Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Mar. 25, 2015 | Jul. 31, 2014 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Jan-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | URBN | ||
Entity Registrant Name | URBAN OUTFITTERS INC | ||
Entity Central Index Key | 912615 | ||
Current Fiscal Year End Date | -30 | ||
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 | 131,723,233 | ||
Entity Public Float | $3,614,766,155 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $154,558 | $242,058 |
Marketable securities | 104,246 | 281,813 |
Accounts receivable, net of allowance for doubtful accounts of $850 and $1,711, respectively | 70,458 | 55,161 |
Inventories | 358,237 | 311,207 |
Prepaid expenses and other current assets | 102,863 | 75,968 |
Deferred income taxes | 18,755 | 28,773 |
Total current assets | 809,117 | 994,980 |
Property and equipment, net | 889,232 | 806,909 |
Marketable securities | 104,448 | 366,422 |
Deferred income taxes and other assets | 85,944 | 52,903 |
Total Assets | 1,888,741 | 2,221,214 |
Current liabilities: | ||
Accounts payable | 156,090 | 137,036 |
Accrued compensation | 45,007 | 41,085 |
Accrued expenses and other current liabilities | 152,643 | 153,709 |
Total current liabilities | 353,740 | 331,830 |
Deferred rent and other liabilities | 207,032 | 195,214 |
Total Liabilities | 560,772 | 527,044 |
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, 130,502,864 and 147,309,575 shares issued and outstanding, respectively | 13 | 15 |
Additional paid-in-capital | 97,684 | |
Retained earnings | 1,343,383 | 1,597,439 |
Accumulated other comprehensive loss | -15,427 | -968 |
Total Shareholders' Equity | 1,327,969 | 1,694,170 |
Total Liabilities and Shareholders' Equity | $1,888,741 | $2,221,214 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance for doubtful accounts | $850 | $1,711 |
Preferred shares, par value | $0.00 | $0.00 |
Preferred shares, shares authorized | 10,000,000 | 10,000,000 |
Preferred shares, shares issued | 0 | 0 |
Common shares, par value | $0.00 | $0.00 |
Common shares, shares authorized | 200,000,000 | 200,000,000 |
Common shares, shares issued | 130,502,864 | 147,309,575 |
Common shares, shares outstanding | 130,502,864 | 147,309,575 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Net sales | $3,323,077 | $3,086,608 | $2,794,925 |
Cost of sales | 2,148,147 | 1,925,266 | 1,763,394 |
Gross profit | 1,174,930 | 1,161,342 | 1,031,531 |
Selling, general and administrative expenses | 809,545 | 734,511 | 657,246 |
Income from operations | 365,385 | 426,831 | 374,285 |
Interest income | 2,319 | 2,713 | 2,126 |
Other income | 580 | 1,088 | 862 |
Other expenses | -4,834 | -3,114 | -1,701 |
Income before income taxes | 363,450 | 427,518 | 375,572 |
Income tax expense | 131,022 | 145,158 | 138,258 |
Net income | $232,428 | $282,360 | $237,314 |
Net income per common share: | |||
Basic | $1.70 | $1.92 | $1.63 |
Diluted | $1.68 | $1.89 | $1.62 |
Weighted-average common shares outstanding: | |||
Basic | 136,651,899 | 147,014,869 | 145,253,691 |
Diluted | 138,192,734 | 149,225,906 | 146,663,731 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Net income | $232,428 | $282,360 | $237,314 |
Other comprehensive (loss) income: | |||
Foreign currency translation | -14,128 | 7,194 | 1,455 |
Change in unrealized (losses) gains on marketable securities, net of tax | -331 | 620 | 1,275 |
Net current-period other comprehensive income/(loss) | -14,459 | 7,814 | 2,730 |
Comprehensive income | $217,969 | $290,174 | $240,044 |
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, 2012 | $1,066,268 | $15 | $1,077,765 | ($11,512) | |
Beginning 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 | 147,309,575 | |||
Comprehensive income | 217,969 | 232,428 | -14,459 | ||
Share-based compensation | 16,736 | 16,736 | |||
Stock options and awards (in shares) | 723,083 | ||||
Stock options and awards | 10,693 | 10,693 | |||
Excess tax benefit from share-based awards | 3,822 | 3,822 | |||
Share repurchases (in shares) | -17,529,794 | ||||
Share repurchases | -615,421 | -2 | -128,935 | -486,484 | |
Ending Balances at Jan. 31, 2015 | $1,327,969 | $13 | $1,343,383 | ($15,427) | |
Ending Balances (in shares) at Jan. 31, 2015 | 130,502,864 | 130,502,864 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Cash flows from operating activities: | |||
Net income | $232,428 | $282,360 | $237,314 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 138,110 | 132,664 | 118,664 |
(Benefit) provision for deferred income taxes | -2,221 | -28,505 | 22,248 |
Excess tax benefits from stock option exercises | -3,822 | -9,540 | -6,713 |
Share-based compensation expense | 16,736 | 15,742 | 10,892 |
Loss on disposition of property and equipment, net | 3,189 | 2,368 | 616 |
Changes in assets and liabilities: | |||
Receivables | -18,393 | -15,368 | -2,917 |
Inventories | -68,992 | -27,713 | -32,237 |
Prepaid expenses and other assets | -23,257 | 2,985 | 16,057 |
Payables, accrued expenses and other liabilities | 48,543 | 68,162 | 31,756 |
Net cash provided by operating activities | 322,321 | 423,155 | 395,680 |
Cash flows from investing activities: | |||
Cash paid for property and equipment | -229,804 | -186,101 | -168,875 |
Cash paid for marketable securities | -405,659 | -727,987 | -372,689 |
Sales and maturities of marketable securities | 830,297 | 451,866 | 207,576 |
Net cash provided by (used in) investing activities | 194,834 | -462,222 | -333,988 |
Cash flows from financing activities: | |||
Proceeds from the exercise of stock options | 10,693 | 35,218 | 30,671 |
Excess tax benefits from stock option exercises | 3,822 | 9,540 | 6,713 |
Share repurchases related to share repurchase program | -611,475 | -10,695 | |
Share repurchases related to taxes for share-based awards | -3,947 | -397 | |
Net cash (used in) provided by financing activities | -600,907 | 33,666 | 37,384 |
Effect of exchange rate changes on cash and cash equivalents | -3,748 | 2,132 | 978 |
(Decrease) increase in cash and cash equivalents | -87,500 | -3,269 | 100,054 |
Cash and cash equivalents at beginning of period | 242,058 | 245,327 | 145,273 |
Cash and cash equivalents at end of period | 154,558 | 242,058 | 245,327 |
Cash paid during the year for: | |||
Income taxes | 144,892 | 159,628 | 103,006 |
Non-cash investing activities-Accrued capital expenditures | $18,771 | $20,889 | $15,055 |
Nature_of_Business
Nature of Business | 12 Months Ended |
Jan. 31, 2015 | |
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, 2015 and 2014, the Company operated 546 and 511 stores, respectively. Stores located in the United States totaled 464 as of January 31, 2015 and 442 as of January 31, 2014. Operations in Europe and Canada included 50 stores and 32 stores as of January 31, 2015, respectively, and 44 stores and 25 stores as of January 31, 2014, respectively. In addition, the Company’s Wholesale segment sold and distributed apparel to approximately 1,600 better department and specialty retailers worldwide. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
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 2015 ended on January 31, 2015. | |||||||||||||||||
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, 2015 and 2014, 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, 2015 and January 31, 2014 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 (loss) 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. | |||||||||||||||||
During the first quarter of fiscal 2014, the Company sold all of its remaining auction rate securities (“ARS”) for approximately $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. | |||||||||||||||||
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, 2015, 2014 and 2013 was as follows: | |||||||||||||||||
Balance at | Additions | Deductions | Balance at | ||||||||||||||
beginning of | end of | ||||||||||||||||
year | year | ||||||||||||||||
Year ended January 31, 2015 | $ | 1,711 | 4,666 | (5,527 | ) | $ | 850 | ||||||||||
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 | ||||||||||
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 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. The majority of inventory at January 31, 2015 and 2014 consisted of finished goods. Unfinished goods and work-in-process were not material to the overall net inventory value. | |||||||||||||||||
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. | |||||||||||||||||
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 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 accounts receivable, which management reviews on a regular basis and believes is sufficient to cover potential credit losses and billing adjustments. | |||||||||||||||||
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, 2015, 2014 and 2013 was as follows: | |||||||||||||||||
Balance at | Additions | Deductions | Balance at | ||||||||||||||
beginning of | end of | ||||||||||||||||
year | year | ||||||||||||||||
Year ended January 31, 2015 | $ | 17,089 | 80,390 | (77,675 | ) | $ | 19,804 | ||||||||||
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 | ||||||||||
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; inbound 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 and mobile applications. 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 two months. If there is no expected future benefit, the cost of advertising is expensed when incurred. Advertising costs reported as prepaid expenses were $2,146 and $2,067 as of January 31, 2015 and 2014, respectively. Advertising expenses were $103,882, $91,615 and $81,944 for fiscal 2015, 2014 and 2013, 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 2015, 2014 and 2013, 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 ($15,516) and ($1,388) as of January 31, 2015 and January 31, 2014, respectively, and unrealized gains, net of tax, on marketable securities of $89 and $420 as of January 31, 2015 and January 31, 2014, respectively. The tax effect of the unrealized (losses) on marketable securities recorded in comprehensive income was ($201), ($378) and ($672) during fiscal 2015, 2014 and 2013, 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 | |||||||||||||||||
The financial statements of the Company’s foreign operations are translated into U.S. dollars. Assets and liabilities are translated at current exchange rates as of the balance sheet date, equity accounts at historical exchange rates, while income statement accounts are translated at the average rates in effect during the year. Translation adjustments are not included in determining net income, but are included in “Accumulated other comprehensive loss” within shareholders’ equity. Remeasurement gains and losses included in operating results for fiscal years 2015, 2014 and 2013 were not material. | |||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, marketable securities and accounts receivable. The Company manages the credit risk associated with cash, cash equivalents and marketable securities by investing in high-quality securities held with reputable trustees and, by policy, limiting the amount of credit exposure to any one issuer or issue, as well as providing limitations on investment maturities. The Company’s investment policy requires that its cash, cash equivalents and marketable securities are invested in corporate and municipal bonds rated “BBB” or better, commercial paper and federally insured or guaranteed investment vehicles such as certificates of deposit, United States treasury bills and federal government agencies. Receivables from third-party credit cards are processed by financial institutions, which are monitored for financial stability. The Company regularly evaluates the financial condition of its Wholesale segment customers. The Company’s allowance for doubtful accounts reflects current market conditions and management’s assessment regarding the collectability of its accounts receivable. The Company maintains cash accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses from maintaining cash accounts in excess of such limits. Management believes that it is not exposed to any significant risks related to its cash accounts. | |||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||
In May 2014, the Financial Accounting Standards Board issued an accounting standards update that clarifies the principles for recognizing revenue from contracts with customers. The update outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The update states that an entity should recognize revenue to depict the transfer of promised goods or services to customers in the amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. Entities are required to apply the following steps when recognizing revenue under the update: (1) identify the contract(s) with a customer; (2) identify the performance obligation in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The update is effective for the Company beginning February 1, 2017. The update allows for a “full retrospective” adoption, meaning the update is applied to all periods presented, or a “modified retrospective” adoption, meaning the update is applied only to the most current period presented in the financial statements. Early adoption is not permitted. The Company is currently evaluating the adoption method to apply and the impact that the update will have on its financial position, results of operations, cash flows and financial statement disclosures. |
Marketable_Securities
Marketable Securities | 12 Months Ended | ||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||
