par value, 10,000,000 shares authorized, none issued | ' | ' |
Common shares; $.0001 par value, 200,000,000 shares authorized, 147,309,575 and 146,015,767 shares issued and outstanding, respectively | 15 | 15 |
Additional paid-in-capital | 97,684 | 48,276 |
Retained earnings | 1,597,439 | 1,315,079 |
Accumulated other comprehensive loss | -968 | -8,782 |
Total Shareholders' Equity | 1,694,170 | 1,354,588 |
Total Liabilities and Shareholders' Equity | $2,221,214 | $1,797,211 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jan. 31, 2014 | Jan. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance for doubtful accounts | $1,711 | $1,681 |
Preferred shares, par value | $0.00 | $0.00 |
Preferred shares, shares authorized | 10,000,000 | 10,000,000 |
Preferred shares, shares issued | ' | ' |
Common shares, par value | $0.00 | $0.00 |
Common shares, shares authorized | 200,000,000 | 200,000,000 |
Common shares, shares issued | 147,309,575 | 146,015,767 |
Common shares, shares outstanding | 147,309,575 | 146,015,767 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Net sales | $3,086,608 | $2,794,925 | $2,473,801 |
Cost of sales | 1,925,266 | 1,763,394 | 1,613,265 |
Gross profit | 1,161,342 | 1,031,531 | 860,536 |
Selling, general and administrative expenses | 734,511 | 657,246 | 575,811 |
Income from operations | 426,831 | 374,285 | 284,725 |
Interest income | 2,713 | 2,126 | 5,120 |
Other income | 1,088 | 862 | 553 |
Other expenses | -3,114 | -1,701 | -1,567 |
Income before income taxes | 427,518 | 375,572 | 288,831 |
Income tax expense | 145,158 | 138,258 | 103,580 |
Net income | $282,360 | $237,314 | $185,251 |
Net income per common share: | ' | ' | ' |
Basic | $1.92 | $1.63 | $1.20 |
Diluted | $1.89 | $1.62 | $1.19 |
Weighted-average common shares outstanding: | ' | ' | ' |
Basic | 147,014,869 | 145,253,691 | 154,025,589 |
Diluted | 149,225,906 | 146,663,731 | 156,191,289 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Net income | $282,360 | $237,314 | $185,251 |
Other comprehensive income (loss): | ' | ' | ' |
Foreign currency translation | 7,194 | 1,455 | -2,285 |
Change in unrealized gains on marketable securities, net of tax | 620 | 1,275 | 1,035 |
Total other comprehensive income (loss) | 7,814 | 2,730 | -1,250 |
Comprehensive income | $290,174 | $240,044 | $184,001 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Shares | Additional Paid-in Capital | Retained Earnings | Accumulated other Comprehensive Loss |
In Thousands, except Share data | |||||
Beginning Balances at Jan. 31, 2011 | $1,411,548 | $17 | $27,603 | $1,394,190 | ($10,262) |
Beginning Balances (in shares) at Jan. 31, 2011 | ' | 164,413,427 | ' | ' | ' |
Comprehensive income | 184,001 | ' | ' | 185,251 | -1,250 |
Share-based compensation | 3,068 | ' | 3,068 | ' | ' |
Stock options and awards (in shares) | ' | 993,923 | ' | ' | ' |
Stock options and awards | 4,134 | ' | 4,134 | ' | ' |
Excess tax benefit from share-based awards | 8,995 | ' | 8,995 | ' | ' |
Share repurchases (in shares) | ' | -20,774,343 | ' | ' | ' |
Share repurchases | -545,478 | -2 | -43,800 | -501,676 | ' |
Ending Balances at Jan. 31, 2012 | 1,066,268 | 15 | ' | 1,077,765 | -11,512 |
Ending Balances (in shares) at Jan. 31, 2012 | ' | 144,633,007 | ' | ' | ' |
Comprehensive income | 240,044 | ' | ' | 237,314 | 2,730 |
Share-based compensation | 10,892 | ' | 10,892 | ' | ' |
Stock options and awards (in shares) | ' | 1,382,760 | ' | ' | ' |
Stock options and awards | 30,671 | ' | 30,671 | ' | ' |
Excess tax benefit from share-based awards | 6,713 | ' | 6,713 | ' | ' |
Ending Balances at Jan. 31, 2013 | 1,354,588 | 15 | 48,276 | 1,315,079 | -8,782 |
Ending Balances (in shares) at Jan. 31, 2013 | ' | 146,015,767 | ' | ' | ' |
Comprehensive income | 290,174 | ' | ' | 282,360 | 7,814 |
Share-based compensation | 15,742 | ' | 15,742 | ' | ' |
Stock options and awards (in shares) | ' | 1,603,628 | ' | ' | ' |
Stock options and awards | 35,218 | ' | 35,218 | ' | ' |
Excess tax benefit from share-based awards | 9,540 | ' | 9,540 | ' | ' |
Share repurchases (in shares) | ' | -309,820 | ' | ' | ' |
Share repurchases | -11,092 | ' | -11,092 | ' | ' |
Ending Balances at Jan. 31, 2014 | $1,694,170 | $15 | $97,684 | $1,597,439 | ($968) |
Ending Balances (in shares) at Jan. 31, 2014 | ' | 147,309,575 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $282,360 | $237,314 | $185,251 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 132,664 | 118,664 | 108,112 |
(Benefit) provision for deferred income taxes | -28,505 | 22,248 | -12,150 |
Excess tax benefits from stock option exercises | -9,540 | -6,713 | -8,995 |
Share-based compensation expense | 15,742 | 10,892 | 3,068 |
Loss on disposition of property and equipment, net | 2,368 | 616 | 857 |
Changes in assets and liabilities: | ' | ' | ' |
Receivables | -15,368 | -2,917 | -251 |
Inventories | -27,713 | -32,237 | -20,817 |
Prepaid expenses and other assets | 2,985 | 16,057 | 6,317 |
Payables, accrued expenses and other liabilities | 68,162 | 31,756 | 21,310 |
Net cash provided by operating activities | 423,155 | 395,680 | 282,702 |
Cash flows from investing activities: | ' | ' | ' |
Cash paid for property and equipment | -186,101 | -168,875 | -190,010 |
Cash paid for marketable securities | -727,987 | -372,689 | -169,467 |
Sales and maturities of marketable securities | 451,866 | 207,576 | 414,769 |
Net cash (used in) provided by investing activities | -462,222 | -333,988 | 55,292 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from the exercise of stock options | 35,218 | 30,671 | 4,136 |
Excess tax benefits from stock option exercises | 9,540 | 6,713 | 8,995 |
Share repurchases related to share repurchase program | -10,695 | ' | -538,311 |
Share repurchases related to taxes for share-based awards | -397 | ' | -7,167 |
Net cash provided by (used in) financing activities | 33,666 | 37,384 | -532,347 |
Effect of exchange rate changes on cash and cash equivalents | 2,132 | 978 | -631 |
(Decrease) increase in cash and cash equivalents | -3,269 | 100,054 | -194,984 |
Cash and cash equivalents at beginning of period | 245,327 | 145,273 | 340,257 |
Cash and cash equivalents at end of period | 242,058 | 245,327 | 145,273 |
Cash paid during the year for: | ' | ' | ' |
Income taxes | 159,628 | 103,006 | 120,847 |
Non-cash investing activities-Accrued capital expenditures | $20,889 | $15,055 | $21,955 |
Nature_of_Business
Nature of Business | 12 Months Ended |
Jan. 31, 2014 | |
Nature of Business | ' |
1. Nature of Business | |
Urban Outfitters, Inc. (the “Company” or “Urban Outfitters”), which was founded in 1970, was incorporated in the Commonwealth of Pennsylvania in 1976. The principal business activity of the Company is the operation of a general consumer product retail and wholesale business selling to customers through various channels including retail stores, websites, catalogs and mobile applications. As of January 31, 2014 and 2013, the Company operated 511 and 476 stores, respectively. Stores located in the United States totaled 442 as of January 31, 2014 and 415 as of January 31, 2013. Operations in Europe and Canada included 44 stores and 25 stores as of January 31, 2014, respectively, and 38 stores and 23 stores as of January 31, 2013, respectively. In addition, the Company’s Wholesale segment sold and distributed apparel to approximately 1,400 better department and specialty retailers worldwide. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
2. Summary of Significant Accounting Policies | |||||||||||||||||
Fiscal Year-End | |||||||||||||||||
The Company operates on a fiscal year ending January 31 of each year. All references to fiscal years of the Company refer to the fiscal years ended on January 31 in those years. For example, the Company’s fiscal 2014 ended on January 31, 2014. | |||||||||||||||||
Principles of Consolidation | |||||||||||||||||
The Consolidated Financial Statements include the accounts of the Company and all of its subsidiaries. All inter-company transactions and accounts have been eliminated in consolidation. | |||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements, in conformity with accounting principles generally accepted in the United States, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
Cash and cash equivalents are defined as cash and short-term highly liquid investments with maturities of less than three months at the time of purchase. These short-term highly liquid investments are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. As of January 31, 2014 and 2013, cash and cash equivalents included cash on hand, cash in banks, money market accounts and marketable securities with maturities of less than three months at the time of purchase. | |||||||||||||||||
Marketable Securities | |||||||||||||||||
All of the Company’s marketable securities as of January 31, 2014 and January 31, 2013 are classified as available-for-sale and are carried at fair value, which approximates amortized cost. Interest on these securities, as well as the amortization of discounts and premiums, is included in interest income in the Consolidated Statements of Income. Unrealized gains and losses on these securities (other than mutual funds held in the rabbi trust) are considered temporary and therefore are excluded from earnings and are reported as a component of “Other comprehensive income” in the Consolidated Statements of Comprehensive Income and in accumulated other comprehensive loss in shareholders’ equity until realized. Mutual funds held in the rabbi trust have been accounted for under the fair value option, which results in all unrealized gains and losses being recorded in “Interest income” in the Consolidated Statements of Income. Other than temporary impairment losses related to credit losses are considered to be realized losses. When available-for-sale securities are sold, the cost of the securities is specifically identified and is used to determine the realized gain or loss. Securities classified as current assets have maturity dates of less than one year from the balance sheet date. Securities classified as non-current assets have maturity dates greater than one year from the balance sheet date. Available-for-sale securities such as auction rate securities that fail at auction and do not liquidate in the normal course are classified as non-current assets. | |||||||||||||||||
During the first quarter of fiscal 2014, the Company sold all of its remaining auction rate securities (“ARS”) for $4,580 in cash. The Company’s ARS had a par value and a recorded fair value of $4,925 and $4,330, respectively, prior to the sale and as of January 31, 2013. | |||||||||||||||||
Accounts Receivable | |||||||||||||||||
Accounts receivable primarily consists of amounts due from our wholesale customers as well as credit card receivables outstanding with third-party credit card vendors. The activity of the allowance for doubtful accounts for the years ended January 31, 2014, 2013 and 2012 was as follows: | |||||||||||||||||
Balance at | Additions | Deductions | Balance at | ||||||||||||||
beginning of | end of | ||||||||||||||||
year | year | ||||||||||||||||
Year ended January 31, 2014 | $ | 1,681 | 4,400 | (4,370 | ) | $ | 1,711 | ||||||||||
Year ended January 31, 2013 | $ | 1,614 | 5,019 | (4,952 | ) | $ | 1,681 | ||||||||||
Year ended January 31, 2012 | $ | 1,015 | 3,920 | (3,321 | ) | $ | 1,614 | ||||||||||
Inventories | |||||||||||||||||
Inventories, which consist primarily of general consumer merchandise held for sale, are valued at the lower of cost or market. Cost is determined on the first-in, first-out method and includes the cost of merchandise and import related costs, including freight, import taxes and agent commissions. A periodic review of inventory is performed in order to determine if inventory is properly stated at the lower of cost or market. Factors related to current inventories such as future expected consumer demand and fashion trends, current aging, current and anticipated retail markdowns or wholesale discounts, and class or type of inventory are analyzed to determine estimated net realizable value. Criteria utilized by the Company to quantify aging trends include factors such as average selling cycle and seasonality of merchandise, the historical rate at which merchandise has sold below cost during the average selling cycle, and the value and nature of merchandise currently priced below original cost. A provision is recorded to reduce the cost of inventories to the estimated net realizable values, if appropriate. The majority of inventory at January 31, 2014 and 2013 consisted of finished goods. Unfinished goods and work-in-process were not material to the overall net inventory value. | |||||||||||||||||
Adjustments to reserves related to the net realizable value of inventories are primarily based on the market value of the Company’s annual physical inventories, cycle counts and recent historical trends. The Company’s estimates generally have been accurate and its reserve methods have been applied on a consistent basis. The Company expects the amount of its reserves and related inventories to increase over time as it increases its sales. | |||||||||||||||||
Property and Equipment | |||||||||||||||||
Property and equipment are stated at cost and primarily consist of store related leasehold improvements, buildings and furniture and fixtures. Depreciation is typically computed using the straight-line method over five years for furniture and fixtures, the lesser of the lease term or useful life for leasehold improvements, three to ten years for other operating equipment and 39 years for buildings. Major renovations or improvements that extend the service lives of our assets are capitalized over the extension period or life of the improvement, whichever is less. | |||||||||||||||||
The Company reviews long-lived assets for possible impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. This determination includes evaluation of factors such as future asset utilization and future net undiscounted cash flows expected to result from the use of the assets. Management believes there has been no material impairment of the Company’s long-lived assets as of January 31, 2014. | |||||||||||||||||
Deferred Rent | |||||||||||||||||
Rent expense from leases is recorded on a straight-line basis over the lease period. The net excess of rent expense over the actual cash paid is recorded as deferred rent. In addition, certain store leases provide for contingent rentals when sales exceed specified break-point levels that are weighted based upon historical cyclicality. For leases where achievement of these levels is considered probable based on cumulative lease year revenue versus the established breakpoint at any given point in time, the Company accrues a contingent rent liability and a corresponding rent expense. | |||||||||||||||||
Operating Leases | |||||||||||||||||
The Company leases its retail stores under operating leases. Many of the lease agreements contain rent holidays, rent escalation clauses and contingent rent provisions or some combination of these items. | |||||||||||||||||
The Company recognizes rent expense on a straight-line basis over the lease period commencing on the date that the premises are available from the landlord. The lease period includes the construction period required to make the leased space suitable for operating during which time the Company is not permitted to occupy the space. For purposes of calculating straight-line rent expense, the commencement date of the lease term reflects the date the Company takes possession of the building for initial construction and setup. | |||||||||||||||||
The Company classifies tenant improvement allowances in its consolidated financial statements under deferred rent and amortizes them on a straight-line basis over the related lease period. Tenant improvement allowance activity is presented as part of cash flows from operating activities in the accompanying Consolidated Statements of Cash Flows. | |||||||||||||||||
Revenue Recognition | |||||||||||||||||
Revenue is recognized by the Retail segment at the point-of-sale for merchandise the customer takes possession of at the retail store or when merchandise is shipped to the customer, net of estimated customer returns. Revenue is recognized by the Wholesale segment when merchandise is shipped to the customer, net of estimated customer returns. Revenue is recognized at the completion of a job or service for landscape sales. Revenue is presented on a net basis and does not include any tax assessed by a governmental or municipal authority. Payment for merchandise in the Company’s Retail segment is tendered by cash, check, credit card, debit card or gift card. Therefore, the Company’s need to collect outstanding accounts receivable for its Retail segment is negligible and mainly results from returned checks or unauthorized credit card transactions. The Company maintains an allowance for doubtful accounts for its Wholesale segment and landscape service accounts receivable, which management reviews on a regular basis and believes is sufficient to cover potential credit losses and billing adjustments. Deposits for custom orders are recorded as a liability and recognized as a sale upon delivery of the merchandise to the customer. These custom orders, typically for upholstered furniture, are not material. Deposits for landscape services are recorded as a liability and recognized as a sale upon completion of service. Landscape services and related deposits are not material. | |||||||||||||||||
The Company accounts for a gift card transaction by recording a liability at the time the gift card is issued to the customer in exchange for consideration from the customer. A liability is established and remains on the Company’s books until the card is redeemed by the customer, at which time the Company records the redemption of the card for merchandise as a sale, or when it is determined the likelihood of redemption is remote. The Company determines the probability of the gift cards being redeemed to be remote based on historical redemption patterns. Revenues attributable to the reduction of gift card liabilities for which the likelihood of redemption becomes remote are included in sales and are not material. The Company’s gift cards do not expire. | |||||||||||||||||
Sales Return Reserve | |||||||||||||||||
The Company records a reserve for estimated product returns where the sale has occurred during the period reported, but the return is likely to occur subsequent to the period reported. The reserve for estimated product returns is based on the Company’s most recent historical return trends. If the actual return rate or experience is materially higher than the Company’s estimate, additional sales returns would be recorded in the future. The activity of the sales returns reserve for the years ended January 31, 2014, 2013 and 2012 was as follows: | |||||||||||||||||
Balance at | Additions | Deductions | Balance at | ||||||||||||||
beginning of | end of | ||||||||||||||||
year | year | ||||||||||||||||
Year ended January 31, 2014 | $ | 14,448 | 64,313 | (61,672 | ) | $ | 17,089 | ||||||||||
Year ended January 31, 2013 | $ | 10,967 | 49,412 | (45,931 | ) | $ | 14,448 | ||||||||||
Year ended January 31, 2012 | $ | 11,367 | 41,034 | (41,434 | ) | $ | 10,967 | ||||||||||
Cost of Sales | |||||||||||||||||
Cost of sales includes the following: the cost of merchandise; obsolescence and shrink provisions; store occupancy costs including rent and depreciation; delivery expense; in-bound and outbound freight; customs related taxes and duties; inventory acquisition and purchasing costs; design costs; warehousing and handling costs and other inventory acquisition related costs. | |||||||||||||||||
Selling, General and Administrative Expenses | |||||||||||||||||
Selling, general and administrative expenses includes expenses such as: direct selling and selling supervisory expenses; marketing expenses; various corporate expenses such as information systems, finance, loss prevention, talent acquisition, home office and executive management expenses; share-based compensation expense; and other associated general expenses. | |||||||||||||||||
Shipping and Handling Revenues and Costs | |||||||||||||||||
The Company includes shipping and handling revenues in net sales and shipping and handling costs in cost of sales. The Company’s shipping and handling revenues consist of amounts billed to customers for shipping and handling merchandise. Shipping and handling costs include shipping supplies, related labor costs and third-party shipping costs. | |||||||||||||||||
Advertising | |||||||||||||||||
