Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 31, 2017 | Dec. 05, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | URBN | |
Entity Registrant Name | URBAN OUTFITTERS INC | |
Entity Central Index Key | 912,615 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 108,248,471 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2017 | Jan. 31, 2017 | Oct. 31, 2016 |
Current assets: | |||
Cash and cash equivalents | $ 234,726 | $ 248,140 | $ 234,886 |
Marketable securities | 93,228 | 111,067 | 24,644 |
Accounts receivable, net of allowance for doubtful accounts of $710, $588 and $568, respectively | 78,348 | 54,505 | 68,896 |
Inventory | 449,957 | 338,590 | 453,826 |
Prepaid expenses and other current assets | 111,050 | 129,095 | 107,767 |
Total current assets | 967,309 | 881,397 | 890,019 |
Property and equipment, net | 829,106 | 867,786 | 872,309 |
Marketable securities | 41,254 | 44,288 | 5,605 |
Deferred income taxes and other assets | 115,778 | 109,166 | 117,258 |
Total Assets | 1,953,447 | 1,902,637 | 1,885,191 |
Current liabilities: | |||
Accounts payable | 208,567 | 119,537 | 199,421 |
Accrued expenses, accrued compensation and other current liabilities | 214,506 | 233,391 | 205,812 |
Total current liabilities | 423,073 | 352,928 | 405,233 |
Deferred rent and other liabilities | 245,566 | 236,625 | 232,325 |
Total Liabilities | 668,639 | 589,553 | 637,558 |
Commitments and contingencies (see Note 11) | |||
Shareholders’ equity: | |||
Preferred shares; $.0001 par value, 10,000,000 shares authorized, none issued | |||
Common shares; $.0001 par value, 200,000,000 shares authorized,108,248,471, 116,233,781 and 116,233,584 shares issued and outstanding, respectively | 11 | 12 | 12 |
Retained earnings | 1,309,541 | 1,347,141 | 1,285,268 |
Accumulated other comprehensive loss | (24,744) | (34,069) | (37,647) |
Total Shareholders’ Equity | 1,284,808 | 1,313,084 | 1,247,633 |
Total Liabilities and Shareholders’ Equity | $ 1,953,447 | $ 1,902,637 | $ 1,885,191 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Oct. 31, 2017 | Jan. 31, 2017 | Oct. 31, 2016 |
Statement Of Financial Position [Abstract] | |||
Accounts receivable, allowance for doubtful accounts | $ 710 | $ 588 | $ 568 |
Preferred shares, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred shares, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred shares, shares issued | 0 | 0 | 0 |
Common shares, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common shares, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Common shares, shares issued | 108,248,471 | 116,233,781 | 116,233,584 |
Common shares, shares outstanding | 108,248,471 | 116,233,781 | 116,233,584 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Income Statement [Abstract] | ||||
Net sales | $ 892,774 | $ 862,491 | $ 2,526,895 | $ 2,515,636 |
Cost of sales | 595,028 | 562,594 | 1,692,026 | 1,611,337 |
Gross profit | 297,746 | 299,897 | 834,869 | 904,299 |
Selling, general and administrative expenses | 224,858 | 229,592 | 665,765 | 665,299 |
Income from operations | 72,888 | 70,305 | 169,104 | 239,000 |
Other (expense) income, net | (882) | 854 | 1,173 | 348 |
Income before income taxes | 72,006 | 71,159 | 170,277 | 239,348 |
Income tax expense | 26,914 | 23,804 | 63,332 | 85,516 |
Net income | $ 45,092 | $ 47,355 | $ 106,945 | $ 153,832 |
Net income per common share: | ||||
Basic | $ 0.41 | $ 0.41 | $ 0.95 | $ 1.31 |
Diluted | $ 0.41 | $ 0.40 | $ 0.94 | $ 1.31 |
Weighted-average common shares outstanding: | ||||
Basic | 109,667,224 | 116,829,912 | 113,113,597 | 117,087,696 |
Diluted | 110,100,254 | 117,393,710 | 113,432,367 | 117,453,005 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 45,092 | $ 47,355 | $ 106,945 | $ 153,832 |
Other comprehensive (loss) income: | ||||
Foreign currency translation | (1,388) | (10,665) | 9,342 | (14,141) |
Change in unrealized losses on marketable securities, net of tax | (13) | (55) | (17) | (55) |
Total other comprehensive (loss) income | (1,401) | (10,720) | 9,325 | (14,196) |
Comprehensive income | $ 43,691 | $ 36,635 | $ 116,270 | $ 139,636 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning Balance at Jan. 31, 2016 | $ (23,451) | ||||
Comprehensive income | $ 139,636 | ||||
Ending Balance at Oct. 31, 2016 | $ 1,247,633 | (37,647) | |||
Ending Balances (in shares) at Oct. 31, 2016 | 116,233,584 | ||||
Beginning Balance at Jul. 31, 2016 | (26,927) | ||||
Comprehensive income | $ 36,635 | ||||
Ending Balance at Oct. 31, 2016 | $ 1,247,633 | (37,647) | |||
Ending Balances (in shares) at Oct. 31, 2016 | 116,233,584 | ||||
Beginning Balance at Jan. 31, 2017 | $ 1,313,084 | $ 12 | $ 1,347,141 | (34,069) | |
Beginning Balances (in shares) at Jan. 31, 2017 | 116,233,781 | 116,233,781 | |||
Comprehensive income | $ 116,270 | 106,945 | 9,325 | ||
Share-based compensation | 13,831 | $ 13,831 | |||
Stock options and awards (in shares) | 200,000 | ||||
Cumulative effect of change in accounting pronouncement | 847 | 1,607 | (760) | ||
Share repurchases | (159,224) | $ (1) | $ (15,438) | (143,785) | |
Share repurchases (in shares) | (8,185,310) | ||||
Ending Balance at Oct. 31, 2017 | $ 1,284,808 | $ 11 | 1,309,541 | (24,744) | |
Ending Balances (in shares) at Oct. 31, 2017 | 108,248,471 | 108,248,471 | |||
Beginning Balance at Jul. 31, 2017 | (23,343) | ||||
Comprehensive income | $ 43,691 | ||||
Ending Balance at Oct. 31, 2017 | $ 1,284,808 | $ 11 | $ 1,309,541 | $ (24,744) | |
Ending Balances (in shares) at Oct. 31, 2017 | 108,248,471 | 108,248,471 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 106,945 | $ 153,832 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 96,966 | 101,181 |
Benefit for deferred income taxes | (4,771) | (11,087) |
Share-based compensation expense | 13,831 | 20,032 |
Loss on disposition of property and equipment, net | 3,276 | 2,801 |
Changes in assets and liabilities: | ||
Receivables | (23,567) | 6,261 |
Inventory | (109,258) | (126,934) |
Prepaid expenses and other assets | 2,815 | (7,331) |
Payables, accrued expenses and other liabilities | 83,411 | 90,592 |
Net cash provided by operating activities | 169,648 | 229,347 |
Cash flows from investing activities: | ||
Cash paid for property and equipment | (63,338) | (112,069) |
Cash paid for marketable securities | (174,938) | (152,340) |
Sales and maturities of marketable securities | 209,937 | 218,400 |
Acquisition of business | (15,325) | |
Net cash used in investing activities | (28,339) | (61,334) |
Cash flows from financing activities: | ||
Repayments of long-term debt | (150,000) | |
Proceeds from the exercise of stock options | 4,096 | |
Share repurchases related to share repurchase program | (157,044) | (45,787) |
Share repurchases related to taxes for share-based awards | (2,180) | (2,049) |
Net cash used in financing activities | (159,224) | (193,740) |
Effect of exchange rate changes on cash and cash equivalents | 4,501 | (4,663) |
Decrease in cash and cash equivalents | (13,414) | (30,390) |
Cash and cash equivalents at beginning of period | 248,140 | 265,276 |
Cash and cash equivalents at end of period | 234,726 | 234,886 |
Cash paid during the year for: | ||
Income taxes | 61,119 | 85,179 |