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, 2015 and 2014 are as follows: | |||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Cost | Gains | (Losses) | |||||||||||||||||||||||
As of January 31, 2015 | |||||||||||||||||||||||||
Short-term Investments: | |||||||||||||||||||||||||
Corporate bonds | $ | 56,594 | $ | 20 | $ | (24 | ) | $ | 56,590 | ||||||||||||||||
Municipal and pre-refunded municipal bonds | 30,509 | 41 | (2 | ) | 30,548 | ||||||||||||||||||||
Certificates of deposit | 11,127 | 5 | — | 11,132 | |||||||||||||||||||||
Treasury bills | 2,033 | 3 | — | 2,036 | |||||||||||||||||||||
Commercial paper | 3,938 | 2 | — | 3,940 | |||||||||||||||||||||
104,201 | 71 | (26 | ) | 104,246 | |||||||||||||||||||||
Long-term Investments: | |||||||||||||||||||||||||
Corporate bonds | 46,754 | 22 | (40 | ) | 46,736 | ||||||||||||||||||||
Municipal and pre-refunded municipal bonds | 42,840 | 113 | (6 | ) | 42,947 | ||||||||||||||||||||
Certificates of deposit | 3,066 | — | — | 3,066 | |||||||||||||||||||||
Treasury bills | 7,111 | 9 | — | 7,120 | |||||||||||||||||||||
Mutual funds, held in rabbi trust | 3,816 | 16 | (54 | ) | 3,778 | ||||||||||||||||||||
Federal government agencies | 799 | 2 | — | 801 | |||||||||||||||||||||
104,386 | 162 | (100 | ) | 104,448 | |||||||||||||||||||||
$ | 208,587 | $ | 233 | $ | (126 | ) | $ | 208,694 | |||||||||||||||||
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 | ||||||||||||||||||||
Certificates of deposit | 35,844 | 13 | (1 | ) | 35,856 | ||||||||||||||||||||
Treasury bills | 24,873 | 10 | — | 24,883 | |||||||||||||||||||||
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 | ||||||||||||||||||||
Certificates of deposit | 4,000 | — | (2 | ) | 3,998 | ||||||||||||||||||||
Treasury bills | 21,551 | 21 | — | 21,572 | |||||||||||||||||||||
Mutual funds, held in rabbi trust | 1,591 | 108 | (33 | ) | 1,666 | ||||||||||||||||||||
Federal government agencies | 4,287 | 6 | — | 4,293 | |||||||||||||||||||||
365,809 | 818 | (205 | ) | 366,422 | |||||||||||||||||||||
$ | 647,483 | $ | 1,002 | $ | (250 | ) | $ | 648,235 | |||||||||||||||||
Proceeds from the sale and maturities of available-for-sale securities were $830,297, $451,866 and $207,576 in fiscal 2015, 2014 and 2013, respectively. The Company included in “Interest income,” in the Consolidated Statements of Income, a net realized gain of $237 during fiscal 2015, a net realized loss of $101 during fiscal 2014 and a net realized gain of $248 during fiscal 2013. Amortization of discounts and premiums, net, resulted in a reduction of “Interest income” of $6,696, $10,932 and $5,276 for fiscal years 2015, 2014 and 2013, respectively. Mutual funds represent assets held in an irrevocable rabbi trust for the Company’s Non-qualified Deferred Compensation Plan (“NQDC”). These assets are a source of funds to match the funding obligations to participants in the NQDC but are subject to the Company’s general creditors. The Company elected the fair value option for financial assets for the mutual funds held in the rabbi trust resulting in all unrealized gains and losses being recorded in “Interest income” in the Consolidated Statements of Income and not as a component of accumulated Other comprehensive (loss) income. | |||||||||||||||||||||||||
The following tables show the gross unrealized losses and fair value of the Company’s marketable securities with unrealized losses that are not deemed to 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, 2015 and January 31, 2014, respectively. | |||||||||||||||||||||||||
January 31, 2015 | |||||||||||||||||||||||||
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 | $ | 55,384 | $ | (63 | ) | $ | 383 | $ | (1 | ) | $ | 55,767 | $ | (64 | ) | ||||||||||
Municipal and pre-refunded municipal bonds | 4,672 | (8 | ) | — | — | 4,672 | (8 | ) | |||||||||||||||||
Certificates of deposit | 1,600 | — | — | — | 1,600 | — | |||||||||||||||||||
Treasury bills | — | — | — | — | — | — | |||||||||||||||||||
Commercial paper | 747 | — | — | — | 747 | — | |||||||||||||||||||
Mutual funds, held in rabbi trust | 3,778 | (54 | ) | — | — | 3,778 | (54 | ) | |||||||||||||||||
Federal government agencies | — | — | — | — | — | — | |||||||||||||||||||
Total | $ | 66,181 | $ | (125 | ) | $ | 383 | $ | (1 | ) | $ | 66,564 | $ | (126 | ) | ||||||||||
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 | ) | |||||||||||||||||
Certificates of deposit | 12,746 | (3 | ) | — | — | 12,746 | (3 | ) | |||||||||||||||||
Treasury bills | 6,606 | — | — | — | 6,606 | — | |||||||||||||||||||
Commercial paper | 6,640 | (1 | ) | — | — | 6,640 | (1 | ) | |||||||||||||||||
Mutual funds, held in rabbi trust | 1,666 | (33 | ) | — | — | 1,666 | (33 | ) | |||||||||||||||||
Federal government agencies | 1,753 | — | — | — | 1,753 | — | |||||||||||||||||||
Total | $ | 183,433 | $ | (250 | ) | $ | — | $ | — | $ | 183,433 | $ | (250 | ) | |||||||||||
As of January 31, 2015 and 2014, there were a total of 172 and 219 securities with unrealized loss positions within the Company’s portfolio, respectively. |
Fair_Value
Fair Value | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
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, 2015 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Corporate bonds | $ | 103,326 | $ | — | $ | — | $ | 103,326 | |||||||||
Municipal and pre-refunded municipal bonds | — | 73,495 | — | 73,495 | |||||||||||||
Certificates deposit | — | 14,198 | — | 14,198 | |||||||||||||
Treasury bills | 9,156 | — | — | 9,156 | |||||||||||||
Commercial paper | — | 3,940 | — | 3,940 | |||||||||||||
Mutual funds, held in rabbi trust | 3,778 | — | — | 3,778 | |||||||||||||
Federal government agencies | 801 | — | — | 801 | |||||||||||||
$ | 117,061 | $ | 91,633 | $ | — | $ | 208,694 | ||||||||||
Marketable Securities Fair Value as of | |||||||||||||||||
31-Jan-14 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Corporate bonds | $ | 309,423 | $ | — | $ | — | $ | 309,423 | |||||||||
Municipal and pre-refunded municipal bonds | — | 211,437 | — | 211,437 | |||||||||||||
Certificates deposit | — | 39,854 | — | 39,854 | |||||||||||||
Treasury bills | 46,455 | — | — | 46,455 | |||||||||||||
Commercial paper | — | 35,107 | — | 35,107 | |||||||||||||
Mutual funds, held in rabbi trust | 1,666 | — | — | 1,666 | |||||||||||||
Federal government agencies | 4,293 | — | — | 4,293 | |||||||||||||
$ | 361,837 | $ | 286,398 | $ | — | $ | 648,235 | ||||||||||
Level 1 assets consist of financial instruments whose value has been based on inputs that use, as their basis, readily observable market data that are actively quoted and are validated through external sources, including third-party pricing services and brokers. | |||||||||||||||||
Level 2 assets consist of financial instruments whose value has been based on quoted prices for similar assets and liabilities in active markets as well as quoted prices for identical or similar assets or liabilities in markets that are not active. | |||||||||||||||||
Level 3 assets consist of financial instruments where there is no active market. The Company has no Level 3 assets as of January 31, 2015. 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. Accordingly, the level 3 rollforward for fiscal 2015 and 2014 is not presented. | |||||||||||||||||
The fair value of cash and cash equivalents (Level 1) approximate carrying value since cash and cash equivalents consist of short-term highly liquid investments with maturities of three months or less. As of January 31, 2015 and 2014, 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. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Property and Equipment | 5. Property and Equipment | ||||||||
Property and equipment is summarized as follows: | |||||||||
January 31, | |||||||||
2015 | 2014 | ||||||||
Land | $ | 15,197 | $ | 15,042 | |||||
Buildings | 239,115 | 185,605 | |||||||
Furniture and fixtures | 410,265 | 375,429 | |||||||
Leasehold improvements | 794,995 | 809,789 | |||||||
Other operating equipment | 180,397 | 161,933 | |||||||
Construction-in-progress | 182,595 | 93,240 | |||||||
1,822,564 | 1,641,038 | ||||||||
Accumulated depreciation | (933,332 | ) | (834,129 | ) | |||||
Total | $ | 889,232 | $ | 806,909 | |||||
Depreciation expense for property and equipment for fiscal years ended 2015, 2014 and 2013 was $131,414, $121,732 and $113,388, respectively. |
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
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, | |||||||||
2015 | 2014 | ||||||||
Gift certificates and merchandise credits | $ | 47,943 | $ | 44,311 | |||||
Sales return reserves | 19,804 | 17,089 | |||||||
Accrued construction | 18,717 | 20,939 | |||||||
Accrued sales taxes | 12,171 | 12,379 | |||||||
Accrued rents and estimated property taxes | 11,121 | 10,850 | |||||||
Other current liabilities | 42,887 | 48,141 | |||||||
Total | $ | 152,643 | $ | 153,709 | |||||
Line_of_Credit_Facility
Line of Credit Facility | 12 Months Ended |
Jan. 31, 2015 | |
Line of Credit Facility | 7. Line of Credit Facility |
On March 27, 2014, the Company amended and restated its existing line of credit facility with Wells Fargo Bank, National Association (the “Line”). The 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 our discretion. The Line contains a sub-limit for borrowings by the Company’s subsidiaries that are guaranteed by the Company. Under the terms of the Line, at the Company’s 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 Line subjects the Company to various restrictive covenants, including maintenance of certain financial covenants. As of January 31, 2015, there were no borrowings under the Line and the Company was in compliance with all covenants. Outstanding letters of credit under the Line totaled approximately $83,533 as of January 31, 2015. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Income Taxes | 8. Income Taxes | ||||||||||||
The components of income before income taxes are as follows: | |||||||||||||
Fiscal Year Ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Domestic | $ | 328,479 | $ | 375,793 | $ | 340,536 | |||||||
Foreign | 34,971 | 51,725 | 35,036 | ||||||||||
$ | 363,450 | $ | 427,518 | $ | 375,572 | ||||||||
The components of the provision for income tax expense/ (benefit) are as follows: | |||||||||||||
Fiscal Year Ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Current: | |||||||||||||
Federal | $ | 109,978 | $ | 139,848 | $ | 93,625 | |||||||
State | 19,665 | 20,530 | 15,746 | ||||||||||
Foreign | 3,600 | 13,285 | 6,639 | ||||||||||
$ | 133,243 | $ | 173,663 | $ | 116,010 | ||||||||
Deferred: | |||||||||||||
Federal | $ | (3,295 | ) | $ | (15,171 | ) | $ | 23,285 | |||||
State | 1,372 | (6,225 | ) | (722 | ) | ||||||||
Foreign | (298 | ) | (7,109 | ) | (315 | ) | |||||||
(2,221 | ) | (28,505 | ) | 22,248 | |||||||||
$ | 131,022 | $ | 145,158 | $ | 138,258 | ||||||||
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, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Expected provision at statutory U.S. federal tax rate | 35 | % | 35 | % | 35 | % | |||||||
State and local income taxes, net of federal tax benefit | 3.7 | 2.2 | 3.1 | ||||||||||
Foreign taxes | (2.4 | ) | (2.7 | ) | (1.7 | ) | |||||||
Other | (0.3 | ) | (0.5 | ) | 0.4 | ||||||||
Effective tax rate | 36 | % | 34 | % | 36.8 | % | |||||||
The significant components of deferred tax assets and liabilities as of January 31, 2015 and 2014 are as follows: | |||||||||||||
January 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Prepaid expense | $ | (3,732 | ) | $ | (2,813 | ) | |||||||
Depreciation | (51,774 | ) | (48,362 | ) | |||||||||
Other temporary differences | (1,728 | ) | (634 | ) | |||||||||
Gross deferred tax liabilities | (57,234 | ) | (51,809 | ) | |||||||||
Deferred tax assets: | |||||||||||||
Deferred rent | 70,023 | 66,579 | |||||||||||
Inventories | 8,137 | 5,624 | |||||||||||
Accounts receivable | 2,844 | 3,063 | |||||||||||
Net operating loss carryforwards | 4,003 | 2,601 | |||||||||||
Tax uncertainties | 3,363 | 3,372 | |||||||||||
Accrued salaries and benefits | 31,747 | 28,045 | |||||||||||
Other temporary differences | 5,839 | 9,413 | |||||||||||
Gross deferred tax assets, before valuation allowances | 125,956 | 118,697 | |||||||||||
Valuation allowances | (45 | ) | (54 | ) | |||||||||
Net deferred tax assets | $ | 68,677 | $ | 66,834 | |||||||||
Net deferred tax assets are attributed to the jurisdictions in which the Company operates. As of January 31, 2015 and 2014, respectively, $43,330 and $39,513 were attributable to U.S. federal, $16,097 and $17,092 were attributed to state jurisdictions and $9,250 and $10,229 were attributed to foreign jurisdictions. | |||||||||||||
As of January 31, 2015, certain non-U.S. subsidiaries of the Company had net operating loss carryforwards for tax purposes of approximately $853 that expire from 2016 through 2033 and approximately $12,866 that do not expire. Certain U.S. subsidiaries of the Company had state net operating loss carryforwards for tax purposes of approximately $1,307 that expire from 2018 through 2031. As of January 31, 2015, 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, 2015 and 2014, the non-current portion of net deferred tax assets aggregated $49,922 and $38,061, 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 $240,704 as of January 31, 2015. 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: | |||||||||||||
January 31, | |||||||||||||
Tax Benefit Reconciliation | 2015 | 2014 | 2013 | ||||||||||
Balance at the beginning of the period | $ | 4,835 | $ | 7,895 | $ | 8,664 | |||||||
Increases in tax positions for prior years | 2,518 | 1,026 | 419 | ||||||||||
