Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2020 | Mar. 25, 2020 | Jul. 31, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | URBN | ||
Entity Registrant Name | URBAN OUTFITTERS, INC. | ||
Entity Central Index Key | 0000912615 | ||
Current Fiscal Year End Date | --01-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 97,777,322 | ||
Entity Public Float | $ 1,744,868,754 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Shares, par value $.0001 per share | ||
Security Exchange Name | NASDAQ | ||
Entity File Number | 000-22754 | ||
Entity Incorporation, State or Country Code | PA | ||
Entity Tax Identification Number | 23-2003332 | ||
Entity Address, Address Line One | 5000 South Broad Street | ||
Entity Address, City or Town | Philadelphia | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 19112-1495 | ||
City Area Code | 215 | ||
Local Phone Number | 454-5500 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference [Text Block] | Certain information required by Items 10, 11, 12, 13 and 14 is incorporated by reference into Part III hereof from portions of the Proxy Statement for the registrant’s 2020 Annual Meeting of Shareholders. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 221,839 | $ 358,260 |
Marketable securities | 211,453 | 279,232 |
Accounts receivable, net of allowance for doubtful accounts of $880 and $1,499, respectively | 88,288 | 80,461 |
Inventory | 409,534 | 370,507 |
Prepaid expenses and other current assets | 122,282 | 114,296 |
Total current assets | 1,053,396 | 1,202,756 |
Property and equipment, net | 890,032 | 796,029 |
Operating lease right-of-use assets | 1,170,531 | |
Marketable securities | 97,096 | 57,292 |
Deferred income taxes and other assets | 104,578 | 104,438 |
Total Assets | 3,315,633 | 2,160,515 |
Current liabilities: | ||
Accounts payable | 167,871 | 144,414 |
Current portion of operating lease liabilities | 221,593 | |
Accrued compensation and benefits | 44,041 | 54,799 |
Accrued expenses and other current liabilities | 205,265 | 187,431 |
Total current liabilities | 638,770 | 386,644 |
Non-current portion of operating lease liabilities | 1,137,495 | |
Deferred rent and other liabilities | 84,013 | 284,773 |
Total Liabilities | 1,860,278 | 671,417 |
Commitments and contingencies (see Note 15) | ||
Shareholders’ equity: | ||
Preferred shares; $.0001 par value, 10,000,000 shares authorized, none issued | ||
Common shares; $.0001 par value, 200,000,000 shares authorized, 97,976,815 and 105,642,283 shares issued and outstanding, respectively | 10 | 11 |
Additional paid-in-capital | 9,477 | |
Retained earnings | 1,473,872 | 1,516,190 |
Accumulated other comprehensive loss | (28,004) | (27,103) |
Total Shareholders’ Equity | 1,455,355 | 1,489,098 |
Total Liabilities and Shareholders’ Equity | $ 3,315,633 | $ 2,160,515 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 880 | $ 1,499 |
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 | 97,976,815 | 105,642,283 |
Common shares, shares outstanding | 97,976,815 | 105,642,283 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Income Statement [Abstract] | |||
Net sales | $ 3,983,789 | $ 3,950,623 | $ 3,616,014 |
Cost of sales (excluding store impairment) | 2,729,352 | 2,600,367 | 2,429,097 |
Store impairment | 14,611 | 3,544 | 11,410 |
Gross profit | 1,239,826 | 1,346,712 | 1,175,507 |
Selling, general and administrative expenses | 993,990 | 965,399 | 915,615 |
Goodwill impairment | 13,911 | ||
Income from operations | 231,925 | 381,313 | 259,892 |
Interest income | 10,638 | 9,530 | 4,879 |
Other income | 1,438 | 1,035 | 1,435 |
Other expenses | (4,281) | (6,325) | (4,840) |
Income before income taxes | 239,720 | 385,553 | 261,366 |
Income tax expense | 71,624 | 87,550 | 153,103 |
Net income | $ 168,096 | $ 298,003 | $ 108,263 |
Net income per common share: | |||
Basic | $ 1.68 | $ 2.75 | $ 0.97 |
Diluted | $ 1.67 | $ 2.72 | $ 0.96 |
Weighted-average common shares outstanding: | |||
Basic | 99,833,011 | 108,303,594 | 111,887,308 |
Diluted | 100,588,677 | 109,706,007 | 112,367,924 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 168,096 | $ 298,003 | $ 108,263 |
Other comprehensive (loss) income: | |||
Foreign currency translation | (1,403) | (16,585) | 23,672 |
Change in unrealized gains (losses) on marketable securities, net of tax | 502 | 133 | (254) |
Total other comprehensive (loss) income | (901) | (16,452) | 23,418 |
Comprehensive income | $ 167,195 | $ 281,551 | $ 131,681 |
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, 2017 | $ 1,313,084 | $ 12 | $ 1,347,141 | $ (34,069) | |
Beginning Balances (in shares) at Jan. 31, 2017 | 116,233,781 | ||||
Comprehensive income | 131,681 | 108,263 | 23,418 | ||
Share-based compensation | 14,517 | $ 14,517 | |||
Share-based awards (in shares) | 200,148 | ||||
Cumulative effect of change in accounting pronouncement | 847 | 1,607 | (760) | ||
Share repurchases | (159,226) | $ (1) | (15,440) | (143,785) | |
Share repurchases (in shares) | (8,185,361) | ||||
Ending Balance at Jan. 31, 2018 | 1,300,903 | $ 11 | 684 | 1,310,859 | (10,651) |
Ending Balances (in shares) at Jan. 31, 2018 | 108,248,568 | ||||
Comprehensive income | 281,551 | 298,003 | (16,452) | ||
Share-based compensation | 18,104 | 18,104 | |||
Share-based awards | 13,618 | 13,618 | |||
Share-based awards (in shares) | 1,147,896 | ||||
Cumulative effect of change in accounting pronouncement | 6,564 | 6,564 | |||
Share repurchases | (131,642) | (32,406) | (99,236) | ||
Share repurchases (in shares) | (3,754,181) | ||||
Ending Balance at Jan. 31, 2019 | $ 1,489,098 | $ 11 | 1,516,190 | (27,103) | |
Ending Balances (in shares) at Jan. 31, 2019 | 105,642,283 | 105,642,283 | |||
Comprehensive income | $ 167,195 | 168,096 | (901) | ||
Share-based compensation | 21,109 | 21,109 | |||
Share-based awards | 974 | 974 | |||
Share-based awards (in shares) | 588,158 | ||||
Share repurchases | (223,021) | $ (1) | (12,606) | (210,414) | |
Share repurchases (in shares) | (8,253,626) | ||||
Ending Balance at Jan. 31, 2020 | $ 1,455,355 | $ 10 | $ 9,477 | $ 1,473,872 | $ (28,004) |
Ending Balances (in shares) at Jan. 31, 2020 | 97,976,815 | 97,976,815 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 168,096 | $ 298,003 | $ 108,263 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 112,256 | 117,986 | 128,408 |
Non-cash lease expense | 190,652 | ||
Provision (benefit) for deferred income taxes | 1,451 | (11,414) | 8,329 |
Share-based compensation expense | 21,109 | 18,104 | 14,517 |
Goodwill impairment | 13,911 | ||
Store impairment | 14,611 | 3,544 | 11,410 |
Loss on disposition of property and equipment, net | 1,643 | 3,492 | 4,037 |
Changes in assets and liabilities: | |||
Receivables | (7,825) | (4,012) | (21,744) |
Inventory | (39,101) | (21,696) | (8,644) |
Prepaid expenses and other assets | (16,308) | 8,605 | 12,967 |
Payables, accrued expenses and other liabilities | 22,661 | 34,012 | 45,516 |
Operating lease liabilities | (209,263) | ||
Net cash provided by operating activities | 273,893 | 446,624 | 303,059 |
Cash flows from investing activities: | |||
Cash paid for property and equipment | (217,433) | (114,924) | (83,813) |
Cash paid for marketable securities | (397,220) | (396,646) | (281,385) |
Sales and maturities of marketable securities | 428,508 | 267,072 | 243,818 |
Net cash used in investing activities | (186,145) | (244,498) | (121,380) |
Cash flows from financing activities: | |||
Proceeds from the exercise of share-based awards | 974 | 13,618 | |
Share repurchases related to share repurchase program | (217,421) | (121,397) | (157,044) |
Share repurchases related to taxes for share-based awards | (5,600) | (10,245) | (2,182) |
Net cash used in financing activities | (222,047) | (118,024) | (159,226) |
Effect of exchange rate changes on cash and cash equivalents | (2,122) | (8,062) | 11,627 |
(Decrease) increase in cash and cash equivalents | (136,421) | 76,040 | 34,080 |
Cash and cash equivalents at beginning of period | 358,260 | 282,220 | 248,140 |
Cash and cash equivalents at end of period | 221,839 | 358,260 | 282,220 |
Cash paid during the year for: | |||
Income taxes | 74,429 | 102,211 | 83,986 |
Non-cash investing activities—Accrued capital expenditures | $ 10,497 | $ 7,193 | $ 10,144 |
Nature of Business
Nature of Business | 12 Months Ended |
Jan. 31, 2020 | |
Accounting Policies [Abstract] | |
