Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2017 | Mar. 27, 2017 | Jul. 31, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | URBN | ||
Entity Registrant Name | URBAN OUTFITTERS INC | ||
Entity Central Index Key | 912,615 | ||
Current Fiscal Year End Date | --01-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 116,290,358 | ||
Entity Public Float | $ 2,672,127,210 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 248,140 | $ 265,276 |
Marketable securities | 111,067 | 61,061 |
Accounts receivable, net of allowance for doubtful accounts of $588 and $664, respectively | 54,505 | 75,723 |
Inventory | 338,590 | 330,223 |
Prepaid expenses and other current assets | 129,095 | 102,078 |
Total current assets | 881,397 | 834,361 |
Property and equipment, net | 867,786 | 863,137 |
Marketable securities | 44,288 | 36,600 |
Deferred income taxes and other assets | 109,166 | 99,203 |
Total Assets | 1,902,637 | 1,833,301 |
Current liabilities: | ||
Accounts payable | 119,537 | 118,035 |
Accrued compensation and benefits | 58,782 | 41,474 |
Accrued expenses and other current liabilities | 174,609 | 169,722 |
Total current liabilities | 352,928 | 329,231 |
Long-term debt | 150,000 | |
Deferred rent and other liabilities | 236,625 | 216,843 |
Total Liabilities | 589,553 | 696,074 |
Commitments and contingencies (see Note 14) | ||
Shareholders' equity: | ||
Preferred shares; $.0001 par value, 10,000,000 shares authorized, none issued | ||
Common shares; $.0001 par value, 200,000,000 shares authorized, 116,233,781 and 117,321,120 shares issued and outstanding, respectively | 12 | 12 |
Additional paid-in-capital | 0 | 0 |
Retained earnings | 1,347,141 | 1,160,666 |
Accumulated other comprehensive loss | (34,069) | (23,451) |
Total Shareholders' Equity | 1,313,084 | 1,137,227 |
Total Liabilities and Shareholders' Equity | $ 1,902,637 | $ 1,833,301 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Accounts receivable, allowance for doubtful accounts | $ 588 | $ 664 |
Preferred shares, par value | $ 0.0001 | $ 0.0001 |
Preferred shares, shares authorized | 10,000,000 | 10,000,000 |
Preferred shares, shares issued | 0 | 0 |
Common shares, par value | $ 0.0001 | $ 0.0001 |
Common shares, shares authorized | 200,000,000 | 200,000,000 |
Common shares, shares issued | 116,233,781 | 117,321,120 |
Common shares, shares outstanding | 116,233,781 | 117,321,120 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Net sales | $ 3,545,794 | $ 3,445,134 | $ 3,323,077 |
Cost of sales | 2,301,181 | 2,243,232 | 2,148,147 |
Gross profit | 1,244,613 | 1,201,902 | 1,174,930 |
Selling, general and administrative expenses | 906,086 | 848,323 | 809,545 |
Income from operations | 338,527 | 353,579 | 365,385 |
Interest income | 1,879 | 943 | 2,319 |
Other income | 2,280 | 958 | 580 |
Other expenses | (4,587) | (5,449) | (4,834) |
Income before income taxes | 338,099 | 350,031 | 363,450 |
Income tax expense | 119,979 | 125,542 | 131,022 |
Net income | $ 218,120 | $ 224,489 | $ 232,428 |
Net income per common share: | |||
Basic | $ 1.87 | $ 1.79 | $ 1.70 |
Diluted | $ 1.86 | $ 1.78 | $ 1.68 |
Weighted-average common shares outstanding: | |||
Basic | 116,873,023 | 125,232,499 | 136,651,899 |
Diluted | 117,291,117 | 126,013,414 | 138,192,734 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Net income | $ 218,120 | $ 224,489 | $ 232,428 |
Other comprehensive (loss) income: | |||
Foreign currency translation | (10,533) | (7,963) | (14,128) |
Change in unrealized (losses) gains on marketable securities, net of tax | (85) | (61) | (331) |
Net current-period total other comprehensive income/(loss) | (10,618) | (8,024) | (14,459) |
Comprehensive income | $ 207,502 | $ 216,465 | $ 217,969 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning Balance at Jan. 31, 2014 | $ 1,694,170 | $ 15 | $ 97,684 | $ 1,597,439 | $ (968) |
Beginning Balances (in shares) at Jan. 31, 2014 | 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 Balance at Jan. 31, 2015 | 1,327,969 | $ 13 | 1,343,383 | (15,427) | |
Ending Balances (in shares) at Jan. 31, 2015 | 130,502,864 | ||||
Comprehensive income | 216,465 | 224,489 | (8,024) | ||
Share-based compensation | 15,623 | 15,623 | |||
Stock options and awards (in shares) | 2,027,090 | ||||
Stock options and awards | 46,400 | 46,400 | |||
Excess tax benefit from share-based awards | 6,194 | 6,194 | |||
Share repurchases (in shares) | (15,208,834) | ||||
Share repurchases | (475,424) | $ (1) | (68,217) | (407,206) | |
Ending Balance at Jan. 31, 2016 | $ 1,137,227 | $ 12 | 1,160,666 | (23,451) | |
Ending Balances (in shares) at Jan. 31, 2016 | 117,321,120 | 117,321,120 | |||
Comprehensive income | $ 207,502 | 218,120 | (10,618) | ||
Share-based compensation | 18,291 | 18,291 | |||
Stock options and awards (in shares) | 293,130 | ||||
Stock options and awards | 4,096 | 4,096 | |||
Excess tax deficiencies from share-based awards | (6,193) | (6,193) | |||
Share repurchases (in shares) | (1,380,469) | ||||
Share repurchases | (47,839) | (16,194) | (31,645) | ||
Ending Balance at Jan. 31, 2017 | $ 1,313,084 | $ 12 | $ 0 | $ 1,347,141 | $ (34,069) |
Ending Balances (in shares) at Jan. 31, 2017 | 116,233,781 | 116,233,781 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 218,120 | $ 224,489 | $ 232,428 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 135,330 | 142,722 | 138,110 |
(Benefit) provision for deferred income taxes | (4,801) | 13,662 | (2,221) |
Excess tax benefits from share-based awards | (350) | (6,194) | (3,822) |
Share-based compensation expense | 18,291 | 15,623 | 16,736 |
Impairment | 4,341 | 8,928 | |
Loss on disposition of property and equipment, net | 3,667 | 1,400 | 3,189 |
Changes in assets and liabilities: | |||
Receivables | 20,934 | (13,820) | (18,393) |
Inventory | (9,963) | 26,739 | (68,992) |
Prepaid expenses and other assets | (10,359) | 3,811 | (23,257) |
Payables, accrued expenses and other liabilities | 39,692 | (3,940) | 48,543 |
Net cash provided by operating activities | 414,902 | 413,420 | 322,321 |
Cash flows from investing activities: | |||
Cash paid for property and equipment | (143,714) | (134,950) | (229,804) |
Cash paid for marketable securities | (318,742) | (265,872) | (405,659) |
Sales and maturities of marketable securities | 243,159 | 374,057 | 830,297 |
Acquisition of business | (15,325) | ||
Net cash (used in) provided by investing activities | (234,622) | (26,765) | 194,834 |
Cash flows from financing activities: | |||
Borrowings under long-term debt | 291,612 | ||
Repayments of long-term debt | (150,000) | (141,612) | |
Proceeds from the exercise of stock options | 4,096 | 46,400 | 10,693 |
Excess tax benefits from share-based awards | 350 | 6,194 | 3,822 |
Share repurchases related to share repurchase program | (45,787) | (465,304) | (611,475) |
Share repurchases related to taxes for share-based awards | (2,052) | (10,120) | (3,947) |
Net cash used in financing activities | (193,393) | (272,830) | (600,907) |
Effect of exchange rate changes on cash and cash equivalents | (4,023) | (3,107) | (3,748) |
(Decrease) increase in cash and cash equivalents | (17,136) | 110,718 | (87,500) |
Cash and cash equivalents at beginning of period | 265,276 | 154,558 | 242,058 |
Cash and cash equivalents at end of period | 248,140 | 265,276 | 154,558 |
Cash paid during the year for: | |||
Income taxes | 111,958 | 99,359 | 144,892 |
Non-cash investing activities-Accrued capital expenditures | $ 17,020 | $ 11,607 | $ 18,771 |
Nature of Business
Nature of Business | 12 Months Ended |
Jan. 31, 2017 | |
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, 2017 and 2016, the Company operated 606 and 572 stores, respectively. Stores located in the United States totaled 515 as of January 31, 2017 and 485 as of January 31, 2016. Operations in Europe and Canada included 54 stores and 37 stores as of January 31, 2017, respectively, and 52 stores and 35 stores as of January 31, 2016, respectively. In addition, the Company’s Wholesale segment sold and distributed apparel to approximately 1,900 better department and specialty retailers worldwide, third-party websites and to the Company’s retail stores. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2017 | |
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 2017 ended on January 31, 2017. Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and all of its subsidiaries. All intercompany 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, liabilities, 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, 2017 and 2016, 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, 2017 and January 31, 2016 are classified as available-for-sale Non-qualified available-for-sale non-current 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, 2017, 2016 and 2015 was as follows: Balance at Additions Deductions Balance at Year ended January 31, 2017 $ 664 4,892 (4,968 ) $ 588 Year ended January 31, 2016 $ 850 6,578 (6,764 ) $ 664 Year ended January 31, 2015 $ 1,711 4,666 (5,527 ) $ 850 Inventory Inventory, which consists primarily of general consumer merchandise held for sale, is valued at the lower of cost or net realizable value. Cost is determined on the first-in, first-out work-in-process Property and Equipment Property and equipment are stated at cost and primarily consist of store leasehold improvements, furniture and fixtures, buildings, and other operating equipment. Depreciation is computed using the straight-line method over the lesser of the lease term or useful life for leasehold improvements, five years for furniture and fixtures, 39 years for buildings and three to ten years for other operating equipment. Major renovations or improvements that extend the service lives of our assets are capitalized over the lesser of the extension period, life of the improvement, or the remaining term of the lease. Impairment of Long-lived Assets, Goodwill and Intangible Assets The Company periodically reviews the carrying values of its long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events that result in an impairment review include plans to close a store, distribution or fulfillment center or a significant decrease in the operating results of a long-lived asset. The Company’s retail stores are reviewed for impairment at the store level, which is the lowest level at which individual cash flows can be identified. When events indicate that an asset may be impaired and the estimated undiscounted cash flows are less than the carrying amount of the asset, the impaired asset is adjusted to its estimated fair value and an impairment loss is recorded. During fiscal 2017, the Company recorded impairment charges for three retail stores, totaling $4,341, all of which is in “Cost of sales” in the Consolidated Statements of Income. During fiscal 2016, the Company recorded impairment charges for five retail stores, totaling $8,928, of which $7,429 is in “Cost of sales” and $1,499 is in “Selling, general and administrative expenses,” in the Consolidated Statements of Income. During the Company’s assessment of current and future performance it was determined that these stores would not be able to generate sufficient cash flow over the expected remaining lease term to recover the carrying value of the respective store assets. Impairment charges for fiscal 2015 were immaterial. 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 breakpoint 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 receives certain lease incentives and tenant improvement allowances in conjunction with entering into operating leases. Tenant improvement allowances are recorded as deferred rent on the Consolidated Balance Sheets and are amortized on a straight-line basis as a reduction of rent expense over the term of the related lease on the Consolidated Statements of Income. Revenue Recognition The Company recognizes revenue in the Retail segment at the point-of-sale 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 is materially different than the Company’s estimate, sales returns would be adjusted in the future. The activity of the sales returns reserve for the years ended January 31, 2017, 2016 and 2015 was as follows: Balance at Additions Deductions Balance at Year ended January 31, 2017 $ 24,385 105,909 (105,412 ) $ 24,882 Year ended January 31, 2016 $ 19,804 96,707 (92,126 ) $ 24,385 Year ended January 31, 2015 $ 17,089 80,390 (77,675 ) $ 19,804 Cost of Sales Cost of sales includes the following: the cost of merchandise; merchandise markdowns; 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 Store Opening Costs The Company expenses all store opening and organization costs as incurred, including travel, training, recruiting, salaries and other operating costs, and all such costs 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 2017, 2016 and 2015, the Company did not capitalize any internally generated internal-use 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 9, “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. 