Decreases in tax positions for prior years | (12 | ) | (305 | ) | (929 | ) | |||||||
Increases in tax positions for current year | 352 | 521 | 635 | ||||||||||
Settlements | (620 | ) | (3,190 | ) | (13 | ) | |||||||
Lapse in statute of limitations | (184 | ) | (1,112 | ) | (881 | ) | |||||||
Balance at the end of the period | $ | 6,889 | $ | 4,835 | $ | 7,895 | |||||||
The total amount of net unrecognized tax benefits that, if recognized, would impact the Company’s effective tax rate were $4,952 and $2,416 as of January 31, 2015 and 2014, 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, 2015, 2014 and 2013, the Company recognized expense/(benefit) of $408, ($1,992) and $541, respectively, related to interest and penalties. The Company accrued $1,486 and $1,078 for the payment of interest and penalties as of January 31, 2015 and 2014, respectively. | |||||||||||||
The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. Certain federal, foreign and state jurisdictions are subject to audit from fiscal 2005 to 2014. It is possible that a state or foreign 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 $2,450. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Share-Based Compensation | 9. Share-Based Compensation | ||||||||||||||||
The Company’s 2008 Stock Incentive Plan can authorize up to 10,000,000 common shares, which can be granted as RSU’s, unrestricted shares, incentive stock options, nonqualified stock options, PSU’s or SAR’s. Awards under this plan generally expire seven or ten years from the date of grant, thirty days after termination of employment or six months after the date of death or termination due to disability of the grantee. As of January 31, 2015, there were 5,102,199 common shares available to grant under the 2008 Stock Incentive Plan. | |||||||||||||||||
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, 2015, 2014 and 2013. 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, 2015, 2014 and 2013 was as follows: | |||||||||||||||||
Fiscal Year Ended January 31, | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Stock Options | $ | 1,377 | $ | 2,621 | $ | 2,214 | |||||||||||
Stock Appreciation Rights | 2,244 | 2,918 | 2,578 | ||||||||||||||
Performance Stock Units (1)(2) | 12,991 | 9,956 | 6,124 | ||||||||||||||
Restricted Stock Units | 124 | 247 | (24 | ) | |||||||||||||
Total | $ | 16,736 | $ | 15,742 | $ | 10,892 | |||||||||||
-1 | Includes the reversal of $1,396 of previously recognized compensation expense in fiscal 2015, related to 163,336 PSU’s that will not vest as the achievement of the related performance target is not probable. | ||||||||||||||||
-2 | 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. | ||||||||||||||||
The total tax benefit associated with share-based compensation expense for the fiscal years ended January 31, 2015, 2014 and 2013 was $6,367, $5,976 and $3,921, 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, | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Expected life, in years | 3.4 | 3.5 | 3.6 | ||||||||||||||
Risk-free interest rate | 1.1 | % | 0.6 | % | 0.5 | % | |||||||||||
Volatility | 33 | % | 36 | % | 45 | % | |||||||||||
Dividend rate | — | — | — | ||||||||||||||
The following table summarizes the Company’s stock option activity for the fiscal year ended January 31, 2015: | |||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Contractual | Value | |||||||||||||||
Price | Terms | ||||||||||||||||
(years) | |||||||||||||||||
Awards outstanding at beginning of year | 2,813,194 | $ | 31.55 | 2.3 | 14,502 | ||||||||||||
Granted | 100,000 | 35.85 | |||||||||||||||
Exercised | (422,187 | ) | 25.33 | ||||||||||||||
Forfeited or Expired | (26,617 | ) | 40.56 | ||||||||||||||
Awards outstanding at end of year | 2,464,390 | 32.69 | 1.6 | $ | 8,547 | ||||||||||||
Awards outstanding expected to vest | 2,458,921 | 32.69 | 1.6 | $ | 8,120 | ||||||||||||
Awards exercisable at end of year | 2,355,015 | $ | 32.54 | 1.6 | $ | 8,538 | |||||||||||
The following table summarizes other information related to stock options during the years ended January 31, 2015, 2014 and 2013: | |||||||||||||||||
Fiscal Year Ended January 31, | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Weighted-average grant date fair value—per share | $ | 7.02 | $ | 9.67 | $ | 7.71 | |||||||||||
Intrinsic value of awards exercised | $ | 4,852 | $ | 30,450 | $ | 19,544 | |||||||||||
Net cash proceeds from the exercise of stock options | $ | 10,693 | $ | 35,218 | $ | 30,671 | |||||||||||
The Company recognized tax benefits related to stock options of $1,898, $10,312 and $6,532 for the fiscal years ended January 31, 2015, 2014 and 2013, respectively. Total unrecognized compensation cost of stock options granted but not yet vested, as of January 31, 2015, was $254, which is expected to be recognized over the weighted-average period of 0.3 year. | |||||||||||||||||
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. There were no SAR’s granted during the fiscal year ended January 31, 2015. 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, | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Expected life, in years | — | 5.6 | 5 | ||||||||||||||
Risk-free interest rate | — | 1 | % | 0.9 | % | ||||||||||||
Volatility | — | 46 | % | 48.2 | % | ||||||||||||
Dividend rate | — | — | — | ||||||||||||||
The following table summarizes the Company’s SAR activity for the fiscal year ended January 31, 2015: | |||||||||||||||||
Awards | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
(years) | |||||||||||||||||
Awards outstanding at beginning of year | 1,102,475 | $ | 31.33 | 5.7 | |||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (75,650 | ) | 28.87 | ||||||||||||||
Forfeited or Expired | (133,417 | ) | 35.7 | ||||||||||||||
Awards outstanding at end of year | 893,408 | 30.89 | 4.6 | $ | 3,990 | ||||||||||||
Awards outstanding expected to vest | 873,671 | 30.89 | 4.6 | $ | 3,791 | ||||||||||||
Awards exercisable at end of year | 498,675 | $ | 30.57 | 4.6 | $ | 2,164 | |||||||||||
The following table summarizes other information related to SAR’s during the years ended January 31, 2015, 2014 and 2013: | |||||||||||||||||
Fiscal Year Ended January 31, | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Weighted-average grant date fair value—per share | $ | — | $ | 14.11 | $ | 11.85 | |||||||||||
Intrinsic value of awards exercised | $ | 654 | $ | 848 | $ | — | |||||||||||
The Company recognized tax benefit related to SAR’s of $66 and $305 for the fiscal years ended January 31, 2015 and 2014, respectively. There were no tax benefits related to SAR’s for the fiscal year ended January 31, 2013. Total unrecognized compensation cost of SAR’s granted, but not yet vested, as of January 31, 2015, was $1,998, which is expected to be recognized over the weighted-average period of 1.7 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, 2015: | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Fair Value | |||||||||||||||||
Non-vested awards outstanding at beginning of year | 3,709,225 | $ | 20.48 | ||||||||||||||
Granted | 867,500 | 23.4 | |||||||||||||||
Vested | (278,324 | ) | 17.12 | ||||||||||||||
Forfeited | (306,192 | ) | 20.69 | ||||||||||||||
Non-vested awards outstanding at end of year | 3,992,209 | $ | 21.32 | ||||||||||||||
The weighted-average grant date fair value of PSU’s awarded during the fiscal years ended January 31, 2015, 2014 and 2013 was $23.40, $25.13 and $18.22, per share, respectively. No PSU’s vested during the fiscal years ended January 31, 2014 and 2013. Unrecognized compensation cost related to unvested PSU’s as of January 31, 2015 was $40,917, which is expected to be recognized over a weighted-average period of 3.1 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, 2015: | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Fair Value | |||||||||||||||||
Non-vested awards outstanding at beginning of year | 10,000 | $ | 39.06 | ||||||||||||||
Granted | — | — | |||||||||||||||
Vested | (5,000 | ) | 39.06 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Non-vested awards outstanding at end of year | 5,000 | $ | 39.06 | ||||||||||||||
The Company recognized tax benefits related to RUS’s of $7 for the fiscal year ended January 31, 2015. There were no tax benefits related to RSU’s for the fiscal years ended January 31, 2014 and 2013, respectively. There were no RSU’s granted during the fiscal years ended January 31, 2015 and January 31, 2013. The weighted-average grant date fair value of RSU’s awarded during the fiscal year ended January 31, 2014 was $39.06 per share. No RSU’s vested during the fiscal year ended January 31, 2014. Unrecognized compensation cost related to unvested RSU’s as of January 31, 2015 was $13, which is expected to be recognized over a weighted-average period of 0.1 year. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended |
Jan. 31, 2015 | |
Shareholders' Equity | 10. Shareholders’ Equity |
On May 27, 2014, the Company’s Board of Directors authorized the repurchase of 10,000,000 common shares under a new share repurchase program. Under this authorization, the Company repurchased and subsequently retired 7,718,531 common shares at a total cost of $258,160 during fiscal 2015. The average cost per share of these repurchases for fiscal 2015 was $33.45, including commissions. | |
On August 27, 2013, the Company’s Board of Directors authorized the repurchase of 10,000,000 common shares under a share repurchase program. The Company repurchased and subsequently retired all of the remaining 9,699,700 outstanding shares available under this authorization during the first quarter of fiscal 2015 at a total cost of $353,315 for an average cost per share of $36.43, including commissions. | |
In addition to the shares repurchased under the share repurchase programs, during the fiscal years ended January 31, 2015 and January 31, 2014 the Company acquired and subsequently retired 111,563 and 9,520 common shares at a total cost of $3,947 and $397, respectively, from employees to meet minimum statutory tax withholding requirements. | |
As a result of the share repurchase activity during fiscal 2015, the Company reduced the balance of additional paid-in-capital by $128,935, which resulted in a reduction of retained earnings of $486,484. | |
On February 23, 2015, the Company’s Board of Directors authorized the repurchase of 20,000,000 common shares under a new share repurchase program. |
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) | 11. Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) | ||||||||||||
The following tables present the change in accumulated other comprehensive income (loss), by component, net of tax, for the fiscal years ended January 31, 2015 and 2014, respectively: | |||||||||||||
Fiscal Year Ended January 31, 2015 | |||||||||||||
Foreign | Unrealized Gains | Total | |||||||||||
Currency | and (Losses) on | ||||||||||||
Translation | Available-for- | ||||||||||||
Sale Securities | |||||||||||||
Beginning Balance | $ | (1,388 | ) | $ | 420 | $ | (968 | ) | |||||
Other comprehensive income (loss) before reclassifications | (14,128 | ) | (568 | ) | (14,696 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 237 | 237 | ||||||||||
Net current-period other comprehensive income/(loss) | (14,128 | ) | (331 | ) | (14,459 | ) | |||||||
Ending Balance | $ | (15,516 | ) | $ | 89 | $ | (15,427 | ) | |||||
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 income (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, 2015 | |||||||||||||
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, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Basic weighted-average common shares outstanding | 136,651,899 | 147,014,869 | 145,253,691 | ||||||||||
Effect of dilutive options, stock appreciation rights, restricted stock units and performance stock units | 1,540,835 | 2,211,037 | 1,410,040 | ||||||||||
Diluted weighted-average shares outstanding | 138,192,734 | 149,225,906 | 146,663,731 | ||||||||||
For the fiscal years ended January 31, 2015, 2014 and 2013, awards to purchase 1,015,895 common shares ranging in price from $35.12 to $46.02, 151,625 common shares ranging in price from $37.65 to $46.02 and 2,440,525 common shares ranging in price from $28.49 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, 2015 and 2014, 2,216,899 and 1,752,200 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, 2015 | |||||||||||||
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 | |||||||||||||
2016 | $ | 254,733 | |||||||||||
2017 | 241,639 | ||||||||||||
2018 | 226,884 | ||||||||||||
2019 | 207,603 | ||||||||||||
2020 | 184,806 | ||||||||||||
Thereafter | 720,574 | ||||||||||||
Total minimum lease payments | $ | 1,836,239 | |||||||||||
Amounts noted above include commitments for 22 executed leases for stores not opened as of January 31, 2015. 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, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Minimum and percentage rentals | $ | 234,982 | $ | 205,759 | $ | 186,804 | |||||||
Contingent rentals | 3,901 | 5,542 | 5,714 | ||||||||||
Total | $ | 238,883 | $ | 211,301 | $ | 192,518 | |||||||
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 $466,008. 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 $12,056. | |||||||||||||
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 $1,708, $1,770 and $1,483 for fiscal years 2015, 2014 and 2013, 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. The Company made a matching contribution of $100 during fiscal 2015. The NQDC obligation was $3,778 as of January 31, 2015. The Company has purchased investments to fund the NQDC obligation. The investments had an aggregate market value of $3,778 as of January 31, 2015, 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, 2015 | |