Non-cash investing activities—Accrued capital expenditures | $ 8,560 | $ 16,012 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Oct. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These condensed financial statements should be read in conjunction with Urban Outfitters, Inc.’s (the “Company’s”) Annual Report on Form 10-K for the fiscal year ended January 31, 2017, filed with the United States Securities and Exchange Commission on April 3, 2017. The Company’s business experiences seasonal fluctuations in net sales and net income, with a more significant portion typically realized in the second half of each year predominantly due to the year-end holiday period. Historically, and consistent with the retail industry, this seasonality also impacts our working capital requirements, particularly with regard to inventory. Accordingly, the results of operations for the three and nine months ended October 31, 2017 are not necessarily indicative of the results to be expected for the full year. The Company’s fiscal year ends on January 31. All references in these notes to the Company’s fiscal years refer to the fiscal years ended on January 31 in those years. For example, the Company’s fiscal year 2018 will end on January 31, 2018. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Oct. 31, 2017 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements Recently Adopted In March 2016, the Financial Accounting Standards Board (“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 adopted the new guidance on February 1, 2017 and recorded a cumulative effect reduction to beginning retained earnings of $(984) related to the Company’s election to record forfeitures as they occur and $224 related to the recognition of previously unrecognized excess tax benefits. In addition, the Company elected to retrospectively adopt the provision regarding the presentation of excess tax benefits (deficits) in the statement of cash flows, which resulted in an increase in net cash provided by operating activities and a decrease in net cash used in financing activities of $333 for the nine months ended October 31, 2016. The provision requiring the inclusion of excess tax benefits (deficits) as a component of the provision for income taxes in the consolidated results of operations has been applied prospectively. The Company recorded excess tax deficits of $3,072 during the nine months ended October 31, 2017. Recently Issued In October 2016, the 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 Company will adopt the new guidance effective February 1, 2018 using the modified retrospective approach. The net cumulative effect of this change will be recognized as an increase to retained earnings as of January 31, 2018, which will not be material. In June 2016, the FASB issued an accounting standards update that introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. This includes loan commitments, accounts receivable, trade receivables, and certain off-balance sheet credit exposures. The guidance also modifies the impairment model for available-for-sale debt securities. The update will be effective for the Company on February 1, 2020 and early adoption is permitted. The Company is currently assessing the potential effects this update may have on its consolidated financial statements and related disclosures. 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 asset and lease liability for all leases with terms of more than 12 months. Lessees are permitted to make an accounting policy election to not recognize the asset and liability for leases with a term of 12 months or less. The update will be effective for the Company on February 1, 2019 and early adoption is permitted. The update requires a modified retrospective transition approach, which includes a number of practical expedients. While the Company expects adoption to result in a significant increase in the assets and liabilities recorded on its balance sheet, the Company is currently assessing the overall impact on its consolidated financial statements and related disclosures. 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(s); (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract(s); 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 deferral of the effective date that allows the Company to defer the effective date to February 1, 2018, but still permits the Company to adopt the update as of the original February 1, 2017 effective date. The Company has determined it will adopt this update on February 1, 2018 using the modified retrospective approach. The Company expects adoption to result in a change in the timing of recognizing breakage income related to its gift cards and in recognizing estimated sales returns on a gross basis on its balance sheet. The Company has concluded that the effects of this update will not have a material impact on its consolidated financial statements and related disclosures. |
Acquisition
Acquisition | 9 Months Ended |
Oct. 31, 2017 | |
Business Combinations [Abstract] | |
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 $925 was settled in fiscal 2018. No liabilities were assumed. Pro forma information related to this acquisition is not included because the impact on the Company’s Condensed Consolidated Statements of Income is not considered to be material. |
Marketable Securities
Marketable Securities | 9 Months Ended |
Oct. 31, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | 4. Marketable Securities During all periods shown, marketable securities are classified as available-for-sale. The amortized cost, gross unrealized gains (losses) and fair value of available-for-sale securities by major security type and class of security as of October 31, 2017, January 31, 2017 and October 31, 2016 were as follows: Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value As of October 31, 2017 Short-term Investments: Corporate bonds $ 67,275 $ 2 $ (71 ) $ 67,206 Municipal and pre-refunded municipal bonds 24,676 4 (14 ) 24,666 Certificates of deposit 1,356 — — 1,356 93,307 6 (85 ) 93,228 Long-term Investments: Corporate bonds 30,051 2 (87 ) 29,966 Municipal and pre-refunded municipal bonds 1,362 — (2 ) 1,360 Mutual funds, held in rabbi trust 5,639 109 (2 ) 5,746 Certificates of deposit 4,182 — — 4,182 41,234 111 (91 ) 41,254 $ 134,541 $ 117 $ (176 ) $ 134,482 As of January 31, 2017 Short-term Investments: Corporate bonds $ 59,403 $ 7 $ (90 ) $ 59,320 Municipal and pre-refunded municipal bonds 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 municipal bonds 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 October 31, 2016 Short-term Investments: Corporate bonds $ 17,809 $ 1 $ (19 ) $ 17,791 Municipal and pre-refunded municipal bonds 6,859 — (6 ) 6,853 24,668 1 (25 ) 24,644 Long-term Investments: Corporate bonds 222 1 — 223 Municipal and pre-refunded municipal bonds 307 — — 307 Mutual funds, held in rabbi trust 4,544 — (97 ) 4,447 Certificates of deposit 628 — — 628 5,701 1 (97 ) 5,605 $ 30,369 $ 2 $ (122 ) $ 30,249 Proceeds from the sales and maturities of available-for-sale securities were $209,937 and $218,400 for the nine months ended October 31, 2017 and 2016, respectively. The Company included in “Other (expense) income, net,” in the Condensed Consolidated Statements of Income, net realized losses of $2 and $11 for the three and nine months ended October 31, 2017, respectively, and net realized losses of $96 and $74 for the three and nine months ended October 31, 2016, respectively. Amortization of discounts and premiums, net, resulted in a reduction of “Other (expense) income, net” of $538 and $2,066 for the three and nine months ended October 31, 2017, and $550 and $1,711 for the three and nine months ended October 31, 2016, respectively. Mutual funds represent assets held in an irrevocable rabbi trust for the Company’s Non-qualified Deferred Compensation Plan (“NQDC”). These assets are a source of funds to match the funding obligations to participants in the NQDC but are subject to the Company’s general creditors. The Company elected the fair value option for financial assets for the mutual funds held in the rabbi trust resulting in all unrealized gains and losses being recorded in “Other (expense) income, net” in the Condensed Consolidated Statements of Income. |
Fair Value