The Company expenses the costs of advertising when the advertising occurs, except for direct-to-consumer advertising, which is capitalized and amortized over its expected period of future benefit. Advertising costs primarily relate to our Retail segment marketing expenses which are comprised of web marketing, catalog printing, paper, postage and other costs related to production of photographic images used in our catalogs and on our websites. The catalog printing, paper, postage and other costs are amortized over the period in which the customer responds to the marketing material determined based on historical customer response trends to a similar season’s advertisement. Amortization rates are reviewed on a regular basis during the fiscal year and may be adjusted if the predicted customer response appears materially different than the historical response rate. The Company has the ability to measure the response rate to direct marketing early in the course of the advertisement based on its customers’ reference to a specific catalog or by product placed and sold. The average amortization period for a catalog and related items are typically one to three months. If there is no expected future benefit, the cost of advertising is expensed when incurred. Advertising costs reported as prepaid expenses were $2,067 and $2,716 as of January 31, 2014 and 2013, respectively. Advertising expenses were $91,615, $81,944 and $71,684 for fiscal 2014, 2013 and 2012, respectively. | |||||||||||||||||
Start-up Costs | |||||||||||||||||
The Company expenses all start-up and organization costs as incurred, including travel, training, recruiting, salaries and other operating costs, and are included in selling, general and administrative expenses in the Consolidated Statements of Income. | |||||||||||||||||
Website Development Costs | |||||||||||||||||
The Company capitalizes applicable costs incurred during the application and infrastructure development stage and expenses costs incurred during the planning and operating stage. During fiscal 2014, 2013 and 2012, the Company did not capitalize any internally generated internal-use software development costs because substantially all costs were incurred during the planning and operating stages, and costs incurred during the application and infrastructure development stage were not material. | |||||||||||||||||
Income Taxes | |||||||||||||||||
The Company utilizes a balance sheet approach to provide for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of net operating loss carryforwards and temporary differences between the carrying amounts and the tax bases of assets and liabilities. Investment tax credits or grants are accounted for in the period earned. The Company files a consolidated United States federal income tax return (see Note 8, “Income Taxes” for a further discussion of income taxes). The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. | |||||||||||||||||
Net Income Per Common Share | |||||||||||||||||
Basic net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per common share is computed by dividing net income by the weighted-average number of common shares and common share equivalents outstanding. Common share equivalents include the effect of stock options, stock appreciation rights (“SAR’s”), restricted stock units (“RSU’s”) and performance stock units (“PSU’s”). | |||||||||||||||||
Comprehensive Income and Accumulated Other Comprehensive Loss | |||||||||||||||||
Comprehensive income is comprised of two subsets—net income and other comprehensive income/loss. Amounts included in accumulated other comprehensive loss relate to foreign currency translation adjustments and unrealized gains or losses on marketable securities. The foreign currency translation adjustments are not adjusted for income taxes because these adjustments relate to non-U.S. subsidiaries for which foreign earnings have been designated as permanently reinvested. Accumulated other comprehensive loss consisted of foreign currency translation losses of ($1,388) and ($8,582) as of January 31, 2014 and January 31, 2013, respectively, and unrealized gains and (losses), net of tax, on marketable securities of $420 and ($200) as of January 31, 2014 and January 31, 2013, respectively. The tax effect of the unrealized gains and (losses) on marketable securities recorded in comprehensive income was ($378), ($672) and ($556) during fiscal 2014, 2013 and 2012, respectively. Gross realized gains and losses are included in other income in the Consolidated Statements of Income and were not material to the Company’s Consolidated Financial Statements for all three years presented. | |||||||||||||||||
Foreign Currency Translation | |||||||||||||||||
The financial statements of the Company’s foreign operations are translated into U.S. dollars. Assets and liabilities are translated at current exchange rates as of the balance sheet date, equity accounts at historical exchange rates, while income statement accounts are translated at the average rates in effect during the year. Translation adjustments are not included in determining net income, but are included in “Accumulated other comprehensive loss” within shareholders’ equity. Transactional gains and losses included in operating results for fiscal years 2014, 2013 and 2012 were not material. | |||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, marketable securities and accounts receivable. The Company manages the credit risk associated with cash, cash equivalents and marketable securities by investing in high-quality securities held with reputable trustees and, by policy, limiting the amount of credit exposure to any one issuer or issue, as well as providing limitations on investment maturities. The Company’s investment policy requires that the majority of its cash, cash equivalents and marketable securities are invested in corporate and municipal bonds rated “A” or better, commercial paper and federally insured or guaranteed investment vehicles such as certificates of deposit, United States treasury bills and federal government agencies. Receivables from third-party credit cards are processed by financial institutions, which are monitored for financial stability. The Company regularly evaluates the financial condition of its Wholesale segment customers. The Company’s allowance for doubtful accounts reflects current market conditions and management’s assessment regarding the collectability of its accounts receivable. The Company maintains cash accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses from maintaining cash accounts in excess of such limits. Management believes that it is not exposed to any significant risks related to its cash accounts. | |||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||
In February 2013, the Financial Accounting Standards Board issued an accounting standards update that amends existing guidance by requiring that additional information be disclosed about items reclassified (“reclassification adjustments”) out of accumulated other comprehensive income. The additional information includes separately stating the total change for each component of other comprehensive income (for example, unrealized gains or losses on available-for-sale securities or foreign currency translation) and separately disclosing both current-period other comprehensive income and reclassification adjustments. Entities are also required to present, either on the face of the income statement or in the notes to the financial statements, significant amounts reclassified out of accumulated other comprehensive income as separate line items of net income, but only if the entire amount reclassified must be reclassified to net income in the same reporting period (see Note 11, “Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss”). For amounts that are not required to be reclassified in their entirety to net income, an entity must cross-reference to other disclosures that provide additional detail about those amounts. This update became effective for the Company beginning February 1, 2013. Other than the change in presentation, this accounting standards update did not have an impact on the Company’s financial position, results of operations or cash flows. | |||||||||||||||||
Reclassifications | |||||||||||||||||
Certain prior period amounts have been reclassified to conform to the current year presentation. |
Marketable_Securities
Marketable Securities | 12 Months Ended | ||||||||||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||||||||||
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 values of available-for-sale securities by major security type and class of security as of January 31, 2014 and 2013 are as follows: | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | (Losses) | Value | ||||||||||||||||||||||
As of January 31, 2014 | |||||||||||||||||||||||||
Short-term Investments: | |||||||||||||||||||||||||
Corporate bonds | $ | 100,856 | $ | 56 | $ | (41 | ) | $ | 100,871 | ||||||||||||||||
Municipal and pre-refunded municipal bonds | 85,000 | 98 | (2 | ) | 85,096 | ||||||||||||||||||||
Treasury bills | 24,873 | 10 | — | 24,883 | |||||||||||||||||||||
Certificates of deposit | 35,844 | 13 | (1 | ) | 35,856 | ||||||||||||||||||||
Commercial paper | 35,101 | 7 | (1 | ) | 35,107 | ||||||||||||||||||||
281,674 | 184 | (45 | ) | 281,813 | |||||||||||||||||||||
Long-term Investments: | |||||||||||||||||||||||||
Corporate bonds | 208,446 | 268 | (162 | ) | 208,552 | ||||||||||||||||||||
Municipal and pre-refunded municipal bonds | 125,934 | 415 | (8 | ) | 126,341 | ||||||||||||||||||||
Treasury bills | 21,551 | 21 | — | 21,572 | |||||||||||||||||||||
Certificates of deposit | 4,000 | — | (2 | ) | 3,998 | ||||||||||||||||||||
Federal government agencies | 4,287 | 6 | — | 4,293 | |||||||||||||||||||||
Mutual funds, held in rabbi trust | 1,591 | 108 | (33 | ) | 1,666 | ||||||||||||||||||||
365,809 | 818 | (205 | ) | 366,422 | |||||||||||||||||||||
$ | 647,483 | $ | 1,002 | $ | (250 | ) | $ | 648,235 | |||||||||||||||||
As of January 31, 2013 | |||||||||||||||||||||||||
Short-term Investments: | |||||||||||||||||||||||||
Corporate bonds | $ | 88,432 | $ | 106 | $ | (23 | ) | $ | 88,515 | ||||||||||||||||
Municipal and pre-refunded municipal bonds | 63,355 | 85 | (17 | ) | 63,423 | ||||||||||||||||||||
Treasury bills | 21,354 | 14 | — | 21,368 | |||||||||||||||||||||
Certificates of deposit | 40,870 | 25 | — | 40,895 | |||||||||||||||||||||
Commercial paper | 10,775 | 8 | (2 | ) | 10,781 | ||||||||||||||||||||
Federal government agencies | 3,500 | 4 | — | 3,504 | |||||||||||||||||||||
228,286 | 242 | (42 | ) | 228,486 | |||||||||||||||||||||
Long-term Investments: | |||||||||||||||||||||||||
Corporate bonds | 64,219 | 102 | (61 | ) | 64,260 | ||||||||||||||||||||
Municipal and pre-refunded municipal bonds | 52,925 | 76 | (60 | ) | 52,941 | ||||||||||||||||||||
Treasury bills | 19,724 | 13 | — | 19,737 | |||||||||||||||||||||
Certificates of deposit | 2,340 | — | — | 2,340 | |||||||||||||||||||||
Federal government agencies | 5,974 | 5 | (2 | ) | 5,977 | ||||||||||||||||||||
Auction rate securities | 4,925 | — | (595 | ) | 4,330 | ||||||||||||||||||||
150,107 | 196 | (718 | ) | 149,585 | |||||||||||||||||||||
$ | 378,393 | $ | 438 | $ | (760 | ) | $ | 378,071 | |||||||||||||||||
Proceeds from the sale and maturities of available-for-sale securities were $451,866, $207,576 and $414,769 in fiscal 2014, 2013 and 2012, respectively. The Company included in “Interest income,” in the Consolidated Statements of Income, a net realized loss of $101 during fiscal 2014, a net realized gain of $248 during fiscal 2013 and a net realized gain of $1,171 during fiscal 2012. Amortization of discounts and premiums, net, resulted in a reduction of “Interest Income” of $10,932, $5,276 and $7,373 for fiscal years 2014, 2013 and 2012, respectively. Mutual funds held in an irrevocable rabbi trust for the Urban Outfitters, Inc. Non-qualified Deferred Compensation Plan (“NQDC”), which was established during the first quarter of fiscal 2014. These assets are a source of funds to match the funding obligations to participants in the NQDC but are subject to the Company’s general creditors. The Company elected the fair value option for financial assets for the mutual funds held in the rabbi trust resulting in all unrealized gains and losses being recorded in “Interest income” in the Consolidated Statements of Income and not as a component of accumulated other comprehensive loss. | |||||||||||||||||||||||||
The following tables show the gross unrealized losses and fair value of the Company’s marketable securities with unrealized losses that are not deemed to be other-than-temporarily impaired aggregated by the length of time that individual securities have been in a continuous unrealized loss position, at January 31, 2014 and January 31, 2013, respectively. | |||||||||||||||||||||||||
January 31, 2014 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Description of Securities | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Corporate bonds | $ | 147,731 | $ | (203 | ) | $ | — | $ | — | $ | 147,731 | $ | (203 | ) | |||||||||||
Municipal and pre-refunded municipal bonds | 6,291 | (10 | ) | — | — | 6,291 | (10 | ) | |||||||||||||||||
Treasury bills | 6,606 | — | — | — | 6,606 | — | |||||||||||||||||||
Certificates of deposit | 12,746 | (3 | ) | — | — | 12,746 | (3 | ) | |||||||||||||||||
Commercial paper | 6,640 | (1 | ) | — | — | 6,640 | (1 | ) | |||||||||||||||||
Federal government agencies | 1,753 | — | — | — | 1,753 | — | |||||||||||||||||||
Mutual funds, held in rabbi trust | 1,666 | (33 | ) | — | — | 1,666 | (33 | ) | |||||||||||||||||
Total | $ | 183,433 | $ | (250 | ) | $ | — | $ | — | $ | 183,433 | $ | (250 | ) | |||||||||||
January 31, 2013 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Description of Securities | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Corporate bonds | $ | 74,537 | $ | (85 | ) | $ | — | $ | — | $ | 74,537 | $ | (85 | ) | |||||||||||
Municipal and pre-refunded municipal bonds | 42,826 | (77 | ) | 1,413 | — | 44,239 | (77 | ) | |||||||||||||||||
Certificates of deposit | 3,400 | — | 244 | — | 3,644 | — | |||||||||||||||||||
Commercial paper | 2,994 | (1 | ) | — | — | 2,994 | (1 | ) | |||||||||||||||||
Federal government agencies | 1,998 | (2 | ) | — | — | 1,998 | (2 | ) | |||||||||||||||||
Auction rate securities | — | — | 4,330 | (595 | ) | 4,330 | (595 | ) | |||||||||||||||||
Total | $ | 125,755 | $ | (165 | ) | $ | 5,987 | $ | (595 | ) | $ | 131,742 | $ | (760 | ) | ||||||||||
As of January 31, 2014 and 2013, there were a total of 219 and 342 securities with unrealized loss positions within the Company’s portfolio, respectively. | |||||||||||||||||||||||||
During the first quarter of fiscal 2014, the Company sold all of its remaining ARS for $4,580 in cash. The Company’s ARS had a par value and a recorded fair value of $4,925 and $4,330, respectively, prior to the sale in April 2013 and as of January 31, 2013. As of January 31, 2013, there was $595 of an unrealized loss position due to impairment of ARS held by the Company. |
Fair_Value
Fair Value | 12 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
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 table below: | |||||||||||||||||
Marketable Securities Fair Value as of | |||||||||||||||||
January 31, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Corporate bonds | $ | 309,423 | $ | — | $ | — | $ | 309,423 | |||||||||
Municipal and pre-refunded municipal bonds | — | 211,437 | — | 211,437 | |||||||||||||
Treasury bills | 46,455 | — | — | 46,455 | |||||||||||||
Certificates deposit | — | 39,854 | — | 39,854 | |||||||||||||
Commercial paper | — | 35,107 | — | 35,107 | |||||||||||||
Federal government agencies | 4,293 | — | — | 4,293 | |||||||||||||
Mutual funds, held in rabbi trust | 1,666 | — | — | 1,666 | |||||||||||||
$ | 361,837 | $ | 286,398 | $ | — | $ | 648,235 | ||||||||||
Marketable Securities Fair Value as of | |||||||||||||||||
January 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Corporate bonds | $ | 152,775 | $ | — | $ | — | $ | 152,775 | |||||||||
Municipal and pre-refunded municipal bonds | — | 116,364 | — | 116,364 | |||||||||||||
Treasury bills | 41,105 | — | — | 41,105 | |||||||||||||
Certificates of deposit | — | 43,235 | — | 43,235 | |||||||||||||
Commercial paper | — | 10,781 | — | 10,781 | |||||||||||||
Federal government agencies | 9,481 | — | — | 9,481 | |||||||||||||
Auction rate securities | — | — | 4,330 | 4,330 | |||||||||||||
$ | 203,361 | $ | 170,380 | $ | 4,330 | $ | 378,071 | ||||||||||
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 consists of financial instruments where there was no active market as of January 31, 2014 and 2013. During the first quarter of fiscal 2014, the Company sold all of its remaining ARS for $4,580 in cash. As a result, there were no Level 3 investments as of January 31, 2014. The Company’s ARS had a par value and a recorded fair value of $4,925 and $4,330, respectively, prior to the sale and as of January 31, 2013. | |||||||||||||||||
Below is a reconciliation of the beginning and ending ARS securities balances that the Company valued using a Level 3 valuation for the fiscal years ended January 31, 2014 and 2013. | |||||||||||||||||
Fiscal Year Ended | Fiscal Year Ended | ||||||||||||||||
31-Jan-14 | 31-Jan-13 | ||||||||||||||||
Balance at beginning of period | $ | 4,330 | $ | 20,197 | |||||||||||||
Total (losses)/gains realized/unrealized: | |||||||||||||||||
Included in earnings | (345 | ) | — | ||||||||||||||
Included in other comprehensive income | 595 | 2,183 | |||||||||||||||
Settlements | (4,580 | ) | (18,050 | ) | |||||||||||||
Transfers in and/or out of Level 3 | — | — | |||||||||||||||
Balance at end of period | $ | — | $ | 4,330 | |||||||||||||
Unrealized losses included in accumulated other comprehensive loss related to assets still held at reporting date | $ | — | $ | (595 | ) | ||||||||||||
Total gains for the period included in earnings attributable to the change in unrealized gains or losses related to assets still held at reporting date | $ | — | $ | — | |||||||||||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Property and Equipment | ' | ||||||||
5. Property and Equipment | |||||||||
Property and equipment is summarized as follows: | |||||||||
January 31, | |||||||||
2014 | 2013 | ||||||||
Land | $ | 15,042 | $ | 5,900 | |||||
Buildings | 185,605 | 131,145 | |||||||
Furniture and fixtures | 375,429 | 343,894 | |||||||
Leasehold improvements | 809,789 | 778,951 | |||||||
Other operating equipment | 161,933 | 140,012 | |||||||
Construction-in-progress | 93,240 | 56,360 | |||||||
1,641,038 | 1,456,262 | ||||||||
Accumulated depreciation | (834,129 | ) | (722,846 | ) | |||||
Total | $ | 806,909 | $ | 733,416 | |||||
Depreciation expense for property and equipment for fiscal years ended 2014, 2013 and 2012 was $121,732, $113,388 and $100,739, respectively. |
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 12 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Accrued Expenses and Other Current Liabilities | ' | ||||||||
6. Accrued Expenses and Other Current Liabilities | |||||||||
Accrued expenses and other current liabilities consist of the following: | |||||||||
January 31, | |||||||||
2014 | 2013 | ||||||||
Gift certificates and merchandise credits | $ | 44,311 | $ | 36,687 | |||||
Accrued construction | 20,939 | 15,030 | |||||||
Sales return reserves | 17,089 | 14,448 | |||||||
Accrued sales taxes | 12,379 | 12,660 | |||||||
Accrued rents and estimated property taxes | 10,850 | 8,834 | |||||||
Other current liabilities | 48,141 | 32,382 | |||||||
Total | $ | 153,709 | $ | 120,041 | |||||
Line_of_Credit_Facility
Line of Credit Facility | 12 Months Ended |
Jan. 31, 2014 | |
Line of Credit Facility | ' |
7. Line of Credit Facility | |
The Company has a line of credit facility (the “Line”) with Wells Fargo Bank, National Association. During the second quarter of fiscal 2013, the Company used the accordion feature of the Line to increase the total available credit under the Line from $100 million to $175 million. The Line contains a sub-limit for borrowings by the Company’s European subsidiaries that are guaranteed by the Company. Cash advances bear interest at LIBOR plus 0.50% to 1.50% based on the Company’s achievement of prescribed adjusted debt ratios. The Line subjects the Company to various restrictive covenants, including maintenance of certain financial ratios such as adjusted debt. The covenants also include limitations on the Company’s capital expenditures and the payment of cash dividends. As of January 31, 2014, there were no borrowings under the Line and the Company was in compliance with all covenants. Outstanding letters of credit and stand-by letters of credit under the Line totaled approximately $69,788 as of January 31, 2014. The available credit under the Line was $105,212 as of January 31, 2014. | |