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 2015, 2014 and 2013 were $2,752, $2,637 and $1,902, respectively. Harry S. Cherken, Jr., a director of the Company, is a partner at DBR. Amounts due to DBR as of January 31, 2015 and 2014 were approximately $203 and $380, 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 2015 in the United States. The Company has not paid any compensation to The McDevitt Company, but the Company has been advised that The McDevitt Company has received commissions from other parties to such transactions. Wade L. McDevitt is the brother-in-law of Scott Belair, one of the Company’s directors, and is president and the sole shareholder of The McDevitt Company. Mr. McDevitt’s wife, Wendy McDevitt, is an employee of the Company. In addition, Mr. McDevitt owns McDevitt Corporation Limited, a United Kingdom entity, and McDevitt Netherlands BV, a Dutch entity. During fiscal 2015 and 2014, the Company paid real estate commissions of $295 and $518 to West St. Consulting a United Kingdom entity owned by an employee of McDevitt Corporation Limited. The Company also paid commissions of $300 and $562 during fiscal 2015 and 2014 to HED Real Estate BV, a Dutch entity owned by three employees of McDevitt Netherlands BV. There were no amounts paid to West St. Consulting or HED Real Estate BV during fiscal 2013. The Company has been advised that West St. Consulting and HED Real Estate BV have entered into arrangements to share a portion of these commissions with McDevitt Corporation Limited and McDevitt Netherlands BV. | |
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, 2015, 2014 and 2013. 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, 2015 and January 31, 2014. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
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 546 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 93% of total consolidated net sales for the fiscal years ended, January 31, 2015, 2014 and 2013, respectively. The remaining net sales are derived from the Company’s Wholesale segment that distributes apparel to its Retail segment and to approximately 1,600 better department and specialty retailers worldwide. | |||||||||||||
The Company has aggregated its brands into the Retail segment based upon their shared management, customer base and economic characteristics. Reporting in this format provides management with the financial information necessary to evaluate the success of the segments and the overall business. The Company evaluates the performance of the segments based on the net sales and pre-tax income from operations (excluding intercompany charges) of the segment. Corporate expenses include expenses incurred and directed by the corporate office that are not allocated to segments. The principal identifiable assets for each reporting segment are 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 (online and through mobile devices) and catalogs. 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. Direct-to-consumer orders may also be picked up at a store location. 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 complete a sale that otherwise may not have occurred 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 | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Net sales | |||||||||||||
Retail operations | $ | 3,097,274 | $ | 2,908,981 | $ | 2,646,284 | |||||||
Wholesale operations | 237,491 | 185,792 | 154,957 | ||||||||||
Intersegment elimination | (11,688 | ) | (8,165 | ) | (6,316 | ) | |||||||
Total net sales | $ | 3,323,077 | $ | 3,086,608 | $ | 2,794,925 | |||||||
Income from operations | |||||||||||||
Retail operations | $ | 354,326 | $ | 414,734 | $ | 366,139 | |||||||
Wholesale operations | 55,403 | 42,191 | 35,783 | ||||||||||
Intersegment elimination | (1,079 | ) | (837 | ) | (610 | ) | |||||||
Total segment operating income | 408,650 | 456,088 | 401,312 | ||||||||||
General corporate expenses | (43,265 | ) | (29,257 | ) | (27,027 | ) | |||||||
Total income from operations | $ | 365,385 | $ | 426,831 | $ | 374,285 | |||||||
Depreciation expense for property and equipment | |||||||||||||
Retail operations | $ | 130,383 | $ | 120,960 | $ | 112,645 | |||||||
Wholesale operations | 1,031 | 772 | 743 | ||||||||||
Total depreciation expense for property and equipment | $ | 131,414 | $ | 121,732 | $ | 113,388 | |||||||
Inventories | |||||||||||||
Retail operations | $ | 314,940 | $ | 282,590 | |||||||||
Wholesale operations | 43,297 | 28,617 | |||||||||||
Total inventories | $ | 358,237 | $ | 311,207 | |||||||||
Property and equipment, net | |||||||||||||
Retail operations | $ | 885,200 | $ | 802,965 | |||||||||
Wholesale operations | 4,032 | 3,944 | |||||||||||
Total property and equipment, net | $ | 889,232 | $ | 806,909 | |||||||||
Cash paid for property and equipment | |||||||||||||
Retail operations | $ | 228,682 | $ | 184,255 | $ | 168,530 | |||||||
Wholesale operations | 1,122 | 1,846 | 345 | ||||||||||
Total cash paid for property and equipment | $ | 229,804 | $ | 186,101 | $ | 168,875 | |||||||
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 | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Net Sales | |||||||||||||
Domestic operations | $ | 2,870,140 | $ | 2,685,042 | $ | 2,423,155 | |||||||
Foreign operations | 452,937 | 401,566 | 371,770 | ||||||||||
Total net sales | $ | 3,323,077 | $ | 3,086,608 | $ | 2,794,925 | |||||||
Property and equipment, net | |||||||||||||
Domestic operations | $ | 745,504 | $ | 655,866 | |||||||||
Foreign operations | 143,728 | 151,043 | |||||||||||
Total property and equipment, net | $ | 889,232 | $ | 806,909 | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
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 2015 ended on January 31, 2015. | |||||||||||||||||
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, 2015 and 2014, 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, 2015 and January 31, 2014 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 (loss) 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. | |||||||||||||||||
During the first quarter of fiscal 2014, the Company sold all of its remaining auction rate securities (“ARS”) for approximately $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. | |||||||||||||||||
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, 2015, 2014 and 2013 was as follows: | |||||||||||||||||
Balance at | Additions | Deductions | Balance at | ||||||||||||||
beginning of | end of | ||||||||||||||||
year | year | ||||||||||||||||
Year ended January 31, 2015 | $ | 1,711 | 4,666 | (5,527 | ) | $ | 850 | ||||||||||
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 | ||||||||||
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 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. The majority of inventory at January 31, 2015 and 2014 consisted of finished goods. Unfinished goods and work-in-process were not material to the overall net inventory value. | |||||||||||||||||
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. | |||||||||||||||||
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 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 accounts receivable, which management reviews on a regular basis and believes is sufficient to cover potential credit losses and billing adjustments. | |||||||||||||||||
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, 2015, 2014 and 2013 was as follows: | |||||||||||||||||
Balance at | Additions | Deductions | Balance at | ||||||||||||||
beginning of | end of | ||||||||||||||||
year | year | ||||||||||||||||
Year ended January 31, 2015 | $ | 17,089 | 80,390 | (77,675 | ) | $ | 19,804 | ||||||||||
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 | ||||||||||
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; inbound 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 and mobile applications. 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 two months. If there is no expected future benefit, the cost of advertising is expensed when incurred. Advertising costs reported as prepaid expenses were $2,146 and $2,067 as of January 31, 2015 and 2014, respectively. Advertising expenses were $103,882, $91,615 and $81,944 for fiscal 2015, 2014 and 2013, 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 2015, 2014 and 2013, 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 ($15,516) and ($1,388) as of January 31, 2015 and January 31, 2014, respectively, and unrealized gains, net of tax, on marketable securities of $89 and $420 as of January 31, 2015 and January 31, 2014, respectively. The tax effect of the unrealized (losses) on marketable securities recorded in comprehensive income was ($201), ($378) and ($672) during fiscal 2015, 2014 and 2013, 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 | Foreign Currency | ||||||||||||||||
The financial statements of the Company’s foreign operations are translated into U.S. dollars. Assets and liabilities are translated at current exchange rates as of the balance sheet date, equity accounts at historical exchange rates, while income statement accounts are translated at the average rates in effect during the year. Translation adjustments are not included in determining net income, but are included in “Accumulated other comprehensive loss” within shareholders’ equity. Remeasurement gains and losses included in operating results for fiscal years 2015, 2014 and 2013 were not material. | |||||||||||||||||
Concentration of Credit Risk | Concentration of Credit Risk | ||||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, marketable securities and accounts receivable. The Company manages the credit risk associated with cash, cash equivalents and marketable securities by investing in high-quality securities held with reputable trustees and, by policy, limiting the amount of credit exposure to any one issuer or issue, as well as providing limitations on investment maturities. The Company’s investment policy requires that its cash, cash equivalents and marketable securities are invested in corporate and municipal bonds rated “BBB” or better, commercial paper and federally insured or guaranteed investment vehicles such as certificates of deposit, United States treasury bills and federal government agencies. Receivables from third-party credit cards are processed by financial institutions, which are monitored for financial stability. The Company regularly evaluates the financial condition of its Wholesale segment customers. The Company’s allowance for doubtful accounts reflects current market conditions and management’s assessment regarding the collectability of its accounts receivable. The Company maintains cash accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses from maintaining cash accounts in excess of such limits. Management believes that it is not exposed to any significant risks related to its cash accounts. | |||||||||||||||||
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements | ||||||||||||||||
In May 2014, the Financial Accounting Standards Board issued an accounting standards update that clarifies the principles for recognizing revenue from contracts with customers. The update outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The update states that an entity should recognize revenue to depict the transfer of promised goods or services to customers in the amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. Entities are required to apply the following steps when recognizing revenue under the update: (1) identify the contract(s) with a customer; (2) identify the performance obligation in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The update is effective for the Company beginning February 1, 2017. The update allows for a “full retrospective” adoption, meaning the update is applied to all periods presented, or a “modified retrospective” adoption, meaning the update is applied only to the most current period presented in the financial statements. Early adoption is not permitted. The Company is currently evaluating the adoption method to apply and the impact that the update will have on its financial position, results of operations, cash flows and financial statement disclosures. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Activity of Allowance for Doubtful Accounts | The activity of the allowance for doubtful accounts for the years ended January 31, 2015, 2014 and 2013 was as follows: | ||||||||||||||||
Balance at | Additions | Deductions | Balance at | ||||||||||||||
beginning of | end of | ||||||||||||||||
year | year | ||||||||||||||||
Year ended January 31, 2015 | $ | 1,711 | 4,666 | (5,527 | ) | $ | 850 | ||||||||||
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 | ||||||||||
Activity of Sales Return Reserve | The activity of the sales returns reserve for the years ended January 31, 2015, 2014 and 2013 was as follows: | ||||||||||||||||
Balance at | Additions | Deductions | Balance at | ||||||||||||||
beginning of | end of | ||||||||||||||||
year | year | ||||||||||||||||
Year ended January 31, 2015 | $ | 17,089 | 80,390 | (77,675 | ) | $ | 19,804 | ||||||||||
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 |
Marketable_Securities_Tables
Marketable Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||
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, 2015 and 2014 are as follows: | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Cost | Gains | (Losses) | |||||||||||||||||||||||
As of January 31, 2015 | |||||||||||||||||||||||||