Fair Value | 9 Months Ended |
Oct. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 5. Fair Value The Company utilizes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach that relate to its financial assets and financial liabilities). The levels of the hierarchy are described as follows: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs that reflect the Company’s own assumptions. Management’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of financial assets and liabilities and their placement within the fair value hierarchy. The Company’s financial assets that are accounted for at fair value on a recurring basis are presented in the tables below: Marketable Securities Fair Value as of October 31, 2017 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 97,172 $ — $ — $ 97,172 Municipal and pre-refunded municipal bonds — 26,026 — 26,026 Mutual funds, held in rabbi trust 5,746 — — 5,746 Certificates of deposit — 5,538 — 5,538 $ 102,918 $ 31,564 $ — $ 134,482 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 municipal bonds — 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 October 31, 2016 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 18,014 $ — $ — $ 18,014 Municipal and pre-refunded municipal bonds — 7,160 — 7,160 Mutual funds, held in rabbi trust 4,447 — — 4,447 Certificates of deposit — 628 — 628 $ 22,461 $ 7,788 $ — $ 30,249 Financial assets Level 1 assets consist of financial instruments whose value has been based on inputs that use, as their basis, readily observable market data that are actively quoted and are validated through external sources, including third-party pricing services and brokers. Level 2 assets consist of financial instruments whose value has been based on quoted prices for similar assets and liabilities in active markets as well as quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3 assets consist of financial instruments where there has been no active market. The Company held no Level 3 financial instruments as of October 31, 2017, January 31, 2017 and October 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 October 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 assets The Company’s non-financial assets, primarily consisting of property and equipment and goodwill, are tested for impairment annually and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The fair value of property and equipment was determined using a discounted cash-flow model that utilized Level 3 inputs. The Company’s stores are reviewed for impairment at the store level, which is the lowest level at which individual cash flows can be identified. In calculating future cash flows, the Company makes estimates regarding future operating results based on its experience and knowledge of market factors in which the store is located. Goodwill has been assigned to reporting units for purposes of impairment testing. The Company evaluates goodwill to determine if the carrying value exceeds the fair value of the reporting unit. For the three and nine months ended October 31, 2017 and 2016, impairment charges were zero. |
Debt
Debt | 9 Months Ended |
Oct. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | 6. 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 managers. 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, a multicurrency sub-facility and the option to expand the facility by up to $150,000. The funds available under the Credit Facility may be used for working capital and other general corporate purposes. 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 depending 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 October 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 letters of credit, which reduce the funds available under the Credit Facility, were $10,565. 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 October 31, 2017, the Company had outstanding trade letters of credit of $69,223, and available trade letters of credit of $60,777 under these facilities. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Oct. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 7. Share-Based Compensation The Company maintains stock incentive plans pursuant to which it can grant restricted shares, unrestricted shares, incentive stock options, non-qualified stock options, restricted stock units (“RSU’s”), performance stock units (“PSU’s”) or stock appreciation rights (“SAR’s”). A lattice binomial pricing model was used to estimate the fair values of stock options and SAR’s. The fair value of each of the PSU’s was determined using a Monte Carlo simulation. Share-based compensation expense included in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Income, for the three and nine months ended October 31, 2017 and 2016 was as follows: Three Months Ended Nine Months Ended October 31, October 31, 2017 2016 2017 2016 Stock Options $ 216 $ 245 $ 673 $ 757 Stock Appreciation Rights 24 60 125 179 Performance Stock Units (1) (3,107 ) 5,595 5,702 15,550 Restricted Stock Units 2,742 1,380 7,331 3,546 Total $ (125 ) $ 7,280 $ 13,831 $ 20,032 (1) Includes the reversal of $6,509 of previously recognized compensation expense in the three and nine months ended October 31, 2017, related to 476,611 PSU’s that will not vest as the achievement of the related performance targets is not probable. Share-based awards granted and the weighted-average fair value of such awards for the nine months ended October 31, 2017 was as follows: Nine Months Ended October 31, 2017 Weighted- Awards Average Fair Granted Value Stock Options 160,000 $ 5.37 Stock Appreciation Rights — $ — Performance Stock Units 390,000 $ 23.38 Restricted Stock Units 609,000 $ 25.88 Total 1,159,000 During the nine months ended October 31, 2017, 200,000 PSU’s vested. No stock options or SAR’s were exercised and no RSU’s vested during the nine months ended October 31, 2017. The total unrecognized compensation cost related to outstanding share-based awards and the weighted-average period in which the cost is expected to be recognized as of October 31, 2017 was as follows: October 31, 2017 Unrecognized Weighted- Compensation Average Cost Years Stock Options $ 503 0.6 Stock Appreciation Rights 21 0.3 Performance Stock Units 17,424 1.9 Restricted Stock Units 16,998 2.2 Total $ 34,946 |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Oct. 31, 2017 | |
Equity [Abstract] | |
Shareholders' Equity | 8 . Share repurchase activity under the Company’s share repurchase programs was as follows: Three Months Ended Nine Months Ended October 31, October 31, 2017 2016 2017 2016 Number of common shares repurchased and subsequently retired 3,083,201 1,000,000 8,092,906 1,324,700 Total cost $ 66,533 $ 35,083 $ 157,044 $ 45,787 Average cost per share, including commissions $ 21.58 $ 35.08 $ 19.41 $ 34.56 On February 23, 2015, the Company’s Board of Directors authorized the repurchase of 20,000,000 common shares under a share repurchase program; all shares were repurchased and the authorization was completed by the end of August 2017. On August 22, 2017, the Company’s Board of Directors authorized the repurchase of 20,000,000 common shares under a new share repurchase program, of which 17,902,153 common shares were remaining as of October 31, 2017. In addition to the shares repurchased under the share repurchase program, during the nine months ended October 31, 2017, the Company acquired and subsequently retired 92,404 common shares at a total cost of $2,180 from employees to meet minimum statutory tax withholding requirements. During the nine months ended October 31, 2016, the Company acquired and subsequently retired 55,683 common shares at a total cost of $2,049 from employees to meet minimum statutory tax withholding requirements. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 9 Months Ended |