On March 27, 2014, the Company amended and restated its existing line of credit facility with Wells Fargo Bank, National Association (“the Amended and Restated Line”). The Amended and Restated Line is a five year $175.0 million revolving credit facility with an accordion feature allowing for an increase of up to $50.0 million at the Company’s discretion. The Amended and Restated Line contains a sub-limit for borrowings by the Company’s subsidiaries that are guaranteed by the Company. Under the terms of the Amended and Restated Line, at the borrowers’ option, the aggregate principal balance of the amounts advanced or portions thereof will bear interest at (a) the base rate, or (b) the applicable LIBOR Rate plus a margin that can range from 0.50% to 1.50%. The Amended and Restated Line subjects the Company to various restrictive covenants, including maintenance of certified financial covenants. The Company expects the Amended and Restated Line to satisfy its credit needs through at least fiscal 2015. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Jan. 31, 2014 | |||||||||||||
Income Taxes | ' | ||||||||||||
8. Income Taxes | |||||||||||||
The components of income before income taxes are as follows: | |||||||||||||
Fiscal Year Ended January 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Domestic | $ | 375,793 | $ | 340,536 | $ | 261,214 | |||||||
Foreign | 51,725 | 35,036 | 27,617 | ||||||||||
$ | 427,518 | $ | 375,572 | $ | 288,831 | ||||||||
The components of the provision for income tax expense are as follows: | |||||||||||||
Fiscal Year Ended January 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 139,848 | $ | 93,625 | $ | 93,244 | |||||||
State | 20,530 | 15,746 | 14,199 | ||||||||||
Foreign | 13,285 | 6,639 | 8,287 | ||||||||||
$ | 173,663 | $ | 116,010 | $ | 115,730 | ||||||||
Deferred: | |||||||||||||
Federal | $ | (15,171 | ) | $ | 23,285 | $ | (11,292 | ) | |||||
State | (6,225 | ) | (722 | ) | 124 | ||||||||
Foreign | (7,109 | ) | (315 | ) | (982 | ) | |||||||
(28,505 | ) | 22,248 | (12,150 | ) | |||||||||
$ | 145,158 | $ | 138,258 | $ | 103,580 | ||||||||
The Company’s effective tax rate was different than the statutory U.S. federal income tax rate for the following reasons: | |||||||||||||
Fiscal Year Ended January 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Expected provision at statutory U.S. federal tax rate | 35 | % | 35 | % | 35 | % | |||||||
State and local income taxes, net of federal tax benefit | 2.2 | 3.1 | 3.2 | ||||||||||
Foreign taxes | (2.7 | ) | (1.7 | ) | (2.1 | ) | |||||||
Other | (0.5 | ) | 0.4 | (0.2 | ) | ||||||||
Effective tax rate | 34 | % | 36.8 | % | 35.9 | % | |||||||
The significant components of deferred tax assets and liabilities as of January 31, 2014 and 2013 are as follows: | |||||||||||||
January 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Prepaid expense | $ | (2,813 | ) | $ | (2,794 | ) | |||||||
Depreciation | (48,362 | ) | (56,434 | ) | |||||||||
Gross deferred tax liabilities | (51,175 | ) | (59,228 | ) | |||||||||
Deferred tax assets: | |||||||||||||
Deferred rent | 66,579 | 64,539 | |||||||||||
Inventories | 5,624 | 3,357 | |||||||||||
Accounts receivable | 3,063 | 2,093 | |||||||||||
Net operating loss carryforwards | 2,601 | 4,356 | |||||||||||
Tax uncertainties | 3,372 | 5,710 | |||||||||||
Accrued salaries and benefits | 28,045 | 20,390 | |||||||||||
Other temporary differences | 8,779 | 1,986 | |||||||||||
Gross deferred tax assets, before valuation allowances | 118,063 | 102,431 | |||||||||||
Valuation allowances | (54 | ) | (2,083 | ) | |||||||||
Net deferred tax assets | $ | 66,834 | $ | 41,120 | |||||||||
Net deferred tax assets are attributed to the jurisdictions in which the Company operates. As of January 31, 2014 and 2013, respectively, $39,513 and $26,555 were attributable to U.S. federal, $17,092 and $11,436 were attributed to state jurisdictions and $10,229 and $3,129 were attributed to foreign jurisdictions. | |||||||||||||
As of January 31, 2014, certain non-U.S. subsidiaries of the Company had net operating loss carryforwards for tax purposes of approximately $9,732 that do not expire and certain U.S. subsidiaries of the Company had state net operating loss carryforwards for tax purposes of approximately $2,979 that expire from 2017 through 2033. As of January 31, 2014, the Company had a full valuation allowance for certain foreign net operating loss carryforwards where it was uncertain the carryforwards would be utilized. The Company had no valuation allowance for certain other foreign and state net operating loss carryforwards where management believes it is more likely than not the tax benefit of these carryforwards will be realized. As of January 31, 2014 and 2013, the non-current portion of net deferred tax assets aggregated $38,061 and $26,406, respectively. | |||||||||||||
The cumulative amount of the Company’s share of undistributed earnings of non-U.S. subsidiaries for which no deferred taxes have been provided was $204,262 as of January 31, 2014. These earnings are deemed to be permanently re-invested to finance growth programs. It is not practical to estimate the income tax liability that might be incurred if such earnings were remitted to the United States. | |||||||||||||
A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: | |||||||||||||
Tax Benefit Reconciliation | January 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at the beginning of the period | $ | 7,895 | $ | 8,664 | $ | 7,758 | |||||||
Increases in tax positions for prior years | 1,026 | 419 | 3,466 | ||||||||||
Decreases in tax positions for prior years | (305 | ) | (929 | ) | (310 | ) | |||||||
Increases in tax positions for current year | 521 | 635 | 360 | ||||||||||
Settlements | (3,190 | ) | (13 | ) | (2,259 | ) | |||||||
Lapse in statute of limitations | (1,112 | ) | (881 | ) | (351 | ) | |||||||
Balance at the end of the period | $ | 4,835 | $ | 7,895 | $ | 8,664 | |||||||
The total amount of net unrecognized tax benefits that, if recognized, would impact the Company’s effective tax rate were $2,416 and $3,861 as of January 31, 2014 and 2013, respectively. The Company accrues interest and penalties related to unrecognized tax benefits in income tax expense in the Consolidated Statements of Income, which is consistent with the recognition of these items in prior reporting periods. During the years ended January 31, 2014, 2013 and 2012, the Company recognized benefit/expense of $1,992, ($541) and $1,334, respectively, related to interest and penalties. The Company accrued $1,078 and $3,070 for the payment of interest and penalties as of January 31, 2014 and 2013, respectively. | |||||||||||||
The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. During the year ended January 31, 2014, the Company settled its Internal Revenue Service examination for the periods ended January 31, 2011 and 2012. The Company has recognized the tax effect of this settlement for previous and future periods in the end of year balances. The Company’s state and foreign filings are generally subject to audit from fiscal 2004 to 2013. It is possible that the federal or any state examination may be resolved within twelve months. Due to the potential for resolution of federal and foreign audit and state examinations, and the expiration of various statutes of limitation, it is possible that the Company’s gross unrecognized tax benefits balance may change within the next twelve months by a range of zero to $2,007. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
9. Share-Based Compensation | |||||||||||||||||
The Company’s 2008 and 2004 Stock Incentive Plans each authorize up to 10,000,000 common shares, which can be granted as RSU’s, unrestricted shares, incentive stock options, non-qualified stock options, PSU’s or SAR’s. Awards under these plans generally expire seven or ten years from the date of grant, thirty days after termination of employment or six months after the date of death or termination due to disability of the grantee. As of January 31, 2014, there were 5,760,409 and 32,682 common shares available to grant under the 2008 and 2004 Stock Incentive Plans, respectively. | |||||||||||||||||
A lattice binomial pricing model (“the Model”) was used to estimate the fair value of stock options and SAR’s. The Model allows for assumptions such as the risk-free rate of interest, volatility and exercise rate to vary over time reflecting a more realistic pattern of economic and behavioral occurrences. The Company uses historical data on exercise timing to determine the expected life assumption. The risk-free rate of interest for periods within the contractual life of the award is based on U.S. Government Securities Treasury Constant Maturities over the expected term of the equity instrument. The expected volatility is based on a weighted-average of the implied volatility and the Company’s most recent historical volatility. | |||||||||||||||||
Based on the Company’s historical experience, it has assumed an annualized forfeiture rate of 5% for its unvested share-based awards granted during the fiscal years ended January 31, 2014, 2013 and 2012. For share-based awards granted in previous years that remain unvested, an annualized forfeiture rate of 5% has been assumed. The Company will record additional expense if the actual forfeiture rate is lower than it estimated, and will record a recovery of prior expense if the actual forfeiture is higher than estimated. | |||||||||||||||||
Share-based compensation expense, included in “Selling, general and administrative expenses” in the Consolidated Statements of Income, for the fiscal years ended January 31, 2014, 2013 and 2012 was as follows: | |||||||||||||||||
Fiscal Year Ended January 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Stock Options | $ | 2,621 | $ | 2,214 | $ | 2,886 | |||||||||||
Stock Appreciation Rights | 2,918 | 2,578 | 1,111 | ||||||||||||||
Performance Stock Units (1)(2) | 9,956 | 6,124 | (959 | ) | |||||||||||||
Restricted Stock Units | 247 | (24 | ) | 30 | |||||||||||||
Total | $ | 15,742 | $ | 10,892 | $ | 3,068 | |||||||||||
-1 | Includes the reversal of $3,418 of previously recognized compensation expense in fiscal 2013, related to 320,200 PSU’s that will not vest as the achievement of the related performance target is not probable. | ||||||||||||||||
-2 | Includes the reversal of $8,800 of previously recognized compensation expense in fiscal 2012, related to 1,054,466 PSU’s, granted to a former executive officer of the Company, that will not vest due to the service requirement not being met. | ||||||||||||||||
The total tax benefit associated with share-based compensation expense for the fiscal years ended January 31, 2014, 2013 and 2012 was $5,976, $3,921 and $1,058, respectively. | |||||||||||||||||
Stock Options | |||||||||||||||||
The Company may grant stock options which generally vest over a period of three to five years. Stock options become exercisable over the vesting period in installments determined by the administrator, which can vary depending upon each individual grant. Stock options granted to non-employee directors generally vest over a period of one year. The following weighted-average assumptions were used in the Model to estimate the fair value of stock options at the date of grant: | |||||||||||||||||
Fiscal Year Ended January 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected life, in years | 3.5 | 3.6 | 3.5 | ||||||||||||||
Risk-free interest rate | 0.6 | % | 0.5 | % | 0.9 | % | |||||||||||
Volatility | 36 | % | 45 | % | 50 | % | |||||||||||
Dividend rate | — | — | — | ||||||||||||||
The following table summarizes the Company’s stock option activity for the fiscal year ended January 31, 2014: | |||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Contractual | Value | |||||||||||||||
Price | Terms | ||||||||||||||||
(years) | |||||||||||||||||
Awards outstanding at beginning of year | 4,316,740 | $ | 27.82 | ||||||||||||||
Granted | 100,000 | 46.02 | |||||||||||||||
Exercised | (1,583,296 | ) | 22.24 | ||||||||||||||
Forfeited or Expired | (20,250 | ) | 36.14 | ||||||||||||||
Awards outstanding at end of year | 2,813,194 | 31.55 | 2.3 | $ | 14,502 | ||||||||||||
Awards outstanding expected to vest | 2,803,242 | 31.55 | 2.3 | $ | 13,777 | ||||||||||||
Awards exercisable at end of year | 2,614,160 | $ | 31 | 2.3 | $ | 13,923 | |||||||||||
The following table summarizes other information related to stock options during the years ended January 31, 2014, 2013 and 2012: | |||||||||||||||||
Fiscal Year Ended January 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Weighted-average grant date fair value—per share | $ | 9.67 | $ | 7.71 | $ | 10.36 | |||||||||||
Intrinsic value of awards exercised | $ | 30,450 | $ | 19,544 | $ | 22,615 | |||||||||||
Net cash proceeds from the exercise of stock options | $ | 35,218 | $ | 30,671 | $ | 4,136 | |||||||||||
The Company recognized tax benefits related to stock options of $10,312, $6,532 and $953 for the fiscal years ended January 31, 2014, 2013 and 2012, respectively. Total unrecognized compensation cost of stock options granted but not yet vested, as of January 31, 2014, was $767, which is expected to be recognized over the weighted-average period of 0.6 years. | |||||||||||||||||
Stock Appreciation Rights | |||||||||||||||||
The Company may grant SAR’s which generally vest over a five year period. Each vested SAR entitles the holder the right to the differential between the value of the Company’s common share price at the date of exercise and the value of the Company’s common share price at the date of grant. The following weighted-average assumptions were used in the Model to estimate the fair value of SAR’s at the date of grant: | |||||||||||||||||
Fiscal Year Ended January 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected life, in years | 5.6 | 5 | 4.8 | ||||||||||||||
Risk-free interest rate | 1 | % | 0.9 | % | 0.8 | % | |||||||||||
Volatility | 46 | % | 48.2 | % | 48.8 | % | |||||||||||
Dividend rate | — | — | — | ||||||||||||||
The following table summarizes the Company’s SAR activity for the fiscal year ended January 31, 2014: | |||||||||||||||||
Awards | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
(years) | |||||||||||||||||
Awards outstanding at beginning of year | 1,198,800 | $ | 31.15 | ||||||||||||||
Granted | 27,500 | 39.06 | |||||||||||||||
Exercised | (63,400 | ) | 28.11 | ||||||||||||||
Forfeited or Expired | (60,425 | ) | 34.64 | ||||||||||||||
Awards outstanding at end of year | 1,102,475 | 31.33 | 5.7 | $ | 5,330 | ||||||||||||
Awards outstanding expected to vest | 1,064,159 | 31.33 | 5.7 | $ | 5,063 | ||||||||||||
Awards exercisable at end of year | 336,150 | $ | 30.72 | 5.7 | $ | 1,722 | |||||||||||
The following table summarizes other information related to SAR’s during the years ended January 31, 2014, 2013 and 2012: | |||||||||||||||||
Fiscal Year Ended January 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Weighted-average grant date fair value—per share | $ | 14.11 | $ | 11.85 | $ | 9.5 | |||||||||||
Intrinsic value of awards exercised | $ | 848 | $ | — | $ | — | |||||||||||
The Company recognized tax benefits related to SAR’s of $305 for the fiscal year ended January 31, 2014. There were no tax benefits related to SAR’s for the fiscal years ended January 31, 2013 and January 31, 2012. Total unrecognized compensation cost of SAR’s granted, but not yet vested, as of January 31, 2014, was $5,873, which is expected to be recognized over the weighted-average period of 2.4 years. | |||||||||||||||||
Performance Stock Units | |||||||||||||||||
The Company may grant PSU’s which vest based on the achievement of various company performance targets and external market conditions. The fair value of the PSU’s are determined using a Monte Carlo simulation. Once the Company determines that it is probable that the performance targets will be met, compensation expense is recorded for these awards. If any of these performance targets are not met, the awards are forfeited. Each PSU is equal to one common share with varying maximum award value limitations. PSU’s typically vest over a five year period. | |||||||||||||||||
The following table summarizes the Company’s PSU activity for the fiscal year ended January 31, 2014: | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Fair Value | |||||||||||||||||
Non-vested awards outstanding at beginning of year | 2,599,610 | $ | 17.42 | ||||||||||||||
Granted | 1,462,000 | 25.13 | |||||||||||||||
Vested | — | — | |||||||||||||||
Forfeited | (352,385 | ) | 17.24 | ||||||||||||||
Non-vested awards outstanding at end of year | 3,709,225 | $ | 20.48 | ||||||||||||||
The weighted-average grant date fair value of PSU’s awarded during the fiscal years ended January 31, 2014, 2013 and 2012 was $25.13, $18.22 and $16.21, per share, respectively. No PSU’s vested during the fiscal years ended January 31, 2014, 2013 and 2012. Unrecognized compensation cost related to unvested PSU’s as of January 31, 2014 was $44,074, which is expected to be recognized over a weighted-average period of 3.4 years. | |||||||||||||||||
Restricted Stock Units | |||||||||||||||||
The Company may grant RSU’s which vest based on the achievement of specified service and external market conditions. RSU’s typically vest over a three to five year period. | |||||||||||||||||
The following table summarizes the Company’s RSU activity for the fiscal year ended January 31, 2014: | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Fair Value | |||||||||||||||||
Non-vested awards outstanding at beginning of year | — | $ | — | ||||||||||||||
Granted | 10,000 | 39.06 | |||||||||||||||
Vested | — | — | |||||||||||||||
Forfeited | — | — | |||||||||||||||
Non-vested awards outstanding at end of year | 10,000 | $ | 39.06 | ||||||||||||||
The weighted-average grant date fair value of RSU’s awarded during the fiscal year ended January 31, 2014 was $39.06 per share. There were no RSU’s granted during the fiscal year ended January 31, 2013. The weighted-average grant date fair value of RSU’s awarded during the fiscal year ended January 31, 2012 was $20.08 per share. No RSU’s vested during the fiscal years ended January 31, 2014 and January 31, 2013. The aggregate grant date fair value of RSU’s vested during the fiscal year ended January 31, 2012 was $12. Unrecognized compensation cost related to unvested RSU’s as of January 31, 2014 was $127, which is expected to be recognized over a weighted-average period of 1.0 year. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended |
Jan. 31, 2014 | |
Shareholders' Equity | ' |
10. Shareholders’ Equity | |
On August 27, 2013, the Company’s Board of Directors authorized the repurchase of 10,000,000 common shares under a share repurchase program. During the fiscal year ended January 31, 2014, the Company repurchased and subsequently retired 300,300 common shares at a total cost of $10,695, or an average cost of $35.61 per share, including commissions. | |
On February 28, 2006, the Company’s Board of Directors approved a stock repurchase program which authorized the Company to repurchase up to 8,000,000 common shares. On November 16, 2010 and August 25, 2011, the Company’s Board of Directors approved two separate stock repurchase authorizations of 10,000,000 additional common shares. These additional authorizations supplemented the Company’s 2006 repurchase program. The Company repurchased all of the remaining outstanding shares available under these authorizations during fiscal 2012. The Company repurchased and subsequently retired 20,491,530 common shares at a total cost of $538,311, or an average cost of $26.27 per share, including commissions, during the fiscal year ended January 31, 2012. As a result of the share repurchase activity, the Company reduced the balance of additional paid-in-capital to zero during the fiscal year ended January 31, 2012 with subsequent share repurchase activity recorded as a reduction of retained earnings. During the fiscal year ended January 31, 2012, the Company reduced retained earnings by $501,676 related to these share repurchases. | |
In addition to the shares repurchased under the share repurchase program, during the fiscal years ended January 31, 2014 and January 31, 2012 the Company acquired and subsequently retired 9,520 and 282,813 common shares at a total cost of $397 and $7,167, respectively, from employees to meet minimum statutory tax withholding requirements. | |
Subsequent to January 31, 2014, the Company repurchased and retired 4,523,220 common shares at a total cost of $162,000 or an average cost of $35.83 per share, including commissions. |