Short-term Investments: | |||||||||||||||||||||||||
Corporate bonds | $ | 56,594 | $ | 20 | $ | (24 | ) | $ | 56,590 | ||||||||||||||||
Municipal and pre-refunded municipal bonds | 30,509 | 41 | (2 | ) | 30,548 | ||||||||||||||||||||
Certificates of deposit | 11,127 | 5 | — | 11,132 | |||||||||||||||||||||
Treasury bills | 2,033 | 3 | — | 2,036 | |||||||||||||||||||||
Commercial paper | 3,938 | 2 | — | 3,940 | |||||||||||||||||||||
104,201 | 71 | (26 | ) | 104,246 | |||||||||||||||||||||
Long-term Investments: | |||||||||||||||||||||||||
Corporate bonds | 46,754 | 22 | (40 | ) | 46,736 | ||||||||||||||||||||
Municipal and pre-refunded municipal bonds | 42,840 | 113 | (6 | ) | 42,947 | ||||||||||||||||||||
Certificates of deposit | 3,066 | — | — | 3,066 | |||||||||||||||||||||
Treasury bills | 7,111 | 9 | — | 7,120 | |||||||||||||||||||||
Mutual funds, held in rabbi trust | 3,816 | 16 | (54 | ) | 3,778 | ||||||||||||||||||||
Federal government agencies | 799 | 2 | — | 801 | |||||||||||||||||||||
104,386 | 162 | (100 | ) | 104,448 | |||||||||||||||||||||
$ | 208,587 | $ | 233 | $ | (126 | ) | $ | 208,694 | |||||||||||||||||
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 | ||||||||||||||||||||
Certificates of deposit | 35,844 | 13 | (1 | ) | 35,856 | ||||||||||||||||||||
Treasury bills | 24,873 | 10 | — | 24,883 | |||||||||||||||||||||
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 | ||||||||||||||||||||
Certificates of deposit | 4,000 | — | (2 | ) | 3,998 | ||||||||||||||||||||
Treasury bills | 21,551 | 21 | — | 21,572 | |||||||||||||||||||||
Mutual funds, held in rabbi trust | 1,591 | 108 | (33 | ) | 1,666 | ||||||||||||||||||||
Federal government agencies | 4,287 | 6 | — | 4,293 | |||||||||||||||||||||
365,809 | 818 | (205 | ) | 366,422 | |||||||||||||||||||||
$ | 647,483 | $ | 1,002 | $ | (250 | ) | $ | 648,235 | |||||||||||||||||
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, 2015 and January 31, 2014, respectively. | ||||||||||||||||||||||||
January 31, 2015 | |||||||||||||||||||||||||
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 | $ | 55,384 | $ | (63 | ) | $ | 383 | $ | (1 | ) | $ | 55,767 | $ | (64 | ) | ||||||||||
Municipal and pre-refunded municipal bonds | 4,672 | (8 | ) | — | — | 4,672 | (8 | ) | |||||||||||||||||
Certificates of deposit | 1,600 | — | — | — | 1,600 | — | |||||||||||||||||||
Treasury bills | — | — | — | — | — | — | |||||||||||||||||||
Commercial paper | 747 | — | — | — | 747 | — | |||||||||||||||||||
Mutual funds, held in rabbi trust | 3,778 | (54 | ) | — | — | 3,778 | (54 | ) | |||||||||||||||||
Federal government agencies | — | — | — | — | — | — | |||||||||||||||||||
Total | $ | 66,181 | $ | (125 | ) | $ | 383 | $ | (1 | ) | $ | 66,564 | $ | (126 | ) | ||||||||||
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 | ) | |||||||||||||||||
Certificates of deposit | 12,746 | (3 | ) | — | — | 12,746 | (3 | ) | |||||||||||||||||
Treasury bills | 6,606 | — | — | — | 6,606 | — | |||||||||||||||||||
Commercial paper | 6,640 | (1 | ) | — | — | 6,640 | (1 | ) | |||||||||||||||||
Mutual funds, held in rabbi trust | 1,666 | (33 | ) | — | — | 1,666 | (33 | ) | |||||||||||||||||
Federal government agencies | 1,753 | — | — | — | 1,753 | — | |||||||||||||||||||
Total | $ | 183,433 | $ | (250 | ) | $ | — | $ | — | $ | 183,433 | $ | (250 | ) | |||||||||||
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
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, 2015 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Corporate bonds | $ | 103,326 | $ | — | $ | — | $ | 103,326 | |||||||||
Municipal and pre-refunded municipal bonds | — | 73,495 | — | 73,495 | |||||||||||||
Certificates deposit | — | 14,198 | — | 14,198 | |||||||||||||
Treasury bills | 9,156 | — | — | 9,156 | |||||||||||||
Commercial paper | — | 3,940 | — | 3,940 | |||||||||||||
Mutual funds, held in rabbi trust | 3,778 | — | — | 3,778 | |||||||||||||
Federal government agencies | 801 | — | — | 801 | |||||||||||||
$ | 117,061 | $ | 91,633 | $ | — | $ | 208,694 | ||||||||||
Marketable Securities Fair Value as of | |||||||||||||||||
31-Jan-14 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Corporate bonds | $ | 309,423 | $ | — | $ | — | $ | 309,423 | |||||||||
Municipal and pre-refunded municipal bonds | — | 211,437 | — | 211,437 | |||||||||||||
Certificates deposit | — | 39,854 | — | 39,854 | |||||||||||||
Treasury bills | 46,455 | — | — | 46,455 | |||||||||||||
Commercial paper | — | 35,107 | — | 35,107 | |||||||||||||
Mutual funds, held in rabbi trust | 1,666 | — | — | 1,666 | |||||||||||||
Federal government agencies | 4,293 | — | — | 4,293 | |||||||||||||
$ | 361,837 | $ | 286,398 | $ | — | $ | 648,235 | ||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Schedule of Property and Equipment | Property and equipment is summarized as follows: | ||||||||
January 31, | |||||||||
2015 | 2014 | ||||||||
Land | $ | 15,197 | $ | 15,042 | |||||
Buildings | 239,115 | 185,605 | |||||||
Furniture and fixtures | 410,265 | 375,429 | |||||||
Leasehold improvements | 794,995 | 809,789 | |||||||
Other operating equipment | 180,397 | 161,933 | |||||||
Construction-in-progress | 182,595 | 93,240 | |||||||
1,822,564 | 1,641,038 | ||||||||
Accumulated depreciation | (933,332 | ) | (834,129 | ) | |||||
Total | $ | 889,232 | $ | 806,909 | |||||
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following: | ||||||||
January 31, | |||||||||
2015 | 2014 | ||||||||
Gift certificates and merchandise credits | $ | 47,943 | $ | 44,311 | |||||
Sales return reserves | 19,804 | 17,089 | |||||||
Accrued construction | 18,717 | 20,939 | |||||||
Accrued sales taxes | 12,171 | 12,379 | |||||||
Accrued rents and estimated property taxes | 11,121 | 10,850 | |||||||
Other current liabilities | 42,887 | 48,141 | |||||||
Total | $ | 152,643 | $ | 153,709 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Components of Income before Income Taxes | The components of income before income taxes are as follows: | ||||||||||||
Fiscal Year Ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Domestic | $ | 328,479 | $ | 375,793 | $ | 340,536 | |||||||
Foreign | 34,971 | 51,725 | 35,036 | ||||||||||
$ | 363,450 | $ | 427,518 | $ | 375,572 | ||||||||
Components of Provision for Income Tax Expense or Benefit | The components of the provision for income tax expense/ (benefit) are as follows: | ||||||||||||
Fiscal Year Ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Current: | |||||||||||||
Federal | $ | 109,978 | $ | 139,848 | $ | 93,625 | |||||||
State | 19,665 | 20,530 | 15,746 | ||||||||||
Foreign | 3,600 | 13,285 | 6,639 | ||||||||||
$ | 133,243 | $ | 173,663 | $ | 116,010 | ||||||||
Deferred: | |||||||||||||
Federal | $ | (3,295 | ) | $ | (15,171 | ) | $ | 23,285 | |||||
State | 1,372 | (6,225 | ) | (722 | ) | ||||||||
Foreign | (298 | ) | (7,109 | ) | (315 | ) | |||||||
(2,221 | ) | (28,505 | ) | 22,248 | |||||||||
$ | 131,022 | $ | 145,158 | $ | 138,258 | ||||||||
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, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Expected provision at statutory U.S. federal tax rate | 35 | % | 35 | % | 35 | % | |||||||
State and local income taxes, net of federal tax benefit | 3.7 | 2.2 | 3.1 | ||||||||||
Foreign taxes | (2.4 | ) | (2.7 | ) | (1.7 | ) | |||||||
Other | (0.3 | ) | (0.5 | ) | 0.4 | ||||||||
Effective tax rate | 36 | % | 34 | % | 36.8 | % | |||||||
Significant Components of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities as of January 31, 2015 and 2014 are as follows: | ||||||||||||
January 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Prepaid expense | $ | (3,732 | ) | $ | (2,813 | ) | |||||||
Depreciation | (51,774 | ) | (48,362 | ) | |||||||||
Other temporary differences | (1,728 | ) | (634 | ) | |||||||||
Gross deferred tax liabilities | (57,234 | ) | (51,809 | ) | |||||||||
Deferred tax assets: | |||||||||||||
Deferred rent | 70,023 | 66,579 | |||||||||||
Inventories | 8,137 | 5,624 | |||||||||||
Accounts receivable | 2,844 | 3,063 | |||||||||||
Net operating loss carryforwards | 4,003 | 2,601 | |||||||||||
Tax uncertainties | 3,363 | 3,372 | |||||||||||
Accrued salaries and benefits | 31,747 | 28,045 | |||||||||||
Other temporary differences | 5,839 | 9,413 | |||||||||||
Gross deferred tax assets, before valuation allowances | 125,956 | 118,697 | |||||||||||
Valuation allowances | (45 | ) | (54 | ) | |||||||||
Net deferred tax assets | $ | 68,677 | $ | 66,834 | |||||||||
Reconciliation of Beginning and Ending Balances of Total Amounts of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: | ||||||||||||
January 31, | |||||||||||||
Tax Benefit Reconciliation | 2015 | 2014 | 2013 | ||||||||||
Balance at the beginning of the period | $ | 4,835 | $ | 7,895 | $ | 8,664 | |||||||
Increases in tax positions for prior years | 2,518 | 1,026 | 419 | ||||||||||
Decreases in tax positions for prior years | (12 | ) | (305 | ) | (929 | ) | |||||||
Increases in tax positions for current year | 352 | 521 | 635 | ||||||||||
Settlements | (620 | ) | (3,190 | ) | (13 | ) | |||||||
Lapse in statute of limitations | (184 | ) | (1,112 | ) | (881 | ) | |||||||
Balance at the end of the period | $ | 6,889 | $ | 4,835 | $ | 7,895 | |||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
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, 2015, 2014 and 2013 was as follows: | ||||||||||||||||
Fiscal Year Ended January 31, | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Stock Options | $ | 1,377 | $ | 2,621 | $ | 2,214 | |||||||||||
Stock Appreciation Rights | 2,244 | 2,918 | 2,578 | ||||||||||||||
Performance Stock Units (1)(2) | 12,991 | 9,956 | 6,124 | ||||||||||||||
Restricted Stock Units | 124 | 247 | (24 | ) | |||||||||||||
Total | $ | 16,736 | $ | 15,742 | $ | 10,892 | |||||||||||
-1 | Includes the reversal of $1,396 of previously recognized compensation expense in fiscal 2015, related to 163,336 PSU’s that will not vest as the achievement of the related performance target is not probable. | ||||||||||||||||
-2 | 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. | ||||||||||||||||
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, | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Expected life, in years | 3.4 | 3.5 | 3.6 | ||||||||||||||
Risk-free interest rate | 1.1 | % | 0.6 | % | 0.5 | % | |||||||||||
Volatility | 33 | % | 36 | % | 45 | % | |||||||||||
Dividend rate | — | — | — | ||||||||||||||
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity for the fiscal year ended January 31, 2015: | ||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Contractual | Value | |||||||||||||||
Price | Terms | ||||||||||||||||
(years) | |||||||||||||||||
Awards outstanding at beginning of year | 2,813,194 | $ | 31.55 | 2.3 | 14,502 | ||||||||||||
Granted | 100,000 | 35.85 | |||||||||||||||
Exercised | (422,187 | ) | 25.33 | ||||||||||||||
Forfeited or Expired | (26,617 | ) | 40.56 | ||||||||||||||
Awards outstanding at end of year | 2,464,390 | 32.69 | 1.6 | $ | 8,547 | ||||||||||||
Awards outstanding expected to vest | 2,458,921 | 32.69 | 1.6 | $ | 8,120 | ||||||||||||
Awards exercisable at end of year | 2,355,015 | $ | 32.54 | 1.6 | $ | 8,538 | |||||||||||
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, 2015, 2014 and 2013: | ||||||||||||||||
Fiscal Year Ended January 31, | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Weighted-average grant date fair value—per share | $ | 7.02 | $ | 9.67 | $ | 7.71 | |||||||||||
Intrinsic value of awards exercised | $ | 4,852 | $ | 30,450 | $ | 19,544 | |||||||||||
Net cash proceeds from the exercise of stock options | $ | 10,693 | $ | 35,218 | $ | 30,671 | |||||||||||
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, | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Expected life, in years | — | 5.6 | 5 | ||||||||||||||
Risk-free interest rate | — | 1 | % | 0.9 | % | ||||||||||||
Volatility | — | 46 | % | 48.2 | % | ||||||||||||
Dividend rate | — | — | — | ||||||||||||||
Summary of Stock Appreciation Right Activity | The following table summarizes the Company’s SAR activity for the fiscal year ended January 31, 2015: | ||||||||||||||||
Awards | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
(years) | |||||||||||||||||
Awards outstanding at beginning of year | 1,102,475 | $ | 31.33 | 5.7 | |||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (75,650 | ) | 28.87 | ||||||||||||||
Forfeited or Expired | (133,417 | ) | 35.7 | ||||||||||||||
Awards outstanding at end of year | 893,408 | 30.89 | 4.6 | $ | 3,990 | ||||||||||||
Awards outstanding expected to vest | 873,671 | 30.89 | 4.6 | $ | 3,791 | ||||||||||||
Awards exercisable at end of year | 498,675 | $ | 30.57 | 4.6 | $ | 2,164 | |||||||||||
Summary of Other Information Related to SAR's | The following table summarizes other information related to SAR’s during the years ended January 31, 2015, 2014 and 2013: | ||||||||||||||||
Fiscal Year Ended January 31, | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Weighted-average grant date fair value—per share | $ | — | $ | 14.11 | $ | 11.85 | |||||||||||
Intrinsic value of awards exercised | $ | 654 | $ | 848 | $ | — | |||||||||||
Summary of Performance Share Units Activity | The following table summarizes the Company’s PSU activity for the fiscal year ended January 31, 2015: | ||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Fair Value | |||||||||||||||||
Non-vested awards outstanding at beginning of year | 3,709,225 | $ | 20.48 | ||||||||||||||
Granted | 867,500 | 23.4 | |||||||||||||||
Vested | (278,324 | ) | 17.12 | ||||||||||||||
Forfeited | (306,192 | ) | 20.69 | ||||||||||||||