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 2017, 2016 and 2015 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. Commitments and Contingencies From time to time, the Company is named as a defendant in legal actions arising from normal business activities. The Company records a reserve for estimated losses when information available prior to issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Recently Issued Accounting Pronouncements In October 2016, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update that amends the existing guidance on the income tax effects of intra-entity asset transfers with the exception of transfers of inventory. The update requires the recognition of tax expense when an intra-entity asset transfer occurs as opposed to being deferred under the existing guidance. The update will be effective for the Company on February 1, 2018 and early adoption is permitted in the first interim period of a fiscal year. The update requires a modified retrospective transition approach, with a cumulative-effect adjustment to retained earnings. The Company is currently assessing the potential effects this update may have on its consolidated financial statements and related disclosures. In June 2016, the FASB issued an accounting standards update that introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. This includes loan commitments, accounts receivable, trade receivables, and certain off-balance available-for-sale In March 2016, the FASB issued an accounting standards update that simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The Company will adopt the new guidance effective February 1, 2017 using the modified retrospective approach. The Company will elect to account for forfeitures as they occur rather than estimate expected forfeitures. The net cumulative effect of this change will be recognized as an adjustment to retained earnings as of January 31, 2017, which will not be material. Once adopted, all excess tax benefits and tax deficiencies from share-based compensation will be recognized as income tax expense or benefit in the statement of income as discrete items in the reporting period in which they occur, regardless of whether the benefit reduces taxes payable in the current period. The Company notes the potential for volatility in its effective tax rate as any windfall or shortfall tax benefits related to its share-based compensation plans will be recorded directly into results of operations. From fiscal 2015 through fiscal 2017, the Company recorded an average of $1,274 of excess tax benefit from share-based compensation in additional paid-in In February 2016, the FASB issued an accounting standards update that amends the existing accounting standards for lease accounting. This update requires lessees to recognize a right-of-use In July 2015, the FASB issued an accounting standards update that clarifies the measurement of inventory. The update applies to entities which utilize the first-in, first-out In May 2014, the FASB 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 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 periods presented in the financial statements. In August 2015, the FASB issued an accounting standards update which approved a one-year |
Acquisition
Acquisition | 12 Months Ended |
Jan. 31, 2017 | |
Acquisition | 3. Acquisition On February 1, 2016, the Company acquired certain assets of the Vetri Family group of restaurants, headquartered in Philadelphia, PA, for a total aggregate purchase price of approximately $18,937, of which $15,325 was paid in cash, $2,687 was satisfied through the settlement of a note receivable and up to an additional $925 that will be paid in cash in fiscal 2018. No liabilities were assumed. Pro forma information related to this acquisition is not included because the impact on the Company’s Consolidated Statements of Income is not considered to be material. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Jan. 31, 2017 | |
Marketable Securities | 4. Marketable Securities During all periods shown, marketable securities are classified as available-for-sale. available-for-sale Amortized Unrealized Unrealized Fair As of January 31, 2017 Short-term Investments: Corporate bonds $ 59,403 $ 7 $ (90 ) $ 59,320 Municipal and pre-refunded 51,731 28 (12 ) 51,747 111,134 35 (102 ) 111,067 Long-term Investments: Corporate bonds 19,102 9 (33 ) 19,078 Municipal and pre-refunded 19,488 35 (9 ) 19,514 Mutual funds, held in rabbi trust 4,583 91 (1 ) 4,673 Certificates of deposit 1,023 — — 1,023 44,196 135 (43 ) 44,288 $ 155,330 $ 170 $ (145 ) $ 155,355 As of January 31, 2016 Short-term Investments: Corporate bonds $ 33,885 $ 10 $ (25 ) $ 33,870 Municipal and pre-refunded 26,243 33 — 26,276 Certificates of deposit 915 — — 915 61,043 43 (25 ) 61,061 Long-term Investments: Corporate bonds 12,227 9 (35 ) 12,201 Municipal and pre-refunded 18,028 58 (2 ) 18,084 Mutual funds, held in rabbi trust 4,604 6 (247 ) 4,363 Certificates of deposit 1,952 — — 1,952 36,811 73 (284 ) 36,600 $ 97,854 $ 116 $ (309 ) $ 97,661 Proceeds from the sales and maturities of available-for-sale Non-qualified 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, 2017 and January 31, 2016, respectively. January 31, 2017 Less Than 12 Months 12 Months or Greater Total Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Corporate bonds $ 61,612 $ (123 ) $ — $ — $ 61,612 $ (123 ) Municipal and pre-refunded 18,713 (21 ) — — 18,713 (21 ) Mutual funds, held in rabbi trust 316 (1 ) — — 316 (1 ) Total $ 80,641 $ (145 ) $ — $ — $ 80,641 $ (145 ) January 31, 2016 Less Than 12 Months 12 Months or Greater Total Description of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate bonds $ 30,745 $ (54 ) $ 1,098 $ (6 ) $ 31,843 $ (60 ) Municipal and pre-refunded 997 (2 ) 434 — 1,431 (2 ) Mutual funds, held in rabbi trust 4,363 (247 ) — — 4,363 (247 ) Total $ 36,105 $ (303 ) $ 1,532 $ (6 ) $ 37,637 $ (309 ) As of January 31, 2017 and 2016, there were a total of 206 and 84 securities with unrealized loss positions within the Company’s portfolio, respectively. |
Fair Value
Fair Value | 12 Months Ended |
Jan. 31, 2017 | |
Fair Value | 5. Fair Value The Company utilizes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach that relate to its financial assets and financial liabilities). The levels of the hierarchy are described as follows: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs that reflect the Company’s own assumptions. Management’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of financial assets and liabilities and their placement within the fair value hierarchy. The Company’s financial assets that are accounted for at fair value on a recurring basis are presented in the tables below: Marketable Securities Fair Value as of January 31, 2017 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 78,398 $ — $ — $ 78,398 Municipal and pre-refunded — 71,261 — 71,261 Mutual funds, held in rabbi trust 4,673 — — 4,673 Certificates of deposit — 1,023 — 1,023 $ 83,071 $ 72,284 $ — $ 155,355 Marketable Securities Fair Value as of January 31, 2016 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 46,071 $ — $ — $ 46,071 Municipal and pre-refunded — 44,360 — 44,360 Mutual funds, held in rabbi trust 4,363 — — 4,363 Certificates of deposit — 2,867 — 2,867 $ 50,434 $ 47,227 $ — $ 97,661 Financial assets Level 1 assets consist of financial instruments whose value has been based on inputs that use, as their basis, readily observable market data that are actively quoted and are validated through external sources, including third-party pricing services and brokers. Level 2 assets consist of financial instruments whose value has been based on quoted prices for similar assets and liabilities in active markets as well as quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3 assets consist of financial instruments where there has been no active market. The Company held no Level 3 financial instruments as of January 31, 2017 and January 31, 2016. The fair value of cash and cash equivalents (Level 1) approximates carrying value since cash and cash equivalents consist of short-term highly liquid investments with maturities of less than three months at the time of purchase. As of January 31, 2017 and 2016, 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. The fair value of debt approximates its carrying value as it is all variable rate debt. Non-financial The Company’s non-financial The fair value of the non-financial |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 31, 2017 | |
Property and Equipment | 6. Property and Equipment Property and equipment is summarized as follows: January 31, 2017 2016 Land $ 21,310 $ 15,197 Buildings 300,130 294,674 Furniture and fixtures 437,268 424,681 Leasehold improvements 896,279 860,577 Other operating equipment 280,581 249,969 Construction-in-progress 43,346 44,763 1,978,914 1,889,861 Accumulated depreciation (1,111,128 ) (1,026,724 ) Total $ 867,786 $ 863,137 Depreciation expense for property and equipment in fiscal 2017, 2016 and 2015 was $133,130, $138,881 and $131,414, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Jan. 31, 2017 | |
Accrued Expenses and Other Current Liabilities | 7. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: January 31, 2017 2016 Gift cards and merchandise credits $ 55,144 $ 51,549 Sales return reserves 24,882 24,385 Accrued sales and VAT taxes 24,794 17,145 Accrued construction 17,001 11,595 Accrued rents, estimated property taxes and other property expenses 16,838 10,411 Other current liabilities 35,950 54,637 Total $ 174,609 $ 169,722 |
Debt
Debt | 12 Months Ended |
Jan. 31, 2017 | |
Debt | 8. Debt On July 1, 2015, the Company and its domestic subsidiaries entered into a five-year asset-based revolving Credit Agreement (“Credit Agreement”) with certain lenders, including JPMorgan Chase Bank, N.A., as administrative agent, and J.P. Morgan Securities LLC and Wells Fargo Bank, National Association, as joint lead arrangers and co-book The Credit Agreement provides senior secured revolving credit for loans and letters of credit up to $400,000 (the “Credit Facility”), subject to a borrowing base that is comprised of the Company’s eligible accounts receivable and inventory. The Credit Facility includes a swing-line sub-facility, sub-facility The Credit Facility provides for interest on borrowings, at the Company’s option, at either (i) adjusted LIBOR, CDOR or EURIBOR plus an applicable margin ranging from 1.125% to 1.625%, or (ii) an adjusted ABR plus an applicable margin ranging from 0.125% to 0.625%, each such rate based on the level of availability under the Credit Facility and the Company’s adjusted leverage ratio. Interest is payable either monthly or quarterly depending on the type of borrowing. A commitment fee is payable quarterly on the unused portion of the Credit Facility based on the Company’s adjusted leverage ratio. All obligations under the Credit Facility are unconditionally guaranteed by the Company and its domestic subsidiaries. The obligations under the Credit Facility are secured by a first-priority security interest in inventory, accounts receivable, and certain other assets of the borrowers and guarantors. The Credit Agreement contains customary representations and warranties, negative and affirmative covenants and provisions relating to events of default. As of January 31, 2017, the Company was in compliance with all terms of the Credit Agreement and borrowings under the Credit Facility totaled $0. Outstanding stand-by Additionally, the Company has borrowing agreements with two separate financial institutions under which the Company may borrow an aggregate of $130,000 for the purposes of trade letter of credit issuances. The availability of any future borrowings under the trade letter of credit facilities is subject to acceptance by the respective financial institutions. As of January 31, 2017, the Company had outstanding trade letters of credit of $60,539, and available trade letters of credit of $69,461 under these facilities. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2017 | |