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 12 Months Ended | ||||||||||||
Jan. 31, 2014 | |||||||||||||
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | ' | ||||||||||||
11. Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | |||||||||||||
The following table presents the change in accumulated other comprehensive loss, by component, net of tax, for the fiscal year ended January 31, 2014: | |||||||||||||
Fiscal Year Ended January 31, 2014 | |||||||||||||
Foreign | Unrealized Gains | Total | |||||||||||
Currency | and (Losses) on | ||||||||||||
Translation | Available-for- | ||||||||||||
Sale Securities | |||||||||||||
Beginning Balance | $ | (8,582 | ) | $ | (200 | ) | $ | (8,782 | ) | ||||
Other comprehensive income/(loss) before reclassifications.. | 7,194 | 519 | 7,713 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 101 | 101 | ||||||||||
Net current-period other comprehensive income/(loss) | 7,194 | 620 | 7,814 | ||||||||||
Ending Balance | $ | -1,388 | $ | 420 | $ | (968 | ) | ||||||
All unrealized gains and losses on available-for-sale securities reclassified from accumulated other comprehensive loss were recorded in “Interest income” in the Consolidated Statements of Income. |
Net_Income_Per_Common_Share
Net Income Per Common Share | 12 Months Ended | ||||||||||||
Jan. 31, 2014 | |||||||||||||
Net Income Per Common Share | ' | ||||||||||||
12. Net Income Per Common Share | |||||||||||||
The following is a reconciliation of the weighted-average common shares outstanding used for the computation of basic and diluted net income per common share: | |||||||||||||
Fiscal Year Ended January 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Basic weighted-average common shares outstanding | 147,014,869 | 145,253,691 | 154,025,589 | ||||||||||
Effect of dilutive options, stock appreciation rights, restricted stock units and performance stock units | 2,211,037 | 1,410,040 | 2,165,700 | ||||||||||
Diluted weighted-average shares outstanding | 149,225,906 | 146,663,731 | 156,191,289 | ||||||||||
For the fiscal years ended January 31, 2014, 2013 and 2012, awards to purchase 151,625 common shares ranging in price from $37.65 to $46.02, 2,440,525 common shares ranging in price from $28.49 to $39.58 and 3,836,838 common shares ranging in price from $26.85 to $39.58, respectively, were excluded from the calculation of diluted net income per common share because the impact would be anti-dilutive. | |||||||||||||
As of January 31, 2014 and 2013, 1,752,200 and 335,200 contingently issuable awards, respectively, were excluded from the calculation of diluted net income per common share as they did not meet certain performance criteria. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||
Jan. 31, 2014 | |||||||||||||
Commitments and Contingencies | ' | ||||||||||||
13. Commitments and Contingencies | |||||||||||||
Leases | |||||||||||||
The Company leases its stores, certain fulfillment and distribution facilities, and offices under non-cancelable operating leases. The following is a schedule by year of the future minimum lease payments for operating leases with original terms in excess of one year: | |||||||||||||
Fiscal Year | |||||||||||||
2015 | $ | 244,145 | |||||||||||
2016 | 236,814 | ||||||||||||
2017 | 215,157 | ||||||||||||
2018 | 199,880 | ||||||||||||
2019 | 179,853 | ||||||||||||
Thereafter | 725,276 | ||||||||||||
Total minimum lease payments | $ | 1,801,125 | |||||||||||
Amounts noted above include commitments for 27 executed leases for stores not opened as of January 31, 2014. The majority of our leases allow for renewal options between five and ten years upon expiration of the initial lease term. The store leases generally provide for payment of direct operating costs including real estate taxes. Certain store leases provide for contingent rentals when sales exceed specified levels. Additionally, the Company has entered into store leases that require a percentage of total sales to be paid to landlords in lieu of minimum rent. | |||||||||||||
Rent expense consisted of the following: | |||||||||||||
Fiscal Year Ended January 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Minimum and percentage rentals | $ | 205,759 | $ | 186,804 | $ | 165,901 | |||||||
Contingent rentals | 5,542 | 5,714 | 5,403 | ||||||||||
Total | $ | 211,301 | $ | 192,518 | $ | 171,304 | |||||||
The Company also has commitments for un-fulfilled purchase orders for merchandise ordered from our vendors in the normal course of business, which are liquidated within 12 months, of $367,003. The majority of the Company’s merchandise commitments are cancellable with no or limited recourse available to the vendor until the merchandise shipping date. The Company also has commitments related to contracts with construction contractors, fully liquidated upon the completion of construction, which is typically within 12 months, of $29,350. | |||||||||||||
Benefit Plans | |||||||||||||
Full and part-time U.S. based employees who are at least 18 years of age are eligible after three months of employment to participate in the Urban Outfitters 401(k) Savings Plan (the “Plan”). Under the Plan, employees can defer 1% to 25% of compensation as defined. The Company makes matching contributions in cash of $0.25 per employee contribution dollar on the first 6% of the employee contribution. The employees’ contribution is 100% vested while the Company’s matching contribution vests at 20% per year of employee service. The Company’s contributions were $1,770, $1,483 and $1,365 for fiscal years 2014, 2013 and 2012, respectively. | |||||||||||||
On November 27, 2012, the Company’s Board of Directors approved the terms of the NQDC, which became effective as of February 1, 2013. The NQDC provides certain employees who are limited in their participation under the Plan the opportunity to defer compensation as defined within the NQDC. The Company’s matching contributions are calculated to provide $0.25 per employee contribution dollar on the first 6% of total compensation deferred under the combination of both the Plan and the NQDC. Employee contributions are 100% vested on the contribution date and the Company’s matching contribution is 100% vested upon crediting to participants’ accounts on an annual basis. No matching contributions were made by the Company during fiscal 2014. The NQDC obligation was $1,666 as of January 31, 2014. The Company has purchased investments to fund the NQDC obligation. The investments had an aggregate market value of $1,666 as of January 31, 2014, and are included in “Marketable securities” in the Consolidated Balance Sheets (see Note 3, “Marketable Securities”). | |||||||||||||
Contingencies | |||||||||||||
The Company is party to various legal proceedings arising from normal business activities. Management believes that the ultimate resolution of these matters will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Jan. 31, 2014 | |
Related Party Transactions | ' |
14. Related Party Transactions | |
Drinker Biddle & Reath LLP (“DBR”), a law firm, provided general legal services to the Company. Fees paid to DBR during fiscal 2014, 2013 and 2012 were $2,637, $1,902 and $2,509, respectively. Harry S. Cherken, Jr., a director of the Company, is a partner at DBR. Amounts due to DBR as of January 31, 2014 and 2013 were approximately $380 and $275, respectively. | |
The McDevitt Company, a real estate company, acted as a broker in substantially all of the Company’s new real estate transactions during fiscal 2014, 2013 and 2012. The Company has not paid any compensation to The McDevitt Company for such services, but the Company has been advised that The McDevitt Company has received commissions from other parties to such transactions. Wade L. McDevitt is the president and the sole shareholder of The McDevitt Company and brother-in-law of Scott A. Belair, one of the Company’s directors. There were no amounts due to or from The McDevitt Company as of January 31, 2014 and January 31, 2013. Mr. McDevitt’s wife, Wendy B. McDevitt, is an executive officer of the Company, serving as President of the Terrain Brand. | |
The Addis Group (“Addis”), an insurance brokerage and risk management consulting company, acted as the Company’s commercial insurance broker and risk management consultant for the years ended January 31, 2014, 2013 and 2012. The Company has not paid any compensation to Addis for such services, but has been advised that Addis has received commissions from other parties to such transactions. Scott Addis, the brother-in-law of Richard A. Hayne, Chairman of the Board of the Company, Chief Executive Officer and President, is the President of The Addis Group. There were no amounts due to or from Addis as of January 31, 2014 and January 31, 2013. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||
Jan. 31, 2014 | |||||||||||||
Segment Reporting | ' | ||||||||||||
15. Segment Reporting | |||||||||||||
The Company is a global retailer of lifestyle-oriented general merchandise with two reportable segments—“Retail” and “Wholesale.” The Company’s Retail segment consists of the aggregation of its five brands operating through 511 stores under the retail names “Urban Outfitters,” “Anthropologie,” “Free People,” “Terrain” and “Bhldn” and includes their direct-to-consumer channels. Each of the Company’s brands, which include the retail stores and direct-to-consumer channels, are considered an operating segment. Net sales from the Retail segment accounted for more than 94% of total consolidated net sales for the fiscal years ended January 31, 2014, 2013 and 2012, respectively. The remaining net sales are derived from the Company’s Wholesale segment that distributes apparel to approximately 1,400 better department and specialty retailers worldwide and to its Retail segment. | |||||||||||||
The Company has aggregated its brands into a 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 inventories 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, which 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. The Company has substantially integrated all available shopping channels, including stores, websites and catalogs (online and through mobile devices). 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 direct-to-consumer 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. Direct-to-consumer 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 a particular item. 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 now 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 fill orders that otherwise may have been cancelled due to out-of-stock positions. As a result of changing customer behavior and the substantial integration of the operations of the Company’s store and direct-to-consumer channels, the Company manages and analyzes its performance based on a single omni-channel rather than separate channels and believes that the omni-channel results present the most meaningful and appropriate measure of the Company’s performance. | |||||||||||||
The accounting policies of the reportable segments are the same as the policies described in Note 2, “Summary of Significant Accounting Policies.” 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: | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales | |||||||||||||
Retail operations | $ | 2,908,981 | $ | 2,646,284 | $ | 2,340,794 | |||||||
Wholesale operations | 185,792 | 154,957 | 140,657 | ||||||||||
Intersegment elimination | (8,165 | ) | (6,316 | ) | (7,650 | ) | |||||||
Total net sales | $ | 3,086,608 | $ | 2,794,925 | $ | 2,473,801 | |||||||
Income from operations | |||||||||||||
Retail operations | $ | 414,734 | $ | 366,139 | $ | 276,581 | |||||||
Wholesale operations | 42,191 | 35,783 | 26,919 | ||||||||||
Intersegment elimination | (837 | ) | (610 | ) | (709 | ) | |||||||
Total segment operating income | 456,088 | 401,312 | 302,791 | ||||||||||
General corporate expenses | (29,257 | ) | (27,027 | ) | (18,066 | ) | |||||||
Total income from operations | $ | 426,831 | $ | 374,285 | $ | 284,725 | |||||||
Depreciation expense for property and equipment | |||||||||||||
Retail operations | $ | 120,960 | $ | 112,645 | $ | 99,645 | |||||||
Wholesale operations | 772 | 743 | 1,094 | ||||||||||
Total depreciation expense for property and equipment | $ | 121,732 | $ | 113,388 | $ | 100,739 | |||||||
Inventories | |||||||||||||
Retail operations | $ | 282,590 | $ | 265,787 | |||||||||
Wholesale operations | 28,617 | 16,624 | |||||||||||
Total inventories | $ | 311,207 | $ | 282,411 | |||||||||
Property and equipment, net | |||||||||||||
Retail operations | $ | 802,965 | $ | 730,489 | |||||||||
Wholesale operations | 3,944 | 2,927 | |||||||||||
Total property and equipment, net | $ | 806,909 | $ | 733,416 | |||||||||
Cash paid for property and equipment | |||||||||||||
Retail operations | $ | 184,255 | $ | 168,530 | $ | 189,311 | |||||||
Wholesale operations | 1,846 | 345 | 699 | ||||||||||
Total cash paid for property and equipment | $ | 186,101 | $ | 168,875 | $ | 190,010 | |||||||
The Company has foreign operations in Europe and Canada. Revenues and long-lived assets, based upon the Company’s domestic and foreign operations, are as follows: | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net Sales | |||||||||||||
Domestic operations | $ | 2,685,042 | $ | 2,423,155 | $ | 2,169,976 | |||||||
Foreign operations | 401,566 | 371,770 | 303,825 | ||||||||||
Total net sales | $ | 3,086,608 | $ | 2,794,925 | $ | 2,473,801 | |||||||
Property and equipment, net | |||||||||||||
Domestic operations | $ | 655,866 | $ | 586,068 | |||||||||
Foreign operations | 151,043 | 147,348 | |||||||||||
Total property and equipment, net | $ | 806,909 | $ | 733,416 | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
Fiscal Year-End | ' | ||||||||||||||||
Fiscal Year-End | |||||||||||||||||
The Company operates on a fiscal year ending January 31 of each year. All references to fiscal years of the Company refer to the fiscal years ended on January 31 in those years. For example, the Company’s fiscal 2014 ended on January 31, 2014. | |||||||||||||||||
Principles of Consolidation | ' | ||||||||||||||||
Principles of Consolidation | |||||||||||||||||
The Consolidated Financial Statements include the accounts of the Company and all of its subsidiaries. All inter-company transactions and accounts have been eliminated in consolidation. | |||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements, in conformity with accounting principles generally accepted in the United States, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
Cash and cash equivalents are defined as cash and short-term highly liquid investments with maturities of less than three months at the time of purchase. These short-term highly liquid investments are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. As of January 31, 2014 and 2013, cash and cash equivalents included cash on hand, cash in banks, money market accounts and marketable securities with maturities of less than three months at the time of purchase. | |||||||||||||||||
Marketable Securities | ' | ||||||||||||||||
Marketable Securities | |||||||||||||||||
All of the Company’s marketable securities as of January 31, 2014 and January 31, 2013 are classified as available-for-sale and are carried at fair value, which approximates amortized cost. Interest on these securities, as well as the amortization of discounts and premiums, is included in interest income in the Consolidated Statements of Income. Unrealized gains and losses on these securities (other than mutual funds held in the rabbi trust) are considered temporary and therefore are excluded from earnings and are reported as a component of “Other comprehensive income” in the Consolidated Statements of Comprehensive Income and in accumulated other comprehensive loss in shareholders’ equity until realized. Mutual funds held in the rabbi trust have been accounted for under the fair value option, which results in all unrealized gains and losses being recorded in “Interest income” in the Consolidated Statements of Income. Other than temporary impairment losses related to credit losses are considered to be realized losses. When available-for-sale securities are sold, the cost of the securities is specifically identified and is used to determine the realized gain or loss. Securities classified as current assets have maturity dates of less than one year from the balance sheet date. Securities classified as non-current assets have maturity dates greater than one year from the balance sheet date. Available-for-sale securities such as auction rate securities that fail at auction and do not liquidate in the normal course are classified as non-current assets. | |||||||||||||||||
During the first quarter of fiscal 2014, the Company sold all of its remaining auction rate securities (“ARS”) for $4,580 in cash. The Company’s ARS had a par value and a recorded fair value of $4,925 and $4,330, respectively, prior to the sale and as of January 31, 2013. | |||||||||||||||||
Accounts Receivable | ' | ||||||||||||||||
Accounts Receivable | |||||||||||||||||
Accounts receivable primarily consists of amounts due from our wholesale customers as well as credit card receivables outstanding with third-party credit card vendors. The activity of the allowance for doubtful accounts for the years ended January 31, 2014, 2013 and 2012 was as follows: | |||||||||||||||||
Balance at | Additions | Deductions | Balance at | ||||||||||||||
beginning of | end of | ||||||||||||||||
year | year | ||||||||||||||||
Year ended January 31, 2014 | $ | 1,681 | 4,400 | (4,370 | ) | $ | 1,711 | ||||||||||
Year ended January 31, 2013 | $ | 1,614 | 5,019 | (4,952 | ) | $ | 1,681 | ||||||||||
Year ended January 31, 2012 | $ | 1,015 | 3,920 | (3,321 | ) | $ | 1,614 | ||||||||||
Inventories | ' | ||||||||||||||||
Inventories | |||||||||||||||||
Inventories, which consist primarily of general consumer merchandise held for sale, are valued at the lower of cost or market. Cost is determined on the first-in, first-out method and includes the cost of merchandise and import related costs, including freight, import taxes and agent commissions. A periodic review of inventory is performed in order to determine if inventory is properly stated at the lower of cost or market. Factors related to current inventories such as future expected consumer demand and fashion trends, current aging, current and anticipated retail markdowns or wholesale discounts, and class or type of inventory are analyzed to determine estimated net realizable value. Criteria utilized by the Company to quantify aging trends include factors such as average selling cycle and seasonality of merchandise, the historical rate at which merchandise has sold below cost during the average selling cycle, and the value and nature of merchandise currently priced below original cost. A provision is recorded to reduce the cost of inventories to the estimated net realizable values, if appropriate. The majority of inventory at January 31, 2014 and 2013 consisted of finished goods. Unfinished goods and work-in-process were not material to the overall net inventory value. | |||||||||||||||||
Adjustments to reserves related to the net realizable value of inventories are primarily based on the market value of the Company’s annual physical inventories, cycle counts and recent historical trends. The Company’s estimates generally have been accurate and its reserve methods have been applied on a consistent basis. The Company expects the amount of its reserves and related inventories to increase over time as it increases its sales. | |||||||||||||||||
Property and Equipment | ' | ||||||||||||||||
Property and Equipment | |||||||||||||||||
Property and equipment are stated at cost and primarily consist of store related leasehold improvements, buildings and furniture and fixtures. Depreciation is typically computed using the straight-line method over five years for furniture and fixtures, the lesser of the lease term or useful life for leasehold improvements, three to ten years for other operating equipment and 39 years for buildings. Major renovations or improvements that extend the service lives of our assets are capitalized over the extension period or life of the improvement, whichever is less. | |||||||||||||||||
The Company reviews long-lived assets for possible impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. This determination includes evaluation of factors such as future asset utilization and future net undiscounted cash flows expected to result from the use of the assets. Management believes there has been no material impairment of the Company’s long-lived assets as of January 31, 2014. | |||||||||||||||||
Deferred Rent | ' | ||||||||||||||||
Deferred Rent | |||||||||||||||||