Oct. 31, 2017 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 9 . The following tables present the changes in “Accumulated other comprehensive income (loss),” by component, net of tax, for the three and nine months ended October 31, 2017 and 2016: Three Months Ended October 31, 2017 Nine Months Ended October 31, 2017 Unrealized Gains Unrealized Gains Foreign and (Losses) on Foreign and (Losses) on Currency Available-for- Currency Available-for- Translation Sale Securities Total Translation Sale Securities Total Balance at beginning of period $ (23,282 ) $ (61 ) $ (23,343 ) $ (34,012 ) $ (57 ) $ (34,069 ) Other comprehensive income (loss) before reclassifications (1,388 ) (11 ) (1,399 ) 9,342 (6 ) 9,336 Amounts reclassified from accumulated other comprehensive income (loss) — (2 ) (2 ) — (11 ) (11 ) Net current-period other comprehensive income (loss) (1,388 ) (13 ) (1,401 ) 9,342 (17 ) 9,325 Balance at end of period $ (24,670 ) $ (74 ) $ (24,744 ) $ (24,670 ) $ (74 ) $ (24,744 ) Three Months Ended October 31, 2016 Nine Months Ended October 31, 2016 Unrealized Gains Unrealized Gains Foreign and (Losses) on Foreign and (Losses) on Currency Available-for- Currency Available-for- Translation Sale Securities Total Translation Sale Securities Total Balance at beginning of period $ (26,955 ) $ 28 $ (26,927 ) $ (23,479 ) $ 28 $ (23,451 ) Other comprehensive income (loss) before reclassifications (10,665 ) 41 (10,624 ) (14,141 ) 19 (14,122 ) Amounts reclassified from accumulated other comprehensive income (loss) — (96 ) (96 ) — (74 ) (74 ) Net current-period other comprehensive income (loss) (10,665 ) (55 ) (10,720 ) (14,141 ) (55 ) (14,196 ) Balance at end of period $ (37,620 ) $ (27 ) $ (37,647 ) $ (37,620 ) $ (27 ) $ (37,647 ) All unrealized gains and losses on available-for-sale securities reclassified from accumulated other comprehensive loss were recorded in “Other (expense) income, net” in the Condensed Consolidated Statements of Income. |
Net Income per Common Share
Net Income per Common Share | 9 Months Ended |
Oct. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Income per Common Share | 10. Net Income per Common Share The following is a reconciliation of the weighted-average common shares outstanding used for the computation of basic and diluted net income per common share: Three Months Ended Nine Months Ended October 31, October 31, 2017 2016 2017 2016 Basic weighted-average common shares outstanding 109,667,224 116,829,912 113,113,597 117,087,696 Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units 433,030 563,798 318,770 365,309 Diluted weighted-average shares outstanding 110,100,254 117,393,710 113,432,367 117,453,005 For the three months ended October 31, 2017 and 2016, awards to purchase 319,883 common shares ranging in price from $28.10 to $46.02 and 556,375 common shares ranging in price from $35.41 to $46.02, respectively, were excluded from the calculation of diluted net income per common share because the impact would be anti-dilutive. For the nine months ended October 31, 2017 and 2016, awards to purchase 1,016,733 common shares ranging in price from $25.60 to $46.02 and 857,331 common shares ranging in price from $28.10 to $46.02, respectively, were excluded from the calculation of diluted net income per common share because the impact would be anti-dilutive. Excluded from the calculation of diluted net income per common share as of October 31, 2017 and 2016 were 2,610,295 and 2,442,345 performance-based equity awards, respectively, because they did not meet the required performance criteria. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies The Company is party to various legal proceedings arising from normal business activities. Management believes that the ultimate resolution of these matters will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Oct. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | 12. Segment Reporting The Company offers lifestyle-oriented general merchandise and consumer products and services through a portfolio of global consumer brands. The Company operates two reportable segments— “Retail” and “Wholesale.” The Company’s Retail segment consists of the “Anthropologie,” “Bhldn,” “Free People,” “Terrain” and “Urban Outfitters” brands and the Food and Beverage division. The Anthropologie, Bhldn and Terrain brands make up the “Anthropologie Group.” As of October 31, 2017, there were 245 Urban Outfitters stores, 227 Anthropologie Group stores, 132 Free People stores and 12 restaurants under the Food and Beverage division. Each of Urban Outfitters, the Anthropologie Group and Free People, including their stores and direct-to-consumer channels, and the restaurants operated under the Company’s Food and Beverage division are considered an operating segment. Net sales from the Retail segment accounted for approximately 90.6% of total consolidated net sales for the three and nine months ended October 31, 2017. Net sales from the Retail segment accounted for approximately 91.0% and 91.5% of total consolidated net sales for the three and nine months ended October 31, 2016, respectively. The remaining net sales are derived from the Company’s Wholesale segment that consists of the Free People and Anthropologie Group wholesale divisions that primarily design, develop and market young women’s contemporary casual apparel, including intimates and activewear, shoes and home goods sold through approximately 1,900 department and specialty stores worldwide, third-party websites and the Retail segment. The Anthropologie Group wholesale division was established in the third quarter of fiscal 2018. The Company has aggregated its brands into the Retail segment based upon their shared management, customer base and economic characteristics. Reporting in this format provides management with the financial information necessary to evaluate the success of the segments and the overall business. The Company evaluates the performance of the segments based on the net sales and pre-tax income from operations (excluding intercompany charges) of the segment. Corporate expenses include expenses incurred and directed by the corporate office that are not allocated to segments. The principal identifiable assets for each reporting segment are inventory and property and equipment. Other assets are comprised primarily of general corporate assets, which principally consist of cash and cash equivalents, marketable securities, deferred taxes and prepaid expenses, 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 channels. Store sales are primarily fulfilled from that store’s inventory, but may also be shipped from any of the Company’s fulfillment centers or from a different store location if an item is not available at the original store. The Company also allows customers to view in-store inventory from its websites and mobile applications. Direct-to-consumer orders are primarily shipped to the Company’s customers through its fulfillment centers, but may also be shipped from any store, or a combination of fulfillment centers and stores depending on the availability of a particular item. Direct-to-consumer orders may also be picked up at a store location. Customers may also return certain merchandise purchased through direct-to-consumer channels at store locations. As the Company’s customers continue to shop across multiple channels, the Company has adapted its approach towards meeting this demand. Due to the availability of like product in a variety of shopping channels, the Company sources these products utilizing single stock keeping units based on the omni-channel demand rather than the demand of the separate channels. These and other technological