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, wholesale and subscription business selling to customers through various channels including retail locations, websites, catalogs and mobile applications. As of January 31, 2020 and 2019, the Company operated 634 and 620 stores, respectively. Stores located in the United States totaled 522 as of January 31, 2020 and 522 as of January 31, 2019. Operations in Europe and Canada included 78 stores and 34 stores as of January 31, 2020, respectively, and 63 stores and 35 stores as of January 31, 2019, respectively. In addition, the Company’s Wholesale segment sold and distributed apparel and home goods to approximately 2,300 department and specialty stores worldwide, digital businesses and to the Company’s Retail segment. The Company’s Subscription segment consists of the Nuuly brand, which is a monthly women’s apparel subscription rental service that launched on July 30, 2019. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2020 | |
Summary Of Significant Accounting Policies [Abstract] | |
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 2020 ended on January 31, 2020. 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 (“GAAP”), 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, 2020 and 2019, 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, 2020 and January 31, 2019 are classified as available-for-sale and are carried at fair value, which approximates amortized cost. Interest on these securities, as well as the amortization of discounts and premiums, is included in “Interest income” in the Consolidated Statements of Income. The Company records unrealized gains and losses on these securities (other than mutual funds held in the rabbi trust for the Urban Outfitters, Inc. Non-qualified Deferred Compensation Plan (See Note 4, “Marketable Securities”)) as a component of “Other comprehensive (loss) income” in the Consolidated Statements of Comprehensive Income and in “Accumulated other comprehensive loss” within “Shareholders’ equity” in the Consolidated Balance Sheets until realized, except when the Company considers declines in value to be other than temporary. Other than temporary impairment losses related to credit losses are considered to be realized losses. Mutual funds held in the rabbi trust have been accounted for under the fair value option, which results in all unrealized gains and losses being recorded in “Interest income” in the Consolidated Statements of Income. When available-for-sale securities are sold, the cost of the securities is specifically identified and is used to determine the realized gain or loss. Securities classified as current assets have maturity dates of less than or equal to one year from the balance sheet date. Securities classified as non-current assets have maturity dates greater than one year from the balance sheet date. Accounts Receivable Accounts receivable primarily consists of amounts due from the Company’s 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, 2020, 2019 and 2018 was as follows: Balance at beginning of year Additions Deductions Balance at end of year Year ended January 31, 2020 $ 1,499 1,684 (2,303 ) $ 880 Year ended January 31, 2019 $ 1,326 3,919 (3,746 ) $ 1,499 Year ended January 31, 2018 $ 588 4,435 (3,697 ) $ 1,326 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 method and includes the cost of merchandise and import-related costs, including freight, import duties and taxes and agent commissions. A periodic review of inventory is performed in order to determine if inventory is properly stated at the lower of cost or net realizable value. Factors the Company considers in its review, such as future expected consumer demand and fashion trends, current aging, current and anticipated retail markdowns or wholesale discounts and class or type of inventory, are analyzed to determine estimated net realizable value. Criteria that the Company considers in its review of aging trends include average selling cycle and seasonality of merchandise, the historical rate at which merchandise has sold below cost during the prior 12 months and the value and nature of merchandise currently held in inventory and priced below original cost. A provision is recorded to reduce the cost of inventory to its estimated net realizable value, if appropriate. The majority of inventory at January 31, 2020 and 2019 consisted of finished goods. Raw materials and work-in-process were not material to the overall inventory value. 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. Rental Product The cost of Subscription segment rental product is amortized to cost of sales based on the cost of each unit rented, which is estimated based on the number of times the unit is expected to be rented and the cost of the rental product. Lost, damaged and retired rental product is also charged to cost of sales. The Company makes assumptions as to the number of times each unit can be rented. If the actual number of times a unit can be rented were to vary significantly from our estimates, it could materially affect the amount of rental product amortization included in cost of sales. Amortization expense was $3,051 for fiscal 2020. Impairment of Long-lived Assets, Goodwill and Intangible Assets The Company reviews the carrying values of its definite-lived, 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 retail location, distribution or fulfillment center or a significant decrease in the operating results of a long-lived asset. The Company’s retail locations are reviewed for impairment at the retail location level, which is the lowest level at which individual cash flows can be identified. 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. Goodwill has been assigned to reporting units for purposes of impairment testing. The Company evaluates goodwill annually, or more frequently whenever events or changes in circumstances indicate that the carrying value of the reporting unit may exceed the fair value of the reporting unit. During fiscal 2020, the Company recorded impairment charges for eight retail locations, totaling $14,611, with a carrying value after impairment of $51,900 primarily related to the right-of-use assets. During fiscal 2019, the Company recorded impairment charges for four retail locations, totaling $3,544. During fiscal 2018, the Company recorded impairment charges for ten retail locations, totaling $11,410. During the Company’s assessment of current and future performance, it was determined that these retail locations would not be able to generate sufficient cash flow over the expected remaining lease term to recover the remaining carrying value of the respective retail location assets. During fiscal 2020, the Company evaluated the fair value of the Menus & Venues division as compared to the carrying value and determined that the goodwill assigned to the reporting unit is impaired in full, resulting in a goodwill impairment charge of $13,911. Leases See Recently Accounting Pronouncements Accounting for Leases After Adoption of ASU 2016-02, “Leases (Topic 842)” The Company has operating leases for stores, distribution and fulfillment centers, corporate offices and equipment. The Company subleases certain properties to third parties. The Company has elected not to record a lease liability and right-of-use asset for leases with original terms of 12 months or less. The Company has elected the practical expedient to not separate non-lease components from lease components as it pertains to real estate leases. Store leases have remaining lease terms that range from less than one year up to 15 years, some of which contain options to extend the lease for one or two 5-year periods. Payments related to a renewal period are included in the lease liability and right-of-use asset only when the Company is reasonably certain that it will exercise the option to renew the lease for an extended period of time. Certain leases may contain variable lease payments such as rent based on a percentage of net sales. Variable lease payments may be subject to a breakpoint threshold of fixed rent. Variable lease payments, other than those that depend on an index or a rate, are not included in the measurement of the lease liability. The lease liability is calculated at the present value of certain future payments, discounted using the Company’s incremental borrowing rate, which approximates the rate of interest the Company would pay to borrow an amount equal to the lease payments on a fully collateralized basis over a similar term. Significant judgment is