Rent expense from leases is recorded on a straight-line basis over the lease period. The net excess of rent expense over the actual cash paid is recorded as deferred rent. In addition, certain store leases provide for contingent rentals when sales exceed specified break-point levels that are weighted based upon historical cyclicality. For leases where achievement of these levels is considered probable based on cumulative lease year revenue versus the established breakpoint at any given point in time, the Company accrues a contingent rent liability and a corresponding rent expense. | |||||||||||||||||
Operating Leases | ' | ||||||||||||||||
Operating Leases | |||||||||||||||||
The Company leases its retail stores under operating leases. Many of the lease agreements contain rent holidays, rent escalation clauses and contingent rent provisions or some combination of these items. | |||||||||||||||||
The Company recognizes rent expense on a straight-line basis over the lease period commencing on the date that the premises are available from the landlord. The lease period includes the construction period required to make the leased space suitable for operating during which time the Company is not permitted to occupy the space. For purposes of calculating straight-line rent expense, the commencement date of the lease term reflects the date the Company takes possession of the building for initial construction and setup. | |||||||||||||||||
The Company classifies tenant improvement allowances in its consolidated financial statements under deferred rent and amortizes them on a straight-line basis over the related lease period. Tenant improvement allowance activity is presented as part of cash flows from operating activities in the accompanying Consolidated Statements of Cash Flows. | |||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||
Revenue Recognition | |||||||||||||||||
Revenue is recognized by the Retail segment at the point-of-sale for merchandise the customer takes possession of at the retail store or when merchandise is shipped to the customer, net of estimated customer returns. Revenue is recognized by the Wholesale segment when merchandise is shipped to the customer, net of estimated customer returns. Revenue is recognized at the completion of a job or service for landscape sales. Revenue is presented on a net basis and does not include any tax assessed by a governmental or municipal authority. Payment for merchandise in the Company’s Retail segment is tendered by cash, check, credit card, debit card or gift card. Therefore, the Company’s need to collect outstanding accounts receivable for its Retail segment is negligible and mainly results from returned checks or unauthorized credit card transactions. The Company maintains an allowance for doubtful accounts for its Wholesale segment and landscape service accounts receivable, which management reviews on a regular basis and believes is sufficient to cover potential credit losses and billing adjustments. Deposits for custom orders are recorded as a liability and recognized as a sale upon delivery of the merchandise to the customer. These custom orders, typically for upholstered furniture, are not material. Deposits for landscape services are recorded as a liability and recognized as a sale upon completion of service. Landscape services and related deposits are not material. | |||||||||||||||||
The Company accounts for a gift card transaction by recording a liability at the time the gift card is issued to the customer in exchange for consideration from the customer. A liability is established and remains on the Company’s books until the card is redeemed by the customer, at which time the Company records the redemption of the card for merchandise as a sale, or when it is determined the likelihood of redemption is remote. The Company determines the probability of the gift cards being redeemed to be remote based on historical redemption patterns. Revenues attributable to the reduction of gift card liabilities for which the likelihood of redemption becomes remote are included in sales and are not material. The Company’s gift cards do not expire. | |||||||||||||||||
Sales Return Reserve | ' | ||||||||||||||||
Sales Return Reserve | |||||||||||||||||
The Company records a reserve for estimated product returns where the sale has occurred during the period reported, but the return is likely to occur subsequent to the period reported. The reserve for estimated product returns is based on the Company’s most recent historical return trends. If the actual return rate or experience is materially higher than the Company’s estimate, additional sales returns would be recorded in the future. The activity of the sales returns reserve for the years ended January 31, 2014, 2013 and 2012 was as follows: | |||||||||||||||||
Balance at | Additions | Deductions | Balance at | ||||||||||||||
beginning of | end of | ||||||||||||||||
year | year | ||||||||||||||||
Year ended January 31, 2014 | $ | 14,448 | 64,313 | (61,672 | ) | $ | 17,089 | ||||||||||
Year ended January 31, 2013 | $ | 10,967 | 49,412 | (45,931 | ) | $ | 14,448 | ||||||||||
Year ended January 31, 2012 | $ | 11,367 | 41,034 | (41,434 | ) | $ | 10,967 | ||||||||||
Cost of Sales | ' | ||||||||||||||||
Cost of Sales | |||||||||||||||||
Cost of sales includes the following: the cost of merchandise; obsolescence and shrink provisions; store occupancy costs including rent and depreciation; delivery expense; in-bound and outbound freight; customs related taxes and duties; inventory acquisition and purchasing costs; design costs; warehousing and handling costs and other inventory acquisition related costs. | |||||||||||||||||
Selling, General and Administrative Expenses | ' | ||||||||||||||||
Selling, General and Administrative Expenses | |||||||||||||||||
Selling, general and administrative expenses includes expenses such as: direct selling and selling supervisory expenses; marketing expenses; various corporate expenses such as information systems, finance, loss prevention, talent acquisition, home office and executive management expenses; share-based compensation expense; and other associated general expenses. | |||||||||||||||||
Shipping and Handling Revenues and Costs | ' | ||||||||||||||||
Shipping and Handling Revenues and Costs | |||||||||||||||||
The Company includes shipping and handling revenues in net sales and shipping and handling costs in cost of sales. The Company’s shipping and handling revenues consist of amounts billed to customers for shipping and handling merchandise. Shipping and handling costs include shipping supplies, related labor costs and third-party shipping costs. | |||||||||||||||||
Advertising | ' | ||||||||||||||||
Advertising | |||||||||||||||||
The Company expenses the costs of advertising when the advertising occurs, except for direct-to-consumer advertising, which is capitalized and amortized over its expected period of future benefit. Advertising costs primarily relate to our Retail segment marketing expenses which are comprised of web marketing, catalog printing, paper, postage and other costs related to production of photographic images used in our catalogs and on our websites. The catalog printing, paper, postage and other costs are amortized over the period in which the customer responds to the marketing material determined based on historical customer response trends to a similar season’s advertisement. Amortization rates are reviewed on a regular basis during the fiscal year and may be adjusted if the predicted customer response appears materially different than the historical response rate. The Company has the ability to measure the response rate to direct marketing early in the course of the advertisement based on its customers’ reference to a specific catalog or by product placed and sold. The average amortization period for a catalog and related items are typically one to three months. If there is no expected future benefit, the cost of advertising is expensed when incurred. Advertising costs reported as prepaid expenses were $2,067 and $2,716 as of January 31, 2014 and 2013, respectively. Advertising expenses were $91,615, $81,944 and $71,684 for fiscal 2014, 2013 and 2012, respectively. | |||||||||||||||||
Start-up Costs | ' | ||||||||||||||||
Start-up Costs | |||||||||||||||||
The Company expenses all start-up and organization costs as incurred, including travel, training, recruiting, salaries and other operating costs, and are included in selling, general and administrative expenses in the Consolidated Statements of Income. | |||||||||||||||||
Website Development Costs | ' | ||||||||||||||||
Website Development Costs | |||||||||||||||||
The Company capitalizes applicable costs incurred during the application and infrastructure development stage and expenses costs incurred during the planning and operating stage. During fiscal 2014, 2013 and 2012, the Company did not capitalize any internally generated internal-use software development costs because substantially all costs were incurred during the planning and operating stages, and costs incurred during the application and infrastructure development stage were not material. | |||||||||||||||||
Income Taxes | ' | ||||||||||||||||
Income Taxes | |||||||||||||||||
The Company utilizes a balance sheet approach to provide for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of net operating loss carryforwards and temporary differences between the carrying amounts and the tax bases of assets and liabilities. Investment tax credits or grants are accounted for in the period earned. The Company files a consolidated United States federal income tax return (see Note 8, “Income Taxes” for a further discussion of income taxes). The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. | |||||||||||||||||
Net Income Per Common Share | ' | ||||||||||||||||
Net Income Per Common Share | |||||||||||||||||
Basic net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per common share is computed by dividing net income by the weighted-average number of common shares and common share equivalents outstanding. Common share equivalents include the effect of stock options, stock appreciation rights (“SAR’s”), restricted stock units (“RSU’s”) and performance stock units (“PSU’s”). | |||||||||||||||||
Comprehensive Income and Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Comprehensive Income and Accumulated Other Comprehensive Loss | |||||||||||||||||
Comprehensive income is comprised of two subsets—net income and other comprehensive income/loss. Amounts included in accumulated other comprehensive loss relate to foreign currency translation adjustments and unrealized gains or losses on marketable securities. The foreign currency translation adjustments are not adjusted for income taxes because these adjustments relate to non-U.S. subsidiaries for which foreign earnings have been designated as permanently reinvested. Accumulated other comprehensive loss consisted of foreign currency translation losses of ($1,388) and ($8,582) as of January 31, 2014 and January 31, 2013, respectively, and unrealized gains and (losses), net of tax, on marketable securities of $420 and ($200) as of January 31, 2014 and January 31, 2013, respectively. The tax effect of the unrealized gains and (losses) on marketable securities recorded in comprehensive income was ($378), ($672) and ($556) during fiscal 2014, 2013 and 2012, respectively. Gross realized gains and losses are included in other income in the Consolidated Statements of Income and were not material to the Company’s Consolidated Financial Statements for all three years presented. | |||||||||||||||||
Foreign Currency Translation | ' | ||||||||||||||||
Foreign Currency Translation | |||||||||||||||||
The financial statements of the Company’s foreign operations are translated into U.S. dollars. Assets and liabilities are translated at current exchange rates as of the balance sheet date, equity accounts at historical exchange rates, while income statement accounts are translated at the average rates in effect during the year. Translation adjustments are not included in determining net income, but are included in “Accumulated other comprehensive loss” within shareholders’ equity. Transactional gains and losses included in operating results for fiscal years 2014, 2013 and 2012 were not material. | |||||||||||||||||
Concentration of Credit Risk | ' | ||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, marketable securities and accounts receivable. The Company manages the credit risk associated with cash, cash equivalents and marketable securities by investing in high-quality securities held with reputable trustees and, by policy, limiting the amount of credit exposure to any one issuer or issue, as well as providing limitations on investment maturities. The Company’s investment policy requires that the majority of its cash, cash equivalents and marketable securities are invested in corporate and municipal bonds rated “A” or better, commercial paper and federally insured or guaranteed investment vehicles such as certificates of deposit, United States treasury bills and federal government agencies. Receivables from third-party credit cards are processed by financial institutions, which are monitored for financial stability. The Company regularly evaluates the financial condition of its Wholesale segment customers. The Company’s allowance for doubtful accounts reflects current market conditions and management’s assessment regarding the collectability of its accounts receivable. The Company maintains cash accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses from maintaining cash accounts in excess of such limits. Management believes that it is not exposed to any significant risks related to its cash accounts. | |||||||||||||||||
Recently Issued Accounting Pronouncements | ' | ||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||
In February 2013, the Financial Accounting Standards Board issued an accounting standards update that amends existing guidance by requiring that additional information be disclosed about items reclassified (“reclassification adjustments”) out of accumulated other comprehensive income. The additional information includes separately stating the total change for each component of other comprehensive income (for example, unrealized gains or losses on available-for-sale securities or foreign currency translation) and separately disclosing both current-period other comprehensive income and reclassification adjustments. Entities are also required to present, either on the face of the income statement or in the notes to the financial statements, significant amounts reclassified out of accumulated other comprehensive income as separate line items of net income, but only if the entire amount reclassified must be reclassified to net income in the same reporting period (see Note 11, “Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss”). For amounts that are not required to be reclassified in their entirety to net income, an entity must cross-reference to other disclosures that provide additional detail about those amounts. This update became effective for the Company beginning February 1, 2013. Other than the change in presentation, this accounting standards update did not have an impact on the Company’s financial position, results of operations or cash flows. | |||||||||||||||||
Reclassifications | ' | ||||||||||||||||
Reclassifications | |||||||||||||||||
Certain prior period amounts have been reclassified to conform to the current year presentation. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
Activity of Allowance for Doubtful Accounts | ' | ||||||||||||||||
The activity of the allowance for doubtful accounts for the years ended January 31, 2014, 2013 and 2012 was as follows: | |||||||||||||||||
Balance at | Additions | Deductions | Balance at | ||||||||||||||
beginning of | end of | ||||||||||||||||
year | year | ||||||||||||||||
Year ended January 31, 2014 | $ | 1,681 | 4,400 | (4,370 | ) | $ | 1,711 | ||||||||||
Year ended January 31, 2013 | $ | 1,614 | 5,019 | (4,952 | ) | $ | 1,681 | ||||||||||
Year ended January 31, 2012 | $ | 1,015 | 3,920 | (3,321 | ) | $ | 1,614 | ||||||||||
Activity of Sales Return Reserve | ' | ||||||||||||||||
The activity of the sales returns reserve for the years ended January 31, 2014, 2013 and 2012 was as follows: | |||||||||||||||||
Balance at | Additions | Deductions | Balance at | ||||||||||||||
beginning of | end of | ||||||||||||||||
year | year | ||||||||||||||||
Year ended January 31, 2014 | $ | 14,448 | 64,313 | (61,672 | ) | $ | 17,089 | ||||||||||
Year ended January 31, 2013 | $ | 10,967 | 49,412 | (45,931 | ) | $ | 14,448 | ||||||||||
Year ended January 31, 2012 | $ | 11,367 | 41,034 | (41,434 | ) | $ | 10,967 |
Marketable_Securities_Tables
Marketable Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||||||||||
Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value of Available-For-Sale Securities | ' | ||||||||||||||||||||||||
The amortized cost, gross unrealized gains (losses) and fair values of available-for-sale securities by major security type and class of security as of January 31, 2014 and 2013 are as follows: | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | (Losses) | Value | ||||||||||||||||||||||
As of January 31, 2014 | |||||||||||||||||||||||||
Short-term Investments: | |||||||||||||||||||||||||
Corporate bonds | $ | 100,856 | $ | 56 | $ | (41 | ) | $ | 100,871 | ||||||||||||||||
Municipal and pre-refunded municipal bonds | 85,000 | 98 | (2 | ) | 85,096 | ||||||||||||||||||||
Treasury bills | 24,873 | 10 | — | 24,883 | |||||||||||||||||||||
Certificates of deposit | 35,844 | 13 | (1 | ) | 35,856 | ||||||||||||||||||||
Commercial paper | 35,101 | 7 | (1 | ) | 35,107 | ||||||||||||||||||||
281,674 | 184 | (45 | ) | 281,813 | |||||||||||||||||||||
Long-term Investments: | |||||||||||||||||||||||||
Corporate bonds | 208,446 | 268 | (162 | ) | 208,552 | ||||||||||||||||||||
Municipal and pre-refunded municipal bonds | 125,934 | 415 | (8 | ) | 126,341 | ||||||||||||||||||||
Treasury bills | 21,551 | 21 | — | 21,572 | |||||||||||||||||||||
Certificates of deposit | 4,000 | — | (2 | ) | 3,998 | ||||||||||||||||||||
Federal government agencies | 4,287 | 6 | — | 4,293 | |||||||||||||||||||||
Mutual funds, held in rabbi trust | 1,591 | 108 | (33 | ) | 1,666 | ||||||||||||||||||||
365,809 | 818 | (205 | ) | 366,422 | |||||||||||||||||||||
$ | 647,483 | $ | 1,002 | $ | (250 | ) | $ | 648,235 | |||||||||||||||||
As of January 31, 2013 | |||||||||||||||||||||||||
Short-term Investments: | |||||||||||||||||||||||||
Corporate bonds | $ | 88,432 | $ | 106 | $ | (23 | ) | $ | 88,515 | ||||||||||||||||
Municipal and pre-refunded municipal bonds | 63,355 | 85 | (17 | ) | 63,423 | ||||||||||||||||||||
Treasury bills | 21,354 | 14 | — | 21,368 | |||||||||||||||||||||
Certificates of deposit | 40,870 | 25 | — | 40,895 | |||||||||||||||||||||
Commercial paper | 10,775 | 8 | (2 | ) | 10,781 | ||||||||||||||||||||
Federal government agencies | 3,500 | 4 | — | 3,504 | |||||||||||||||||||||
228,286 | 242 | (42 | ) | 228,486 | |||||||||||||||||||||
Long-term Investments: | |||||||||||||||||||||||||
Corporate bonds | 64,219 | 102 | (61 | ) | 64,260 | ||||||||||||||||||||
Municipal and pre-refunded municipal bonds | 52,925 | 76 | (60 | ) | 52,941 | ||||||||||||||||||||
Treasury bills | 19,724 | 13 | — | 19,737 | |||||||||||||||||||||
Certificates of deposit | 2,340 | — | — | 2,340 | |||||||||||||||||||||
Federal government agencies | 5,974 | 5 | (2 | ) | 5,977 | ||||||||||||||||||||
Auction rate securities | 4,925 | — | (595 | ) | 4,330 | ||||||||||||||||||||
150,107 | 196 | (718 | ) | 149,585 | |||||||||||||||||||||
$ | 378,393 | $ | 438 | $ | (760 | ) | $ | 378,071 | |||||||||||||||||
Gross Unrealized Losses and Fair Value of Marketable Securities | ' | ||||||||||||||||||||||||
The following tables show the gross unrealized losses and fair value of the Company’s marketable securities with unrealized losses that are not deemed to be other-than-temporarily impaired aggregated by the length of time that individual securities have been in a continuous unrealized loss position, at January 31, 2014 and January 31, 2013, respectively. | |||||||||||||||||||||||||
January 31, 2014 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Description of Securities | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Corporate bonds | $ | 147,731 | $ | (203 | ) | $ | — | $ | — | $ | 147,731 | $ | (203 | ) | |||||||||||
Municipal and pre-refunded municipal bonds | 6,291 | (10 | ) | — | — | 6,291 | (10 | ) | |||||||||||||||||
Treasury bills | 6,606 | — | — | — | 6,606 | — | |||||||||||||||||||