Non-vested awards outstanding at end of year | 3,992,209 | $ | 21.32 | ||||||||||||||
Summary of Restricted Stock Units Activity | The following table summarizes the Company’s RSU activity for the fiscal year ended January 31, 2015: | ||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Fair Value | |||||||||||||||||
Non-vested awards outstanding at beginning of year | 10,000 | $ | 39.06 | ||||||||||||||
Granted | — | — | |||||||||||||||
Vested | (5,000 | ) | 39.06 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Non-vested awards outstanding at end of year | 5,000 | $ | 39.06 | ||||||||||||||
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax | The following tables present the change in accumulated other comprehensive income (loss), by component, net of tax, for the fiscal years ended January 31, 2015 and 2014, respectively: | ||||||||||||
Fiscal Year Ended January 31, 2015 | |||||||||||||
Foreign | Unrealized Gains | Total | |||||||||||
Currency | and (Losses) on | ||||||||||||
Translation | Available-for- | ||||||||||||
Sale Securities | |||||||||||||
Beginning Balance | $ | (1,388 | ) | $ | 420 | $ | (968 | ) | |||||
Other comprehensive income (loss) before reclassifications | (14,128 | ) | (568 | ) | (14,696 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 237 | 237 | ||||||||||
Net current-period other comprehensive income/(loss) | (14,128 | ) | (331 | ) | (14,459 | ) | |||||||
Ending Balance | $ | (15,516 | ) | $ | 89 | $ | (15,427 | ) | |||||
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 income (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, 2015 | |||||||||||||
Reconciliation of Weighted Average Common Shares Outstanding Used For Computation of Basic and Diluted Net Income Per Common Share | The following is a reconciliation of the weighted-average common shares outstanding used for the computation of basic and diluted net income per common share: | ||||||||||||
Fiscal Year Ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Basic weighted-average common shares outstanding | 136,651,899 | 147,014,869 | 145,253,691 | ||||||||||
Effect of dilutive options, stock appreciation rights, restricted stock units and performance stock units | 1,540,835 | 2,211,037 | 1,410,040 | ||||||||||
Diluted weighted-average shares outstanding | 138,192,734 | 149,225,906 | 146,663,731 | ||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
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 | |||||||||||||
2016 | $ | 254,733 | |||||||||||
2017 | 241,639 | ||||||||||||
2018 | 226,884 | ||||||||||||
2019 | 207,603 | ||||||||||||
2020 | 184,806 | ||||||||||||
Thereafter | 720,574 | ||||||||||||
Total minimum lease payments | $ | 1,836,239 | |||||||||||
Rent Expense for Operating Leases | Rent expense consisted of the following: | ||||||||||||
Fiscal Year Ended January 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Minimum and percentage rentals | $ | 234,982 | $ | 205,759 | $ | 186,804 | |||||||
Contingent rentals | 3,901 | 5,542 | 5,714 | ||||||||||
Total | $ | 238,883 | $ | 211,301 | $ | 192,518 | |||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Schedule of Operations By Segment | A summary of the information about the Company’s operations by segment is as follows: | ||||||||||||
Fiscal Year | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Net sales | |||||||||||||
Retail operations | $ | 3,097,274 | $ | 2,908,981 | $ | 2,646,284 | |||||||
Wholesale operations | 237,491 | 185,792 | 154,957 | ||||||||||
Intersegment elimination | (11,688 | ) | (8,165 | ) | (6,316 | ) | |||||||
Total net sales | $ | 3,323,077 | $ | 3,086,608 | $ | 2,794,925 | |||||||
Income from operations | |||||||||||||
Retail operations | $ | 354,326 | $ | 414,734 | $ | 366,139 | |||||||
Wholesale operations | 55,403 | 42,191 | 35,783 | ||||||||||
Intersegment elimination | (1,079 | ) | (837 | ) | (610 | ) | |||||||
Total segment operating income | 408,650 | 456,088 | 401,312 | ||||||||||
General corporate expenses | (43,265 | ) | (29,257 | ) | (27,027 | ) | |||||||
Total income from operations | $ | 365,385 | $ | 426,831 | $ | 374,285 | |||||||
Depreciation expense for property and equipment | |||||||||||||
Retail operations | $ | 130,383 | $ | 120,960 | $ | 112,645 | |||||||
Wholesale operations | 1,031 | 772 | 743 | ||||||||||
Total depreciation expense for property and equipment | $ | 131,414 | $ | 121,732 | $ | 113,388 | |||||||
Inventories | |||||||||||||
Retail operations | $ | 314,940 | $ | 282,590 | |||||||||
Wholesale operations | 43,297 | 28,617 | |||||||||||
Total inventories | $ | 358,237 | $ | 311,207 | |||||||||
Property and equipment, net | |||||||||||||
Retail operations | $ | 885,200 | $ | 802,965 | |||||||||
Wholesale operations | 4,032 | 3,944 | |||||||||||
Total property and equipment, net | $ | 889,232 | $ | 806,909 | |||||||||
Cash paid for property and equipment | |||||||||||||
Retail operations | $ | 228,682 | $ | 184,255 | $ | 168,530 | |||||||
Wholesale operations | 1,122 | 1,846 | 345 | ||||||||||
Total cash paid for property and equipment | $ | 229,804 | $ | 186,101 | $ | 168,875 | |||||||
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 | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Net Sales | |||||||||||||
Domestic operations | $ | 2,870,140 | $ | 2,685,042 | $ | 2,423,155 | |||||||
Foreign operations | 452,937 | 401,566 | 371,770 | ||||||||||
Total net sales | $ | 3,323,077 | $ | 3,086,608 | $ | 2,794,925 | |||||||
Property and equipment, net | |||||||||||||
Domestic operations | $ | 745,504 | $ | 655,866 | |||||||||
Foreign operations | 143,728 | 151,043 | |||||||||||
Total property and equipment, net | $ | 889,232 | $ | 806,909 | |||||||||
Nature_of_Business_Additional_
Nature of Business - Additional Information (Detail) | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | |
Store | Store | |
Nature Of Business [Line Items] | ||
Number of stores for operations | 546 | 511 |
Number of department and specialty retailers distributed and sold apparel to | 1,600 | |
United States | ||
Nature Of Business [Line Items] | ||
Number of stores for operations | 464 | 442 |
Europe | ||
Nature Of Business [Line Items] | ||
Number of stores for operations | 50 | 44 |
Canada | ||
Nature Of Business [Line Items] | ||
Number of stores for operations | 32 | 25 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | Apr. 30, 2013 |
Summary Of Significant Accounting Policies [Line Items] | ||||
Amortized cost of available-for-sale securities | $208,587 | $647,483 | ||
Estimated fair value of available-for-sale securities | 208,694 | 648,235 | ||
Advertising costs reported as prepaid expenses | 2,146 | 2,067 | ||
Advertising expense | 103,882 | 91,615 | 81,944 | |
Foreign currency translation losses | -14,128 | 7,194 | 1,455 | |
Long Term Investments | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Amortized cost of available-for-sale securities | 104,386 | 365,809 | ||
Estimated fair value of available-for-sale securities | 104,448 | 366,422 | ||
Accumulated Other Comprehensive Income (Loss) | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Foreign currency translation losses | -15,516 | -1,388 | ||
Unrealized gains / (losses) on marketable securities, net of tax | 89 | 420 | ||
Change in unrealized gains / (losses) on marketable securities, tax | -201 | -378 | -672 | |
Furniture and Fixtures | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Average useful life (in years) | 5 years | |||
Leasehold Improvements | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Depreciable life (in years) | Lesser of the lease term or useful life for leasehold improvements | |||
Equipment | Minimum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Average useful life (in years) | 3 years | |||
Equipment | Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Average useful life (in years) | 10 years | |||
Building | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Average useful life (in years) | 39 years | |||
Auction Rate Securities | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Proceeds from sale of available-for-sale securities | 4,580 | |||
Auction Rate Securities | Long Term Investments | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Amortized cost of available-for-sale securities | 4,925 | |||
Estimated fair value of available-for-sale securities | $4,330 |
Activity_of_Allowance_for_doub
Activity of Allowance for doubtful Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance at beginning of year | $1,711 | $1,681 | $1,614 |
Additions | 4,666 | 4,400 | 5,019 |
Deductions | -5,527 | -4,370 | -4,952 |
Balance at end of year | $850 | $1,711 | $1,681 |
Activity_of_Sales_Return_Reser
Activity of Sales Return Reserve (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Revenue Recognition, Allowances [Line Items] | |||
Balance at beginning of year | $17,089 | $14,448 | $10,967 |
Additions | 80,390 | 64,313 | 49,412 |
Deductions | -77,675 | -61,672 | -45,931 |
Balance at end of year | $19,804 | $17,089 | $14,448 |
Amortized_Cost_Gross_Unrealize
Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value of Available-For-Sale Securities (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $208,587 | $647,483 |
Unrealized Gains | 233 | 1,002 |
Unrealized (Losses) | -126 | -250 |
Fair Value | 208,694 | 648,235 |
Short-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 104,201 | 281,674 |
Unrealized Gains | 71 | 184 |
Unrealized (Losses) | -26 | -45 |
Fair Value | 104,246 | 281,813 |
Long Term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 104,386 | 365,809 |
Unrealized Gains | 162 | 818 |
Unrealized (Losses) | -100 | -205 |
Fair Value | 104,448 | 366,422 |
Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 103,326 | 309,423 |
Corporate Bonds | Short-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 56,594 | 100,856 |
Unrealized Gains | 20 | 56 |
Unrealized (Losses) | -24 | -41 |
Fair Value | 56,590 | 100,871 |
Corporate Bonds | Long Term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 46,754 | 208,446 |
Unrealized Gains | 22 | 268 |
Unrealized (Losses) | -40 | -162 |
Fair Value | 46,736 | 208,552 |
Municipal And Pre-Refunded Municipal Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 73,495 | 211,437 |
Municipal And Pre-Refunded Municipal Bonds | Short-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 30,509 | 85,000 |
Unrealized Gains | 41 | 98 |
Unrealized (Losses) | -2 | -2 |
Fair Value | 30,548 | 85,096 |
Municipal And Pre-Refunded Municipal Bonds | Long Term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 42,840 | 125,934 |
Unrealized Gains | 113 | 415 |
Unrealized (Losses) | -6 | -8 |
Fair Value | 42,947 | 126,341 |
Certificates of Deposit | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 14,198 | 39,854 |
Certificates of Deposit | Short-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 11,127 | 35,844 |
Unrealized Gains | 5 | 13 |
Unrealized (Losses) | -1 | |
Fair Value | 11,132 | 35,856 |
Certificates of Deposit | Long Term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,066 | 4,000 |
Unrealized (Losses) | -2 | |
Fair Value | 3,066 | 3,998 |
Treasury Bills | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 9,156 | 46,455 |
Treasury Bills | Short-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,033 | 24,873 |
Unrealized Gains | 3 | 10 |
Fair Value | 2,036 | 24,883 |
Treasury Bills | Long Term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 7,111 | 21,551 |
Unrealized Gains | 9 | 21 |
Fair Value | 7,120 | 21,572 |
Commercial Paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 3,940 | 35,107 |
Commercial Paper | Short-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,938 | 35,101 |
Unrealized Gains | 2 | 7 |
Unrealized (Losses) | -1 | |
Fair Value | 3,940 | 35,107 |
Mutual Funds, Held in Rabbi Trust | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 3,778 | 1,666 |
Mutual Funds, Held in Rabbi Trust | Long Term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,816 | 1,591 |
Unrealized Gains | 16 | 108 |
Unrealized (Losses) | -54 | -33 |
Fair Value | 3,778 | 1,666 |
Federal Government Agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 801 | 4,293 |
Federal Government Agencies | Long Term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 799 | 4,287 |
Unrealized Gains | 2 | 6 |
Fair Value | $801 | $4,293 |
Marketable_Securities_Addition
Marketable Securities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Securities | Securities | ||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sale and maturities of available-for-sale securities | $830,297 | $451,866 | $207,576 |
Amortization of discounts and premiums, net | 6,696 | 10,932 | 5,276 |
Number of securities with unrealized loss positions | 172 | 219 | |
Other (Expense) Income, Net | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Net realized gain | $237 | $101 | $248 |
Gross_Unrealized_Losses_and_Fa
Gross Unrealized Losses and Fair Value of Marketable Securities (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | $66,181 | $183,433 |
Less Than 12 Months, Unrealized Losses | -125 | -250 |
12 Months or Greater, Fair Value | 383 | |
12 Months or Greater, Unrealized Losses | -1 | |
Total, Fair Value | 66,564 | 183,433 |
Total, Unrealized Losses | -126 | -250 |
Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 55,384 | 147,731 |
Less Than 12 Months, Unrealized Losses | -63 | -203 |
12 Months or Greater, Fair Value | 383 | |
12 Months or Greater, Unrealized Losses | -1 | |
Total, Fair Value | 55,767 | 147,731 |
Total, Unrealized Losses | -64 | -203 |
Municipal And Pre-Refunded Municipal Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 4,672 | 6,291 |