used in determining the incremental borrowing rate related to estimates for credit rating, credit spread and the impact of collateral. The Company developed incremental borrowing rates at a lease portfolio level. The right-of-use asset is initially equal to the value of the lease liability less any amounts received from the landlord as incentives or tenant improvement allowances. Accounting for Leases Prior to Adoption of ASU 2016-02, “Leases (Topic 842)” 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 Merchandise: Merchandise is sold through retail stores, catalogs and the digital sales channel, as well as to wholesale customers, franchise partners and subscription customers. Revenue is recognized when control of the promised goods is transferred to the customer. The Company has elected to treat shipping and handling as fulfillment activities and not a separate performance obligation. Accordingly, the Company will recognize merchandise revenue for the Retail segment for its single performance obligation at the point of sale or at the time of shipment, which is when transfer of control to the customer occurs. A Subscription segment customer may purchase merchandise in her possession that was included in the order that was delivered as part of the monthly subscription rental service. The Company recognize merchandise revenue for the Subscription segment for its single performance obligation when the customer purchases the merchandise through the website or mobile application. Revenue does not include taxes assessed by governmental authorities, including value-added and other sales-related taxes, that are imposed on and concurrent with revenue-producing activities. Revenue is recognized net of estimated customer returns. Retail segment return policies vary by brand, but generally provide for no time limit on returns and the refund to be issued in either the form of original payment or as a gift card. Payment for merchandise is tendered primarily by cash, check, credit card, debit card or gift card. Uncollectible accounts receivable primarily results from unauthorized credit card transactions. The Company maintains an allowance for doubtful accounts for its Wholesale segment accounts receivable, which management reviews on a regular basis and believes is sufficient to cover potential credit losses and billing adjustments. Payment terms in the Wholesale segment vary by customer with the most common being a net 30 -day policy. Menus & Venues: Revenue from restaurant sales and events is recognized upon completion of the service, when the Company satisfies its single performance obligation. Customer deposits may be received in advance for events and that represent a contract liability until the Company satisfies its performance obligation. Subscription Fees: Revenue for the Subscription segment is generated through monthly subscription fees and the purchase of merchandise in a customer’s possession. The monthly subscription rental fee is recognized as revenue on the date the customer is billed, which is the monthly anniversary of when the customer initially signed up for the subscription rental service. A customer may pause the monthly subscription, at which point the customer will not be billed for future months until the subscription is no longer on hold. Merchandise sales to Subscription segment customers are discussed above under Merchandise. Franchise Fees: Revenue from franchise operations primarily relates to merchandise sales to franchisees and royalty fees. Merchandise sales to franchisees are discussed above under Merchandise. Royalty fees are based upon a percentage of franchisee net sales to third party customers and are recognized when such sales occur. Gift Cards: 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. At the time of issuance, the Company has an open performance obligation for the future delivery of promised goods or services. The liability remains outstanding until the card is redeemed by the customer, at which time the Company recognizes revenue. Over time, a portion of the outstanding gift cards will not be redeemed by the customer which we refer to as “breakage”. Revenue is recognized from breakage over time in proportion to gift card redemptions. Judgment is used in determining the amount of breakage revenue to be recognized and is based on historical gift card redemption patterns. Gift card breakage revenue is included in net sales and is not material. The Company’s gift cards do not expire. Customer Loyalty Programs: The Company maintains a customer loyalty program under the Urban Outfitters brand. Under this program, customers can earn and accumulate points that convert to a reward coupon upon reaching the specified point threshold. Reward coupons expire 60 days after issuance. Outstanding reward coupons and points earned through sale activity represent a performance obligation. Revenue is deferred in an amount equal to the standalone selling price, taking into account expected future redemptions, and recognized at the earlier of redemption or expiration. Judgment is used in determining the expected future redemption rates. The redemption and expiration of reward coupons are included in net sales. There are no material accounting policies related to the AnthroPerks customer loyalty program outside of the Company’s general revenue recognition practices. 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. Beginning February 1, 2018, with the adoption of the accounting standards update for revenue from contracts with customers, costs of returns are recorded as a current asset rather than net with the sales return reserve liability. As of January 31, 2020, 2019 and 2018, the sales return reserve was $51,360, $51,990 and $28,902, respectively. 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; the amortization of rental product; the net amortized cost of rental product at time of purchase by a customer; and other inventory and rental product 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 certain digital channel advertising, which is capitalized and expensed when the catalog is mailed or the content is published on the Company’s websites and mobile applications. Advertising costs primarily relate to Retail segment marketing expenses which are comprised of web marketing, catalog printing, paper, postage and other costs related to production of photographic images used in the Company’s catalogs, websites, mobile applications and social media campaigns. If there is no expected future benefit, the cost of advertising is expensed when incurred. Advertising costs reported as prepaid expenses were $1,381 and $2,466 as of January 31, 2020, and 2019, respectively, and are included in “Prepaid expenses and other current assets” in the Consolidated Balance Sheets. 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 2020, 2019 and 2018, capitalized costs related to internally generated internal-use software were not material. Income Taxes The Company utilizes a balance sheet approach to provide for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of net operating loss carryforwards and temporary differences between the carrying amounts and the tax bases of assets and liabilities. Investment tax credits or grants are accounted for in the period earned. The Company files a consolidated United States federal income tax return (see Note 10, “Income Taxes,” for a further discussion of income taxes). The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Net Income Per Common Share Basic net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per common share is computed by dividing net income by the weighted-average number of common shares and common share equivalents outstanding. Common share equivalents include the effect of stock options, stock appreciation rights (“SAR’s”), restricted stock units (“RSU’s”) and performance stock units (“PSU’s”). Comprehensive Income and Accumulated Other Comprehensive Loss Comprehensive income is comprised of two subsets—net income and other comprehensive income (loss). Amounts included in accumulated other comprehensive loss relate to foreign currency translation adjustments and unrealized gains or losses on marketable securities. The foreign currency translation adjustments are not adjusted for income taxes because these adjustments relate to non-U.S. subsidiaries for which foreign earnings have been designated as permanently reinvested. Accumulated other comprehensive