capabilities allow the Company to better serve its customers and help it to complete sales that otherwise may not have occurred due to out-of-stock positions. As a result of changing customer behavior and the substantial integration of the operations of the Company’s store and direct-to-consumer channels, the Company manages and analyzes its performance based on a single omni-channel rather than separate channels and believes that the omni-channel results present the most meaningful and appropriate measure of the Company’s performance. Over the next several years the Company plans to continue to shift investment to the direct-to-consumer channel to align with changing customer preferences, and focus on improving its speed-to-customer capabilities. The accounting policies of the reportable segments are the same as the policies described in Note 2, “Summary of Significant Accounting Policies,” in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2017. Both the Retail and Wholesale segments are highly diversified. No one customer constitutes more than 10% of the Company’s total consolidated net sales. A summary of the information about the Company’s operations by segment is as follows: Three Months Ended Nine Months Ended October 31, October 31, 2017 2016 2017 2016 Net sales Retail operations $ 808,546 $ 785,026 $ 2,289,526 $ 2,300,981 Wholesale operations 88,663 81,552 245,866 222,712 Intersegment elimination (4,435 ) (4,087 ) (8,497 ) (8,057 ) Total net sales $ 892,774 $ 862,491 $ 2,526,895 $ 2,515,636 Income from operations Retail operations $ 61,667 $ 67,981 $ 150,575 $ 234,022 Wholesale operations 20,866 17,006 57,373 44,213 Intersegment elimination 61 (317 ) 91 (568 ) Total segment operating income 82,594 84,670 208,039 277,667 General corporate expenses (9,706 ) (14,365 ) (38,935 ) (38,667 ) Total income from operations $ 72,888 $ 70,305 $ 169,104 $ 239,000 October 31, January 31, October 31, 2017 2017 2016 Inventory Retail operations $ 403,631 $ 301,519 $ 415,923 Wholesale operations 46,326 37,071 37,903 Total inventory $ 449,957 $ 338,590 $ 453,826 Property and equipment, net Retail operations $ 826,296 $ 864,396 $ 869,042 Wholesale operations 2,810 3,390 3,267 Total property and equipment, net $ 829,106 $ 867,786 $ 872,309 The following table summarizes the percentage of net sales by merchandise category for the Company: Three Months Ended Nine Months Ended October 31, October 31, 2017 2016 2017 2016 Net sales Apparel (1) 69 % 68 % 69 % 69 % Home (2) 14 % 14 % 14 % 14 % Accessories (3) 12 % 13 % 12 % 13 % Other (4) 5 % 5 % 5 % 4 % Total net sales 100 % 100 % 100 % 100 % (1) Apparel includes intimates and activewear (2) Home includes home furnishings, electronics, gifts and decorative items (3) Accessories includes footwear, jewelry and handbags (4) Other includes beauty, shipping and handling revenues and the Food and Beverage division The Company has foreign operations primarily in Europe and Canada. Revenues and long-lived assets, based upon the Company’s domestic and foreign operations, are as follows: October 31, January 31, October 31, 2017 2017 2016 Property and equipment, net Domestic operations $ 735,731 $ 766,419 $ 767,916 Foreign operations 93,375 101,367 104,393 Total property and equipment, net $ 829,106 $ 867,786 $ 872,309 Three Months Ended Nine Months Ended October 31, October 31, 2017 2016 2017 2016 Net Sales Domestic operations $ 779,790 $ 760,074 $ 2,222,589 $ 2,211,925 Foreign operations 112,984 102,417 304,306 303,711 Total net sales $ 892,774 $ 862,491 $ 2,526,895 $ 2,515,636 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Oct. 31, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value of Available-For-Sale Securities | The amortized cost, gross unrealized gains (losses) and fair value of available-for-sale securities by major security type and class of security as of October 31, 2017, January 31, 2017 and October 31, 2016 were as follows: Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value As of October 31, 2017 Short-term Investments: Corporate bonds $ 67,275 $ 2 $ (71 ) $ 67,206 Municipal and pre-refunded municipal bonds 24,676 4 (14 ) 24,666 Certificates of deposit 1,356 — — 1,356 93,307 6 (85 ) 93,228 Long-term Investments: Corporate bonds 30,051 2 (87 ) 29,966 Municipal and pre-refunded municipal bonds 1,362 — (2 ) 1,360 Mutual funds, held in rabbi trust 5,639 109 (2 ) 5,746 Certificates of deposit 4,182 — — 4,182 41,234 111 (91 ) 41,254 $ 134,541 $ 117 $ (176 ) $ 134,482 As of January 31, 2017 Short-term Investments: Corporate bonds $ 59,403 $ 7 $ (90 ) $ 59,320 Municipal and pre-refunded municipal bonds 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 municipal bonds 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 October 31, 2016 Short-term Investments: Corporate bonds $ 17,809 $ 1 $ (19 ) $ 17,791 Municipal and pre-refunded municipal bonds 6,859 — (6 ) 6,853 24,668 1 (25 ) 24,644 Long-term Investments: Corporate bonds 222 1 — 223 Municipal and pre-refunded municipal bonds 307 — — 307 Mutual funds, held in rabbi trust 4,544 — (97 ) 4,447 Certificates of deposit 628 — — 628 5,701 1 (97 ) 5,605 $ 30,369 $ 2 $ (122 ) $ 30,249 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Oct. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Financial Assets Measured at Fair Value on Recurring Basis | The Company’s financial assets that are accounted for at fair value on a recurring basis are presented in the tables below: Marketable Securities Fair Value as of October 31, 2017 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 97,172 $ — $ — $ 97,172 Municipal and pre-refunded municipal bonds — 26,026 — 26,026 Mutual funds, held in rabbi trust 5,746 — — 5,746 Certificates of deposit — 5,538 — 5,538 $ 102,918 $ 31,564 $ — $ 134,482 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 municipal bonds — 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 October 31, 2016 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 18,014 $ — $ — $ 18,014 Municipal and pre-refunded municipal bonds — 7,160 — 7,160 Mutual funds, held in rabbi trust 4,447 — — 4,447 Certificates of deposit — 628 — 628 $ 22,461 $ 7,788 $ — $ 30,249 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Oct. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Share-Based Compensation Expense Included in Selling, General and Administrative Expenses in Condensed Consolidated Statements of Income | Share-based compensation expense included in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Income, for the three and nine months ended October 31, 2017 and 2016 was as follows: Three Months Ended Nine Months Ended October 31, October 31, 2017 2016 2017 2016 Stock Options $ 216 $ 245 $ 673 $ 757 Stock Appreciation Rights 24 60 125 179 Performance Stock Units (1) (3,107 ) 5,595 5,702 15,550 Restricted Stock Units 2,742 1,380 7,331 3,546 Total $ (125 ) $ 7,280 $ 13,831 $ 20,032 (1) Includes the reversal of $6,509 of previously recognized compensation expense in the three and nine months ended October 31, 2017, related to 476,611 PSU’s that will not vest as the achievement of the related performance targets is not probable. |
Schedule of Share Based Awards Issued and Weighted Average Fair Value | Share-based awards granted and the weighted-average fair value of such awards for the nine months ended October 31, 2017 was as follows: Nine Months Ended October 31, 2017 Weighted- Awards Average Fair Granted Value Stock Options 160,000 $ 5.37 Stock Appreciation Rights — $ — Performance Stock Units 390,000 $ 23.38 Restricted Stock Units 609,000 $ 25.88 Total 1,159,000 |