Less Than 12 Months, Unrealized Losses | -8 | -10 |
Total, Fair Value | 4,672 | 6,291 |
Total, Unrealized Losses | -8 | -10 |
Treasury Bills | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 6,606 | |
Total, Fair Value | 6,606 | |
Certificates of Deposit | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 1,600 | 12,746 |
Less Than 12 Months, Unrealized Losses | -3 | |
Total, Fair Value | 1,600 | 12,746 |
Total, Unrealized Losses | -3 | |
Commercial Paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 747 | 6,640 |
Less Than 12 Months, Unrealized Losses | -1 | |
Total, Fair Value | 747 | 6,640 |
Total, Unrealized Losses | -1 | |
Federal Government Agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 1,753 | |
Total, Fair Value | 1,753 | |
Mutual Funds, Held in Rabbi Trust | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 3,778 | 1,666 |
Less Than 12 Months, Unrealized Losses | -54 | -33 |
Total, Fair Value | 3,778 | 1,666 |
Total, Unrealized Losses | ($54) | ($33) |
Financial_Assets_Measured_at_F
Financial Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
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 | $208,694 | $648,235 |
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 | 103,326 | 309,423 |
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 | 73,495 | 211,437 |
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 | 14,198 | 39,854 |
Treasury Bills | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | 9,156 | 46,455 |
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 | 3,940 | 35,107 |
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 | 3,778 | 1,666 |
Federal Government Agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | 801 | 4,293 |
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 | 117,061 | 361,837 |
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 | 103,326 | 309,423 |
Fair Value, Inputs, Level 1 | Treasury Bills | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | 9,156 | 46,455 |
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 | 3,778 | 1,666 |
Fair Value, Inputs, Level 1 | Federal Government Agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | 801 | 4,293 |
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 | 91,633 | 286,398 |
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 | 73,495 | 211,437 |
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 | 14,198 | 39,854 |
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 | $3,940 | $35,107 |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Apr. 30, 2013 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Amortized cost of available-for-sale securities | $208,587 | $647,483 | ||
Estimated fair value of available-for-sale securities | 208,694 | 648,235 | ||
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 | |||
Fair Value, Inputs, Level 3 | 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 | |||
Amortized cost of available-for-sale securities | 4,925 | |||
Estimated fair value of available-for-sale securities | $4,330 |
Property_and_Equipment_Detail
Property and Equipment (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Land | $15,197 | $15,042 |
Buildings | 239,115 | 185,605 |
Furniture and fixtures | 410,265 | 375,429 |
Leasehold improvements | 794,995 | 809,789 |
Other operating equipment | 180,397 | 161,933 |
Construction-in-progress | 182,595 | 93,240 |
Property, Plant and Equipment, Gross, Total | 1,822,564 | 1,641,038 |
Accumulated depreciation | -933,332 | -834,129 |
Total | $889,232 | $806,909 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense for property and equipment | $131,414 | $121,732 | $113,388 |
Accrued_Expenses_and_Other_Cur2
Accrued Expenses and Other Current Liabilities (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Accrued Expenses and Other Current Liabilities [Line Items] | ||||
Gift certificates and merchandise credits | $47,943 | $44,311 | ||
Sales return reserves | 19,804 | 17,089 | 14,448 | 10,967 |
Accrued construction | 18,717 | 20,939 | ||
Accrued sales taxes | 12,171 | 12,379 | ||
Accrued rents and estimated property taxes | 11,121 | 10,850 | ||
Other current liabilities | 42,887 | 48,141 | ||
Total | $152,643 | $153,709 |
Line_of_Credit_Facility_Additi
Line of Credit Facility - Additional Information (Detail) (Amended and Restated Line, USD $) | 0 Months Ended | ||
Mar. 27, 2014 | Jan. 31, 2015 | Mar. 27, 2014 | |
Line of Credit Facility [Line Items] | |||
Line of credit facility | $175,000,000 | $175,000,000 | |
Line of credit facility, period | 5 years | ||
Additional line of credit borrowing, amount | 50,000,000 | 50,000,000 | |
Outstanding letters of credit and stand-by letters of credit | $83,533,000 | ||
Minimum | |||
Line of Credit Facility [Line Items] | |||
Interest rate on cash advances in addition to LIBOR | 0.50% | ||
Maximum | |||
Line of Credit Facility [Line Items] | |||
Interest rate on cash advances in addition to LIBOR | 1.50% |
Components_of_Income_before_In
Components of Income before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Schedule Of Income Loss From Continuing Operations [Line Items] | |||
Domestic | $328,479 | $375,793 | $340,536 |
Foreign | 34,971 | 51,725 | 35,036 |
Income before income taxes | $363,450 | $427,518 | $375,572 |
Components_of_Provision_for_In
Components of Provision for Income Tax Expense or Benefit (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Schedule Of Income Loss From Continuing Operations [Line Items] | |||
Current, Federal | $109,978 | $139,848 | $93,625 |
Current, State | 19,665 | 20,530 | 15,746 |
Current, Foreign | 3,600 | 13,285 | 6,639 |
Current income tax expense, total | 133,243 | 173,663 | 116,010 |
Deferred, Federal | -3,295 | -15,171 | 23,285 |
Deferred, State | 1,372 | -6,225 | -722 |
Deferred, Foreign | -298 | -7,109 | -315 |
Deferred income tax expense (benefit), total | -2,221 | -28,505 | 22,248 |
Income tax expense (benefit), total | $131,022 | $145,158 | $138,258 |
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, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Schedule of Effective Tax Rate Reconciliation [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 | 3.70% | 2.20% | 3.10% |
Foreign taxes | -2.40% | -2.70% | -1.70% |
Other | -0.30% | -0.50% | 0.40% |
Effective tax rate | 36.00% | 34.00% | 36.80% |
Significant_Components_of_Defe
Significant Components of Deferred Tax Assets and Liabilities (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | ||
Components Of Deferred Tax Assets And Liabilities [Line Items] | ||
Prepaid expense | ($3,732) | ($2,813) |
Depreciation | -51,774 | -48,362 |
Other temporary differences | -1,728 | -634 |
Gross deferred tax liabilities | -57,234 | -51,809 |
Deferred rent | 70,023 | 66,579 |
Inventories | 8,137 | 5,624 |
Accounts receivable | 2,844 | 3,063 |
Net operating loss carryforwards | 4,003 | 2,601 |
Tax uncertainties | 3,363 | 3,372 |
Accrued salaries and benefits | 31,747 | 28,045 |
Other temporary differences | 5,839 | 9,413 |
Gross deferred tax assets, before valuation allowances | 125,956 | 118,697 |
Valuation allowances | -45 | -54 |
Net deferred tax assets | $68,677 | $66,834 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Income Taxes [Line Items] | |||
Net deferred tax assets | $68,677 | $66,834 | |
Net deferred tax assets, non-current | 49,922 | 38,061 | |
Unrecognized tax benefit that, if recognized, would impact the effective tax rate | 4,952 | 2,416 | |
Recognized (benefit)/expense in interest and penalties | 408 | -1,992 | 541 |
Accrued amounts for payment of interest and penalties | 1,486 | 1,078 | |
Unrecognized tax benefits, lower bound | 0 | ||
Unrecognized tax benefits, upper bound | 2,450 | ||
U.S. Federal | |||
Income Taxes [Line Items] | |||
Net deferred tax assets | 43,330 | 39,513 | |
Net operating loss carryforwards | 1,307 | ||
U.S. Federal | Minimum | |||
Income Taxes [Line Items] | |||
Expiration date | 2018 | ||
U.S. Federal | Maximum | |||
Income Taxes [Line Items] | |||
Expiration date | 2031 | ||
State and Local Jurisdiction | |||
Income Taxes [Line Items] | |||
Net deferred tax assets | 16,097 | 17,092 | |
Foreign Jurisdictions | |||
Income Taxes [Line Items] | |||
Net deferred tax assets | 9,250 | 10,229 | |
Net operating loss carryforwards | 12,866 | ||
Undistributed earnings | 240,704 | ||
Foreign Jurisdictions | Net operating loss carryforwards that expire | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $853 | ||
Foreign Jurisdictions | Minimum | Net operating loss carryforwards that expire | |||
Income Taxes [Line Items] | |||
Expiration date | 2016 | ||
Foreign Jurisdictions | Maximum | Net operating loss carryforwards that expire | |||
Income Taxes [Line Items] | |||
Expiration date | 2033 |
Reconciliation_of_Beginning_an
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, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Reconciliation Of Income Taxes [Line Items] | |||
Balance at the beginning of the period | $4,835 | $7,895 | $8,664 |
Increases in tax positions for prior years | 2,518 | 1,026 | 419 |
Decreases in tax positions for prior years | -12 | -305 | -929 |
Increases in tax positions for current year | 352 | 521 | 635 |
Settlements | -620 | -3,190 | -13 |
Lapse in statute of limitations | -184 | -1,112 | -881 |
Balance at the end of the period | $6,889 | $4,835 | $7,895 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
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 | $6,367 | $5,976 | $3,921 |
Common shares per PSU | 1 | ||
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 | ||
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 | 5,102,199 | ||
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% | ||
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 | 40,917 | ||
Weighted average period of recognition (in years) | 3 years 1 month 6 days | ||
Weighted average grant date fair value | $23.40 | $25.13 | $18.22 |
Granted, Shares | 867,500 | 320,200 | |
Vested, Shares | 278,324 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized tax benefits related to stock options | 1,898 | 10,312 | 6,532 |
Compensation cost of stock options granted but not yet vested | 254 | ||
Weighted average period of recognition (in years) | 3 months 18 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 | 66 | 305 | 0 |
Compensation cost of stock options granted but not yet vested | 1,998 | ||
Weighted average period of recognition (in years) | 1 year 8 months 12 days | ||
Awards granted | 0 | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized tax benefits related to stock options | 7 | 0 | 0 |
Compensation cost of stock options granted but not yet vested | $13 | ||
Weighted average period of recognition (in years) | 1 month 6 days | ||
Weighted average grant date fair value | $0 | $39.06 | |
Granted, Shares | 0 | 0 | |
Vested, Shares | 5,000 | 0 | |
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 |
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, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense | $16,736 | $15,742 | $10,892 | |||
Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense | 1,377 | 2,621 | 2,214 | |||
Stock Appreciation Rights (SARs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense | 2,244 | 2,918 | 2,578 | |||
Performance Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense | 12,991 | [1],[2] | 9,956 | [1],[2] | 6,124 | [1],[2] |
Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense | $124 | $247 | ($24) | |||
[1] | Includes the reversal of $1,396 of previously recognized compensation expense in fiscal 2015, related to 163,336 PSU's that will not vest as the achievement of the related performance target is not probable. | |||||
[2] | 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. |
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, 2015 | Jan. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Reversal of share-based compensation expense | $1,396 | $3,418 |
Performance Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, granted | 867,500 | 320,200 |
Performance Stock Units | Deferred Compensation, Share-based Payments | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, granted | 163,336 |
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, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life, in years | 3 years 4 months 24 days | 3 years 6 months | 3 years 7 months 6 days |
Risk-free interest rate | 1.10% | 0.60% | 0.50% |
Volatility | 33.00% | 36.00% | 45.00% |
Dividend rate | 0.00% | 0.00% | 0.00% |
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, 2015 | Jan. 31, 2014 |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards outstanding at beginning of year, Shares | 2,813,194 | |
Granted, Shares | 100,000 | |
Exercised, Shares | -422,187 | |
Forfeited or Expired, Shares | -26,617 | |
Awards outstanding at end of year, Shares | 2,464,390 | 2,813,194 |
Awards outstanding expected to vest, Shares | 2,458,921 | |
Awards exercisable at end of year, Shares | 2,355,015 | |
Awards outstanding at beginning of year, Weighted Average Exercise Price | $31.55 | |
Granted, Weighted Average Exercise Price | $35.85 | |
Exercised, Weighted Average Exercise Price | $25.33 | |
Forfeited or Expired, Weighted Average Exercise Price | $40.56 | |
Awards outstanding at end of year, Weighted Average Exercise Price | $32.69 | $31.55 |
Awards outstanding expected to vest, Weighted Average Exercise Price | $32.69 | |
Awards exercisable at end of year, Weighted Average Exercise Price | $32.54 | |
Awards outstanding at end of year, Weighted Average Remaining Contractual Term (years) | 1 year 7 months 6 days | 2 years 3 months 18 days |