loss consisted of foreign currency translation losses of $28,328 and $26,925 as of January 31, 2020 and January 31, 2019, respectively, and unrealized gains (losses), net of tax, on marketable securities of $324 and ($178) as of January 31, 2020 and January 31, 2019, respectively. The tax effect of the unrealized gains (losses) on marketable securities recorded in comprehensive loss was $202, $105 and ($137) during fiscal 2020, 2019 and 2018, respectively. Gross realized gains and losses are included in “Other income” in the Consolidated Statements of Income and were not material to the Company’s Consolidated Financial Statements for all three years presented. Foreign Currency The financial statements of the Company’s foreign operations are translated into U.S. dollars. Assets and liabilities are translated at current exchange rates as of the balance sheet date, equity accounts at historical exchange rates, while income statement accounts are translated at the average rates in effect during the year. Translation adjustments are not included in determining net income, but are included in “Accumulated other comprehensive loss” within “Shareholders’ equity.” Remeasurement gains and losses included in operating results for fiscal years 2020, 2019 and 2018 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. Reclassification Certain prior period amounts have been reclassified to conform to the current year presentation. Recent Accounting Pronouncements Recently Adopted 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 both operating and finance leases. The Company adopted the new guidance on February 1, 2019 using a modified retrospective approach at the beginning of the period of adoption. The Company elected the “package of three” practical expedients and did not reassess expired or existing leases as of the effective date. The Company also elected the practical expedient to not separate non-lease components from lease components as it pertains to real estate leases. Adoption on February 1, 2019 resulted in the recognition of approximately $1.3 billion of lease liabilities based on the present value of the remaining minimum rental payments using discount rates as of the effective date. Corresponding right-of-use assets of approximately $1.1 billion were recognized, with the offsetting balance representing a reduction in the previously recognized deferred rent balance. Adoption did not result in a material impact on the Company’s Consolidated Statements of Income or Consolidated Statements of Cash Flows. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Jan. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contract with Customer | 3. Revenue from Contracts with Customers Contract receivables occur when the Company satisfies all of its performance obligations under a contract and recognizes revenue prior to billing or receiving consideration from a customer for which it has an unconditional right to payment. Contract receivables arise from credit card and other electronic payment transactions and sales to Wholesale segment customers and franchisees. For the year ended January 31, 2020, the opening and closing balance of contract receivables, net of allowance for doubtful accounts, was $80,461 and $88,288, respectively. For the year ended January 31, 2019, the opening and closing balance of contract receivables, net of allowance for doubtful accounts, was $76,962 and $80,461, respectively. Contract receivables are included in “Accounts receivable, net of allowance for doubtful accounts” in the Condensed Consolidated Balance Sheets. Contract liabilities represent unearned revenue and result from the Company receiving consideration in a contract with a customer for which it has not satisfied all of its performance obligations. The Company’s contract liabilities result from customer deposits, customer loyalty programs and the issuance of gift cards. Gift cards are expected to be redeemed within two years of issuance, with the majority of redemptions occurring in the first year. For the year ended January 31, 2020, the opening and closing balance of contract liabilities was $ and $ , respectively. For the year ended January 31, 201 9 , the opening and closing balance of contract liabilities was $ and $ 49,747 , respectively. Contract liabilities are included in “Accrued expenses and other current liabilities” in the Condensed Consolidated Balance Sheets. During the year ended January 31, 20 20 , the Company recognized $ 31,380 of revenue that was included in the contract liability balance at the beginning of the period. During the year ended January 31, 2019, the Company recognized $ 30,265 of revenue that was included in the contract liability balance at the beginning of the period. See Note 17, “Segment Reporting,” for additional information including net sales recorded by reportable segment and net sales from contracts with customers by merchandise category. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Jan. 31, 2020 | |
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 values of available-for-sale securities by major security type and class of security as of January 31, 2020 and 2019 are as follows: Amortized Cost Unrealized Gains Unrealized (Losses) Fair Value As of January 31, 2020 Short-term Investments: Corporate bonds $ 166,790 $ 318 $ (26 ) $ 167,082 Municipal and pre-refunded municipal bonds 38,617 20 (11 ) 38,626 Federal government agencies 1,152 3 — 1,155 Certificate of deposit 2,593 — — 2,593 Commercial paper 1,997 — — 1,997 211,149 341 (37 ) 211,453 Long-term Investments: Corporate bonds 47,352 205 (40 ) 47,517 Municipal and pre-refunded municipal bonds 30,340 35 (17 ) 30,358 Mutual funds, held in rabbi trust 8,448 36 (55 ) 8,429 Federal government agencies 6,926 1 (2 ) 6,925 Certificates of deposit 3,867 — — 3,867 96,933 277 (114 ) 97,096 $ 308,082 $ 618 $ (151 ) $ 308,549 As of January 31, 2019 Short-term Investments: Corporate bonds $ 227,287 $ 24 $ (214 ) $ 227,097 Municipal and pre-refunded municipal bonds 43,677 15 (18 ) 43,674 Federal government agencies 1,458 — — 1,458 Certificate of deposit 1,050 — — 1,050 Commercial paper 2,979 — — 2,979 Treasury bills 2,975 — (1 ) 2,974 279,426 39 (233 ) 279,232 Long-term Investments: Corporate bonds 34,265 34 (63 ) 34,236 Municipal and pre-refunded municipal bonds 7,554 7 (3 ) 7,558 Mutual funds, held in rabbi trust 6,301 450 — 6,751 Federal government agencies 6,603 2 (1 ) 6,604 Certificates of deposit 2,143 — — 2,143 56,866 493 (67 ) 57,292 $ 336,292 $ 532 $ (300 ) $ 336,524 Proceeds from the sales and maturities of available-for-sale securities were $428,508, $267,072 and $243,818 in fiscal 2020, 2019 and 2018, respectively. The Company included in “Interest income,” in the Consolidated Statements of Income, a net realized gain of $39 during fiscal 2020, and net realized losses of $22 and $35 during fiscal 2019 and 2018, respectively. Amortization of discounts and premiums, net, resulted in a reduction of “Interest income” of $706, $1,695 and $2,588 for fiscal 2020, 2019 and 2018, respectively. Mutual funds represent assets held in an irrevocable rabbi trust for the Company’s Non-qualified Deferred Compensation Plan (“NQDC”). These assets are a source of funds to match the funding obligations to participants in the NQDC but are subject to the Company’s general creditors. The Company elected the fair value option for financial assets for the mutual funds held in the rabbi trust resulting in all unrealized gains and losses being recorded in “Interest income” in the Consolidated Statements of Income. 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, 2020 and 2019, respectively. January 31, 2020 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 $ 60,067 $ (66 ) $ — $ — $ 60,067 $ (66 ) Municipal and pre-refunded municipal bonds 24,975 (28 ) — — 24,975 (28 ) Mutual funds, held in rabbi trust 5,395 (55 ) 5,395 (55 ) Federal government agencies 3,009 (2 ) — — 3,009 (2 ) Total $ 93,446 $ (151 ) $ — $ — $ 93,446 $ (151 ) January 31, 2019 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 $ 177,932 $ (160 ) $ 38,201 $ (117 ) $ 216,133 $ (277 ) Municipal and pre-refunded municipal bonds 20,732 (13 ) 4,907 (8 ) 25,639 (21 ) Federal government agencies 3,315 (1 ) — — 3,315 (1 ) Treasury bills 2,974 (1 ) — — 2,974 (1 ) Total $ 204,953 $ (175 ) $ 43,108 $ (125 ) $ 248,061 $ (300 ) As of January 31, 2020 and 2019, there were a total of 83 and 362 securities with unrealized loss positions within the Company’s portfolio, respectively. |