Income Taxes | 9. Income Taxes The components of income before income taxes are as follows: Fiscal Year Ended January 31, 2017 2016 2015 Domestic $ 297,347 $ 323,906 $ 328,479 Foreign 40,752 26,125 34,971 $ 338,099 $ 350,031 $ 363,450 The components of the provision for income tax expense/(benefit) are as follows: Fiscal Year Ended January 31, 2017 2016 2015 Current: Federal $ 103,951 $ 84,274 $ 109,978 State 15,130 21,391 19,665 Foreign 5,699 6,215 3,600 $ 124,780 $ 111,880 $ 133,243 Deferred: Federal $ (5,765 ) $ 13,985 $ (3,295 ) State 1,029 (1,218 ) 1,372 Foreign (65 ) 895 (298 ) (4,801 ) 13,662 (2,221 ) $ 119,979 $ 125,542 $ 131,022 The following table reflects the differences between the statutory U.S. federal income tax rate and the Company’s effective tax rate: Fiscal Year Ended January 31, 2017 2016 2015 Expected provision at statutory U.S. federal tax rate 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal tax benefit 3.1 3.7 3.7 Foreign taxes (2.9 ) (2.0 ) (2.4 ) Federal rehabilitation tax credit 0.0 (1.9 ) 0.0 Other 0.3 1.1 (0.3 ) Effective tax rate 35.5 % 35.9 % 36.0 % The significant components of deferred tax assets and liabilities as of January 31, 2017 and 2016 are as follows: January 31, 2017 2016 Deferred tax liabilities: Prepaid expense $ (3,460 ) $ (4,645 ) Depreciation (70,944 ) (66,936 ) Other temporary differences (2,024 ) (2,604 ) Gross deferred tax liabilities (76,428 ) (74,185 ) Deferred tax assets: Deferred rent 79,675 72,253 Inventory. 9,760 11,031 Accounts receivable 3,241 3,953 Net operating loss carryforwards 2,859 4,941 Tax uncertainties 1,949 2,972 Accrued salaries and benefits 28,234 27,660 Income tax credits 4,550 4,287 Other temporary differences 5,512 7,896 Gross deferred tax assets, before valuation allowances 135,780 134,993 Valuation allowances (6,688 ) (6,560 ) Net deferred tax assets $ 52,664 $ 54,248 Net deferred tax assets are attributed to the jurisdictions in which the Company operates. As of January 31, 2017 and 2016, respectively, $28,549 and $28,249 were attributable to U.S. federal, $14,798 and $17,391 were attributed to state jurisdictions and $9,317 and $8,608 were attributed to foreign jurisdictions. As of January 31, 2017, certain non-U.S. more-likely-than-not The cumulative amount of the Company’s share of undistributed earnings of non-U.S. re-invested 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 2017 2016 2015 Balance at the beginning of the period $ 7,838 $ 6,889 $ 4,835 Increases in tax positions for prior years 21 4,053 2,518 Decreases in tax positions for prior years (725 ) (891 ) (12 ) Increases in tax positions for current year 187 274 352 Settlements (590 ) (1,590 ) (620 ) Lapse in statute of limitations (933 ) (897 ) (184 ) Balance at the end of the period $ 5,798 $ 7,838 $ 6,889 The total amount of net unrecognized tax benefits that, if recognized, would impact the Company’s effective tax rate were $4,466 and $5,698 as of January 31, 2017 and 2016, 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, 2017, 2016 and 2015, the Company recognized expense/(benefit) of ($218), ($686) and $408, respectively, related to interest and penalties. The Company accrued $582 and $800 for the payment of interest and penalties as of January 31, 2017 and 2016, 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 2007 to 2016. 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 $4,009. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Jan. 31, 2017 | |
Share-Based Compensation | 10. Share-Based Compensation The Company’s 2008 Stock Incentive Plan authorized 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, 2017, there were 4,592,443 common shares available to grant under the 2008 Stock Incentive Plan. Pursuant to the terms of the Company’s 2008 Stock Incentive Plan, certain awards may not be granted after February 25, 2018. On December 12, 2016, the Board of Directors approved the Urban Outfitters 2017 Stock Incentive Plan (the “2017 Plan”), which will be submitted to the Company’s shareholders for approval at the Company’s 2017 Annual Meeting of Shareholders. The 2017 Plan is substantially the same as the Company’s 2008 Stock Incentive Plan. The types of awards authorized under the 2017 Plan include restricted stock, RSU’s, PSU’s, incentive stock options, nonqualified stock options, SAR’s and stock grant awards. An aggregate of 10,000,000 of the Company’s common shares may be granted under the 2017 Plan. As of January 31, 2017, no awards have been made under the 2017 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, 2017, 2016 and 2015. 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, 2017, 2016 and 2015 was as follows: Fiscal Year Ended January 31, 2017 2016 2015 Stock Options $ 1,002 $ 841 $ 1,377 Stock Appreciation Rights 240 1,295 2,244 Performance Stock Units (1)(2)(3) 12,349 13,464 12,991 Restricted Stock Units 4,700 23 124 Total $ 18,291 $ 15,623 $ 16,736 (1) Includes the reversal of $7,908 of previously recognized compensation expense in fiscal 2017, related to 505,510 PSU’s that will not vest as the achievement of the related performance target is not probable. (2) Includes the reversal of $967 of previously recognized compensation expense in fiscal 2016, related to 50,004 PSU’s that will not vest as the achievement of the related performance target is not probable. (3) 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. The total tax benefit associated with share-based compensation expense for the fiscal years ended January 31, 2017, 2016 and 2015 was $7,132, $6,182 and $6,367, respectively. The tax benefit realized from share-based compensation for the fiscal years ended January 31, 2017, 2016 and 2015 was $2,272, $14,512 and $5,813, respectively. Stock Options The Company may grant stock options which generally vest over a period of one to three years. Stock options become exercisable over the vesting period in installments determined by the Company, which can vary depending upon each individual grant. Stock options granted to non-employee Fiscal Year Ended January 31, 2017 2016 2015 Expected life, in years 3.4 3.5 3.4 Risk-free interest rate 0.9 % 1.2 % 1.1 % Volatility 34.2 % 32.5 % 33.0 % Dividend rate — — — The following table summarizes the Company’s stock option activity for the fiscal year ended January 31, 2017: Shares Weighted- Weighted- Aggregate Awards outstanding at beginning of year 950,375 $ 33.17 2.9 $ 307 Granted 140,000 28.47 Exercised (177,625 ) 23.06 Forfeited or Expired (4,500 ) 27.27 Awards outstanding at end of year 908,250 34.45 3.1 $ 75 Awards outstanding expected to vest 901,250 34.45 3.1 $ 71 Awards exercisable at end of year 768,250 $ 35.54 3.1 $ 75 The following table summarizes other information related to stock options during the years ended January 31, 2017, 2016 and 2015: Fiscal Year Ended January 31, 2017 2016 2015 Weighted-average grant date fair value—per share $ 7.31 $ 7.46 $ 7.02 Intrinsic value of awards exercised $ 1,566 $ 14,193 $ 4,852 Net cash proceeds from the exercise of stock options $ 4,096 $ 46,400 $ 10,693 Total unrecognized compensation cost of stock options granted but not yet vested, as of January 31, 2017, was $301, 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 years ended January 31, 2017, 2016, and 2015. The following table summarizes the Company’s SAR activity for the fiscal year ended January 31, 2017: Awards Weighted- Weighted- Aggregate Awards outstanding at beginning of year 304,100 $ 31.74 3.5 $ — Granted — — Exercised (69,675 ) 28.53 Forfeited or Expired (3,100 ) 32.80 Awards outstanding at end of year 231,325 32.69 2.5 $ — Awards outstanding expected to vest 230,234 32.69 2.5 $ — Awards exercisable at end of year 184,363 $ 32.47 2.5 $ — The following table summarizes other information related to SAR’s during the years ended January 31, 2017, 2016 and 2015: Fiscal Year Ended January 31, 2017 2016 2015 Weighted-average grant date fair value—per share $ — $ — $ — Intrinsic value of awards exercised $ 566 $ 7,386 $ 654 Total unrecognized compensation cost of SAR’s granted, but not yet vested, as of January 31, 2017, was $139, which is expected to be recognized over the weighted-average period of 0.8 year. 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. This model uses assumptions including the risk free interest rate, expected volatility of the Company’s stock price and expected life of the awards. The Company makes certain estimates about the number of awards which will vest. 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 three to five year period. The following table summarizes the Company’s PSU activity for the fiscal year ended January 31, 2017: Shares Weighted- Non-vested 4,183,298 $ 20.64 Granted 410,000 27.30 Vested (100,000 ) 25.37 Forfeited (1,442,564 ) 15.92 Non-vested 3,050,734 $ 17.98 The weighted-average grant date fair value of PSU’s awarded during the fiscal years ended January 31, 2017, 2016 and 2015 was $27.30, $18.94 and $23.40, per share, respectively. Unrecognized compensation cost related to unvested PSU’s as of January 31, 2017, was $25,138, which is expected to be recognized over a weighted-average period of 2.3 years. Restricted Stock Units The Company may grant RSU’s which vest based on the achievement of specified service 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, 2017: Shares Weighted- Non-vested — $ — Granted 561,500 28.10 Vested — — Forfeited (30,000 ) 26.78 Non-vested 531,500 $ 28.17 The weighted-average grant date fair value of RSU’s awarded during the fiscal year ended January 31, 2017 was $28.10. There were no RSU’s granted during the fiscal years ended January 31, 2016 and January 31, 2015. No RSU’s vested during the fiscal years ended January 31, 2017 and January 31, 2015. The aggregate grant date fair value of RSU’s vested during the fiscal year ended January 31, 2016 was $39.06. Unrecognized compensation costs related to unvested RSU’s as of January 31, 2017, was $9,525, which is expected to be recognized over a weighted-average period of 2.1 years. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jan. 31, 2017 | |
Shareholders' Equity | 11. Shareholders’ Equity Share repurchase activity under the Company’s share repurchase programs is as follows: Fiscal Year Ended January 31, 2017 2016 Number of common shares repurchased and subsequently retired 1,324,700 14,961,710 Total cost $ 45,787 $ 465,304 Average cost per share, including commissions $ 34.56 $ 31.10 On May 27, 2014, the Company’s Board of Directors authorized the repurchase of 10,000,000 common shares under a share repurchase program; all shares were repurchased and the authorization was completed by the end of June 2015. On February 23, 2015, the Company’s Board of Directors authorized the repurchase of 20,000,000 common shares under a share repurchase program, of which 5,995,059 common shares were remaining as of January 31, 2017. In addition to the common shares repurchased under the share repurchase programs, during the fiscal years ended January 31, 2017 and January 31, 2016, the Company acquired and subsequently retired 55,769 and 247,124 common shares at a total cost of $2,052 and $10,120, respectively, from employees to meet minimum statutory tax withholding requirements. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Jan. 31, 2017 | |
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) | 12. Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) The following tables present the changes in “Accumulated other comprehensive income (loss),” by component, net of tax, for the fiscal years ended January 31, 2017 and 2016, respectively: Fiscal Year Ended January 31, 2017 Foreign Unrealized Gains Available-for- Total Beginning Balance $ (23,479 ) $ 28 (23,451 ) Other comprehensive income (loss) before reclassifications (10,533 ) (2 ) (10,535 ) Amounts reclassified from accumulated other comprehensive income (loss) — (83 ) (83 ) Net current-period total other comprehensive income/(loss) (10,533 ) (85 ) (10,618 ) Ending Balance $ (34,012 ) $ (57 ) $ (34,069 ) Fiscal Year Ended January 31, 2016 Foreign Unrealized Available-for- Total Beginning Balance $ (15,516 ) $ 89 $ (15,427 ) Other comprehensive income (loss) before reclassifications (7,963 ) (104 ) (8,067 ) Amounts reclassified from accumulated other comprehensive income (loss) — 43 43 Net current-period total other comprehensive income/(loss) (7,963 ) (61 ) (8,024 ) Ending Balance $ (23,479 ) $ 28 $ (23,451 ) All unrealized gains and losses on available-for-sale |
Net Income Per Common Share
Net Income Per Common Share | 12 Months Ended |
Jan. 31, 2017 | |
Net Income Per Common Share | 13. 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, 2017 2016 2015 Basic weighted-average common shares outstanding 116,873,023 125,232,499 136,651,899 Effect of dilutive options, stock appreciation rights, restricted stock units and performance stock units 418,094 780,915 1,540,835 Diluted weighted-average shares outstanding 117,291,117 126,013,414 138,192,734 For the fiscal years ended January 31, 2017, 2016 and 2015, awards to purchase 812,957 common shares ranging in price from $28.10 to $46.02, 692,942 common shares ranging in price from $25.60 to $46.02 and 1,015,895 common shares ranging in price from $35.12 to $46.02, respectively, were excluded from the calculation of diluted net income per common share because the impact would be anti-dilutive. As of January 31, 2017 and 2016, 3,165,152 and 2,957,573 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, 2017 | |