Awards outstanding expected to vest, Weighted Average Remaining Contractual Term (years) | 1 year 7 months 6 days | |
Awards exercisable at end of year, Weighted Average Remaining Contractual Term (years) | 1 year 7 months 6 days | |
Awards outstanding at beginning of year, Aggregate Intrinsic Value | $14,502 | |
Awards outstanding at end of year, Aggregate Intrinsic Value | 8,547 | 14,502 |
Awards outstanding expected to vest, Aggregate Intrinsic Value | 8,120 | |
Awards exercisable at end of year, Aggregate Intrinsic Value | $8,538 |
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, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Net cash proceeds from the exercise of stock options | $10,693 | $35,218 | $30,671 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value-per share | $7.02 | $9.67 | $7.71 |
Intrinsic value of awards exercised | 4,852 | 30,450 | 19,544 |
Net cash proceeds from the exercise of stock options | $10,693 | $35,218 | $30,671 |
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, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Stock Appreciation Rights (SARs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life, in years | 0 years | 5 years 7 months 6 days | 5 years |
Risk-free interest rate | 1.00% | 0.90% | |
Volatility | 46.00% | 48.20% | |
Dividend rate | 0.00% | 0.00% | 0.00% |
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, 2015 |
Stock Appreciation Rights (SARs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards outstanding at beginning of year, Shares | 1,102,475 |
Granted, Shares | 0 |
Exercised, Shares | -75,650 |
Forfeited or Expired, Shares | -133,417 |
Awards outstanding at end of year, Shares | 893,408 |
Awards outstanding expected to vest, Shares | 873,671 |
Awards outstanding at end of year, Shares | 498,675 |
Awards outstanding at beginning of year, Weighted Average Exercise Price | $31.33 |
Granted, Weighted Average Exercise Price | $0 |
Exercised, Weighted Average Exercise Price | $28.87 |
Forfeited or Expired, Weighted Average Exercise Price | $35.70 |
Awards outstanding at end of year, Weighted Average Exercise Price | $30.89 |
Awards outstanding expected to vest, Weighted Average Exercise Price | $30.89 |
Awards exercisable at end of year, Weighted Average Exercise Price | $30.57 |
Awards outstanding at end of year, Weighted Average Remaining Contractual Term (years) | 4 years 7 months 6 days |
Awards outstanding expected to vest, Weighted Average Remaining Contractual Term (years) | 4 years 7 months 6 days |
Awards exercisable at end of year, Weighted Average Remaining Contractual Term (years) | 4 years 7 months 6 days |
Awards outstanding at end of year, Aggregate Intrinsic Value | $3,990 |
Awards outstanding expected to vest, Aggregate Intrinsic Value | 3,791 |
Awards exercisable at end of year, Aggregate Intrinsic Value | $2,164 |
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, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
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 | |
Intrinsic value of awards exercised | $654 | $848 |
Summary_of_Performance_Share_U
Summary of Performance Share Units Activity (Detail) (Performance Stock Units, USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Performance Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested awards outstanding at beginning of year, Shares | 3,709,225 | ||
Granted, Shares | 867,500 | 320,200 | |
Vested, Shares | -278,324 | ||
Forfeited, Shares | -306,192 | ||
Non-vested awards outstanding at end of year, Shares | 3,992,209 | 3,709,225 | |
Non-vested awards outstanding at beginning of year, Weighted average fair value | $20.48 | ||
Granted, Weighted average fair value | $23.40 | $25.13 | $18.22 |
Vested, Weighted average fair value | $17.12 | ||
Forfeited, Weighted average fair value | $20.69 | ||
Non-vested awards outstanding at end of year, Weighted average fair value | $21.32 | $20.48 |
Summary_of_Restricted_Stock_Un
Summary of Restricted Stock Unit's Activity (Detail) (Restricted Stock Units (RSUs), USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested awards outstanding at beginning of year, Shares | 10,000 | ||
Granted, Shares | 0 | 0 | |
Vested, Shares | -5,000 | 0 | |
Forfeited, Shares | 0 | ||
Non-vested awards outstanding at end of year, Shares | 5,000 | 10,000 | |
Non-vested awards outstanding at beginning of year, Weighted average fair value | $39.06 | ||
Granted, Weighted average fair value | $0 | $39.06 | |
Vested, Weighted average fair value | $39.06 | ||
Forfeited, Weighted average fair value | $0 | ||
Non-vested awards outstanding at end of year, Weighted average fair value | $39.06 | $39.06 |
Shareholders_Equity_Additional
Shareholder's Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Apr. 30, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | 27-May-14 | Aug. 27, 2013 | Feb. 23, 2015 |
Equity, Class of Treasury Stock [Line Items] | ||||||
Common shares authorized for repurchase, shares | 10,000,000 | 10,000,000 | ||||
Stock repurchased and retired during period, common shares | 9,699,700 | |||||
Stock repurchased and retired during period, total cost | $353,315 | |||||
Average cost per share | $36.43 | |||||
Additional paid-in-capital reduction related to shares repurchased | 128,935 | |||||
Retained earnings reduction related to shares repurchased | -486,484 | |||||
Subsequent Event | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Common shares authorized for repurchase, shares | 20,000,000 | |||||
Employee Stock | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock repurchased and retired during period, common shares | 111,563 | 9,520 | ||||
Stock repurchased and retired during period, total cost | 3,947 | 397 | ||||
New Share Repurchase Program | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock repurchased and retired during period, common shares | 7,718,531 | |||||
Stock repurchased and retired during period, total cost | $258,160 | |||||
Average cost per share | $33.45 |
Change_in_Accumulated_Other_Co
Change in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Beginning Balance | ($968) | ($8,782) | |
Other comprehensive income (loss) before reclassifications | -14,696 | 7,713 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 237 | 101 | |
Net current-period other comprehensive income/(loss) | -14,459 | 7,814 | 2,730 |
Ending Balance | -15,427 | -968 | -8,782 |
Foreign Currency Translation | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Beginning Balance | -1,388 | -8,582 | |
Other comprehensive income (loss) before reclassifications | -14,128 | 7,194 | |
Net current-period other comprehensive income/(loss) | -14,128 | 7,194 | |
Ending Balance | -15,516 | -1,388 | |
Unrealized Gains and (Losses) on available- for-Sale Securities | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Beginning Balance | 420 | -200 | |
Other comprehensive income (loss) before reclassifications | -568 | 519 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 237 | 101 | |
Net current-period other comprehensive income/(loss) | -331 | 620 | |
Ending Balance | $89 | $420 |
Reconciliation_of_Weighted_Ave
Reconciliation of Weighted Average Common Shares Outstanding Used for Computation of Basic and Diluted Net Income Per Common Share (Detail) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Earnings Per Share [Line Items] | |||
Basic weighted-average common shares outstanding | 136,651,899 | 147,014,869 | 145,253,691 |
Effect of dilutive options, stock appreciation rights, restricted stock units and performance stock units | 1,540,835 | 2,211,037 | 1,410,040 |
Diluted weighted-average shares outstanding | 138,192,734 | 149,225,906 | 146,663,731 |
Net_Income_per_Common_Share_Ad
Net Income per Common Share - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive common shares | 1,015,895 | 151,625 | 2,440,525 |
Anti-dilutive common shares exercise price, minimum | $35.12 | $37.65 | $28.49 |
Anti-dilutive common shares exercise price, maximum | $46.02 | $46.02 | $39.58 |
Contingently issuable awards | 2,216,899 | 1,752,200 |
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, 2015 |
In Thousands, unless otherwise specified | |
Schedule of Operating Leases [Line Items] | |
2016 | $254,733 |
2017 | 241,639 |
2018 | 226,884 |
2019 | 207,603 |
2020 | 184,806 |
Thereafter | 720,574 |
Total minimum lease payments | $1,836,239 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | Nov. 27, 2012 | |
Store | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Number of lease commitment not opened | 22 | |||
Commitments for un-fulfilled purchase orders | $466,008,000 | |||
Commitments with construction contractors | 12,056,000 | |||
U.S. based employees age limit to participate in 401(k) Saving Plan | 18 years | |||
Employer matching contribution per employee | 0.25 | |||
Percentage of employee contribution for first threshold limit of employer contribution | 6.00% | |||
Employees contribution percentage vested | 100.00% | |||
Percentage of employers contribution per year vested | 20.00% | |||
Company's contribution to Savings Plan | 1,708,000 | 1,770,000 | 1,483,000 | |
Nonqualified Deferred Compensation Plan | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Employer matching contribution per employee | 0.25 | |||
Percentage of employee contribution for first threshold limit of employer contribution | 6.00% | |||
Employees contribution percentage vested | 100.00% | |||
Percentage of employers contribution per year vested | 100.00% | |||
Company's contribution to Savings Plan | 100,000 | |||
Deferred compensation obligation | 3,778,000 | |||
Aggregate market value of investments | $3,778,000 | |||
Minimum | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Operating lease, renewal option | 5 years | |||
Percentage of compensation deferred by employees under Saving Plan | 1.00% | |||
Maximum | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Operating lease, renewal option | 10 years | |||
Percentage of compensation deferred by employees under Saving Plan | 25.00% |
Rent_Expense_for_Operating_Lea
Rent Expense for Operating Leases (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Lease and Rental Expense [Line Items] | |||
Minimum and percentage rentals | $234,982 | $205,759 | $186,804 |
Contingent rentals | 3,901 | 5,542 | 5,714 |
Total | $238,883 | $211,301 | $192,518 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Related Party Transaction [Line Items] | |||
Fees paid | $2,752 | $2,637 | $1,902 |
Fees due | 203 | 380 | |
West St. Consulting | |||
Related Party Transaction [Line Items] | |||
Real estate commission paid | 295 | 518 | 0 |
HED Real Estate BV | |||
Related Party Transaction [Line Items] | |||
Real estate commission paid | $300 | $562 | $0 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Segment | |||
Brand | |||
Store | |||
Segment Reporting Information [Line Items] | |||
Number of stores | 546 | 511 | |
Number of major customers exceeding ten percentage thresholds | 0 | ||
Retail Operations | |||
Segment Reporting Information [Line Items] | |||
Number of reporting segments | 2 | ||
Number of brands | 5 | ||
Number of stores | 546 | ||
Percentage of net sales | 93.00% | 93.00% | 93.00% |
Wholesale Operations | |||
Segment Reporting Information [Line Items] | |||
Number of stores | 1,600 |
Schedule_of_Operations_by_Segm
Schedule of Operations by Segment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Segment Reporting Information [Line Items] | |||
Total net sales | $3,323,077 | $3,086,608 | $2,794,925 |
General corporate expenses | -43,265 | -29,257 | -27,027 |
Total income from operations | 365,385 | 426,831 | 374,285 |
Total depreciation expense for property and equipment | 131,414 | 121,732 | 113,388 |
Total inventories | 358,237 | 311,207 | |
Total property and equipment, net | 889,232 | 806,909 | |
Total cash paid for property and equipment | 229,804 | 186,101 | 168,875 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total income from operations | 408,650 | 456,088 | 401,312 |
Operating Segments | Retail Operations | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 3,097,274 | 2,908,981 | 2,646,284 |
Total income from operations | 354,326 | 414,734 | 366,139 |
Total depreciation expense for property and equipment | 130,383 | 120,960 | 112,645 |
Total inventories | 314,940 | 282,590 | |
Total property and equipment, net | 885,200 | 802,965 | |
Total cash paid for property and equipment | 228,682 | 184,255 | 168,530 |
Operating Segments | Wholesale Operations | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 237,491 | 185,792 | 154,957 |
Total income from operations | 55,403 | 42,191 | 35,783 |
Total depreciation expense for property and equipment | 1,031 | 772 | 743 |
Total inventories | 43,297 | 28,617 | |
Total property and equipment, net | 4,032 | 3,944 | |
Total cash paid for property and equipment | 1,122 | 1,846 | 345 |
Intersegment Elimination | |||
Segment Reporting Information [Line Items] | |||
Total net sales | -11,688 | -8,165 | -6,316 |
Total income from operations | ($1,079) | ($837) | ($610) |
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, 2015 | Jan. 31, 2014 | Jan. 31, 2013 |
Segment Reporting Information [Line Items] | |||
Total net sales | $3,323,077 | $3,086,608 | $2,794,925 |
Total property and equipment, net | 889,232 | 806,909 | |
Domestic Operations | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 2,870,140 | 2,685,042 | 2,423,155 |
Total property and equipment, net | 745,504 | 655,866 | |
Foreign Operations | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 452,937 | 401,566 | 371,770 |
Total property and equipment, net | $143,728 | $151,043 |