Fair Value
Fair Value | 12 Months Ended |
Jan. 31, 2020 | |
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 January 31, 2020 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 214,599 $ — $ — $ 214,599 Municipal and pre-refunded municipal bonds — 68,984 — 68,984 Mutual funds, held in rabbi trust 8,429 — — 8,429 Federal government agencies 8,080 — — 8,080 Certificates of deposit — 6,460 — 6,460 Commercial paper 1,997 — 1,997 $ 231,108 $ 77,441 $ — $ 308,549 Marketable Securities Fair Value as of January 31, 2019 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 261,333 $ — $ — $ 261,333 Municipal and pre-refunded municipal bonds — 51,232 — 51,232 Mutual funds, held in rabbi trust 6,751 — — 6,751 Federal government agencies 8,062 — — 8,062 Certificates of deposit — 3,193 — 3,193 Commercial paper 2,979 — 2,979 Treasury bills 2,974 — — 2,974 $ 279,120 $ 57,404 $ — $ 336,524 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, 2020 and January 31, 2019. 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, 2020 and 2019, 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 whenever events or changes in circumstances indicate that the carrying value may not be recoverable and, in the case of goodwill, an annual assessment is performed. The fair value of property and equipment was determined using a discounted cash-flow model that utilized Level 3 inputs. The Company’s retail locations are reviewed for impairment at the retail location level, which is the lowest level at which individual cash flows can be identified. In calculating future cash flows, the Company makes estimates regarding future operating results based on its experience and knowledge of market factors in which the retail location 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. During fiscal 2020, 2019 and 2018, the Company determined that certain long-lived assets at the Company’s retail locations were unable to recover their carrying value. These assets were written down to a fair value resulting in impairment charges of $14,611, $3,544 and $11,410 in fiscal 2020, 2019 and 2018, respectively. During fiscal 2020, the Company evaluated the fair value of the Menus & Venues division as compared to the carrying value and determined that the goodwill assigned to the reporting unit is impaired in full, resulting in a goodwill impairment charge of $13,911. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 6. Property and Equipment Property and equipment is summarized as follows: January 31, 2020 2019 Land $ 38,279 $ 27,083 Buildings 411,084 347,468 Furniture and fixtures 440,922 438,163 Leasehold improvements 923,711 922,884 Other operating equipment 349,416 323,298 Construction-in-progress 77,497 22,163 2,240,909 2,081,059 Accumulated depreciation (1,350,877 ) (1,285,030 ) Total $ 890,032 $ 796,029 Depreciation expense for property and equipment in fiscal 2020, 2019 and 2018 was $111,550, $116,291 and $125,820, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Jan. 31, 2020 | |
Payables And Accruals [Abstract] | |
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, 2020 2019 Sales return reserves $ 51,360 $ 51,990 Gift cards and merchandise credits 44,906 42,480 Accrued sales and VAT taxes 16,820 15,987 Accrued rents, estimated property taxes and other property expenses 17,634 14,072 Federal, state and foreign income taxes 8,133 11,189 Accrued construction 10,556 7,171 Other current liabilities 55,856 44,542 Total $ 205,265 $ 187,431 |
Debt
Debt | 12 Months Ended |
Jan. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | 8. Debt On June 29, 2018, the Company and its domestic subsidiaries entered into an amended and restated credit agreement (the “Amended Credit Agreement”) that amended the Company’s asset-based revolving credit facility with certain lenders, including JPMorgan Chase Bank, N.A., as administrative agent, and J.P. Morgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as joint lead arrangers and co-book managers. The Amended Credit Agreement extended the maturity date of the senior secured revolving credit facility to June 2023 (the “Amended Credit Facility”). The Amended Credit Facility provides for loans and letters of credit up to $350,000, subject to a borrowing base that is comprised of the Company’s eligible accounts receivable and inventory. The Amended 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 Amended Credit Facility may be used for working capital and other general corporate purposes. The Amended 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 1.375%, or (ii) an adjusted ABR plus an applicable margin ranging from 0.125% to 0.375%, each such applicable margin depending on the level of availability under the Amended Credit Facility. Currently, there has not been a replacement reference rate identified for LIBOR in the Amended Credit Facility. Depending on the type of borrowing, interest on the Amended Credit Agreement is payable monthly, quarterly or at the end of the interest period. A commitment fee of 0.20% is payable quarterly on the unused portion of the Amended Credit Facility. All obligations under the Amended Credit Facility are unconditionally guaranteed by the Company and certain of its U.S. subsidiaries. The obligations under the Amended Credit Facility are secured by a first-priority security interest in inventory, accounts receivable, and certain other assets of the Company and certain of its U.S. subsidiaries. The obligations of URBN Canada Retail, Inc. are secured by a first-priority security interest in its inventory, accounts receivable, and certain other assets. The Amended Credit Agreement contains customary representations and warranties, negative and affirmative covenants and provisions relating to events of default. As of January 31, 2020, the Company was in compliance with all terms of the Amended Credit Agreement and borrowings under the Amended Credit Facility totaled $0. Outstanding stand-by letters of credit, which reduce the funds available under the Amended Credit Facility, were $14,071. 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, 2020, the Company had outstanding trade letters of credit of $62,155, and available trade letters of credit of $67,845 under these facilities. On March 16, 2020, the Company borrowed $220,000 under the Amended Credit Facility in order to preserve financial flexibility and maintain liquidity and flexibility in response to the COVID-19 outbreak that caused public health officials to recommend precautions that would mitigate the spread of the virus, including warning against congregating in heavily populated areas such as malls and shopping centers, and led to the temporary closure of all of the Company’s stores globally. The Company intends to use the proceeds in the future for working capital, capital expenditure, general corporate or other purposes. The Company expects to remain in compliance with all terms, including financial covenants, of the Amended Credit Agreement. |
Leases
Leases | 12 Months Ended |
Jan. 31, 2020 | |
Leases [Abstract] | |
Leases | 9. Leases The Company has operating leases for stores, distribution and fulfillment centers, corporate offices and equipment. The Company subleases certain properties to third parties. Total operating lease costs were $272,430 during fiscal 2020. Total variable lease costs were $126,492 during fiscal 2020. Short-term lease costs and sublease income were not material during fiscal 2020. Other information related to leases was as follows: Other information Fiscal Year Ended January 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 295,658 Right-of-use assets obtained in exchange for new operating lease liabilities $ 106,131 Weighted-average remaining lease term - operating leases 7.4 years Weighted-average discount rate - operating leases 6.3 % The following is a schedule by year of the maturities of operating lease liabilities with original terms in excess of one year, as of January 31, 2020: Fiscal Year Operating Leases 2021 $ 306,706 2022 275,257 2023 241,393 2024 207,707 2025 170,948 Thereafter 588,788 Total undiscounted future minimum lease payments 1,790,799 Less imputed interest (431,711 ) Total discounted future minimum lease payments $ 1,359,088 As of January 31, 2020, the Company had commitments of approximately $52,219 not included in the amounts above related to seven executed but not yet commenced store leases. Prior to Adoption of ASU 2016-02, “Leases (Topic 842)” The following is a schedule by year of the future minimum lease payments for operating leases with original terms in excess of one year, as of January 31, 2019: Fiscal Year Operating Leases 2020 $ 294,527 2021 263,209 2022 228,596 2023 200,776 2024 167,130 Thereafter 558,655 Total minimum lease payments $ 1,712,893 Amounts noted above include commitments for 11 executed leases for stores and fulfillment centers not opened as of January 31, 2019. 