Commitments and Contingencies | 14. Commitments and Contingencies Leases The Company leases its stores, certain fulfillment and distribution facilities, and offices under non-cancelable Fiscal Year 2018 $ 281,249 2019 267,825 2020 247,806 2021 220,263 2022 188,706 Thereafter 784,839 Total minimum lease payments $ 1,990,688 Amounts noted above include commitments for 13 executed leases for stores not opened as of January 31, 2017 as well as one ground lease with Waterloo Devon, LP, a related party (See Note 15, “Related Party Transactions”). 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, in lieu of a fixed minimum rent, that are not reflected in the above table. 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, 2017 2016 2015 Minimum and percentage rentals $ 260,421 $ 245,474 $ 234,982 Contingent rentals 2,244 2,704 3,901 Total $ 262,665 $ 248,178 $ 238,883 Purchase Commitments As of January 31, 2017, the Company also has commitments for unfulfilled purchase orders for merchandise ordered from our vendors in the normal course of business, which are satisfied within twelve months, as well as commitments for products and services including information technology contracts, of $418,221. The majority of the Company’s merchandise commitments are cancellable with no or limited recourse available to the vendor until the merchandise shipping date. As of January 31, 2017, the Company also has commitments related to contracts with construction contractors, fully satisfied upon the completion of construction, which is typically within twelve months, of $6,409. 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 $2,455, $2,121 and $1,708 for fiscal years 2017, 2016 and 2015, respectively. 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 $84, $105 and $100 during fiscal years 2017, 2016 and 2015, respectively. The NQDC obligation was $4,673 and $4,363 as of January 31, 2017 and 2016, respectively. The Company has purchased investments to fund the NQDC obligation. The investments had an aggregate market value of $4,673 and $4,363 as of January 31, 2017 and 2016, respectively, and are included in “Marketable securities” in the Consolidated Balance Sheets (see Note 4, “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, 2017 | |
Related Party Transactions | 15. Related Party Transactions Drinker Biddle & Reath LLP (“DBR”), a law firm, provided general legal services to the Company. Fees paid to DBR during fiscal 2017, 2016 and 2015 were $2,420, $2,493 and $2,752, respectively. Harry S. Cherken, Jr., a director of the Company, is a partner at DBR. Amounts due to DBR as of January 31, 2017 and 2016 were approximately $102 and $217, 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 2017 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 On September 20, 2016, the Company, through its wholly-owned subsidiary, Anthropologie, Inc., entered into a ground lease (the “Lease”) with Waterloo Devon, L.P. (the “Landlord”). Wade L. McDevitt is a minority owner of the Landlord and its general partner and the brother-in-law ten-year 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, 2016 and 2015. 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. Addis merged into BB&T Insurance Services (“BB&T”) in August 2015. Scott Addis, the brother-in-law |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jan. 31, 2017 | |
Segment Reporting | 16. Segment Reporting The Company offers lifestyle-oriented general merchandise and consumer products and services through a portfolio of global consumer brands. The Company has two reportable segments—“Retail” and “Wholesale.” The Company’s Retail segment consists of the aggregation of its six brands operating under the names “Anthropologie,” “Bhldn,” “Free People,” “Terrain,” “Urban Outfitters” and “Vetri Family.” The Anthropologie, Bhldn and Terrain brands make up the “Anthropologie Group.” As of January 31, 2017, there were 242 Urban Outfitters stores, 225 Anthropologie Group stores, 127 Free People stores and 12 restaurants. Urban Outfitters, the Anthropologie Group and Free People, including their stores and direct-to-consumer 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 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. All available shopping channels are fully integrated, including stores, websites, mobile applications, catalogs and customer contact centers. The Company’s investments in areas such as marketing campaigns and technology advancements are designed to generate demand for the omni-channel and not the separate store or direct-to-consumer Direct-to-consumer Direct-to-consumer direct-to-consumer out-of-stock direct-to-consumer direct-to-consumer 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 2017 2016 2015 Net sales Retail operations $ 3,256,890 $ 3,184,955 $ 3,097,274 Wholesale operations 298,566 273,603 237,491 Intersegment elimination (9,662 ) (13,424 ) (11,688 ) Total net sales $ 3,545,794 $ 3,445,134 $ 3,323,077 Income from operations Retail operations $ 325,666 $ 342,885 $ 354,326 Wholesale operations 58,169 54,444 55,403 Intersegment elimination (614 ) (1,096 ) (1,079 ) Total segment operating income 383,221 396,233 408,650 General corporate expenses (44,694 ) (42,654 ) (43,265 ) Total income from operations $ 338,527 $ 353,579 $ 365,385 Depreciation expense for property and equipment Retail operations $ 132,150 $ 137,963 $ 130,383 Wholesale operations 980 918 1,031 Total depreciation expense for property and equipment $ 133,130 $ 138,881 $ 131,414 Inventory Retail operations $ 301,519 $ 289,170 Wholesale operations 37,071 41,053 Total inventory $ 338,590 $ 330,223 Property and equipment, net Retail operations $ 864,396 $ 859,277 Wholesale operations 3,390 3,860 Total property and equipment, net $ 867,786 $ 863,137 Cash paid for property and equipment Retail operations $ 142,872 $ 134,627 $ 228,682 Wholesale operations 842 323 1,122 Total cash paid for property and equipment $ 143,714 $ 134,950 $ 229,804 The Company has foreign operations primarily in Europe and Canada. Revenues and long-lived assets, based upon the Company’s domestic and foreign operations, are as follows: Fiscal Year 2017 2016 2015 Net Sales Domestic operations $ 3,114,014 $ 3,005,595 $ 2,870,140 Foreign operations 431,780 439,539 452,937 Total net sales $ 3,545,794 $ 3,445,134 $ 3,323,077 Property and equipment, net Domestic operations $ 766,419 $ 742,171 Foreign operations 101,367 120,966 Total property and equipment, net $ 867,786 $ 863,137 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2017 | |
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 2017 ended on January 31, 2017. |
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and all of its subsidiaries. All intercompany 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, liabilities, 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, 2017 and 2016, 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, 2017 and January 31, 2016 are classified as available-for-sale Non-qualified available-for-sale non-current |
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, 2017, 2016 and 2015 was as follows: Balance at Additions Deductions Balance at Year ended January 31, 2017 $ 664 4,892 (4,968 ) $ 588 Year ended January 31, 2016 $ 850 6,578 (6,764 ) $ 664 Year ended January 31, 2015 $ 1,711 4,666 (5,527 ) $ 850 |
Inventory | Inventory Inventory, which consists primarily of general consumer merchandise held for sale, is valued at the lower of cost or net realizable value. Cost is determined on the first-in, first-out work-in-process |
Property and Equipment | Property and Equipment Property and equipment are stated at cost and primarily consist of store leasehold improvements, furniture and fixtures, buildings, and other operating equipment. Depreciation is computed using the straight-line method over the lesser of the lease term or useful life for leasehold improvements, five years for furniture and fixtures, 39 years for buildings and three to ten years for other operating equipment. Major renovations or improvements that extend the service lives of our assets are capitalized over the lesser of the extension period, life of the improvement, or the remaining term of the lease. |
Impairment of Long-lived Assets, Goodwill and Intangible Assets | Impairment of Long-lived Assets, Goodwill and Intangible Assets The Company periodically reviews the carrying values of its long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events that result in an impairment review include plans to close a store, distribution or fulfillment center or a significant decrease in the operating results of a long-lived asset. The Company’s retail stores are reviewed for impairment at the store level, which is the lowest level at which individual cash flows can be identified. When events indicate that an asset may be impaired and the estimated undiscounted cash flows are less than the carrying amount of the asset, the impaired asset is adjusted to its estimated fair value and an impairment loss is recorded. During fiscal 2017, the Company recorded impairment charges for three retail stores, totaling $4,341, all of which is in “Cost of sales” in the Consolidated Statements of Income. During fiscal 2016, the Company recorded impairment charges for five retail stores, totaling $8,928, of which $7,429 is in “Cost of sales” and $1,499 is in “Selling, general and administrative expenses,” in the Consolidated Statements of Income. During the Company’s assessment of current and future performance it was determined that these stores would not be able to generate sufficient cash flow over the expected remaining lease term to recover the carrying value of the respective store assets. Impairment charges for fiscal 2015 were immaterial. |
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 breakpoint 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 receives certain lease incentives and tenant improvement allowances in conjunction with entering into operating leases. Tenant improvement allowances are recorded as deferred rent on the Consolidated Balance Sheets and are amortized on a straight-line basis as a reduction of rent expense over the term of the related lease on the Consolidated Statements of Income. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in the Retail segment at the point-of-sale 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 is materially different than the Company’s estimate, sales returns would be adjusted in the future. The activity of the sales returns reserve for the years ended January 31, 2017, 2016 and 2015 was as follows: Balance at Additions Deductions Balance at Year ended January 31, 2017 $ 24,385 105,909 (105,412 ) $ 24,882 Year ended January 31, 2016 $ 19,804 96,707 (92,126 ) $ 24,385 Year ended January 31, 2015 $ 17,089 80,390 (77,675 ) $ 19,804 |
Cost of Sales | Cost of Sales Cost of sales includes the following: the cost of merchandise; merchandise markdowns; 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 |
Store Opening Costs | Store Opening Costs The Company expenses all store opening and organization costs as incurred, including travel, training, recruiting, salaries and other operating costs, and all such costs 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 2017, 2016 and 2015, the Company did not capitalize any internally generated internal-use |
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 9, “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. |
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 2017, 2016 and 2015 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. |