Schedule of Unrecognized Compensation Cost and Weighted Average Period of Recognition | The total unrecognized compensation cost related to outstanding share-based awards and the weighted-average period in which the cost is expected to be recognized as of October 31, 2017 was as follows: October 31, 2017 Unrecognized Weighted- Compensation Average Cost Years Stock Options $ 503 0.6 Stock Appreciation Rights 21 0.3 Performance Stock Units 17,424 1.9 Restricted Stock Units 16,998 2.2 Total $ 34,946 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Oct. 31, 2017 | |
Equity [Abstract] | |
Share Repurchase Activity | Share repurchase activity under the Company’s share repurchase programs was as follows: Three Months Ended Nine Months Ended October 31, October 31, 2017 2016 2017 2016 Number of common shares repurchased and subsequently retired 3,083,201 1,000,000 8,092,906 1,324,700 Total cost $ 66,533 $ 35,083 $ 157,044 $ 45,787 Average cost per share, including commissions $ 21.58 $ 35.08 $ 19.41 $ 34.56 |
Other Comprehensive Income (L24
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Oct. 31, 2017 | |
Equity [Abstract] | |
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 three and nine months ended October 31, 2017 and 2016: Three Months Ended October 31, 2017 Nine Months Ended October 31, 2017 Unrealized Gains Unrealized Gains Foreign and (Losses) on Foreign and (Losses) on Currency Available-for- Currency Available-for- Translation Sale Securities Total Translation Sale Securities Total Balance at beginning of period $ (23,282 ) $ (61 ) $ (23,343 ) $ (34,012 ) $ (57 ) $ (34,069 ) Other comprehensive income (loss) before reclassifications (1,388 ) (11 ) (1,399 ) 9,342 (6 ) 9,336 Amounts reclassified from accumulated other comprehensive income (loss) — (2 ) (2 ) — (11 ) (11 ) Net current-period other comprehensive income (loss) (1,388 ) (13 ) (1,401 ) 9,342 (17 ) 9,325 Balance at end of period $ (24,670 ) $ (74 ) $ (24,744 ) $ (24,670 ) $ (74 ) $ (24,744 ) Three Months Ended October 31, 2016 Nine Months Ended October 31, 2016 Unrealized Gains Unrealized Gains Foreign and (Losses) on Foreign and (Losses) on Currency Available-for- Currency Available-for- Translation Sale Securities Total Translation Sale Securities Total Balance at beginning of period $ (26,955 ) $ 28 $ (26,927 ) $ (23,479 ) $ 28 $ (23,451 ) Other comprehensive income (loss) before reclassifications (10,665 ) 41 (10,624 ) (14,141 ) 19 (14,122 ) Amounts reclassified from accumulated other comprehensive income (loss) — (96 ) (96 ) — (74 ) (74 ) Net current-period other comprehensive income (loss) (10,665 ) (55 ) (10,720 ) (14,141 ) (55 ) (14,196 ) Balance at end of period $ (37,620 ) $ (27 ) $ (37,647 ) $ (37,620 ) $ (27 ) $ (37,647 ) |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 9 Months Ended |
Oct. 31, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation of Weighted Average Common Shares Outstanding Used for Computation of Basic and Diluted Net Income per Common Share | The following is a reconciliation of the weighted-average common shares outstanding used for the computation of basic and diluted net income per common share: Three Months Ended Nine Months Ended October 31, October 31, 2017 2016 2017 2016 Basic weighted-average common shares outstanding 109,667,224 116,829,912 113,113,597 117,087,696 Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units 433,030 563,798 318,770 365,309 Diluted weighted-average shares outstanding 110,100,254 117,393,710 113,432,367 117,453,005 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Oct. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Operations by Segment | A summary of the information about the Company’s operations by segment is as follows: Three Months Ended Nine Months Ended October 31, October 31, 2017 2016 2017 2016 Net sales Retail operations $ 808,546 $ 785,026 $ 2,289,526 $ 2,300,981 Wholesale operations 88,663 81,552 245,866 222,712 Intersegment elimination (4,435 ) (4,087 ) (8,497 ) (8,057 ) Total net sales $ 892,774 $ 862,491 $ 2,526,895 $ 2,515,636 Income from operations Retail operations $ 61,667 $ 67,981 $ 150,575 $ 234,022 Wholesale operations 20,866 17,006 57,373 44,213 Intersegment elimination 61 (317 ) 91 (568 ) Total segment operating income 82,594 84,670 208,039 277,667 General corporate expenses (9,706 ) (14,365 ) (38,935 ) (38,667 ) Total income from operations $ 72,888 $ 70,305 $ 169,104 $ 239,000 October 31, January 31, October 31, 2017 2017 2016 Inventory Retail operations $ 403,631 $ 301,519 $ 415,923 Wholesale operations 46,326 37,071 37,903 Total inventory $ 449,957 $ 338,590 $ 453,826 Property and equipment, net Retail operations $ 826,296 $ 864,396 $ 869,042 Wholesale operations 2,810 3,390 3,267 Total property and equipment, net $ 829,106 $ 867,786 $ 872,309 |
Schedule of Percentage of Net Sales by Merchandise Category | The following table summarizes the percentage of net sales by merchandise category for the Company: Three Months Ended Nine Months Ended October 31, October 31, 2017 2016 2017 2016 Net sales Apparel (1) 69 % 68 % 69 % 69 % Home (2) 14 % 14 % 14 % 14 % Accessories (3) 12 % 13 % 12 % 13 % Other (4) 5 % 5 % 5 % 4 % Total net sales 100 % 100 % 100 % 100 % (1) Apparel includes intimates and activewear (2) Home includes home furnishings, electronics, gifts and decorative items (3) Accessories includes footwear, jewelry and handbags (4) Other includes beauty, shipping and handling revenues and the Food and Beverage division |
Schedule of Revenues and Long-Lived Assets, by Domestic and Foreign Operations Segment | The Company has foreign operations primarily in Europe and Canada. Revenues and long-lived assets, based upon the Company’s domestic and foreign operations, are as follows: October 31, January 31, October 31, 2017 2017 2016 Property and equipment, net Domestic operations $ 735,731 $ 766,419 $ 767,916 Foreign operations 93,375 101,367 104,393 Total property and equipment, net $ 829,106 $ 867,786 $ 872,309 Three Months Ended Nine Months Ended October 31, October 31, 2017 2016 2017 2016 Net Sales Domestic operations $ 779,790 $ 760,074 $ 2,222,589 $ 2,211,925 Foreign operations 112,984 102,417 304,306 303,711 Total net sales $ 892,774 $ 862,491 $ 2,526,895 $ 2,515,636 |
Recent Accounting Pronounceme27
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 02, 2017 | Oct. 31, 2017 | Oct. 31, 2016 |
Accounting Changes And Error Corrections [Abstract] | |||
Cumulative reduction to beginning retained earning | $ (984) | ||
Recognition of previously unrecognized excess tax benefit | $ 224 | ||
Decrease in net cash used in financing activities | $ (333) | ||
Increase in net cash used in operating activities | $ 333 | ||
Excess tax deficit | $ (3,072) |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - USD ($) | Feb. 01, 2016 | Oct. 31, 2017 | Oct. 31, 2016 |
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 | $ 925,000 | |
Settlement of note receivable | 2,687,000 | ||
Liabilities assumed | $ 0 |
Amortized Cost, Gross Unrealize
Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value of Available-For-Sale Securities (Detail) - USD ($) $ in Thousands | Oct. 31, 2017 | Jan. 31, 2017 | Oct. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 134,541 | $ 155,330 | $ 30,369 |
Unrealized Gains | 117 | 170 | 2 |
Unrealized (Losses) | (176) | (145) | (122) |
Fair Value | 134,482 | 155,355 | 30,249 |
Short-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 93,307 | 111,134 | 24,668 |
Unrealized Gains | 6 | 35 | 1 |
Unrealized (Losses) | (85) | (102) | (25) |
Fair Value | 93,228 | 111,067 | 24,644 |
Short-term Investments | Corporate Bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 67,275 | 59,403 | 17,809 |
Unrealized Gains | 2 | 7 | 1 |
Unrealized (Losses) | (71) | (90) | (19) |
Fair Value | 67,206 | 59,320 | 17,791 |