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 breakpoint 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, 2019 2018 Minimum and percentage rentals $ 277,358 $ 269,107 Contingent rentals 651 694 Total $ 278,009 $ 269,801 |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes The components of income before income taxes are as follows: Fiscal Year Ended January 31, 2020 2019 2018 Domestic $ 233,742 $ 336,823 $ 208,787 Foreign 5,978 48,730 52,579 $ 239,720 $ 385,553 $ 261,366 The components of the provision for income tax expense/(benefit) are as follows: Fiscal Year Ended January 31, 2020 2019 2018 Current: Federal $ 50,507 $ 71,520 $ 124,988 State 13,525 18,088 10,772 Foreign 6,141 9,356 9,014 $ 70,173 $ 98,964 $ 144,774 Deferred: Federal $ (3,260 ) $ (6,818 ) $ 10,270 State (772 ) 965 (1,914 ) Foreign 5,483 (5,561 ) (27 ) 1,451 (11,414 ) 8,329 $ 71,624 $ 87,550 $ 153,103 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, 2020 2019 2018 Expected provision at statutory U.S. federal tax rate 21.0 % 21.0 % 33.8 % State and local income taxes, net of federal tax benefit 4.2 3.9 2.3 Foreign taxes 4.0 (1.5 ) (3.4 ) Net impact of U.S. tax reform — 0.3 24.7 Other 0.7 (1.0 ) 1.2 Effective tax rate 29.9 % 22.7 % 58.6 % The significant components of deferred tax assets and liabilities as of January 31, 2020 and 2019 are as follows: January 31, 2020 2019 Deferred tax liabilities: Prepaid expense $ (2,393 ) $ (1,729 ) Depreciation (32,311 ) (39,303 ) Operating lease right-of-use assets (260,706 ) — Other temporary differences (1,129 ) (1,258 ) Gross deferred tax liabilities (296,539 ) (42,290 ) Deferred tax assets: Operating lease liabilities 310,209 — Deferred rent — 52,409 Inventory 11,436 10,579 Accounts receivable 1,475 2,198 Net operating loss carryforwards 4,547 1,945 Tax uncertainties 1,336 953 Accrued salaries and benefits 17,534 20,216 Income tax credits 4,511 4,659 Other temporary differences 10,050 6,119 Gross deferred tax assets, before valuation allowances 361,098 99,078 Valuation allowances (13,459 ) (3,906 ) Net deferred tax assets $ 51,100 $ 52,882 Net deferred tax assets are attributed to the jurisdictions in which the Company operates. As of January 31, 2020 and 2019, respectively, $25,972 and $22,885 were attributable to U.S. federal, $15,858 and $15,079 were attributed to state jurisdictions and $9,270 and $14,918 were attributed to foreign jurisdictions. As of January 31, 2020, certain non-U.S. subsidiaries of the Company had net operating loss carryforwards for tax purposes of approximately $3,331 that expire from 2020 through 2030 and approximately $16,976 that do not expire. Certain U.S. subsidiaries of the Company had state net operating loss carryforwards for tax purposes of approximately $9,167 that expire from 2021 through 2038 and approximately $3,273 that do not expire. Certain U.S. subsidiaries of the Company had state credit carryforwards for tax purposes of approximately $5,962 that expire from 2021 through 2031. As of January 31, 2020, the Company had full and partial valuation allowances for certain foreign net operating loss carryforwards and a partial valuation allowance against state credit carryforwards where it was uncertain the carryforwards would be utilized. The Company had no valuation allowance for certain other foreign and state net operating loss carryforwards where management believes it is more-likely-than-not the tax benefit of these carryforwards will be realized. As of January 31, 2020, approximately $202,609 of cash and cash equivalents were held by the Company’s non-U.S. subsidiaries for which no deferred taxes have been provided. Additionally, the Company has cumulative undistributed earnings of $347,077 that were subject to the one-time deemed repatriation transition tax required by the Tax Act. The Company continues to believe that certain foreign earnings are indefinitely reinvested. 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 2020 2019 2018 Balance at the beginning of the period $ 21,406 $ 4,546 $ 5,798 Increases in tax positions for prior years 661 18,077 45 Decreases in tax positions for prior years (101 ) (921 ) (511 ) Increases in tax positions for current year 125 196 128 Settlements — — — Lapse in statute of limitations (167 ) (492 ) (914 ) Balance at the end of the period $ 21,924 $ 21,406 $ 4,546 The total amount of net unrecognized tax benefits that, if recognized, would impact the Company’s effective tax rate were $22,489 and $21,319 as of January 31, 2020 and 2019, 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, 2020, 2019 and 2018, the Company recognized expense/(benefit) of $1,038, $449 and ($209), respectively, related to interest and penalties. The Company accrued $1,860 and $822 for the payment of interest and penalties as of January 31, 2020 and 2019, respectively. The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The Company is under audit in certain foreign jurisdictions. Certain federal, foreign and state jurisdictions are subject to audit from fiscal 2010 to 2019. It is possible that a state or foreign examination may be resolved within 12 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 12 months by a range of zero to $3,734. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Jan. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 11. Share-Based Compensation The Company’s 2017 Stock Incentive Plan (the “2017 Plan”) authorized up to 10,000,000 common shares, which can be granted as restricted stock, RSU’s, PSU’s, incentive stock options, nonqualified stock options, SAR’s and stock grant awards. As of January 31, 2020, there were 8,718,500 common shares available to grant under the 2017 Plan. The Company’s 2008 Stock Incentive Plan (the “2008 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. As of January 31, 2020, there were 4,938,376 common shares available to grant under the 2008 Plan. Pursuant to the terms of the 2008 Plan, certain awards may not be granted after February 25, 2018. Awards under the 2017 Plan and the 2008 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. Beginning in fiscal 2018, the Company elected to account for forfeitures as they occur rather than estimate the expected forfeitures. Share-based compensation expense, included in “Selling, general and administrative expenses” in the Consolidated Statements of Income, for the fiscal years ended January 31, 2020, 2019 and 2018 was as follows: Fiscal Year Ended January 31, 2020 2019 2018 Stock Options $ 1,737 $ 1,854 $ 897 Stock Appreciation Rights — 4 142 Performance Stock Units (1) 3,483 2,463 3,562 Restricted Stock Units 15,889 13,783 9,916 Total $ 21,109 $ 18,104 $ 14,517 (1) Includes: (i) the reversal of $803 of previously recognized compensation expense in fiscal 2020, related to 54,356 PSU’s that will not vest as the achievement of the related performance target is not probable; (ii) the reversal of $4,213 of previously recognized compensation expense in fiscal 2019, related to 313,077 PSU’s that will not vest as the achievement of the related performance target is not probable; and (iii) the reversal of $11,515 of previously recognized compensation expense in fiscal 2018, related to 871,779 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, 2020, 2019 and 2018 was $5,230, $4,465 and $5,438, respectively. The tax benefit realized from share-based compensation for the fiscal years ended January 31, 2020, 2019 and 2018 was $4,425, $8,309 and $1,753, respectively. Stock Options The Company may grant stock options that generally vest over a period of one year. 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 directors generally vest over a period of one year. A Black-Scholes model was used to estimate the fair value of stock options granted in the fiscal years ended January 31, 2020 and 2019. A Monte Carlo simulation was used to estimate the fair value of stock options granted in the fiscal year ended January 31, 2018. A different model was used to value fiscal 2020 and 2019 grants due to changes in grant provisions under the 2017 Plan. Both models use assumptions including the risk-free rate of interest, expected volatility of the Company’s stock price and expected life of the awards. 