Commitments and Contingencies | Commitments and Contingencies From time to time, the Company is named as a defendant in legal actions arising from normal business activities. The Company records a reserve for estimated losses when information available prior to issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In October 2016, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update that amends the existing guidance on the income tax effects of intra-entity asset transfers with the exception of transfers of inventory. The update requires the recognition of tax expense when an intra-entity asset transfer occurs as opposed to being deferred under the existing guidance. The update will be effective for the Company on February 1, 2018 and early adoption is permitted in the first interim period of a fiscal year. The update requires a modified retrospective transition approach, with a cumulative-effect adjustment to retained earnings. The Company is currently assessing the potential effects this update may have on its consolidated financial statements and related disclosures. In June 2016, the FASB issued an accounting standards update that introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. This includes loan commitments, accounts receivable, trade receivables, and certain off-balance available-for-sale In March 2016, the FASB issued an accounting standards update that simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The Company will adopt the new guidance effective February 1, 2017 using the modified retrospective approach. The Company will elect to account for forfeitures as they occur rather than estimate expected forfeitures. The net cumulative effect of this change will be recognized as an adjustment to retained earnings as of January 31, 2017, which will not be material. Once adopted, all excess tax benefits and tax deficiencies from share-based compensation will be recognized as income tax expense or benefit in the statement of income as discrete items in the reporting period in which they occur, regardless of whether the benefit reduces taxes payable in the current period. The Company notes the potential for volatility in its effective tax rate as any windfall or shortfall tax benefits related to its share-based compensation plans will be recorded directly into results of operations. From fiscal 2015 through fiscal 2017, the Company recorded an average of $1,274 of excess tax benefit from share-based compensation in additional paid-in In February 2016, the FASB issued an accounting standards update that amends the existing accounting standards for lease accounting. This update requires lessees to recognize a right-of-use In July 2015, the FASB issued an accounting standards update that clarifies the measurement of inventory. The update applies to entities which utilize the first-in, first-out In May 2014, the FASB 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 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 periods presented in the financial statements. In August 2015, the FASB issued an accounting standards update which approved a one-year |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Activity of Allowance for Doubtful Accounts | The activity of the allowance for doubtful accounts for the years ended January 31, 2017, 2016 and 2015 was as follows: Balance at Additions Deductions Balance at Year ended January 31, 2017 $ 664 4,892 (4,968 ) $ 588 Year ended January 31, 2016 $ 850 6,578 (6,764 ) $ 664 Year ended January 31, 2015 $ 1,711 4,666 (5,527 ) $ 850 |
Activity of Sales Return Reserve | The activity of the sales returns reserve for the years ended January 31, 2017, 2016 and 2015 was as follows: Balance at Additions Deductions Balance at Year ended January 31, 2017 $ 24,385 105,909 (105,412 ) $ 24,882 Year ended January 31, 2016 $ 19,804 96,707 (92,126 ) $ 24,385 Year ended January 31, 2015 $ 17,089 80,390 (77,675 ) $ 19,804 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
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 Amortized Unrealized Unrealized Fair As of January 31, 2017 Short-term Investments: Corporate bonds $ 59,403 $ 7 $ (90 ) $ 59,320 Municipal and pre-refunded 51,731 28 (12 ) 51,747 111,134 35 (102 ) 111,067 Long-term Investments: Corporate bonds 19,102 9 (33 ) 19,078 Municipal and pre-refunded 19,488 35 (9 ) 19,514 Mutual funds, held in rabbi trust 4,583 91 (1 ) 4,673 Certificates of deposit 1,023 — — 1,023 44,196 135 (43 ) 44,288 $ 155,330 $ 170 $ (145 ) $ 155,355 As of January 31, 2016 Short-term Investments: Corporate bonds $ 33,885 $ 10 $ (25 ) $ 33,870 Municipal and pre-refunded 26,243 33 — 26,276 Certificates of deposit 915 — — 915 61,043 43 (25 ) 61,061 Long-term Investments: Corporate bonds 12,227 9 (35 ) 12,201 Municipal and pre-refunded 18,028 58 (2 ) 18,084 Mutual funds, held in rabbi trust 4,604 6 (247 ) 4,363 Certificates of deposit 1,952 — — 1,952 36,811 73 (284 ) 36,600 $ 97,854 $ 116 $ (309 ) $ 97,661 |
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, 2017 and January 31, 2016, respectively. January 31, 2017 Less Than 12 Months 12 Months or Greater Total Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Corporate bonds $ 61,612 $ (123 ) $ — $ — $ 61,612 $ (123 ) Municipal and pre-refunded 18,713 (21 ) — — 18,713 (21 ) Mutual funds, held in rabbi trust 316 (1 ) — — 316 (1 ) Total $ 80,641 $ (145 ) $ — $ — $ 80,641 $ (145 ) January 31, 2016 Less Than 12 Months 12 Months or Greater Total Description of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate bonds $ 30,745 $ (54 ) $ 1,098 $ (6 ) $ 31,843 $ (60 ) Municipal and pre-refunded 997 (2 ) 434 — 1,431 (2 ) Mutual funds, held in rabbi trust 4,363 (247 ) — — 4,363 (247 ) Total $ 36,105 $ (303 ) $ 1,532 $ (6 ) $ 37,637 $ (309 ) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Financial Assets Measured at Fair Value on Recurring Basis | The Company’s financial assets that are accounted for at fair value on a recurring basis are presented in the tables below: Marketable Securities Fair Value as of January 31, 2017 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 78,398 $ — $ — $ 78,398 Municipal and pre-refunded — 71,261 — 71,261 Mutual funds, held in rabbi trust 4,673 — — 4,673 Certificates of deposit — 1,023 — 1,023 $ 83,071 $ 72,284 $ — $ 155,355 Marketable Securities Fair Value as of January 31, 2016 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 46,071 $ — $ — $ 46,071 Municipal and pre-refunded — 44,360 — 44,360 Mutual funds, held in rabbi trust 4,363 — — 4,363 Certificates of deposit — 2,867 — 2,867 $ 50,434 $ 47,227 $ — $ 97,661 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Schedule of Property and Equipment | Property and equipment is summarized as follows: January 31, 2017 2016 Land $ 21,310 $ 15,197 Buildings 300,130 294,674 Furniture and fixtures 437,268 424,681 Leasehold improvements 896,279 860,577 Other operating equipment 280,581 249,969 Construction-in-progress 43,346 44,763 1,978,914 1,889,861 Accumulated depreciation (1,111,128 ) (1,026,724 ) Total $ 867,786 $ 863,137 |
Accrued Expenses and Other Cu29
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following: January 31, 2017 2016 Gift cards and merchandise credits $ 55,144 $ 51,549 Sales return reserves 24,882 24,385 Accrued sales and VAT taxes 24,794 17,145 Accrued construction 17,001 11,595 Accrued rents, estimated property taxes and other property expenses 16,838 10,411 Other current liabilities 35,950 54,637 Total $ 174,609 $ 169,722 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Components of Income before Income Taxes | The components of income before income taxes are as follows: Fiscal Year Ended January 31, 2017 2016 2015 Domestic $ 297,347 $ 323,906 $ 328,479 Foreign 40,752 26,125 34,971 $ 338,099 $ 350,031 $ 363,450 |
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, 2017 2016 2015 Current: Federal $ 103,951 $ 84,274 $ 109,978 State 15,130 21,391 19,665 Foreign 5,699 6,215 3,600 $ 124,780 $ 111,880 $ 133,243 Deferred: Federal $ (5,765 ) $ 13,985 $ (3,295 ) State 1,029 (1,218 ) 1,372 Foreign (65 ) 895 (298 ) (4,801 ) 13,662 (2,221 ) $ 119,979 $ 125,542 $ 131,022 |
Reasons for Differences between Company's Effective Tax Rate and Statutory U.S. Federal Income Tax Rate | The following table reflects the differences between the statutory U.S. federal income tax rate and the Company’s effective tax rate: Fiscal Year Ended January 31, 2017 2016 2015 Expected provision at statutory U.S. federal tax rate 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal tax benefit 3.1 3.7 3.7 Foreign taxes (2.9 ) (2.0 ) (2.4 ) Federal rehabilitation tax credit 0.0 (1.9 ) 0.0 Other 0.3 1.1 (0.3 ) Effective tax rate 35.5 % 35.9 % 36.0 % |
Significant Components of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities as of January 31, 2017 and 2016 are as follows: January 31, 2017 2016 Deferred tax liabilities: Prepaid expense $ (3,460 ) $ (4,645 ) Depreciation (70,944 ) (66,936 ) Other temporary differences (2,024 ) (2,604 ) Gross deferred tax liabilities (76,428 ) (74,185 ) Deferred tax assets: Deferred rent 79,675 72,253 Inventory. 9,760 11,031 Accounts receivable 3,241 3,953 Net operating loss carryforwards 2,859 4,941 Tax uncertainties 1,949 2,972 Accrued salaries and benefits 28,234 27,660 Income tax credits 4,550 4,287 Other temporary differences 5,512 7,896 Gross deferred tax assets, before valuation allowances 135,780 134,993 Valuation allowances (6,688 ) (6,560 ) Net deferred tax assets $ 52,664 $ 54,248 |
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 2017 2016 2015 Balance at the beginning of the period $ 7,838 $ 6,889 $ 4,835 Increases in tax positions for prior years 21 4,053 2,518 Decreases in tax positions for prior years (725 ) (891 ) (12 ) Increases in tax positions for current year 187 274 352 Settlements (590 ) (1,590 ) (620 ) Lapse in statute of limitations (933 ) (897 ) (184 ) Balance at the end of the period $ 5,798 $ 7,838 $ 6,889 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
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, 2017, 2016 and 2015 was as follows: Fiscal Year Ended January 31, 2017 2016 2015 Stock Options $ 1,002 $ 841 $ 1,377 Stock Appreciation Rights 240 1,295 2,244 Performance Stock Units (1)(2)(3) 12,349 13,464 12,991 Restricted Stock Units 4,700 23 124 Total $ 18,291 $ 15,623 $ 16,736 (1) Includes the reversal of $7,908 of previously recognized compensation expense in fiscal 2017, related to 505,510 PSU’s that will not vest as the achievement of the related performance target is not probable. (2) Includes the reversal of $967 of previously recognized compensation expense in fiscal 2016, related to 50,004 PSU’s that will not vest as the achievement of the related performance target is not probable. (3) 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. |
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, 2017 2016 2015 Expected life, in years 3.4 3.5 3.4 Risk-free interest rate 0.9 % 1.2 % 1.1 % Volatility 34.2 % 32.5 % 33.0 % Dividend rate — — — |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity for the fiscal year ended January 31, 2017: Shares Weighted- Weighted- Aggregate Awards outstanding at beginning of year 950,375 $ 33.17 2.9 $ 307 Granted 140,000 28.47 Exercised (177,625 ) 23.06 Forfeited or Expired (4,500 ) 27.27 Awards outstanding at end of year 908,250 34.45 3.1 $ 75 Awards outstanding expected to vest 901,250 34.45 3.1 $ 71 Awards exercisable at end of year 768,250 $ 35.54 3.1 $ 75 |
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, 2017, 2016 and 2015: Fiscal Year Ended January 31, 2017 2016 2015 Weighted-average grant date fair value—per share $ 7.31 $ 7.46 $ 7.02 Intrinsic value of awards exercised $ 1,566 $ 14,193 $ 4,852 Net cash proceeds from the exercise of stock options $ 4,096 $ 46,400 $ 10,693 |
Summary of Stock Appreciation Right Activity | The following table summarizes the Company’s SAR activity for the fiscal year ended January 31, 2017: Awards Weighted- Weighted- Aggregate Awards outstanding at beginning of year 304,100 $ 31.74 3.5 $ — Granted — — Exercised (69,675 ) 28.53 Forfeited or Expired (3,100 ) 32.80 Awards outstanding at end of year 231,325 32.69 2.5 $ — Awards outstanding expected to vest 230,234 32.69 2.5 $ — Awards exercisable at end of year 184,363 $ 32.47 2.5 $ — |
Summary of Other Information Related to SAR's | The following table summarizes other information related to SAR’s during the years ended January 31, 2017, 2016 and 2015: Fiscal Year Ended January 31, 2017 2016 2015 Weighted-average grant date fair value—per share $ — $ — $ — Intrinsic value of awards exercised $ 566 $ 7,386 $ 654 |
Summary of Performance Share Units Activity | The following table summarizes the Company’s PSU activity for the fiscal year ended January 31, 2017: Shares Weighted- Non-vested 4,183,298 $ 20.64 Granted 410,000 27.30 Vested (100,000 ) 25.37 Forfeited (1,442,564 ) 15.92 Non-vested 3,050,734 $ 17.98 |
Summary of Restricted Stock Units Activity | The following table summarizes the Company’s RSU activity for the fiscal year ended January 31, 2017: Shares Weighted- Non-vested — $ — Granted 561,500 28.10 Vested — — Forfeited (30,000 ) 26.78 Non-vested 531,500 $ 28.17 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Share Repurchase Activity | Share repurchase activity under the Company’s share repurchase programs is as follows: Fiscal Year Ended January 31, 2017 2016 Number of common shares repurchased and subsequently retired 1,324,700 14,961,710 Total cost $ 45,787 $ 465,304 Average cost per share, including commissions $ 34.56 $ 31.10 |
Other Comprehensive Income (L33
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax | The following tables present the changes in “Accumulated other comprehensive income (loss),” by component, net of tax, for the fiscal years ended January 31, 2017 and 2016, respectively: Fiscal Year Ended January 31, 2017 Foreign Unrealized Gains Available-for- Total Beginning Balance $ (23,479 ) $ 28 (23,451 ) Other comprehensive income (loss) before reclassifications (10,533 ) (2 ) (10,535 ) Amounts reclassified from accumulated other comprehensive income (loss) — (83 ) (83 ) Net current-period total other comprehensive income/(loss) (10,533 ) (85 ) (10,618 ) Ending Balance $ (34,012 ) $ (57 ) $ (34,069 ) Fiscal Year Ended January 31, 2016 Foreign Unrealized Available-for- Total Beginning Balance $ (15,516 ) $ 89 $ (15,427 ) Other comprehensive income (loss) before reclassifications (7,963 ) (104 ) (8,067 ) Amounts reclassified from accumulated other comprehensive income (loss) — 43 43 Net current-period total other comprehensive income/(loss) (7,963 ) (61 ) (8,024 ) Ending Balance $ (23,479 ) $ 28 $ (23,451 ) |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