Short-term Investments | Municipal And Pre-Refunded Municipal Bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 24,676 | 51,731 | 6,859 |
Unrealized Gains | 4 | 28 | |
Unrealized (Losses) | (14) | (12) | (6) |
Fair Value | 24,666 | 51,747 | 6,853 |
Short-term Investments | Certificates of Deposit | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,356 | ||
Fair Value | 1,356 | ||
Long Term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 41,234 | 44,196 | 5,701 |
Unrealized Gains | 111 | 135 | 1 |
Unrealized (Losses) | (91) | (43) | (97) |
Fair Value | 41,254 | 44,288 | 5,605 |
Long Term Investments | Corporate Bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 30,051 | 19,102 | 222 |
Unrealized Gains | 2 | 9 | 1 |
Unrealized (Losses) | (87) | (33) | |
Fair Value | 29,966 | 19,078 | 223 |
Long Term Investments | Municipal And Pre-Refunded Municipal Bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,362 | 19,488 | 307 |
Unrealized Gains | 35 | ||
Unrealized (Losses) | (2) | (9) | |
Fair Value | 1,360 | 19,514 | 307 |
Long Term Investments | Certificates of Deposit | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 4,182 | 1,023 | 628 |
Fair Value | 4,182 | 1,023 | 628 |
Long Term Investments | Mutual Funds, Held in Rabbi Trust | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 5,639 | 4,583 | 4,544 |
Unrealized Gains | 109 | 91 | |
Unrealized (Losses) | (2) | (1) | (97) |
Fair Value | $ 5,746 | $ 4,673 | $ 4,447 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Sales and maturities of marketable securities | $ 209,937 | $ 218,400 | ||
Amortization of discounts and premiums, net | $ 538 | $ 550 | 2,066 | 1,711 |
Other ( Expense ) Income, Net | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Net realized gain (loss) | $ (2) | $ (96) | $ (11) | $ (74) |
Financial Assets Measured at Fa
Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Oct. 31, 2017 | Jan. 31, 2017 | Oct. 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 | $ 134,482 | $ 155,355 | $ 30,249 |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 134,482 | 155,355 | 30,249 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 102,918 | 83,071 | 22,461 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 31,564 | 72,284 | 7,788 |
Fair Value, Measurements, Recurring | Corporate Bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 97,172 | 78,398 | 18,014 |
Fair Value, Measurements, Recurring | Corporate Bonds | Fair Value, Inputs, Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 97,172 | 78,398 | 18,014 |
Fair Value, Measurements, Recurring | Municipal And Pre-Refunded Municipal Bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 26,026 | 71,261 | 7,160 |
Fair Value, Measurements, Recurring | Municipal And Pre-Refunded Municipal Bonds | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 26,026 | 71,261 | 7,160 |
Fair Value, Measurements, Recurring | Mutual Funds, Held in Rabbi Trust | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 5,746 | 4,673 | 4,447 |
Fair Value, Measurements, Recurring | Mutual Funds, Held in Rabbi Trust | Fair Value, Inputs, Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 5,746 | 4,673 | 4,447 |
Fair Value, Measurements, Recurring | Certificates of Deposit | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | 5,538 | 1,023 | 628 |
Fair Value, Measurements, Recurring | Certificates of Deposit | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets accounted for at fair value on a recurring basis | $ 5,538 | $ 1,023 | $ 628 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Fair Value Disclosures [Abstract] | ||||
Impairment charges | $ 0 | $ 0 | $ 0 | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Jul. 01, 2015USD ($)Financial_Institution | Oct. 31, 2017USD ($) |
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 | 10,565,000 | |
Trade Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Letter of credit outstanding | 69,223,000 | |
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 | $ 60,777,000 | |
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% |
Schedule of Share-Based Compens
Schedule of Share-Based Compensation Expense Included in Selling, General and Administrative Expenses in Condensed Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | $ (125) | $ 7,280 | $ 13,831 | $ 20,032 | |
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | 216 | 245 | 673 | 757 | |
Stock Appreciation Rights (SARs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | 24 | 60 | 125 | 179 | |
Performance Stock Units (PSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | [1] | (3,107) | 5,595 | 5,702 | 15,550 |
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | $ 2,742 | $ 1,380 | $ 7,331 | $ 3,546 | |
[1] | Includes the reversal of $6,509 of previously recognized compensation expense in the three and nine months ended October 31, 2017, related to 476,611 PSU’s that will not vest as the achievement of the related performance targets is not probable. |
Schedule of Share-Based Compe35
Schedule of Share-Based Compensation Expense Included in Selling, General and Administrative Expenses in Condensed Consolidated Statements of Income (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Oct. 31, 2017 | Oct. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Reversal of share-based compensation expense | $ 6,509 | $ 6,509 |
Performance Stock Units (PSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, granted | 476,611 | 476,611 |
Schedule of Share Based Awards
Schedule of Share Based Awards Issued and Weighted Average Fair Value (Detail) | 9 Months Ended |
Oct. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards Granted | 1,159,000 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards Granted | 160,000 |
Weighted Average Fair Value | $ / shares | $ 5.37 |
Performance Stock Units (PSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards Granted | 390,000 |
Weighted Average Fair Value | $ / shares | $ 23.38 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards Granted | 609,000 |
Weighted Average Fair Value | $ / shares | $ 25.88 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | 9 Months Ended |
Oct. 31, 2017shares | |
Performance Stock Units (PSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock units vested | 200,000 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock exercised | 0 |
Stock Appreciation Rights (SARs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock exercised | 0 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock units vested | 0 |
Schedule of Unrecognized Compen
Schedule of Unrecognized Compensation Cost and Weighted Average Period of Recognition (Detail) $ in Thousands | 9 Months Ended |
Oct. 31, 2017USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Unrecognized Compensation Cost | $ 34,946 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Unrecognized Compensation Cost | $ 503 |
Weighted Average Years | 7 months 6 days |
Stock Appreciation Rights (SARs) | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Unrecognized Compensation Cost | $ 21 |
Weighted Average Years | 3 months 19 days |
Performance Stock Units (PSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Unrecognized Compensation Cost | $ 17,424 |
Weighted Average Years | 1 year 10 months 24 days |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Unrecognized Compensation Cost | $ 16,998 |
Weighted Average Years | 2 years 2 months 13 days |
Share Repurchase Activity (Deta
Share Repurchase Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Total cost | $ 159,224 | |||
Share repurchase program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Number of common shares repurchased and subsequently retired | 3,083,201 | 1,000,000 | 8,092,906 | 1,324,700 |
Total cost | $ 66,533 | $ 35,083 | $ 157,044 | $ 45,787 |