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. The following weighted-average assumptions were used in the models to estimate the fair value of stock options at the date of grant: Fiscal Year Ended January 31, 2020 2019 2018 Expected life, in years 5.3 5.4 3.4 Risk-free interest rate 1.9 % 2.8 % 1.6 % Volatility 37.6 % 35.6 % 40.2 % Dividend rate — — — The following table summarizes the Company’s stock option activity for the fiscal year ended January 31, 2020: Shares Weighted- Average Exercise Price Weighted- Average Contractual Terms (years) Aggregate Intrinsic Value Awards outstanding at beginning of year 610,000 $ 35.55 3.9 $ 2,007 Granted 160,000 23.74 Exercised (40,000 ) 24.37 Forfeited or Expired (60,000 ) 40.65 Awards outstanding at end of year 670,000 32.94 3.9 $ 964 Awards outstanding fully vested and expected to vest 670,000 32.94 3.9 $ 964 Awards exercisable at end of year 510,000 $ 35.83 3.2 $ 666 The following table summarizes other information related to stock options during the years ended January 31, 2020, 2019 and 2018: Fiscal Year Ended January 31, 2020 2019 2018 Weighted-average grant date fair value—per share $ 8.67 $ 17.12 $ 5.37 Intrinsic value of awards exercised $ 307 $ 4,369 $ — Net cash proceeds from the exercise of stock options $ 974 $ 13,618 $ — Total unrecognized compensation cost of stock options granted but not yet vested, as of January 31, 2020, was $471, which is expected to be recognized over the weighted-average period of 0.3 year. Stock Appreciation Rights The Company may grant SAR’s that 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, 2020, 2019 and 2018. The following table summarizes the Company’s SAR activity for the fiscal year ended January 31, 2020: Awards Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Awards outstanding at beginning of year 10,000 $ 37.34 1.7 $ — Granted — — Exercised — — Forfeited or Expired (10,000 ) 37.34 Awards outstanding at end of year — — — $ — Awards outstanding fully vested and expected to vest — — — $ — Awards exercisable at end of year — — — $ — The following table summarizes other information related to SAR’s during the years ended January 31, 2020, 2019 and 2018: Fiscal Year Ended January 31, 2020 2019 2018 Intrinsic value of awards exercised $ — $ 1,451 $ 5 There were no unrecognized compensation costs of SAR’s granted, but not yet vested, as of January 31, 2020. Performance Stock Units The Company may grant PSU’s that vest based on the achievement of various company performance targets and external market conditions. The fair value of the PSU’s awarded during fiscal 2020 equaled the stock price on the date of the grant. The fair value of the PSU’s awarded during fiscal 2019 and 2018 was determined using a Monte Carlo simulation. A Monte Carlo simulation uses assumptions including the risk-free interest rate, expected volatility of the Company’s stock price and expected life of the awards. A different methodology was used to value fiscal 2020 grants due to the removal of certain conditions in the grant provisions. The Company makes certain estimates about the number of awards that 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 The following table summarizes the Company’s PSU activity for the fiscal year ended January 31, 2020: Shares Weighted- Average Fair Value Non-vested awards outstanding at beginning of year 1,355,627 $ 22.45 Granted 140,000 30.19 Vested (139,999 ) 26.21 Forfeited (613,162 ) 20.75 Non-vested awards outstanding at end of year 742,466 $ 24.60 The weighted-average grant date fair value of PSU’s awarded during the fiscal years ended January 31, 2020, 2019 and 2018 was $30.19, $34.76 and $23.38, per share, respectively. Unrecognized compensation cost related to unvested PSU’s as of January 31, 2020 was $4,468, which is expected to be recognized over a weighted-average period of 1.9 years. Restricted Stock Units The Company may grant RSU’s that vest based on the achievement of specified service conditions. RSU’s typically vest over a two to five-year period. The following table summarizes the Company’s RSU activity for the fiscal year ended January 31, 2020: Shares Weighted- Average Fair Value Non-vested awards outstanding at beginning of year 1,378,834 $ 30.82 Granted 868,000 29.92 Vested (408,159 ) 26.80 Forfeited (183,334 ) 33.58 Non-vested awards outstanding at end of year 1,655,341 $ 31.03 The weighted-average grant date fair value of RSU’s awarded during the fiscal years ended January 31, 2020, 2019 and 2018 was $29.92, $36.55 and $26.01, per share, respectively. The aggregate grant date fair value of RSU’s vested during the fiscal years ended January 31, 2020 and 2019 was $26.80 and $26.86, respectively. No RSU’s vested during the fiscal year ended January 31, 2018. Unrecognized compensation costs related to unvested RSU’s as of January 31, 2020, was $23,209, which is expected to be recognized over a weighted-average period of 2.0 years. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jan. 31, 2020 | |
Equity [Abstract] | |
Shareholders' Equity | 12. Shareholders’ Equity Share repurchase activity under the Company’s share repurchase programs is as follows: Fiscal Year Ended January 31, 2020 2019 Number of common shares repurchased and subsequently retired 8,068,196 3,500,000 Total cost $ 217,421 $ 121,397 Average cost per share, including commissions $ 26.95 $ 34.68 On August 22, 2017, the Company’s Board of Directors authorized the repurchase of 20,000,000 common shares under a share repurchase program. On June 4, 2019, the Company’s Board of Directors authorized the repurchase of an additional 20,000,000 common shares under a share repurchase program. As of January 31, 2020, 26,333,957 common shares were remaining under the programs. Subsequent to January 31, 2020 (from March 12, 2020 to March 13, 2020), the Company repurchased and subsequently retired a total of 482,003 common shares for approximately $7,036, at an average price of $14.60 per share, including commissions. All fiscal 2021 share repurchases were funded with available cash, cash equivalents and marketable securities. In addition to the common shares repurchased under the share repurchase programs, during the fiscal years ended January 31, 2020 and 2019, the Company acquired and subsequently retired 185,430 and 254,181 common shares at a total cost of $5,600 and $10,245, respectively, from employees to meet minimum statutory tax withholding requirements. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 12 Months Ended |
Jan. 31, 2020 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 13. Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss The following tables present the changes in “Accumulated other comprehensive loss,” by component, net of tax, for the fiscal years ended January 31, 2020 and 2019, respectively: Fiscal Year Ended January 31, 2020 Foreign Currency Translation Unrealized Gains and (Losses) on Available-for- Sale Securities Total Beginning Balance $ (26,925 ) $ (178 ) $ (27,103 ) Other comprehensive income (loss) before reclassifications (1,403 ) 463 (940 ) Amounts reclassified from accumulated other comprehensive income (loss) — 39 39 Net current-period total other comprehensive income (loss) (1,403 ) 502 (901 ) Ending Balance $ (28,328 ) $ 324 $ (28,004 ) Fiscal Year Ended January 31, 2019 Foreign Currency Translation Unrealized Gains and (Losses) on Available-for- Sale Securities Total Beginning Balance $ (10,340 ) $ (311 ) $ (10,651 ) Other comprehensive income (loss) before reclassifications (16,585 ) 155 (16,430 ) Amounts reclassified from accumulated other comprehensive income (loss) — (22 ) (22 ) Net current-period total other comprehensive income (loss) (16,585 ) 133 (16,452 ) Ending Balance $ (26,925 ) $ (178 ) $ (27,103 ) All unrealized gains and losses on available-for-sale securities reclassified from accumulated other comprehensive loss were recorded in “Interest income” in the Consolidated Statements of Income. |
Net Income Per Common Share
Net Income Per Common Share | 12 Months Ended |