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, 2017 2016 2015 Basic weighted-average common shares outstanding 116,873,023 125,232,499 136,651,899 Effect of dilutive options, stock appreciation rights, restricted stock units and performance stock units 418,094 780,915 1,540,835 Diluted weighted-average shares outstanding 117,291,117 126,013,414 138,192,734 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
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 2018 $ 281,249 2019 267,825 2020 247,806 2021 220,263 2022 188,706 Thereafter 784,839 Total minimum lease payments $ 1,990,688 |
Rent Expense for Operating Leases | Rent expense consisted of the following: Fiscal Year Ended January 31, 2017 2016 2015 Minimum and percentage rentals $ 260,421 $ 245,474 $ 234,982 Contingent rentals 2,244 2,704 3,901 Total $ 262,665 $ 248,178 $ 238,883 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jan. 31, 2017 | |
Schedule of Operations by Segment | A summary of the information about the Company’s operations by segment is as follows: Fiscal Year 2017 2016 2015 Net sales Retail operations $ 3,256,890 $ 3,184,955 $ 3,097,274 Wholesale operations 298,566 273,603 237,491 Intersegment elimination (9,662 ) (13,424 ) (11,688 ) Total net sales $ 3,545,794 $ 3,445,134 $ 3,323,077 Income from operations Retail operations $ 325,666 $ 342,885 $ 354,326 Wholesale operations 58,169 54,444 55,403 Intersegment elimination (614 ) (1,096 ) (1,079 ) Total segment operating income 383,221 396,233 408,650 General corporate expenses (44,694 ) (42,654 ) (43,265 ) Total income from operations $ 338,527 $ 353,579 $ 365,385 Depreciation expense for property and equipment Retail operations $ 132,150 $ 137,963 $ 130,383 Wholesale operations 980 918 1,031 Total depreciation expense for property and equipment $ 133,130 $ 138,881 $ 131,414 Inventory Retail operations $ 301,519 $ 289,170 Wholesale operations 37,071 41,053 Total inventory $ 338,590 $ 330,223 Property and equipment, net Retail operations $ 864,396 $ 859,277 Wholesale operations 3,390 3,860 Total property and equipment, net $ 867,786 $ 863,137 Cash paid for property and equipment Retail operations $ 142,872 $ 134,627 $ 228,682 Wholesale operations 842 323 1,122 Total cash paid for property and equipment $ 143,714 $ 134,950 $ 229,804 |
Schedule of Revenues and Long-Lived Assets, by Domestic and Foreign Operations Segment | The Company has foreign operations primarily in Europe and Canada. Revenues and long-lived assets, based upon the Company’s domestic and foreign operations, are as follows: Fiscal Year 2017 2016 2015 Net Sales Domestic operations $ 3,114,014 $ 3,005,595 $ 2,870,140 Foreign operations 431,780 439,539 452,937 Total net sales $ 3,545,794 $ 3,445,134 $ 3,323,077 Property and equipment, net Domestic operations $ 766,419 $ 742,171 Foreign operations 101,367 120,966 Total property and equipment, net $ 867,786 $ 863,137 |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) | 12 Months Ended | |
Jan. 31, 2017StoreCustomer | Jan. 31, 2016Store | |
Nature Of Business [Line Items] | ||
Number of stores for operations | 606 | 572 |
Number of department and specialty retailers worldwide, sold and distributed apparel to | Customer | 1,900 | |
United States | ||
Nature Of Business [Line Items] | ||
Number of stores for operations | 515 | 485 |
Europe | ||
Nature Of Business [Line Items] | ||
Number of stores for operations | 54 | 52 |
Canada | ||
Nature Of Business [Line Items] | ||
Number of stores for operations | 37 | 35 |
Activity of Allowance for doubt
Activity of Allowance for doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance at beginning of year | $ 664 | $ 850 | $ 1,711 |
Additions | 4,892 | 6,578 | 4,666 |
Deductions | (4,968) | (6,764) | (5,527) |
Balance at end of year | $ 588 | $ 664 | $ 850 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | 36 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2017 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Impairment charges | $ 4,341 | $ 8,928 | ||
Foreign currency translation losses | (10,533) | (7,963) | $ (14,128) | |
Average excess tax benefit from share-based awards | $ 1,274 | |||
Cost of Sales | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Impairment charges | 4,341 | 7,429 | ||
Selling, General and Administrative Expenses | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Impairment charges | 1,499 | |||
Advertising expense | 127,159 | 114,104 | 103,882 | |
Web creative expenses | 31,237 | 32,003 | 27,183 | |
Accumulated Other Comprehensive Income (Loss) | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Foreign currency translation losses | (34,012) | (23,479) | ||
Unrealized gains / (losses) on marketable securities, net of tax | (57) | 28 | ||
Change in unrealized gains / (losses) on marketable securities, tax | 28 | 36 | $ 201 | |
Prepaid Expense And Other Current Assets | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Advertising costs reported as prepaid expenses | $ 2,087 | $ 3,724 | $ 2,087 | |
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 | |||
Building | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Average useful life (in years) | 39 years | |||
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 |
Activity of sales Return Reserv
Activity of sales Return Reserve (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Revenue Recognition, Allowances [Line Items] | |||
Balance at beginning of year | $ 24,385 | $ 19,804 | $ 17,089 |
Additions | 105,909 | 96,707 | 80,390 |
Deductions | (105,412) | (92,126) | (77,675) |
Balance at end of year | $ 24,882 | $ 24,385 | $ 19,804 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - USD ($) | Feb. 01, 2016 | Jan. 31, 2018 | Jan. 31, 2017 |
Business Acquisition [Line Items] | |||
Payment to acquire business, gross | $ 15,325,000 | ||
Vetri Family Group of Restaurants | |||
Business Acquisition [Line Items] | |||
Total aggregate purchase price | $ 18,937,000 | ||
Payment to acquire business, gross | 15,325,000 | ||
Settlement of note receivable | 2,687,000 | ||
Liabilities assumed | $ 0 | ||
Vetri Family Group of Restaurants | Scenario, Forecast | |||
Business Acquisition [Line Items] | |||
Payment to acquire business, gross | $ 925,000 |
Amortized Cost, Gross Unrealize
Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value of Available-For-Sale Securities (Detail) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 155,330 | $ 97,854 |
Unrealized Gains | 170 | 116 |
Unrealized (Losses) | (145) | (309) |
Fair Value | 155,355 | 97,661 |
Short-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 111,134 | 61,043 |
Unrealized Gains | 35 | 43 |
Unrealized (Losses) | (102) | (25) |
Fair Value | 111,067 | 61,061 |
Long Term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 44,196 | 36,811 |
Unrealized Gains | 135 | 73 |
Unrealized (Losses) | (43) | (284) |
Fair Value | 44,288 | 36,600 |
Municipal And Pre-Refunded Municipal Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 71,261 | 44,360 |
Municipal And Pre-Refunded Municipal Bonds | Short-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 51,731 | 26,243 |
Unrealized Gains | 28 | 33 |
Unrealized (Losses) | (12) | |
Fair Value | 51,747 | 26,276 |
Municipal And Pre-Refunded Municipal Bonds | Long Term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 19,488 | 18,028 |
Unrealized Gains | 35 | 58 |
Unrealized (Losses) | (9) | (2) |
Fair Value | 19,514 | 18,084 |
Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 78,398 | 46,071 |
Corporate Bonds | Short-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 59,403 | 33,885 |
Unrealized Gains | 7 | 10 |
Unrealized (Losses) | (90) | (25) |
Fair Value | 59,320 | 33,870 |
Corporate Bonds | Long Term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 19,102 | 12,227 |
Unrealized Gains | 9 | 9 |
Unrealized (Losses) | (33) | (35) |
Fair Value | 19,078 | 12,201 |
Mutual Funds, Held in Rabbi Trust | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 4,673 | 4,363 |
Mutual Funds, Held in Rabbi Trust | Long Term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,583 | 4,604 |
Unrealized Gains | 91 | 6 |
Unrealized (Losses) | (1) | (247) |
Fair Value | 4,673 | 4,363 |
Certificates of Deposit | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 1,023 | 2,867 |
Certificates of Deposit | Short-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 915 | |
Fair Value | 915 | |
Certificates of Deposit | Long Term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,023 | 1,952 |
Fair Value | $ 1,023 | $ 1,952 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017USD ($)Securities | Jan. 31, 2016USD ($)Securities | Jan. 31, 2015USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales and maturities of available-for-sale securities | $ 243,159 | $ 374,057 | $ 830,297 |
Amortization of discounts and premiums, net | $ 2,200 | $ 3,841 | 6,696 |
Total number of securities with unrealized loss positions within the Company's portfolio | Securities | 206 | 84 | |
Other Income ( Expense ), Net | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Net realized gain (loss) | $ (83) | $ 43 | $ 237 |
Gross Unrealized Losses and Fai
Gross Unrealized Losses and Fair Value of Marketable Securities (Detail) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | $ 80,641 | $ 36,105 |
Less Than 12 Months, Unrealized Losses | (145) | (303) |
12 Months or Greater, Fair Value | 1,532 | |
12 Months or Greater, Unrealized Losses | (6) | |
Total, Fair Value | 80,641 | 37,637 |
Total, Unrealized Losses | (145) | (309) |
Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 61,612 | 30,745 |
Less Than 12 Months, Unrealized Losses | (123) | (54) |
12 Months or Greater, Fair Value | 1,098 | |
12 Months or Greater, Unrealized Losses | (6) | |
Total, Fair Value | 61,612 | 31,843 |
Total, Unrealized Losses | (123) | (60) |
Municipal And Pre-Refunded Municipal Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 18,713 | 997 |
Less Than 12 Months, Unrealized Losses | (21) | (2) |
12 Months or Greater, Fair Value | 434 | |
Total, Fair Value | 18,713 | 1,431 |
Total, Unrealized Losses | (21) | (2) |
Mutual Funds, Held in Rabbi Trust | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 316 | 4,363 |
Less Than 12 Months, Unrealized Losses | (1) | (247) |
Total, Fair Value | 316 | 4,363 |
Total, Unrealized Losses | $ (1) | $ (247) |
Financial Assets Measured at Fa
Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | $ 155,355 | $ 97,661 |
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 | 78,398 | 46,071 |
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 | 71,261 | 44,360 |
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 | 4,673 | 4,363 |
Certificates of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | 1,023 | 2,867 |
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 | 83,071 | 50,434 |
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 | 78,398 | 46,071 |
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 | 4,673 | 4,363 |
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 | 72,284 | 47,227 |
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 | 71,261 | 44,360 |
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 | $ 1,023 | $ 2,867 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment charges | $ 4,341 | $ 8,928 |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Land | $ 21,310 | $ 15,197 |
Buildings | 300,130 | 294,674 |
Furniture and fixtures | 437,268 | 424,681 |
Leasehold improvements | 896,279 | 860,577 |
Other operating equipment | 280,581 | 249,969 |
Construction-in-progress | 43,346 | 44,763 |
Property, Plant and Equipment, Gross, Total | 1,978,914 | 1,889,861 |
Accumulated depreciation | (1,111,128) | (1,026,724) |
Total | $ 867,786 | $ 863,137 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense for property and equipment | $ 133,130 | $ 138,881 | $ 131,414 |
Accrued Expenses and Other Cu49
Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2014 |
Accrued Expenses and Other Current Liabilities [Line Items] | ||||
Gift cards and merchandise credits | $ 55,144 | $ 51,549 | ||
Sales return reserves | 24,882 | 24,385 | $ 19,804 | $ 17,089 |
Accrued sales and VAT taxes | 24,794 | 17,145 | ||
Accrued construction | 17,001 | 11,595 | ||
Accrued rents, estimated property taxes and other property expenses | 16,838 | 10,411 | ||
Other current liabilities | 35,950 | 54,637 | ||
Total | $ 174,609 | $ 169,722 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Jul. 01, 2015USD ($)Financial_Institution | Jan. 31, 2017USD ($) |
Line of Credit Facility [Line Items] | ||
Line of credit outstanding | $ 0 | |
Stand-by letters of credit | ||