Certificates of deposit | 12,746 | (3 | ) | — | — | 12,746 | (3 | ) | |||||||||||||||||
Commercial paper | 6,640 | (1 | ) | — | — | 6,640 | (1 | ) | |||||||||||||||||
Federal government agencies | 1,753 | — | — | — | 1,753 | — | |||||||||||||||||||
Mutual funds, held in rabbi trust | 1,666 | (33 | ) | — | — | 1,666 | (33 | ) | |||||||||||||||||
Total | $ | 183,433 | $ | (250 | ) | $ | — | $ | — | $ | 183,433 | $ | (250 | ) | |||||||||||
January 31, 2013 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Description of Securities | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Corporate bonds | $ | 74,537 | $ | (85 | ) | $ | — | $ | — | $ | 74,537 | $ | (85 | ) | |||||||||||
Municipal and pre-refunded municipal bonds | 42,826 | (77 | ) | 1,413 | — | 44,239 | (77 | ) | |||||||||||||||||
Certificates of deposit | 3,400 | — | 244 | — | 3,644 | — | |||||||||||||||||||
Commercial paper | 2,994 | (1 | ) | — | — | 2,994 | (1 | ) | |||||||||||||||||
Federal government agencies | 1,998 | (2 | ) | — | — | 1,998 | (2 | ) | |||||||||||||||||
Auction rate securities | — | — | 4,330 | (595 | ) | 4,330 | (595 | ) | |||||||||||||||||
Total | $ | 125,755 | $ | (165 | ) | $ | 5,987 | $ | (595 | ) | $ | 131,742 | $ | (760 | ) | ||||||||||
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
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 table below: | |||||||||||||||||
Marketable Securities Fair Value as of | |||||||||||||||||
January 31, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Corporate bonds | $ | 309,423 | $ | — | $ | — | $ | 309,423 | |||||||||
Municipal and pre-refunded municipal bonds | — | 211,437 | — | 211,437 | |||||||||||||
Treasury bills | 46,455 | — | — | 46,455 | |||||||||||||
Certificates deposit | — | 39,854 | — | 39,854 | |||||||||||||
Commercial paper | — | 35,107 | — | 35,107 | |||||||||||||
Federal government agencies | 4,293 | — | — | 4,293 | |||||||||||||
Mutual funds, held in rabbi trust | 1,666 | — | — | 1,666 | |||||||||||||
$ | 361,837 | $ | 286,398 | $ | — | $ | 648,235 | ||||||||||
Marketable Securities Fair Value as of | |||||||||||||||||
January 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Corporate bonds | $ | 152,775 | $ | — | $ | — | $ | 152,775 | |||||||||
Municipal and pre-refunded municipal bonds | — | 116,364 | — | 116,364 | |||||||||||||
Treasury bills | 41,105 | — | — | 41,105 | |||||||||||||
Certificates of deposit | — | 43,235 | — | 43,235 | |||||||||||||
Commercial paper | — | 10,781 | — | 10,781 | |||||||||||||
Federal government agencies | 9,481 | — | — | 9,481 | |||||||||||||
Auction rate securities | — | — | 4,330 | 4,330 | |||||||||||||
$ | 203,361 | $ | 170,380 | $ | 4,330 | $ | 378,071 | ||||||||||
Reconciliation of Beginning and Ending Auction Rate Securities Balances | ' | ||||||||||||||||
Below is a reconciliation of the beginning and ending ARS securities balances that the Company valued using a Level 3 valuation for the fiscal years ended January 31, 2014 and 2013. | |||||||||||||||||
Fiscal Year Ended | Fiscal Year Ended | ||||||||||||||||
31-Jan-14 | 31-Jan-13 | ||||||||||||||||
Balance at beginning of period | $ | 4,330 | $ | 20,197 | |||||||||||||
Total (losses)/gains realized/unrealized: | |||||||||||||||||
Included in earnings | (345 | ) | — | ||||||||||||||
Included in other comprehensive income | 595 | 2,183 | |||||||||||||||
Settlements | (4,580 | ) | (18,050 | ) | |||||||||||||
Transfers in and/or out of Level 3 | — | — | |||||||||||||||
Balance at end of period | $ | — | $ | 4,330 | |||||||||||||
Unrealized losses included in accumulated other comprehensive loss related to assets still held at reporting date | $ | — | $ | (595 | ) | ||||||||||||
Total gains for the period included in earnings attributable to the change in unrealized gains or losses related to assets still held at reporting date | $ | — | $ | — | |||||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Schedule of Property and Equipment | ' | ||||||||
Property and equipment is summarized as follows: | |||||||||
January 31, | |||||||||
2014 | 2013 | ||||||||
Land | $ | 15,042 | $ | 5,900 | |||||
Buildings | 185,605 | 131,145 | |||||||
Furniture and fixtures | 375,429 | 343,894 | |||||||
Leasehold improvements | 809,789 | 778,951 | |||||||
Other operating equipment | 161,933 | 140,012 | |||||||
Construction-in-progress | 93,240 | 56,360 | |||||||
1,641,038 | 1,456,262 | ||||||||
Accumulated depreciation | (834,129 | ) | (722,846 | ) | |||||
Total | $ | 806,909 | $ | 733,416 | |||||
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Accrued Expenses and Other Current Liabilities | ' | ||||||||
Accrued expenses and other current liabilities consist of the following: | |||||||||
January 31, | |||||||||
2014 | 2013 | ||||||||
Gift certificates and merchandise credits | $ | 44,311 | $ | 36,687 | |||||
Accrued construction | 20,939 | 15,030 | |||||||
Sales return reserves | 17,089 | 14,448 | |||||||
Accrued sales taxes | 12,379 | 12,660 | |||||||
Accrued rents and estimated property taxes | 10,850 | 8,834 | |||||||
Other current liabilities | 48,141 | 32,382 | |||||||
Total | $ | 153,709 | $ | 120,041 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2014 | |||||||||||||
Components of Income before Income Taxes | ' | ||||||||||||
The components of income before income taxes are as follows: | |||||||||||||
Fiscal Year Ended January 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Domestic | $ | 375,793 | $ | 340,536 | $ | 261,214 | |||||||
Foreign | 51,725 | 35,036 | 27,617 | ||||||||||
$ | 427,518 | $ | 375,572 | $ | 288,831 | ||||||||
Components of Provision for Income Tax Expense | ' | ||||||||||||
The components of the provision for income tax expense are as follows: | |||||||||||||
Fiscal Year Ended January 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 139,848 | $ | 93,625 | $ | 93,244 | |||||||
State | 20,530 | 15,746 | 14,199 | ||||||||||
Foreign | 13,285 | 6,639 | 8,287 | ||||||||||
$ | 173,663 | $ | 116,010 | $ | 115,730 | ||||||||
Deferred: | |||||||||||||
Federal | $ | (15,171 | ) | $ | 23,285 | $ | (11,292 | ) | |||||
State | (6,225 | ) | (722 | ) | 124 | ||||||||
Foreign | (7,109 | ) | (315 | ) | (982 | ) | |||||||
(28,505 | ) | 22,248 | (12,150 | ) | |||||||||
$ | 145,158 | $ | 138,258 | $ | 103,580 | ||||||||
Reasons for Differences between Company's Effective Tax Rate and Statutory U.S. Federal Income Tax Rate | ' | ||||||||||||
The Company’s effective tax rate was different than the statutory U.S. federal income tax rate for the following reasons: | |||||||||||||
Fiscal Year Ended January 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Expected provision at statutory U.S. federal tax rate | 35 | % | 35 | % | 35 | % | |||||||
State and local income taxes, net of federal tax benefit | 2.2 | 3.1 | 3.2 | ||||||||||
Foreign taxes | (2.7 | ) | (1.7 | ) | (2.1 | ) | |||||||
Other | (0.5 | ) | 0.4 | (0.2 | ) | ||||||||
Effective tax rate | 34 | % | 36.8 | % | 35.9 | % | |||||||
Significant Components of Deferred Tax Assets and Liabilities | ' | ||||||||||||
The significant components of deferred tax assets and liabilities as of January 31, 2014 and 2013 are as follows: | |||||||||||||
January 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Prepaid expense | $ | (2,813 | ) | $ | (2,794 | ) | |||||||
Depreciation | (48,362 | ) | (56,434 | ) | |||||||||
Gross deferred tax liabilities | (51,175 | ) | (59,228 | ) | |||||||||
Deferred tax assets: | |||||||||||||
Deferred rent | 66,579 | 64,539 | |||||||||||
Inventories | 5,624 | 3,357 | |||||||||||
Accounts receivable | 3,063 | 2,093 | |||||||||||
Net operating loss carryforwards | 2,601 | 4,356 | |||||||||||
Tax uncertainties | 3,372 | 5,710 | |||||||||||
Accrued salaries and benefits | 28,045 | 20,390 | |||||||||||
Other temporary differences | 8,779 | 1,986 | |||||||||||
Gross deferred tax assets, before valuation allowances | 118,063 | 102,431 | |||||||||||
Valuation allowances | (54 | ) | (2,083 | ) | |||||||||
Net deferred tax assets | $ | 66,834 | $ | 41,120 | |||||||||
Reconciliation of Beginning and Ending Balances of Total Amounts of Gross Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: | |||||||||||||
Tax Benefit Reconciliation | January 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at the beginning of the period | $ | 7,895 | $ | 8,664 | $ | 7,758 | |||||||
Increases in tax positions for prior years | 1,026 | 419 | 3,466 | ||||||||||
Decreases in tax positions for prior years | (305 | ) | (929 | ) | (310 | ) | |||||||
Increases in tax positions for current year | 521 | 635 | 360 | ||||||||||
Settlements | (3,190 | ) | (13 | ) | (2,259 | ) | |||||||
Lapse in statute of limitations | (1,112 | ) | (881 | ) | (351 | ) | |||||||
Balance at the end of the period | $ | 4,835 | $ | 7,895 | $ | 8,664 | |||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
Share-Based Compensation Expense Included in Selling, General and Administrative Expenses in Consolidated Statements of Income | ' | ||||||||||||||||
Share-based compensation expense, included in “Selling, general and administrative expenses” in the Consolidated Statements of Income, for the fiscal years ended January 31, 2014, 2013 and 2012 was as follows: | |||||||||||||||||
Fiscal Year Ended January 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Stock Options | $ | 2,621 | $ | 2,214 | $ | 2,886 | |||||||||||
Stock Appreciation Rights | 2,918 | 2,578 | 1,111 | ||||||||||||||
Performance Stock Units (1)(2) | 9,956 | 6,124 | (959 | ) | |||||||||||||
Restricted Stock Units | 247 | (24 | ) | 30 | |||||||||||||
Total | $ | 15,742 | $ | 10,892 | $ | 3,068 | |||||||||||
-1 | Includes the reversal of $3,418 of previously recognized compensation expense in fiscal 2013, related to 320,200 PSU’s that will not vest as the achievement of the related performance target is not probable. | ||||||||||||||||
-2 | Includes the reversal of $8,800 of previously recognized compensation expense in fiscal 2012, related to 1,054,466 PSU’s, granted to a former executive officer of the Company, that will not vest due to the service requirement not being met. | ||||||||||||||||
Assumptions Used to Estimate Fair Value of Stock Options | ' | ||||||||||||||||
The following weighted-average assumptions were used in the Model to estimate the fair value of stock options at the date of grant: | |||||||||||||||||
Fiscal Year Ended January 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected life, in years | 3.5 | 3.6 | 3.5 | ||||||||||||||
Risk-free interest rate | 0.6 | % | 0.5 | % | 0.9 | % | |||||||||||
Volatility | 36 | % | 45 | % | 50 | % | |||||||||||
Dividend rate | — | — | — | ||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
The following table summarizes the Company’s stock option activity for the fiscal year ended January 31, 2014: | |||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Contractual | Value | |||||||||||||||
Price | Terms | ||||||||||||||||
(years) | |||||||||||||||||
Awards outstanding at beginning of year | 4,316,740 | $ | 27.82 | ||||||||||||||
Granted | 100,000 | 46.02 | |||||||||||||||
Exercised | (1,583,296 | ) | 22.24 | ||||||||||||||
Forfeited or Expired | (20,250 | ) | 36.14 | ||||||||||||||
Awards outstanding at end of year | 2,813,194 | 31.55 | 2.3 | $ | 14,502 | ||||||||||||
Awards outstanding expected to vest | 2,803,242 | 31.55 | 2.3 | $ | 13,777 | ||||||||||||
Awards exercisable at end of year | 2,614,160 | $ | 31 | 2.3 | $ | 13,923 | |||||||||||
Summary of Information Concerning Outstanding and Exercisable Stock Options | ' | ||||||||||||||||
The following table summarizes other information related to stock options during the years ended January 31, 2014, 2013 and 2012: | |||||||||||||||||
Fiscal Year Ended January 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Weighted-average grant date fair value—per share | $ | 9.67 | $ | 7.71 | $ | 10.36 | |||||||||||
Intrinsic value of awards exercised | $ | 30,450 | $ | 19,544 | $ | 22,615 | |||||||||||
Net cash proceeds from the exercise of stock options | $ | 35,218 | $ | 30,671 | $ | 4,136 | |||||||||||
Weighted Average Assumptions Used to Estimate Fair Value of Stock Appreciation Right's at Date of Grant | ' | ||||||||||||||||
The following weighted-average assumptions were used in the Model to estimate the fair value of SAR’s at the date of grant: | |||||||||||||||||
Fiscal Year Ended January 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected life, in years | 5.6 | 5 | 4.8 | ||||||||||||||
Risk-free interest rate | 1 | % | 0.9 | % | 0.8 | % | |||||||||||
Volatility | 46 | % | 48.2 | % | 48.8 | % | |||||||||||
Dividend rate | — | — | — | ||||||||||||||
Summary of Stock Appreciation Right Activity | ' | ||||||||||||||||
The following table summarizes the Company’s SAR activity for the fiscal year ended January 31, 2014: | |||||||||||||||||
Awards | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
(years) | |||||||||||||||||
Awards outstanding at beginning of year | 1,198,800 | $ | 31.15 | ||||||||||||||
Granted | 27,500 | 39.06 | |||||||||||||||
Exercised | (63,400 | ) | 28.11 | ||||||||||||||
Forfeited or Expired | (60,425 | ) | 34.64 | ||||||||||||||
Awards outstanding at end of year | 1,102,475 | 31.33 | 5.7 | $ | 5,330 | ||||||||||||
Awards outstanding expected to vest | 1,064,159 | 31.33 | 5.7 | $ | 5,063 | ||||||||||||
Awards exercisable at end of year | 336,150 | $ | 30.72 | 5.7 | $ | 1,722 | |||||||||||
Summary of Other Information Related to SAR's | ' | ||||||||||||||||
The following table summarizes other information related to SAR’s during the years ended January 31, 2014, 2013 and 2012: | |||||||||||||||||
Fiscal Year Ended January 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Weighted-average grant date fair value—per share | $ | 14.11 | $ | 11.85 | $ | 9.5 | |||||||||||
Intrinsic value of awards exercised | $ | 848 | $ | — | $ | — | |||||||||||
Summary of Performance Share Units Activity | ' | ||||||||||||||||
The following table summarizes the Company’s PSU activity for the fiscal year ended January 31, 2014: | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Fair Value | |||||||||||||||||
Non-vested awards outstanding at beginning of year | 2,599,610 | $ | 17.42 | ||||||||||||||
Granted | 1,462,000 | 25.13 | |||||||||||||||
Vested | — | — | |||||||||||||||
Forfeited | (352,385 | ) | 17.24 | ||||||||||||||
Non-vested awards outstanding at end of year | 3,709,225 | $ | 20.48 | ||||||||||||||
Summary of Restricted Stock Units Activity | ' | ||||||||||||||||
The following table summarizes the Company’s RSU activity for the fiscal year ended January 31, 2014: | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Fair Value | |||||||||||||||||
Non-vested awards outstanding at beginning of year | — | $ | — | ||||||||||||||
Granted | 10,000 | 39.06 | |||||||||||||||
Vested | — | — | |||||||||||||||
Forfeited | — | — | |||||||||||||||
Non-vested awards outstanding at end of year | 10,000 | $ | 39.06 | ||||||||||||||
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2014 | |||||||||||||
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax | ' | ||||||||||||
The following table presents the change in accumulated other comprehensive loss, by component, net of tax, for the fiscal year ended January 31, 2014: | |||||||||||||
Fiscal Year Ended January 31, 2014 | |||||||||||||
Foreign | Unrealized Gains | Total | |||||||||||
Currency | and (Losses) on | ||||||||||||
Translation | Available-for- | ||||||||||||
Sale Securities | |||||||||||||
Beginning Balance | $ | (8,582 | ) | $ | (200 | ) | $ | (8,782 | ) | ||||
Other comprehensive income/(loss) before reclassifications.. | 7,194 | 519 | 7,713 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 101 | 101 | ||||||||||
Net current-period other comprehensive income/(loss) | 7,194 | 620 | 7,814 | ||||||||||
Ending Balance | $ | -1,388 | $ | 420 | $ | (968 | ) | ||||||
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2014 | |||||||||||||
Reconciliation of Weighted Average Shares Outstanding Used For Computation of Basic and Diluted Net Income Per Common Share | ' | ||||||||||||
The following is a reconciliation of the weighted-average common shares outstanding used for the computation of basic and diluted net income per common share: | |||||||||||||
Fiscal Year Ended January 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Basic weighted-average common shares outstanding | 147,014,869 | 145,253,691 | 154,025,589 | ||||||||||
Effect of dilutive options, stock appreciation rights, restricted stock units and performance stock units | 2,211,037 | 1,410,040 | 2,165,700 | ||||||||||
Diluted weighted-average shares outstanding | 149,225,906 | 146,663,731 | 156,191,289 | ||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2014 | |||||||||||||
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: | |||||||||||||
Fiscal Year | |||||||||||||
2015 | $ | 244,145 | |||||||||||
2016 | 236,814 | ||||||||||||
2017 | 215,157 | ||||||||||||
2018 | 199,880 | ||||||||||||
2019 | 179,853 | ||||||||||||
Thereafter | 725,276 | ||||||||||||
Total minimum lease payments | $ | 1,801,125 | |||||||||||
Rent Expense for Operating Leases | ' | ||||||||||||
Rent expense consisted of the following: | |||||||||||||
Fiscal Year Ended January 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Minimum and percentage rentals | $ | 205,759 | $ | 186,804 | $ | 165,901 | |||||||
Contingent rentals | 5,542 | 5,714 | 5,403 | ||||||||||
Total | $ | 211,301 | $ | 192,518 | $ | 171,304 | |||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2014 | |||||||||||||
Schedule of Operations By Segment | ' | ||||||||||||
A summary of the information about the Company’s operations by segment is as follows: | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales | |||||||||||||
Retail operations | $ | 2,908,981 | $ | 2,646,284 | $ | 2,340,794 | |||||||
Wholesale operations | 185,792 | 154,957 | 140,657 | ||||||||||
Intersegment elimination | (8,165 | ) | (6,316 | ) | (7,650 | ) | |||||||
Total net sales | $ | 3,086,608 | $ | 2,794,925 | $ | 2,473,801 | |||||||
Income from operations | |||||||||||||
Retail operations | $ | 414,734 | $ | 366,139 | $ | 276,581 | |||||||
Wholesale operations | 42,191 | 35,783 | 26,919 | ||||||||||
Intersegment elimination | (837 | ) | (610 | ) | (709 | ) | |||||||
Total segment operating income | 456,088 | 401,312 | 302,791 | ||||||||||
General corporate expenses | (29,257 | ) | (27,027 | ) | (18,066 | ) | |||||||
Total income from operations | $ | 426,831 | $ | 374,285 | $ | 284,725 | |||||||
Depreciation expense for property and equipment | |||||||||||||
Retail operations | $ | 120,960 | $ | 112,645 | $ | 99,645 | |||||||
Wholesale operations | 772 | 743 | 1,094 | ||||||||||
Total depreciation expense for property and equipment | $ | 121,732 | $ | 113,388 | $ | 100,739 | |||||||
Inventories | |||||||||||||
Retail operations | $ | 282,590 | $ | 265,787 | |||||||||
Wholesale operations | 28,617 | 16,624 | |||||||||||
Total inventories | $ | 311,207 | $ | 282,411 | |||||||||
Property and equipment, net | |||||||||||||
Retail operations | $ | 802,965 | $ | 730,489 | |||||||||
Wholesale operations | 3,944 | 2,927 | |||||||||||
Total property and equipment, net | $ | 806,909 | $ | 733,416 | |||||||||
Cash paid for property and equipment | |||||||||||||
Retail operations | $ | 184,255 | $ | 168,530 | $ | 189,311 | |||||||
Wholesale operations | 1,846 | 345 | 699 | ||||||||||
Total cash paid for property and equipment | $ | 186,101 | $ | 168,875 | $ | 190,010 | |||||||
Schedule of Revenues and Long-Lived Assets, by Domestic and Foreign Operations Segment | ' | ||||||||||||
The Company has foreign operations in Europe and Canada. Revenues and long-lived assets, based upon the Company’s domestic and foreign operations, are as follows: | |||||||||||||
Fiscal Year | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net Sales | |||||||||||||
Domestic operations | $ | 2,685,042 | $ | 2,423,155 | $ | 2,169,976 | |||||||
Foreign operations | 401,566 | 371,770 | 303,825 | ||||||||||
Total net sales | $ | 3,086,608 | $ | 2,794,925 | $ | 2,473,801 | |||||||
Property and equipment, net | |||||||||||||
Domestic operations | $ | 655,866 | $ | 586,068 | |||||||||
Foreign operations | 151,043 | 147,348 | |||||||||||
Total property and equipment, net | $ | 806,909 | $ | 733,416 | |||||||||
Nature_of_Business_Additional_
Nature of Business - Additional Information (Detail) | 12 Months Ended | |
Jan. 31, 2014 | Jan. 31, 2013 | |
Store | Store | |
Nature Of Business [Line Items] | ' | ' |
Number of stores for operations | 511 | 476 |
Number of department and specialty retailers distributed and sold apparel to | 1,400 | ' |
United States | ' | ' |
Nature Of Business [Line Items] | ' | ' |
Number of stores for operations | 442 | 415 |
Europe | ' | ' |
Nature Of Business [Line Items] | ' | ' |