Average cost per share, including commissions | $ 21.58 | $ 35.08 | $ 19.41 | $ 34.56 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |||
Oct. 31, 2017 | Oct. 31, 2016 | Aug. 22, 2017 | Feb. 23, 2015 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Common shares authorized for repurchase, shares | 20,000,000 | 20,000,000 | ||
Remaining common shares authorized for repurchase, shares | 17,902,153 | |||
Stock repurchased and retired during period, total cost | $ 159,224 | |||
Employee Stock | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchased and retired during period, common shares | 92,404 | 55,683 | ||
Stock repurchased and retired during period, total cost | $ 2,180 | $ 2,049 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Beginning Balance | $ 1,313,084 | |||
Other comprehensive income (loss) before reclassifications | $ (1,399) | $ (10,624) | 9,336 | $ (14,122) |
Amounts reclassified from accumulated other comprehensive income (loss) | (2) | (96) | (11) | (74) |
Total other comprehensive (loss) income | (1,401) | (10,720) | 9,325 | (14,196) |
Ending Balance | 1,284,808 | 1,247,633 | 1,284,808 | 1,247,633 |
Foreign Currency Translation | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Beginning Balance | (23,282) | (26,955) | (34,012) | (23,479) |
Other comprehensive income (loss) before reclassifications | (1,388) | (10,665) | 9,342 | (14,141) |
Total other comprehensive (loss) income | (1,388) | (10,665) | 9,342 | (14,141) |
Ending Balance | (24,670) | (37,620) | (24,670) | (37,620) |
Unrealized Gains and (Losses) on available- for-Sale Securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Beginning Balance | (61) | 28 | (57) | 28 |
Other comprehensive income (loss) before reclassifications | (11) | 41 | (6) | 19 |
Amounts reclassified from accumulated other comprehensive income (loss) | (2) | (96) | (11) | (74) |
Total other comprehensive (loss) income | (13) | (55) | (17) | (55) |
Ending Balance | (74) | (27) | (74) | (27) |
Accumulated Other Comprehensive Income (Loss) | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Beginning Balance | (23,343) | (26,927) | (34,069) | (23,451) |
Ending Balance | $ (24,744) | $ (37,647) | $ (24,744) | $ (37,647) |
Reconciliation of Weighted Aver
Reconciliation of Weighted Average Common Shares Outstanding Used for Computation of Basic and Diluted Net Income per Common Share (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Earnings Per Share [Abstract] | ||||
Basic weighted-average common shares outstanding | 109,667,224 | 116,829,912 | 113,113,597 | 117,087,696 |
Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units | 433,030 | 563,798 | 318,770 | 365,309 |
Diluted weighted-average shares outstanding | 110,100,254 | 117,393,710 | 113,432,367 | 117,453,005 |
Net Income per Common Share - A
Net Income per Common Share - Additional Information (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive common shares | 319,883 | 556,375 | 1,016,733 | 857,331 |
Anti-dilutive common shares exercise price, minimum | $ 28.10 | $ 35.41 | $ 25.60 | $ 28.10 |
Anti-dilutive common shares exercise price, maximum | $ 46.02 | $ 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 | 2,610,295 | 2,442,345 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017StoreOutletRestaurantCustomer | Oct. 31, 2016 | Oct. 31, 2017SegmentStoreOutletRestaurantCustomer | Oct. 31, 2016 | |
Segment Reporting Information [Line Items] | ||||
Number of reporting segments | Segment | 2 | |||
Percentage of net sales | 100.00% | 100.00% | 100.00% | 100.00% |
Number of major customers exceeding ten percentage thresholds | Customer | 0 | 0 | ||
Retail Operations | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of net sales | 90.60% | 91.00% | 90.60% | 91.50% |
Number of restaurants | Restaurant | 12 | 12 | ||
Retail Operations | Urban Outfitters | ||||
Segment Reporting Information [Line Items] | ||||
Number of stores | 245 | 245 | ||
Retail Operations | Anthropologie Group | ||||
Segment Reporting Information [Line Items] | ||||
Number of stores | 227 | 227 | ||
Retail Operations | Free People | ||||
Segment Reporting Information [Line Items] | ||||
Number of stores | 132 | 132 | ||
Wholesale Operations | ||||
Segment Reporting Information [Line Items] | ||||
Number of stores | Outlet | 1,900 | 1,900 |
Schedule of Operations by Segme
Schedule of Operations by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | Jan. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Total net sales | $ 892,774 | $ 862,491 | $ 2,526,895 | $ 2,515,636 | |
General corporate expenses | (9,706) | (14,365) | (38,935) | (38,667) | |
Total income from operations | 72,888 | 70,305 | 169,104 | 239,000 | |
Total inventory | 449,957 | 453,826 | 449,957 | 453,826 | $ 338,590 |
Total property and equipment, net | 829,106 | 872,309 | 829,106 | 872,309 | 867,786 |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total income from operations | 82,594 | 84,670 | 208,039 | 277,667 | |
Operating Segments | Retail Operations | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 808,546 | 785,026 | 2,289,526 | 2,300,981 | |
Total income from operations | 61,667 | 67,981 | 150,575 | 234,022 | |
Total inventory | 403,631 | 415,923 | 403,631 | 415,923 | 301,519 |
Total property and equipment, net | 826,296 | 869,042 | 826,296 | 869,042 | 864,396 |
Operating Segments | Wholesale Operations | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 88,663 | 81,552 | 245,866 | 222,712 | |
Total income from operations | 20,866 | 17,006 | 57,373 | 44,213 | |
Total inventory | 46,326 | 37,903 | 46,326 | 37,903 | 37,071 |
Total property and equipment, net | 2,810 | 3,267 | 2,810 | 3,267 | $ 3,390 |
Intersegment Elimination | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | (4,435) | (4,087) | (8,497) | (8,057) | |
Total income from operations | $ 61 | $ (317) | $ 91 | $ (568) |
Schedule of Percentage of Net S
Schedule of Percentage of Net Sales by Merchandise Category (Detail) | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | ||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | 100.00% | 100.00% | 100.00% | 100.00% | |
Apparel | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | [1] | 69.00% | 68.00% | 69.00% | 69.00% |
Home | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | [2] | 14.00% | 14.00% | 14.00% | 14.00% |
Accessories | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | [3] | 12.00% | 13.00% | 12.00% | 13.00% |
Other | |||||
Entity Wide Information Revenue From External Customer [Line Items] | |||||
Total net sales | [4] | 5.00% | 5.00% | 5.00% | 4.00% |
[1] | Apparel includes intimates and activewear | ||||
[2] | Home includes home furnishings, electronics, gifts and decorative items | ||||
[3] | Accessories includes footwear, jewelry and handbags | ||||
[4] | Other includes beauty, shipping and handling revenues and the Food and Beverage division |
Schedule of Revenues and Long-L
Schedule of Revenues and Long-Lived Assets, by Domestic and Foreign Operations Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | Jan. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Total property and equipment, net | $ 829,106 | $ 872,309 | $ 829,106 | $ 872,309 | $ 867,786 |
Total net sales | 892,774 | 862,491 | 2,526,895 | 2,515,636 | |
Domestic Operations | |||||
Segment Reporting Information [Line Items] | |||||
Total property and equipment, net | 735,731 | 767,916 | 735,731 | 767,916 | 766,419 |
Total net sales | 779,790 | 760,074 | 2,222,589 | 2,211,925 | |
Foreign Operations | |||||
Segment Reporting Information [Line Items] | |||||
Total property and equipment, net | 93,375 | 104,393 | 93,375 | 104,393 | $ 101,367 |
Total net sales | $ 112,984 | $ 102,417 | $ 304,306 | $ 303,711 |