Line of Credit Facility [Line Items] | ||
Letter of credit outstanding | 12,852,000 | |
Trade Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Letter of credit outstanding | 60,539,000 | |
Number of financial institutions with borrowing agreements | Financial_Institution | 2 | |
Line of credit facility available for purposes of trade of letter of credit | $ 130,000,000 | |
Line of credit facility, available amount | $ 69,461,000 | |
JPMorgan Chase Bank N. A. | Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, period | 5 years | |
Credit facility maximum borrowing capacity | $ 400,000,000 | |
Additional line of credit facility | $ 150,000,000 | |
JPMorgan Chase Bank N. A. | Revolving Credit Facility | Adjusted LIBOR, CDOR or EURIBOR | Minimum | ||
Line of Credit Facility [Line Items] | ||
Applicable margin | 1.125% | |
JPMorgan Chase Bank N. A. | Revolving Credit Facility | Adjusted LIBOR, CDOR or EURIBOR | Maximum | ||
Line of Credit Facility [Line Items] | ||
Applicable margin | 1.625% | |
JPMorgan Chase Bank N. A. | Revolving Credit Facility | Adjusted ABR | Minimum | ||
Line of Credit Facility [Line Items] | ||
Applicable margin | 0.125% | |
JPMorgan Chase Bank N. A. | Revolving Credit Facility | Adjusted ABR | Maximum | ||
Line of Credit Facility [Line Items] | ||
Applicable margin | 0.625% |
Components of Income before Inc
Components of Income before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Schedule Of Income Loss From Continuing Operations [Line Items] | |||
Domestic | $ 297,347 | $ 323,906 | $ 328,479 |
Foreign | 40,752 | 26,125 | 34,971 |
Income before income taxes | $ 338,099 | $ 350,031 | $ 363,450 |
Components of Provision for Inc
Components of Provision for Income Tax Expense or Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Schedule Of Income Loss From Continuing Operations [Line Items] | |||
Current, Federal | $ 103,951 | $ 84,274 | $ 109,978 |
Current, State | 15,130 | 21,391 | 19,665 |
Current, Foreign | 5,699 | 6,215 | 3,600 |
Current income tax expense, total | 124,780 | 111,880 | 133,243 |
Deferred, Federal | (5,765) | 13,985 | (3,295) |
Deferred, State | 1,029 | (1,218) | 1,372 |
Deferred, Foreign | (65) | 895 | (298) |
Deferred income tax expense (benefit), total | (4,801) | 13,662 | (2,221) |
Income tax expense (benefit), total | $ 119,979 | $ 125,542 | $ 131,022 |
Differences Between the Statuto
Differences Between the Statutory U.S. Federal Income Tax Rate and the Company's Effective Tax Rate (Detail) | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
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 | 3.10% | 3.70% | 3.70% |
Foreign taxes | (2.90%) | (2.00%) | (2.40%) |
Federal rehabilitation tax credit | (0.00%) | (1.90%) | (0.00%) |
Other | 0.30% | 1.10% | (0.30%) |
Effective tax rate | 35.50% | 35.90% | 36.00% |
Significant Components of Defer
Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jan. 31, 2017 | Jan. 31, 2016 |
Components Of Deferred Tax Assets And Liabilities [Line Items] | ||
Prepaid expense | $ (3,460) | $ (4,645) |
Depreciation | (70,944) | (66,936) |
Other temporary differences | (2,024) | (2,604) |
Gross deferred tax liabilities | (76,428) | (74,185) |
Deferred rent | 79,675 | 72,253 |
Inventory | 9,760 | 11,031 |
Accounts receivable | 3,241 | 3,953 |
Net operating loss carryforwards | 2,859 | 4,941 |
Tax uncertainties | 1,949 | 2,972 |
Accrued salaries and benefits | 28,234 | 27,660 |
Income tax credits | 4,550 | 4,287 |
Other temporary differences | 5,512 | 7,896 |
Gross deferred tax assets, before valuation allowances | 135,780 | 134,993 |
Valuation allowances | (6,688) | (6,560) |
Net deferred tax assets | $ 52,664 | $ 54,248 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Income Taxes [Line Items] | |||
Net deferred tax assets | $ 52,664 | $ 54,248 | |
Unrecognized tax benefit that, if recognized, would impact the effective tax rate | 4,466 | 5,698 | |
Recognized (benefit)/expense in interest and penalties | (218) | (686) | $ 408 |
Accrued amounts for payment of interest and penalties | 582 | 800 | |
Unrecognized tax benefits, lower bound | 0 | ||
Unrecognized tax benefits, upper bound | 4,009 | ||
U.S. Federal | |||
Income Taxes [Line Items] | |||
Net deferred tax assets | 28,549 | 28,249 | |
Net operating loss carryforwards | 5,841 | ||
Tax credit carryforwards | $ 6,373 | ||
U.S. Federal | Earliest Tax Year | |||
Income Taxes [Line Items] | |||
Expiration date | 2,021 | ||
Tax credit expiration date | 2,018 | ||
U.S. Federal | Latest Tax Year | |||
Income Taxes [Line Items] | |||
Expiration date | 2,037 | ||
Tax credit expiration date | 2,031 | ||
State and Local Jurisdiction | |||
Income Taxes [Line Items] | |||
Net deferred tax assets | $ 14,798 | 17,391 | |
Foreign Jurisdictions | |||
Income Taxes [Line Items] | |||
Net deferred tax assets | 9,317 | $ 8,608 | |
Net operating loss carryforwards, expire 2017 through 2033 | 179 | ||
Net operating loss carryforwards, do not expire | 10,176 | ||
Undistributed earnings | $ 293,160 | ||
Foreign Jurisdictions | Earliest Tax Year | |||
Income Taxes [Line Items] | |||
Expiration date | 2,017 | ||
Foreign Jurisdictions | Latest Tax Year | |||
Income Taxes [Line Items] | |||
Expiration date | 2,022 |
Reconciliation of Beginning and
Reconciliation of Beginning and Ending Balances of Total Amounts of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Reconciliation Of Income Taxes [Line Items] | |||
Balance at the beginning of the period | $ 7,838 | $ 6,889 | $ 4,835 |
Increases in tax positions for prior years | 21 | 4,053 | 2,518 |
Decreases in tax positions for prior years | (725) | (891) | (12) |
Increases in tax positions for current year | 187 | 274 | 352 |
Settlements | (590) | (1,590) | (620) |
Lapse in statute of limitations | (933) | (897) | (184) |
Balance at the end of the period | $ 5,798 | $ 7,838 | $ 6,889 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Jan. 31, 2017 | Jan. 31, 2016 | Dec. 31, 2015 | Jan. 31, 2015 | Dec. 12, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Assumed annualized forfeiture rate | 5.00% | 5.00% | 5.00% | ||
Tax benefit associated with share-based compensation expense | $ 7,132 | $ 6,182 | $ 6,367 | ||
Tax benefit realized from share-based compensation | $ 2,272 | $ 14,512 | $ 5,813 | ||
Common shares per PSU | 100.00% | ||||
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 | 4,592,443 | ||||
Share based awards granted in previous years | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Assumed annualized forfeiture rate | 5.00% | ||||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards granted | 140,000 | ||||
Compensation cost of stock options granted but not yet vested | $ 301 | ||||
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) | 1 year | ||||
Stock Options | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options vesting period, maximum (in years) | 3 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 | ||||
Awards granted | 0 | 0 | 0 | ||
Compensation cost of stock options granted but not yet vested | $ 139 | ||||
Weighted average period of recognition (in years) | 9 months 18 days | ||||
Performance Stock Units (PSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation cost of stock options granted but not yet vested | $ 25,138 | ||||
Weighted average period of recognition (in years) | 2 years 3 months 18 days | ||||
Weighted average grant date fair value | $ 27.30 | $ 18.94 | $ 23.40 | ||
Granted, Shares | 410,000 | 163,336 | |||
Vested, Shares | 100,000 | ||||
Aggregate grant date fair value, vested | $ 25.37 | ||||
Performance Stock Units (PSUs) | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options vesting period, maximum (in years) | 3 years | ||||
Performance Stock Units (PSUs) | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options vesting period, maximum (in years) | 5 years | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation cost of stock options granted but not yet vested | $ 9,525 | ||||
Weighted average period of recognition (in years) | 2 years 1 month 6 days | ||||
Weighted average grant date fair value | $ 28.10 | ||||
Granted, Shares | 561,500 | 0 | 0 | ||
Vested, Shares | 0 | 0 | |||
Aggregate grant date fair value, vested | $ 0 | $ 39.06 | |||
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 | ||||
2017 Stock Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common shares authorized | 10,000,000 | ||||
Awards granted | 0 |
Schedule of Share-Based Compens
Schedule of Share-Based Compensation Expense (Income) Included in Selling, General and Administrative Expenses in Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 18,291 | $ 15,623 | $ 16,736 | |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 1,002 | 841 | 1,377 | |
Stock Appreciation Rights (SARs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 240 | 1,295 | 2,244 | |
Performance Stock Units (PSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | [1],[2],[3] | 12,349 | 13,464 | 12,991 |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 4,700 | $ 23 | $ 124 | |
[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 $7,908 of previously recognized compensation expense in fiscal 2017, related to 505,510 PSU's that will not vest as the achievement of the related performance target is not probable. | |||
[3] | Includes the reversal of $967 of previously recognized compensation expense in fiscal 2016, related to 50,004 PSU's that will not vest as the achievement of the related performance target is not probable. |
Schedule of Share-Based Compe59
Schedule of Share-Based Compensation Expense (Income) Included in Selling, General and Administrative Expenses in Consolidated Statements of Income (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Reversal of share-based compensation expense | $ 7,908 | $ 967 | $ 1,396 |
Performance Stock Units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, granted | 410,000 | 163,336 | |
Performance Stock Units (PSUs) | Deferred Compensation, Share-based Payments | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, granted | 505,510 | 50,004 |
Weighted Average Assumptions Us
Weighted Average Assumptions Used to Estimate Fair Value of Stock Options at Date of Grant (Detail) - Stock Options | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
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 4 months 24 days |
Risk-free interest rate | 0.90% | 1.20% | 1.10% |
Volatility | 34.20% | 32.50% | 33.00% |
Dividend rate | 0.00% | 0.00% | 0.00% |
Summary of Stock Option Activit
Summary of Stock Option Activity (Detail) - Stock Options - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards outstanding at beginning of year, Shares | 950,375 | |
Granted, Shares | 140,000 | |
Exercised, Shares | (177,625) | |
Forfeited or Expired, Shares | (4,500) | |
Awards outstanding at end of year, Shares | 908,250 | 950,375 |
Awards outstanding expected to vest, Shares | 901,250 | |
Awards exercisable at end of year, Shares | 768,250 | |
Awards outstanding at beginning of year, Weighted Average Exercise Price | $ 33.17 | |
Granted, Weighted Average Exercise Price | 28.47 | |
Exercised, Weighted Average Exercise Price | 23.06 | |
Forfeited or Expired, Weighted Average Exercise Price | 27.27 | |
Awards outstanding at end of year, Weighted Average Exercise Price | 34.45 | $ 33.17 |
Awards outstanding expected to vest, Weighted Average Exercise Price | 34.45 | |
Awards exercisable at end of year, Weighted Average Exercise Price | $ 35.54 | |
Awards outstanding at end of year, Weighted Average Remaining Contractual Term (years) | 3 years 1 month 6 days | 2 years 10 months 24 days |
Awards outstanding expected to vest, Weighted Average Remaining Contractual Term (years) | 3 years 1 month 6 days | |
Awards exercisable at end of year, Weighted Average Remaining Contractual Term (years) | 3 years 1 month 6 days | |
Awards outstanding at beginning of year, Aggregate Intrinsic Value | $ 307 | |
Awards outstanding at end of year, Aggregate Intrinsic Value | 75 | $ 307 |
Awards outstanding expected to vest, Aggregate Intrinsic Value | 71 | |
Awards exercisable at end of year, Aggregate Intrinsic Value | $ 75 |
Summary of Other Information Re
Summary of Other Information Related to Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Net cash proceeds from the exercise of stock options | $ 4,096 | $ 46,400 | $ 10,693 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value-per share | $ 7.31 | $ 7.46 | $ 7.02 |
Intrinsic value of awards exercised | $ 1,566 | $ 14,193 | $ 4,852 |
Net cash proceeds from the exercise of stock options | $ 4,096 | $ 46,400 | $ 10,693 |
Summary of Stock Appreciation R
Summary of Stock Appreciation Right Activity (Detail) - Stock Appreciation Rights (SARs) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards outstanding at beginning of year, Shares | 304,100 | ||
Granted, Shares | 0 | 0 | 0 |
Exercised, Shares | (69,675) | ||
Forfeited or Expired, Shares | (3,100) | ||