Number of stores for operations | 44 | 38 |
Canada | ' | ' |
Nature Of Business [Line Items] | ' | ' |
Number of stores for operations | 25 | 23 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Apr. 30, 2013 | Jan. 31, 2013 | Jan. 31, 2013 |
Long Term Investments | Long Term Investments | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | Furniture and Fixtures | Leasehold Improvements | Equipment | Equipment | Building | Auction Rate Securities | Auction Rate Securities | Auction Rate Securities | ||||
Minimum | Maximum | Long Term Investments | ||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of available-for-sale securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,580 | ' | ' |
Amortized cost of available-for-sale securities | 647,483 | 378,393 | ' | 365,809 | 150,107 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,925 |
Estimated fair value of available-for-sale securities | 648,235 | 378,071 | ' | 366,422 | 149,585 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,330 | 4,330 |
Average useful life (in years) | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | '3 years | '10 years | '39 years | ' | ' | ' |
Depreciable life (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Lesser of the lease term or useful life for leasehold improvements | ' | ' | ' | ' | ' | ' |
Advertising costs reported as prepaid expenses | 2,067 | 2,716 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising expense | 91,615 | 81,944 | 71,684 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation losses | 7,194 | 1,455 | -2,285 | ' | ' | -1,388 | -8,582 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gains / (losses) on marketable securities, net of tax | ' | ' | ' | ' | ' | 420 | -200 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in unrealized gains / (losses) on marketable securities, tax | ' | ' | ' | ' | ' | ($378) | ($672) | ($556) | ' | ' | ' | ' | ' | ' | ' | ' |
Activity_of_Allowance_for_Doub
Activity of Allowance for Doubtful Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Receivables And Related Allowances [Line Items] | ' | ' | ' |
Balance at beginning of year | $1,681 | $1,614 | $1,015 |
Additions | 4,400 | 5,019 | 3,920 |
Deductions | -4,370 | -4,952 | -3,321 |
Balance at end of year | $1,711 | $1,681 | $1,614 |
Activity_of_Sales_Return_Reser
Activity of Sales Return Reserve (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Revenue Recognition, Allowances [Line Items] | ' | ' | ' |
Balance at beginning of year | $14,448 | $10,967 | $11,367 |
Additions | 64,313 | 49,412 | 41,034 |
Deductions | -61,672 | -45,931 | -41,434 |
Balance at end of year | $17,089 | $14,448 | $10,967 |
Amortized_Cost_Gross_Unrealize
Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value of Available-For-Sale Securities (Detail) (USD $) | Jan. 31, 2014 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $647,483 | $378,393 |
Unrealized Gains | 1,002 | 438 |
Unrealized (Losses) | -250 | -760 |
Fair Value | 648,235 | 378,071 |
Short-term Investments | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 281,674 | 228,286 |
Unrealized Gains | 184 | 242 |
Unrealized (Losses) | -45 | -42 |
Fair Value | 281,813 | 228,486 |
Long Term Investments | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 365,809 | 150,107 |
Unrealized Gains | 818 | 196 |
Unrealized (Losses) | -205 | -718 |
Fair Value | 366,422 | 149,585 |
Corporate Bonds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 309,423 | 152,775 |
Corporate Bonds | Short-term Investments | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 100,856 | 88,432 |
Unrealized Gains | 56 | 106 |
Unrealized (Losses) | -41 | -23 |
Fair Value | 100,871 | 88,515 |
Corporate Bonds | Long Term Investments | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 208,446 | 64,219 |
Unrealized Gains | 268 | 102 |
Unrealized (Losses) | -162 | -61 |
Fair Value | 208,552 | 64,260 |
Municipal And Pre-Refunded Municipal Bonds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 211,437 | 116,364 |
Municipal And Pre-Refunded Municipal Bonds | Short-term Investments | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 85,000 | 63,355 |
Unrealized Gains | 98 | 85 |
Unrealized (Losses) | -2 | -17 |
Fair Value | 85,096 | 63,423 |
Municipal And Pre-Refunded Municipal Bonds | Long Term Investments | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 125,934 | 52,925 |
Unrealized Gains | 415 | 76 |
Unrealized (Losses) | -8 | -60 |
Fair Value | 126,341 | 52,941 |
US Treasury Bill Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 46,455 | 41,105 |
US Treasury Bill Securities | Short-term Investments | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 24,873 | 21,354 |
Unrealized Gains | 10 | 14 |
Fair Value | 24,883 | 21,368 |
US Treasury Bill Securities | Long Term Investments | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 21,551 | 19,724 |
Unrealized Gains | 21 | 13 |
Fair Value | 21,572 | 19,737 |
Certificates of Deposit | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 39,854 | 43,235 |
Certificates of Deposit | Short-term Investments | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 35,844 | 40,870 |
Unrealized Gains | 13 | 25 |
Unrealized (Losses) | -1 | ' |
Fair Value | 35,856 | 40,895 |
Certificates of Deposit | Long Term Investments | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 4,000 | 2,340 |
Unrealized (Losses) | -2 | ' |
Fair Value | 3,998 | 2,340 |
Commercial Paper | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 35,107 | 10,781 |
Commercial Paper | Short-term Investments | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 35,101 | 10,775 |
Unrealized Gains | 7 | 8 |
Unrealized (Losses) | -1 | -2 |
Fair Value | 35,107 | 10,781 |
US Government Corporations and Agencies Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 4,293 | 9,481 |
US Government Corporations and Agencies Securities | Short-term Investments | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | ' | 3,500 |
Unrealized Gains | ' | 4 |
Fair Value | ' | 3,504 |
US Government Corporations and Agencies Securities | Long Term Investments | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 4,287 | 5,974 |
Unrealized Gains | 6 | 5 |
Unrealized (Losses) | ' | -2 |
Fair Value | 4,293 | 5,977 |
Mutual funds, held in rabbi trust | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | 1,666 | ' |
Mutual funds, held in rabbi trust | Long Term Investments | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 1,591 | ' |
Unrealized Gains | 108 | ' |
Unrealized (Losses) | -33 | ' |
Fair Value | 1,666 | ' |
Auction Rate Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value | ' | 4,330 |
Auction Rate Securities | Long Term Investments | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | ' | 4,925 |
Unrealized (Losses) | ' | -595 |
Fair Value | ' | $4,330 |
Marketable_Securities_Addition
Marketable Securities - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2014 | Jan. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Securities | Securities | Long Term Investments | Long Term Investments | Auction Rate Securities | Auction Rate Securities | Auction Rate Securities | Other Expense Income Net | Other Expense Income Net | Other Expense Income Net | ||
Long Term Investments | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale and maturities of available-for-sale securities | $451,866 | $207,576 | $414,769 | ' | ' | ' | ' | ' | ' | ' | ' |
Net realized gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -101 | 248 | 1,171 |
Amortization of discounts and premiums, net | 10,932 | 5,276 | 7,373 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of securities with unrealized loss positions | 219 | 342 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of available-for-sale securities | ' | ' | ' | ' | ' | 4,580 | ' | ' | ' | ' | ' |
Amortized cost of available-for-sale securities | 647,483 | 378,393 | ' | 365,809 | 150,107 | ' | ' | 4,925 | ' | ' | ' |
Estimated fair value of available-for-sale securities | 648,235 | 378,071 | ' | 366,422 | 149,585 | ' | 4,330 | 4,330 | ' | ' | ' |
12 Months or Greater, Unrealized Losses | ' | $595 | ' | ' | ' | ' | $595 | ' | ' | ' | ' |
Gross_Unrealized_Losses_and_Fa
Gross Unrealized Losses and Fair Value of Marketable Securities (Detail) (USD $) | Jan. 31, 2014 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Marketable Securities And Unrealized Loss Position [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | $183,433 | $125,755 |
Less Than 12 Months, Unrealized Losses | -250 | -165 |
12 Months or Greater, Fair Value | ' | 5,987 |
12 Months or Greater, Unrealized Losses | ' | -595 |
Total, Fair Value | 183,433 | 131,742 |
Total, Unrealized Losses | -250 | -760 |
Corporate Bonds | ' | ' |
Marketable Securities And Unrealized Loss Position [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 147,731 | 74,537 |
Less Than 12 Months, Unrealized Losses | -203 | -85 |
Total, Fair Value | 147,731 | 74,537 |
Total, Unrealized Losses | -203 | -85 |
Municipal And Pre-Refunded Municipal Bonds | ' | ' |
Marketable Securities And Unrealized Loss Position [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 6,291 | 42,826 |
Less Than 12 Months, Unrealized Losses | -10 | -77 |
12 Months or Greater, Fair Value | ' | 1,413 |
Total, Fair Value | 6,291 | 44,239 |
Total, Unrealized Losses | -10 | -77 |
US Treasury Bill Securities | ' | ' |
Marketable Securities And Unrealized Loss Position [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 6,606 | ' |
Total, Fair Value | 6,606 | ' |
Certificates of Deposit | ' | ' |
Marketable Securities And Unrealized Loss Position [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 12,746 | 3,400 |
Less Than 12 Months, Unrealized Losses | -3 | ' |
12 Months or Greater, Fair Value | ' | 244 |
Total, Fair Value | 12,746 | 3,644 |
Total, Unrealized Losses | -3 | ' |
Commercial Paper | ' | ' |
Marketable Securities And Unrealized Loss Position [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 6,640 | 2,994 |
Less Than 12 Months, Unrealized Losses | -1 | -1 |
Total, Fair Value | 6,640 | 2,994 |
Total, Unrealized Losses | -1 | -1 |
US Government Corporations and Agencies Securities | ' | ' |
Marketable Securities And Unrealized Loss Position [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 1,753 | 1,998 |
Less Than 12 Months, Unrealized Losses | ' | -2 |
Total, Fair Value | 1,753 | 1,998 |
Total, Unrealized Losses | ' | -2 |
Mutual funds, held in rabbi trust | ' | ' |
Marketable Securities And Unrealized Loss Position [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 1,666 | ' |
Less Than 12 Months, Unrealized Losses | -33 | ' |
Total, Fair Value | 1,666 | ' |
Total, Unrealized Losses | -33 | ' |
Auction Rate Securities | ' | ' |
Marketable Securities And Unrealized Loss Position [Line Items] | ' | ' |
12 Months or Greater, Fair Value | ' | 4,330 |
12 Months or Greater, Unrealized Losses | ' | -595 |
Total, Fair Value | ' | 4,330 |
Total, Unrealized Losses | ' | ($595) |
Financial_Assets_Measured_at_F
Financial Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Jan. 31, 2014 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets accounted for at fair value on a recurring basis | $648,235 | $378,071 |
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 | 309,423 | 152,775 |
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 | 211,437 | 116,364 |
US Treasury Bill 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 | 46,455 | 41,105 |
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 | 39,854 | 43,235 |
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 | 35,107 | 10,781 |
US Government Corporations and Agencies 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 | 4,293 | 9,481 |
Auction Rate 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 | ' | 4,330 |
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 | 1,666 | ' |
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 | 361,837 | 203,361 |
Fair Value, Inputs, Level 1 | 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 | 309,423 | 152,775 |
Fair Value, Inputs, Level 1 | US Treasury Bill 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 | 46,455 | 41,105 |
Fair Value, Inputs, Level 1 | US Government Corporations and Agencies 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 | 4,293 | 9,481 |
Fair Value, Inputs, Level 1 | 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 | 1,666 | ' |
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 | 286,398 | 170,380 |
Fair Value, Inputs, Level 2 | 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 | 211,437 | 116,364 |
Fair Value, Inputs, Level 2 | 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 | 39,854 | 43,235 |
Fair Value, Inputs, Level 2 | 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 | 35,107 | 10,781 |
Fair Value, Inputs, Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets accounted for at fair value on a recurring basis | ' | 4,330 |
Fair Value, Inputs, Level 3 | Auction Rate 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 | ' | $4,330 |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | Jan. 31, 2014 | Jan. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | Auction Rate Securities | Auction Rate Securities | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | ||
Auction Rate Securities | Auction Rate Securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of available-for-sale securities | ' | ' | $4,580 | ' | ' | $4,580 | ' |
Amortized cost of available-for-sale securities | 647,483 | 378,393 | ' | ' | ' | ' | 4,925 |
Estimated fair value of available-for-sale securities | $648,235 | $378,071 | ' | $4,330 | $4,330 | ' | $4,330 |
Reconciliation_of_Beginning_an
Reconciliation of Beginning and Ending Auction Rate Securities Balances (Detail) (Fair Value, Inputs, Level 3, Auction Rate Securities, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 |
Fair Value, Inputs, Level 3 | Auction Rate Securities | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Balance at beginning of period | $4,330 | $20,197 |
Total gains (losses) realized/unrealized, Included in earnings | -345 | ' |
Total gains realized/unrealized, Included in other comprehensive income | 595 | 2,183 |
Settlements | -4,580 | -18,050 |
Transfers in and/or out of Level 3 | ' | ' |
Balance at end of period | ' | 4,330 |
Unrealized losses included in accumulated other comprehensive loss related to assets still held at reporting date | ' | -595 |
Total gains for the period included in earnings attributable to the change in unrealized gains or losses related to assets still held at reporting date | ' | ' |
Property_and_Equipment_Detail
Property and Equipment (Detail) (USD $) | Jan. 31, 2014 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Land | $15,042 | $5,900 |
Buildings | 185,605 | 131,145 |
Furniture and fixtures | 375,429 | 343,894 |
Leasehold improvements | 809,789 | 778,951 |
Other operating equipment | 161,933 | 140,012 |
Construction-in-progress | 93,240 | 56,360 |
Property, Plant and Equipment, Gross, Total | 1,641,038 | 1,456,262 |
Accumulated depreciation | -834,129 | -722,846 |
Total | $806,909 | $733,416 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Depreciation expense for property and equipment | $121,732 | $113,388 | $100,739 |
Accrued_Expenses_and_Other_Cur2
Accrued Expenses and Other Current Liabilities (Detail) (USD $) | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | Jan. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Accrued Expenses and Other Current Liabilities [Line Items] | ' | ' | ' | ' |
Gift certificates and merchandise credits | $44,311 | $36,687 | ' | ' |
Accrued construction | 20,939 | 15,030 | ' | ' |
Sales return reserves | 17,089 | 14,448 | 10,967 | 11,367 |
Accrued sales taxes | 12,379 | 12,660 | ' | ' |
Accrued rents and estimated property taxes | 10,850 | 8,834 | ' | ' |
Other current liabilities | 48,141 | 32,382 | ' | ' |
Total | $153,709 | $120,041 | ' | ' |
Line_of_Credit_Facility_Additi
Line of Credit Facility - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||||||
Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | Jan. 31, 2014 | Mar. 27, 2014 | Mar. 27, 2014 | Mar. 27, 2014 | |
Minimum | Maximum | Amendment | Amendment | Line Of Credit Facility | Amended and Restated Line | Amended and Restated Line | Amended and Restated Line | |
Minimum | Maximum | Subsequent Event | Minimum | Maximum | ||||
Subsequent Event | Subsequent Event | |||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility | ' | ' | $100,000,000 | $175,000,000 | ' | $175,000,000 | ' | ' |
Interest rate on cash advances in addition to LIBOR | 0.50% | 1.50% | ' | ' | ' | ' | 0.50% | 1.50% |
Outstanding letters of credit and stand-by letters of credit | ' | ' | ' | ' | 69,788,000 | ' | ' | ' |
Available credit including accordion feature | ' | ' | ' | ' | 105,212,000 | ' | ' | ' |
Line of credit facility, period | ' | ' | ' | ' | ' | '5 years | ' | ' |
Additional line of credit borrowing, amount | ' | ' | ' | ' | ' | $50,000,000 | ' | ' |
Components_of_Income_before_In
Components of Income before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Components Of Income Tax Expense Benefit [Line Items] | ' | ' | ' |
Domestic | $375,793 | $340,536 | $261,214 |
Foreign | 51,725 | 35,036 | 27,617 |
Income before income taxes | $427,518 | $375,572 | $288,831 |
Components_of_Provision_for_In
Components of Provision for Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Components Of Income Tax Expense Benefit [Line Items] | ' | ' | ' |
Current, Federal | $139,848 | $93,625 | $93,244 |
Current, State | 20,530 | 15,746 | 14,199 |
Current, Foreign | 13,285 | 6,639 | 8,287 |
Current income tax expense, total | 173,663 | 116,010 | 115,730 |
Deferred, Federal | -15,171 | 23,285 | -11,292 |
Deferred, State | -6,225 | -722 | 124 |
Deferred, Foreign | -7,109 | -315 | -982 |
Deferred income tax expense (benefit), total | -28,505 | 22,248 | -12,150 |
Income tax expense (benefit), total | $145,158 | $138,258 | $103,580 |
Reasons_for_Differences_betwee
Reasons for Differences between Company's Effective Tax Rate and Statutory U.S. Federal Income Tax Rate (Detail) | 12 Months Ended | ||
Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | |
Reconciliation of Effective Income Tax Rate [Line Items] | ' | ' | ' |
Expected provision at statutory U.S. federal tax rate | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal tax benefit | 2.20% | 3.10% | 3.20% |
Foreign taxes | -2.70% | -1.70% | -2.10% |
Other | -0.50% | 0.40% | -0.20% |
Effective tax rate | 34.00% | 36.80% | 35.90% |
Significant_Components_of_Defe
Significant Components of Deferred Tax Assets and Liabilities (Detail) (USD $) | Jan. 31, 2014 | Jan. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components Of Deferred Tax Assets And Liabilities [Line Items] | ' | ' |
Prepaid expense | ($2,813) | ($2,794) |
Depreciation | -48,362 | -56,434 |
Gross deferred tax liabilities | -51,175 | -59,228 |
Deferred rent | 66,579 | 64,539 |
Inventories | 5,624 | 3,357 |
Accounts receivable | 3,063 | 2,093 |
Net operating loss carryforwards | 2,601 | 4,356 |
Tax uncertainties | 3,372 | 5,710 |
Accrued salaries and benefits | 28,045 | 20,390 |
Other temporary differences | 8,779 | 1,986 |
Gross deferred tax assets, before valuation allowances | 118,063 | 102,431 |
Valuation allowances | -54 | -2,083 |
Net deferred tax assets | $66,834 | $41,120 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Income Taxes [Line Items] | ' | ' | ' |
Net deferred tax assets | $66,834 | $41,120 | ' |
Net deferred tax assets, non-current | 38,061 | 26,406 | ' |
Unrecognized tax benefit that, if recognized, would impact the effective tax rate | 2,416 | 3,861 | ' |
Recognized benefit/(expense) in interest and penalties | 1,992 | -541 | 1,334 |
Accrued amounts for payment of interest and penalties | 1,078 | 3,070 | ' |
Unrecognized tax benefits, lower bound | 0 | ' | ' |
Unrecognized tax benefits, upper bound | 2,007 | ' | ' |
U.S. Federal | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Net deferred tax assets | 39,513 | 26,555 | ' |
Net operating loss carryforwards | 2,979 | ' | ' |
U.S. Federal | Minimum | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Expiration date | '2017 | ' | ' |
U.S. Federal | Maximum | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Expiration date | '2033 | ' | ' |
State and Local Jurisdiction | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Net deferred tax assets | 17,092 | 11,436 | ' |
Foreign Jurisdictions | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Net deferred tax assets | 10,229 | 3,129 | ' |
Net operating loss carryforwards | 9,732 | ' | ' |
Undistributed earnings | $204,262 | ' | ' |
Reconciliation_of_Beginning_an1