Awards outstanding at end of year, Shares | 231,325 | 304,100 | |
Awards outstanding expected to vest, Shares | 230,234 | ||
Awards outstanding at end of year, Shares | 184,363 | ||
Awards outstanding at beginning of year, Weighted Average Exercise Price | $ 31.74 | ||
Granted, Weighted Average Exercise Price | 0 | ||
Exercised, Weighted Average Exercise Price | 28.53 | ||
Forfeited or Expired, Weighted Average Exercise Price | 32.80 | ||
Awards outstanding at end of year, Weighted Average Exercise Price | 32.69 | $ 31.74 | |
Awards outstanding expected to vest, Weighted Average Exercise Price | 32.69 | ||
Awards exercisable at end of year, Weighted Average Exercise Price | $ 32.47 | ||
Awards outstanding at end of year, Weighted Average Remaining Contractual Term (years) | 2 years 6 months | 3 years 6 months | |
Awards outstanding expected to vest, Weighted Average Remaining Contractual Term (years) | 2 years 6 months | ||
Awards exercisable at end of year, Weighted Average Remaining Contractual Term (years) | 2 years 6 months | ||
Awards outstanding at beginning of year, Aggregate Intrinsic Value | $ 0 | ||
Awards outstanding at end of year, Aggregate Intrinsic Value | 0 | $ 0 | |
Awards outstanding expected to vest, Aggregate Intrinsic Value | 0 | ||
Awards exercisable at end of year, Aggregate Intrinsic Value | $ 0 |
Summary of Other Information 64
Summary of Other Information Related to SAR's (Detail) - Stock Appreciation Rights (SARs) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value-per share | $ 0 | $ 0 | $ 0 |
Intrinsic value of awards exercised | $ 566 | $ 7,386 | $ 654 |
Summary of Performance Share Un
Summary of Performance Share Units Activity (Detail) - Performance Stock Units (PSUs) - $ / shares | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested awards outstanding at beginning of year, Shares | 4,183,298 | ||
Granted, Shares | 410,000 | 163,336 | |
Vested, Shares | (100,000) | ||
Forfeited, Shares | (1,442,564) | ||
Non-vested awards outstanding at end of year, Shares | 3,050,734 | 4,183,298 | |
Non-vested awards outstanding at beginning of year, Weighted average fair value | $ 20.64 | ||
Granted, Weighted average fair value | 27.30 | $ 18.94 | $ 23.40 |
Vested, Weighted average fair value | 25.37 | ||
Forfeited, Weighted average fair value | 15.92 | ||
Non-vested awards outstanding at end of year, Weighted average fair value | $ 17.98 | $ 20.64 |
Summary of Restricted Stock Uni
Summary of Restricted Stock Unit's Activity (Detail) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Shares | 561,500 | 0 | 0 |
Vested, Shares | 0 | 0 | |
Forfeited, Shares | (30,000) | ||
Non-vested awards outstanding at end of year, Shares | 531,500 | ||
Granted, Weighted average fair value | $ 28.10 | ||
Vested, Weighted average fair value | 0 | $ 39.06 | |
Forfeited, Weighted average fair value | 26.78 | ||
Non-vested awards outstanding at end of year, Weighted average fair value | $ 28.17 |
Share Repurchase Activity (Deta
Share Repurchase Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Equity, Class of Treasury Stock [Line Items] | |||
Total cost | $ 47,839 | $ 475,424 | $ 615,421 |
Share repurchase program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Number of common shares repurchased and subsequently retired | 1,324,700 | 14,961,710 | |
Total cost | $ 45,787 | $ 465,304 | |
Average cost per share, including commissions | $ 34.56 | $ 31.10 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | Feb. 23, 2015 | May 27, 2014 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Common shares authorized for repurchase, shares | 20,000,000 | 10,000,000 | |||
Remaining common shares authorized for repurchase, shares | 5,995,059 | ||||
Stock repurchased and retired during period, total cost | $ 47,839 | $ 475,424 | $ 615,421 | ||
Employee Stock | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock repurchased and retired during period, common shares | 55,769 | 247,124 | |||
Stock repurchased and retired during period, total cost | $ 2,052 | $ 10,120 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Beginning Balance | $ 1,137,227 | $ 1,327,969 | $ 1,694,170 |
Other comprehensive income (loss) before reclassifications | (10,535) | (8,067) | |
Amounts reclassified from accumulated other comprehensive income (loss) | (83) | 43 | |
Net current-period total other comprehensive income/(loss) | (10,618) | (8,024) | (14,459) |
Ending Balance | 1,313,084 | 1,137,227 | 1,327,969 |
Foreign Currency Translation | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Beginning Balance | (23,479) | (15,516) | |
Other comprehensive income (loss) before reclassifications | (10,533) | (7,963) | |
Net current-period total other comprehensive income/(loss) | (10,533) | (7,963) | |
Ending Balance | (34,012) | (23,479) | (15,516) |
Unrealized Gains and (Losses) on available- for-Sale Securities | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Beginning Balance | 28 | 89 | |
Other comprehensive income (loss) before reclassifications | (2) | (104) | |
Amounts reclassified from accumulated other comprehensive income (loss) | (83) | 43 | |
Net current-period total other comprehensive income/(loss) | (85) | (61) | |
Ending Balance | (57) | 28 | 89 |
Accumulated Other Comprehensive Income (Loss) | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Beginning Balance | (23,451) | (15,427) | (968) |
Ending Balance | $ (34,069) | $ (23,451) | $ (15,427) |
Reconciliation of Weighted Aver
Reconciliation of Weighted Average Common Shares Outstanding Used for Computation of Basic and Diluted Net Income Per Common Share (Detail) - shares | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Earnings Per Share [Line Items] | |||
Basic weighted-average common shares outstanding | 116,873,023 | 125,232,499 | 136,651,899 |
Effect of dilutive options, stock appreciation rights, restricted stock units and performance stock units | 418,094 | 780,915 | 1,540,835 |
Diluted weighted-average shares outstanding | 117,291,117 | 126,013,414 | 138,192,734 |
Net Income per Common Share - A
Net Income per Common Share - Additional Information (Detail) - $ / shares | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive common shares | 812,957 | 692,942 | 1,015,895 |
Anti-dilutive common shares exercise price, minimum | $ 28.10 | $ 25.60 | $ 35.12 |
Anti-dilutive common shares exercise price, maximum | $ 46.02 | $ 46.02 | $ 46.02 |
Performance Stock Units (PSUs) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive common shares | 3,165,152 | 2,957,573 |
Schedule by Year of Future Mini
Schedule by Year of Future Minimum Lease Payments for Operating Leases with Original Terms in Excess of One Year (Detail) $ in Thousands | Jan. 31, 2017USD ($) |
Schedule of Operating Leases [Line Items] | |
2,018 | $ 281,249 |
2,019 | 267,825 |
2,020 | 247,806 |
2,021 | 220,263 |
2,022 | 188,706 |
Thereafter | 784,839 |
Total minimum lease payments | $ 1,990,688 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017USD ($)$ / Employee_ContributionStore | Jan. 31, 2016USD ($) | Jan. 31, 2015USD ($) | |
Commitments and Contingencies Disclosure [Line Items] | |||
Number of lease commitment not opened | Store | 13 | ||
Commitments for un-fulfilled purchase orders | $ 418,221 | ||
Commitments with construction contractors | $ 6,409 | ||
U.S. based employees age limit to participate in 401(k) Saving Plan | 18 years | ||
Employer matching contribution per employee | $ / Employee_Contribution | 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 | $ 2,455 | $ 2,121 | $ 1,708 |
Nonqualified Deferred Compensation Plan | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Employer matching contribution per employee | $ / Employee_Contribution | 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 | $ 84 | 105 | $ 100 |
Deferred compensation obligation | 4,673 | 4,673 | |
Aggregate market value of investments | $ 4,363 | $ 4,363 | |
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 Leas
Rent Expense for Operating Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Lease and Rental Expense [Line Items] | |||
Minimum and percentage rentals | $ 260,421 | $ 245,474 | $ 234,982 |
Contingent rentals | 2,244 | 2,704 | 3,901 |
Total | $ 262,665 | $ 248,178 | $ 238,883 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Thousands | Sep. 20, 2016USD ($)aRenewalOptions | Jan. 31, 2017USD ($) | Jan. 31, 2016USD ($) | Jan. 31, 2015USD ($) |
Related Party Transaction [Line Items] | ||||
Fees paid | $ 2,420 | $ 2,493 | $ 2,752 | |
Fees due | 102 | 217 | ||
Initial rental rate per year | 262,665 | 248,178 | 238,883 | |
Aggregate amount of rental payments payable under the initial term of the Lease | 1,990,688 | |||
Anthropologie Group | ||||
Related Party Transaction [Line Items] | ||||
Lease, number of acres rented | a | 6 | |||
Initial lease term | 40 years | |||
Number of lease extension options in current lease contract | RenewalOptions | 2 | |||
Additional operating lease term | 10 years | |||
Initial rental rate per year | $ 1,087 | |||
Rent increase percentage | 10.00% | |||
Lease rent increase period, in initial term | 5 years | |||
Aggregate amount of rental payments payable under the initial term of the Lease | $ 62,135 | |||
Rental payments during extension term as a percentage of market rental rate | 90.00% | |||
West Street Consultancy Limited | ||||
Related Party Transaction [Line Items] | ||||
Real estate commission paid | 157 | 422 | 295 | |
HED Real Estate BV | ||||
Related Party Transaction [Line Items] | ||||
Real estate commission paid | $ 144 | $ 24 | $ 300 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended | ||
Jan. 31, 2017StoreCustomerOutletRestaurantBrandSegment | Jan. 31, 2016Store | Jan. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Number of reporting segments | Segment | 2 | ||
Number of stores | 606 | 572 | |
Number of major customers exceeding ten percentage thresholds | Customer | 0 | ||
Retail Operations | |||
Segment Reporting Information [Line Items] | |||
Number of brands | Brand | 6 | ||
Percentage of net sales | 91.90% | 92.40% | 93.20% |
Number of restaurants | Restaurant | 12 | ||
Retail Operations | Urban Outfitters | |||
Segment Reporting Information [Line Items] | |||
Number of stores | 242 | ||
Retail Operations | Anthropologie Group | |||
Segment Reporting Information [Line Items] | |||
Number of stores | 225 | ||
Retail Operations | Free People | |||
Segment Reporting Information [Line Items] | |||
Number of stores | 127 | ||
Wholesale Operations | |||
Segment Reporting Information [Line Items] | |||
Number of stores | Outlet | 1,900 |
Schedule of Operations by Segme
Schedule of Operations by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Total net sales | $ 3,545,794 | $ 3,445,134 | $ 3,323,077 |
General corporate expenses | (44,694) | (42,654) | (43,265) |
Total income from operations | 338,527 | 353,579 | 365,385 |
Total depreciation expense for property and equipment | 133,130 | 138,881 | 131,414 |
Total inventory | 338,590 | 330,223 | |
Total property and equipment, net | 867,786 | 863,137 | |
Total cash paid for property and equipment | 143,714 | 134,950 | 229,804 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total income from operations | 383,221 | 396,233 | 408,650 |
Operating Segments | Retail Operations | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 3,256,890 | 3,184,955 | 3,097,274 |
Total income from operations | 325,666 | 342,885 | 354,326 |
Total depreciation expense for property and equipment | 132,150 | 137,963 | 130,383 |
Total inventory | 301,519 | 289,170 | |
Total property and equipment, net | 864,396 | 859,277 | |
Total cash paid for property and equipment | 142,872 | 134,627 | 228,682 |
Operating Segments | Wholesale Operations | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 298,566 | 273,603 | 237,491 |
Total income from operations | 58,169 | 54,444 | 55,403 |
Total depreciation expense for property and equipment | 980 | 918 | 1,031 |
Total inventory | 37,071 | 41,053 | |
Total property and equipment, net | 3,390 | 3,860 | |
Total cash paid for property and equipment | 842 | 323 | 1,122 |
Intersegment Elimination | |||
Segment Reporting Information [Line Items] | |||
Total net sales | (9,662) | (13,424) | (11,688) |
Total income from operations | $ (614) | $ (1,096) | $ (1,079) |
Schedule of Revenues and Long-L
Schedule of Revenues and Long-Lived Assets, by Domestic and Foreign Operations Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Total net sales | $ 3,545,794 | $ 3,445,134 | $ 3,323,077 |
Total property and equipment, net | 867,786 | 863,137 | |
Domestic Operations | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 3,114,014 | 3,005,595 | 2,870,140 |
Total property and equipment, net | 766,419 | 742,171 | |
Foreign Operations | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 431,780 | 439,539 | $ 452,937 |
Total property and equipment, net | $ 101,367 | $ 120,966 |