Reconciliation of Beginning and Ending Balances of Total Amounts of Gross Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Reconciliation Of Income Taxes [Line Items] | ' | ' | ' |
Balance at the beginning of the period | $7,895 | $8,664 | $7,758 |
Increases in tax positions for prior years | 1,026 | 419 | 3,466 |
Decreases in tax positions for prior years | -305 | -929 | -310 |
Increases in tax positions for current year | 521 | 635 | 360 |
Settlements | -3,190 | -13 | -2,259 |
Lapse in statute of limitations | -1,112 | -881 | -351 |
Balance at the end of the period | $4,835 | $7,895 | $8,664 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Assumed annualized forfeiture rate | 5.00% | 5.00% | 5.00% |
Recognized tax benefits related to stock options | $5,976 | $3,921 | $1,058 |
Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock options vesting period, maximum (in years) | '7 years | ' | ' |
Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock options vesting period, maximum (in years) | '10 years | ' | ' |
Performance Stock Units | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock options vesting period, maximum (in years) | '5 years | ' | ' |
Compensation cost of stock options granted but not yet vested | 44,074 | ' | ' |
Weighted average period of recognition (in years) | '3 years 4 months 24 days | ' | ' |
Common shares per PSU | 1 | ' | ' |
Weighted average grant date fair value | $25.13 | $18.22 | $16.21 |
Restricted Stock Units (RSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation cost of stock options granted but not yet vested | 127 | ' | ' |
Weighted average period of recognition (in years) | '1 year | ' | ' |
Weighted average grant date fair value | $39.06 | $0 | $20.08 |
Aggregate grant date fair value, vested | 0 | 0 | 12 |
Restricted Stock Units (RSUs) | Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock options vesting period, maximum (in years) | '3 years | ' | ' |
Restricted Stock Units (RSUs) | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock options vesting period, maximum (in years) | '5 years | ' | ' |
Two Thousand Eight Stock Incentive Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Common shares authorized | 10,000,000 | ' | ' |
Common shares available to grant | 5,760,409 | ' | ' |
Two Thousand Four Incentive Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Common shares authorized | 10,000,000 | ' | ' |
Common shares available to grant | 32,682 | ' | ' |
Share based awards granted in previous years | Forfeiture rate 1 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Assumed annualized forfeiture rate | 5.00% | ' | ' |
Share based awards granted in previous years | Forfeiture rate 2 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Assumed annualized forfeiture rate | 5.00% | ' | ' |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Recognized tax benefits related to stock options | 10,312 | 6,532 | 953 |
Compensation cost of stock options granted but not yet vested | 767 | ' | ' |
Weighted average period of recognition (in years) | '7 months 6 days | ' | ' |
Stock Options | Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock options vesting period, maximum (in years) | '3 years | ' | ' |
Stock Options | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock options vesting period, maximum (in years) | '5 years | ' | ' |
Stock Appreciation Rights(SARs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock options vesting period, maximum (in years) | '5 years | ' | ' |
Recognized tax benefits related to stock options | 305 | 0 | 0 |
Compensation cost of stock options granted but not yet vested | $5,873 | ' | ' |
Weighted average period of recognition (in years) | '2 years 4 months 24 days | ' | ' |
Schedule_of_ShareBased_Compens
Schedule of Share-Based Compensation Expense (Income) Included in Selling, General and Administrative Expenses in Condensed Consolidated Statements of Income (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Share-based compensation expense | $15,742 | $10,892 | $3,068 | |||
Stock Options | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Share-based compensation expense | 2,621 | 2,214 | 2,886 | |||
Stock Appreciation Rights(SARs) | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Share-based compensation expense | 2,918 | 2,578 | 1,111 | |||
Performance Stock Units | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Share-based compensation expense | 9,956 | [1],[2] | 6,124 | [1],[2] | -959 | [1],[2] |
Restricted Stock Units | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Share-based compensation expense | $247 | ($24) | $30 | |||
[1] | Includes the reversal of $3,418 of previously recognized compensation expense in fiscal 2013, related to 320,200 PSU's that will not vest as the achievement of the related performance target is not probable | |||||
[2] | Includes the reversal of $8,800 of previously recognized compensation expense in fiscal 2012, related to 1,054,466 PSU's, granted to a former executive officer of the Company, that will not vest due to the service requirement not being met. |
Schedule_of_ShareBased_Compens1
Schedule of Share-Based Compensation Expense (Income) Included in Selling, General and Administrative Expenses in Condensed Consolidated Statements of Income (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2013 | Jan. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Reversal of share-based compensation expense | $3,418 | $8,800 |
Performance Share Units | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares, granted | 320,200 | ' |
Former Executive Officer | Performance Share Units | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares, granted | ' | 1,054,466 |
Weighted_Average_Assumptions_U
Weighted Average Assumptions Used to Estimate Fair Value of Stock Options at Date of Grant (Detail) (Stock Options) | 12 Months Ended | ||
Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected life, in years | '3 years 6 months | '3 years 7 months 6 days | '3 years 6 months |
Risk-free interest rate | 0.60% | 0.50% | 0.90% |
Volatility | 36.00% | 45.00% | 50.00% |
Dividend rate | ' | ' | ' |
Summary_of_Stock_Option_Activi
Summary of Stock Option Activity (Detail) (Stock Options, USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2014 |
Stock Options | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards outstanding at beginning of year, Shares | 4,316,740 |
Granted, Shares | 100,000 |
Exercised, Shares | -1,583,296 |
Forfeited or Expired, Shares | -20,250 |
Awards outstanding at end of year, Shares | 2,813,194 |
Awards outstanding expected to vest, Shares | 2,803,242 |
Awards exercisable at end of year, Shares | 2,614,160 |
Awards outstanding at beginning of year, Weighted Average Exercise Price | $27.82 |
Granted, Weighted Average Exercise Price | $46.02 |
Exercised, Weighted Average Exercise Price | $22.24 |
Forfeited or Expired, Weighted Average Exercise Price | $36.14 |
Awards outstanding at end of year, Weighted Average Exercise Price | $31.55 |
Awards outstanding expected to vest, Weighted Average Exercise Price | $31.55 |
Awards exercisable at end of year, Weighted Average Exercise Price | $31 |
Awards outstanding at end of year, Weighted Average Remaining Contractual Term (years) | '2 years 3 months 18 days |
Awards outstanding expected to vest, Weighted Average Remaining Contractual Term (years) | '2 years 3 months 18 days |
Awards exercisable at end of year, Weighted Average Remaining Contractual Term (years) | '2 years 3 months 18 days |
Awards outstanding at end of year, Aggregate Intrinsic Value | $14,502 |
Awards outstanding expected to vest, Aggregate Intrinsic Value | 13,777 |
Awards exercisable at end of year, Aggregate Intrinsic Value | $13,923 |
Summary_of_Other_Information_R
Summary of Other Information Related to Stock Options (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Net cash proceeds from the exercise of stock options | $35,218 | $30,671 | $4,136 |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted-average grant date fair value-per share | $9.67 | $7.71 | $10.36 |
Intrinsic value of awards exercised | 30,450 | 19,544 | 22,615 |
Net cash proceeds from the exercise of stock options | $35,218 | $30,671 | $4,136 |
Weighted_Average_Assumptions_U1
Weighted Average Assumptions Used to Estimate Fair Value of Stock Appreciation Right's at Date of Grant (Detail) (Stock Appreciation Rights(SARs)) | 12 Months Ended | ||
Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | |
Stock Appreciation Rights(SARs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected life, in years | '5 years 7 months 6 days | '5 years | '4 years 9 months 18 days |
Risk-free interest rate | 1.00% | 0.90% | 0.80% |
Volatility | 46.00% | 48.20% | 48.80% |
Dividend rate | ' | ' | ' |
Summary_of_Stock_Appreciation_
Summary of Stock Appreciation Right Activity (Detail) (Stock Appreciation Rights(SARs), USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2014 |
Stock Appreciation Rights(SARs) | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Awards outstanding at beginning of year, Shares | 1,198,800 |
Granted, Shares | 27,500 |
Exercised, Shares | -63,400 |
Forfeited or Expired, Shares | -60,425 |
Awards outstanding at end of year, Shares | 1,102,475 |
Awards outstanding expected to vest, Shares | 1,064,159 |
Awards outstanding at end of year, Shares | 336,150 |
Awards outstanding at beginning of year, Weighted Average Exercise Price | $31.15 |
Granted, Weighted Average Exercise Price | $39.06 |
Exercised, Weighted Average Exercise Price | $28.11 |
Forfeited or Expired, Weighted Average Exercise Price | $34.64 |
Awards outstanding at end of year, Weighted Average Exercise Price | $31.33 |
Awards outstanding expected to vest, Weighted Average Exercise Price | $31.33 |
Awards exercisable at end of year, Weighted Average Exercise Price | $30.72 |
Awards outstanding at end of year, Weighted Average Remaining Contractual Term (years) | '5 years 8 months 12 days |
Awards outstanding expected to vest, Weighted Average Remaining Contractual Term (years) | '5 years 8 months 12 days |
Awards exercisable at end of year, Weighted Average Remaining Contractual Term (years) | '5 years 8 months 12 days |
Awards outstanding at end of year, Aggregate Intrinsic Value | $5,330 |
Awards outstanding expected to vest, Aggregate Intrinsic Value | 5,063 |
Awards exercisable at end of year, Aggregate Intrinsic Value | $1,722 |
Summary_of_Other_Information_R1
Summary of Other Information Related to SAR's (Detail) (Stock Appreciation Rights(SARs), USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Stock Appreciation Rights(SARs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted-average grant date fair value-per share | $14.11 | $11.85 | $9.50 |
Intrinsic value of awards exercised | $848 | ' | ' |
Summary_of_Performance_Share_U
Summary of Performance Share Units Activity (Detail) (Performance Stock Units, USD $) | 12 Months Ended | ||
Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | |
Performance Stock Units | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-vested awards outstanding at beginning of year, Shares | 2,599,610 | ' | ' |
Granted, Shares | 1,462,000 | ' | ' |
Vested, Shares | ' | ' | ' |
Forfeited, Shares | -352,385 | ' | ' |
Non-vested awards outstanding at end of year, Shares | 3,709,225 | 2,599,610 | ' |
Non-vested awards outstanding at beginning of year, Weighted average fair value | $17.42 | ' | ' |
Granted, Weighted average fair value | $25.13 | $18.22 | $16.21 |
Vested, Weighted average fair value | ' | ' | ' |
Forfeited, Weighted average fair value | $17.24 | ' | ' |
Non-vested awards outstanding at end of year, Weighted average fair value | $20.48 | $17.42 | ' |
Summary_of_Restricted_Stock_Un
Summary of Restricted Stock Unit's Activity (Detail) (Restricted Stock Units (RSUs), USD $) | 12 Months Ended | ||
Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | |
Restricted Stock Units (RSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted, Shares | 10,000 | ' | ' |
Vested, Shares | ' | ' | ' |
Forfeited, Shares | ' | ' | ' |
Non-vested awards outstanding at end of year, Shares | 10,000 | ' | ' |
Granted, Weighted average fair value | $39.06 | $0 | $20.08 |
Vested, Weighted average fair value | ' | ' | ' |
Forfeited, Weighted average fair value | ' | ' | ' |
Non-vested awards outstanding at end of year, Weighted average fair value | $39.06 | ' | ' |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2012 | Aug. 27, 2013 | Jan. 31, 2013 | Aug. 25, 2011 | Nov. 16, 2010 | Feb. 28, 2006 | Feb. 01, 2014 | Jan. 31, 2014 | Jan. 31, 2012 |
Subsequent Event | Employee Stock | Employee Stock | ||||||||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares authorized for repurchase, shares | ' | ' | 10,000,000 | ' | 10,000,000 | 10,000,000 | 8,000,000 | ' | ' | ' |
Stock repurchased and retired during period, common shares | 300,300 | 20,491,530 | ' | ' | ' | ' | ' | 4,523,220 | 9,520 | 282,813 |
Stock repurchased and retired during period, total cost | $10,695 | $538,311 | ' | ' | ' | ' | ' | $162,000 | $397 | $7,167 |
Average cost per share | $35.61 | $26.27 | ' | ' | ' | ' | ' | $35.83 | ' | ' |
Additional paid-in-capital | 97,684 | 0 | ' | 48,276 | ' | ' | ' | ' | ' | ' |
Retained earnings reduction related to shares repurchased | ' | $501,676 | ' | ' | ' | ' | ' | ' | ' | ' |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jan. 31, 2014 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' |
Beginning Balance | ($8,782) |
Other comprehensive income/(loss) before reclassifications | 7,713 |
Amounts reclassified from accumulated other comprehensive loss | 101 |
Net current-period other comprehensive income/(loss) | 7,814 |
Ending Balance | -968 |
Accumulated Translation Adjustment | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' |
Beginning Balance | -8,582 |
Other comprehensive income/(loss) before reclassifications | 7,194 |
Net current-period other comprehensive income/(loss) | 7,194 |
Ending Balance | -1,388 |
Accumulated Net Unrealized Investment Gain (Loss) | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' |
Beginning Balance | -200 |
Other comprehensive income/(loss) before reclassifications | 519 |
Amounts reclassified from accumulated other comprehensive loss | 101 |
Net current-period other comprehensive income/(loss) | 620 |
Ending Balance | $420 |
Reconciliation_of_Weighted_Ave
Reconciliation of Weighted Average Shares Outstanding Used for Computation of Basic and Diluted Net Income Per Common Share (Detail) | 12 Months Ended | ||
Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | |
Earnings Per Share [Line Items] | ' | ' | ' |
Basic weighted-average common shares outstanding | 147,014,869 | 145,253,691 | 154,025,589 |
Effect of dilutive options, stock appreciation rights, restricted stock units and performance stock units | 2,211,037 | 1,410,040 | 2,165,700 |
Diluted weighted-average shares outstanding | 149,225,906 | 146,663,731 | 156,191,289 |
Net_Income_per_Common_Share_Ad
Net Income per Common Share - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | |
Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive common shares | 151,625 | 2,440,525 | 3,836,838 |
Anti-dilutive common shares exercise price, minimum | $37.65 | $28.49 | $26.85 |
Anti-dilutive common shares exercise price, maximum | $46.02 | $39.58 | $39.58 |
Contingently issuable awards | 1,752,200 | 335,200 | ' |
Schedule_by_Year_of_Future_Min
Schedule by Year of Future Minimum Lease Payments for Operating Leases with Original Terms in Excess of One Year (Detail) (USD $) | Jan. 31, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Operating Leases [Line Items] | ' |
2015 | $244,145 |
2016 | 236,814 |
2017 | 215,157 |
2018 | 199,880 |
2019 | 179,853 |
Thereafter | 725,276 |
Total minimum lease payments | $1,801,125 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | |||||
Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | Nov. 27, 2012 | Jan. 31, 2014 | Jan. 31, 2014 | |
Y | Nonqualified Deferred Compensation Plan | Minimum | Maximum | |||
Store | ||||||
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Number of lease commitment not opened | 27 | ' | ' | ' | ' | ' |
Commitments for un-fulfilled purchase orders | $367,003,000 | ' | ' | ' | ' | ' |
Commitments with construction contractors | 29,350,000 | ' | ' | ' | ' | ' |
U.S. based employees age limit to participate in 401(k) Saving Plan | 18 | ' | ' | ' | ' | ' |
Percentage of compensation deferred by employees under Saving Plan | ' | ' | ' | ' | 1.00% | 25.00% |
Employer matching contribution per employee | 0.25 | ' | ' | 0.25 | ' | ' |
Percentage of employee contribution for first threshold limit of employer contribution | 6.00% | ' | ' | 6.00% | ' | ' |
Employees contribution percentage vested | 100.00% | ' | ' | 100.00% | ' | ' |
Percentage of employers contribution per year vested | 20.00% | ' | ' | 100.00% | ' | ' |
Company's contribution to Savings Plan | 1,770,000 | 1,483,000 | 1,365,000 | 1,666,000 | ' | ' |
Aggregate market value of investments | ' | ' | ' | $1,666,000 | ' | ' |
Rent_Expense_for_Operating_Lea
Rent Expense for Operating Leases (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Lease and Rental Expense [Line Items] | ' | ' | ' |
Minimum and percentage rentals | $205,759 | $186,804 | $165,901 |
Contingent rentals | 5,542 | 5,714 | 5,403 |
Total | $211,301 | $192,518 | $171,304 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Related Party Transaction [Line Items] | ' | ' | ' |
Fees paid | $2,637 | $1,902 | $2,509 |
Fees due | $380 | $275 | ' |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 12 Months Ended | ||
Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | |
Segment | |||
Store | |||
Brand | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of stores | 511 | 476 | ' |
Number of department and specialty retailers | 1,400 | ' | ' |
Percentage of sales that no customer constitutes | 10.00% | ' | ' |
Retail Operations | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of reporting segments | 2 | ' | ' |
Number of brands | 5 | ' | ' |
Number of stores | 511 | ' | ' |
Percentage of net sales | 94.00% | 94.00% | 94.00% |
Schedule_of_Operations_by_Segm
Schedule of Operations by Segment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total net sales | $3,086,608 | $2,794,925 | $2,473,801 |
General corporate expenses | -29,257 | -27,027 | -18,066 |
Total income from operations | 426,831 | 374,285 | 284,725 |
Total depreciation expense for property and equipment | 121,732 | 113,388 | 100,739 |
Total inventories | 311,207 | 282,411 | ' |
Total property and equipment, net | 806,909 | 733,416 | ' |
Total cash paid for property and equipment | 186,101 | 168,875 | 190,010 |
Operating Segments | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total net sales | 3,086,608 | 2,794,925 | 2,473,801 |
Total income from operations | 456,088 | 401,312 | 302,791 |
Operating Segments | Retail Operations | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total net sales | 2,908,981 | 2,646,284 | 2,340,794 |
Total income from operations | 414,734 | 366,139 | 276,581 |
Total depreciation expense for property and equipment | 120,960 | 112,645 | 99,645 |
Total inventories | 282,590 | 265,787 | ' |
Total property and equipment, net | 802,965 | 730,489 | ' |
Total cash paid for property and equipment | 184,255 | 168,530 | 189,311 |
Operating Segments | Wholesale Operations | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total net sales | 185,792 | 154,957 | 140,657 |
Total income from operations | 42,191 | 35,783 | 26,919 |
Total depreciation expense for property and equipment | 772 | 743 | 1,094 |
Total inventories | 28,617 | 16,624 | ' |
Total property and equipment, net | 3,944 | 2,927 | ' |
Total cash paid for property and equipment | 1,846 | 345 | 699 |
Intersegment Elimination | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total net sales | -8,165 | -6,316 | -7,650 |
Total income from operations | ($837) | ($610) | ($709) |
Schedule_of_Revenues_and_LongL
Schedule of Revenues and Long-Lived Assets, by Domestic and Foreign Operations Segment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total net sales | $3,086,608 | $2,794,925 | $2,473,801 |
Total property and equipment, net | 806,909 | 733,416 | ' |
Operating Segments | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total net sales | 3,086,608 | 2,794,925 | 2,473,801 |
Operating Segments | Domestic Operations | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total net sales | 2,685,042 | 2,423,155 | 2,169,976 |
Total property and equipment, net | 655,866 | 586,068 | ' |
Operating Segments | Foreign Operations | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total net sales | 401,566 | 371,770 | 303,825 |
Total property and equipment, net | $151,043 | $147,348 | ' |