Jan. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | 14. 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, 2020 2019 2018 Basic weighted-average common shares outstanding 99,833,011 108,303,594 111,887,308 Effect of dilutive options, stock appreciation rights, restricted stock units and performance stock units 755,666 1,402,413 480,616 Diluted weighted-average shares outstanding 100,588,677 109,706,007 112,367,924 For the fiscal years ended January 31, 2020, 2019 and 2018, awards to purchase 406,250 common shares ranging in price from $28.47 to $46.42, awards to purchase 281,875 common shares ranging in price from $35.85 to $46.42 and awards to purchase 906,294 common shares ranging in price from $25.60 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, 2020 and 2019, 555,362 and 1,175,655 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, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies Purchase Commitments As of January 31, 2020, 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 12 months, as well as commitments for products and services including information technology contracts, of $543,703. 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, 2020, the Company also has commitments related to construction and distribution equipment contracts that are fully satisfied upon the completion of construction or installation, which is primarily within 12 months, of $52,493. 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. Beginning January 1, 2019, the Company makes matching contributions in cash of $0.50 per employee contribution dollar on the first 6% of the employee contribution. Prior to January 1, 2019, the Company made 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 $7,094, $3,549 and $2,602 for fiscal years 2020, 2019 and 2018, 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. Deferred compensation under the NQDC consists of elective deferral credits, if any, made by the participant and discretionary contribution credits made by the Company. Employee contributions are 100% vested on the contribution date and the Company’s discretionary contribution is 100% vested upon crediting to participants’ accounts on an annual basis. The Company made a matching contribution of $56, $46 and $52 during fiscal years 2020, 2019 and 2018, respectively. The NQDC obligation was $ and $ as of January 31, 20 20 and 201 9 , respectively. The Company has purchased investments to fund the NQDC obligation. The investments had an aggregate market value of $ and $ as of January 31, 20 20 and 201 9 , 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, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16. Related Party Transactions Faegre Drinker Biddle & Reath LLP, a law firm, provided general legal services to the Company. Fees paid to Faegre Drinker Biddle & Reath LLP during fiscal 2020, 2019 and 2018 were $495, $1,052 and $2,652, respectively. Harry S. Cherken, Jr., a director of the Company, is Senior Counsel at Faegre Drinker Biddle & Reath LLP. Amounts due to Faegre Drinker Biddle & Reath LLP as of January 31, 2020 and 2019 were approximately $50 and $169, respectively. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jan. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | 17. Segment Reporting The Company offers lifestyle-oriented general merchandise and consumer products and services through a portfolio of global consumer brands. The Company operates three reportable segments—“Retail,” “Wholesale” and “Subscription.” The Company’s Retail segment consists of the “Anthropologie,” “Bhldn,” “Free People,” “Terrain” and “Urban Outfitters” brands and the Menus & Venues division. The Anthropologie, Bhldn and Terrain brands make up the “Anthropologie Group.” As of January 31, 2020, there were 248 Urban Outfitters stores, 231 Anthropologie Group stores, 144 Free People stores, 11 restaurants under the Menus & Venues division, five Urban Outfitters franchisee-owned stores, one Anthropologie Group franchisee-owned store and one Free People franchisee-owned store. Each of, Urban Outfitters, the Anthropologie Group and Free People, including their Company-owned and franchisee-owned stores and digital channels, and the restaurants operated under the Company’s Menus & Venues division, are considered an operating segment. Net sales from the Retail segment accounted for approximately 91.6%, 91.2% and 91.3% of total consolidated net sales for fiscal 2020, 2019 and 2018, respectively. The Company has aggregated its brands into the Retail segment based upon their shared management, customer base and economic characteristics. Reporting in this format provides management with the financial information necessary to evaluate the success of the segments and the overall business. The Company’s Retail segment omni-channel strategy enhances its customers’ brand experience by providing a seamless approach to the customer shopping experience. All available Company-owned Retail segment shopping channels are fully integrated, including 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 Retail segment omni-channel and not the separate store or digital channels. The Company manages and analyzes its performance based on a single Retail segment omni-channel rather than separate channels and believes that the Retail segment omni-channel results present the most meaningful and appropriate measure of our performance. The Company’s Wholesale segment consists of the Free People, Anthropologie and Urban Outfitters brands. The Wholesale segment sells through approximately 2,300 department and specialty stores worldwide, digital businesses and the Retail segment. The Wholesale segment primarily designs, develops and markets young women’s contemporary casual apparel, intimates, FP Movement activewear and shoes under the Free People brand, home goods including gifts, tabletop and textiles, under the Anthropologie brand and the BDG apparel collection under the Urban Outfitters brand. The Anthropologie wholesale division was established in fiscal 2018 and the Urban Outfitters wholesale division was established in fiscal 2019. Our Wholesale segment net sales accounted for approximately 8.2%, 8.8% and 8.7% of total consolidated net sales for fiscal 2020, 2019 and 2018, respectively. The Subscription segment consists of the “Nuuly” brand, which is a monthly women’s apparel subscription rental service that launched on July 30, 2019. For a monthly fee, Nuuly subscribers can select rental product from a wide selection of the Company’s own brands, third-party labels and one-of-a-kind vintage pieces via a custom-built, digital platform. Subscribers select their products each month, wear them as often as they like, then swap into new products the following month. Subscribers are also able to purchase the rented product. Prior year expenses related to the Subscription segment that were classified as “Retail operations” and “General corporate expenses” have been reclassified to the Subscription segment as a result of the establishment of the Subscription segment in the first quarter of fiscal 2020. Property and equipment and cash paid for property and equipment related to the Subscription segment have also been reclassified from the Retail segment. Subscription segment net sales accounted for less than 1.0% of consolidated net sales for fiscal 2020. The Company evaluates the performance of each segment 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 the Retail and Wholesale segments are inventory and property and equipment. The principal identifiable assets for the Subscription segment are rental product 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, and 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 accounting policies of the reportable segments are the same as the policies described in Note 2, “Summary of Significant Accounting Policies.” All of the Company’s segments are highly diversified. No one customer constitutes more than 10% of the Company’s total consolidated net sales. A summary of the information about the Company’s operations by segment is as follows: Fiscal Year 2020 2019 2018 Net sales Retail operations $ 3,648,938 $ 3,604,170 $ 3,299,714 Wholesale operations 340,869 357,363 327,539 Subscription operations 8,001 — — Intersegment elimination (14,019 ) (10,910 ) (11,239 ) Total net sales $ 3,983,789 $ 3,950,623 $ 3,616,014 Income from operations Retail operations $ 256,540 $ 353,851 $ 233,844 Wholesale operations 42,315 68,516 71,877 Subscription operations (19,639 ) (3,423 ) — Intersegment elimination 257 399 151 Total segment operating income 279,473 419,343 305,872 General corporate expenses (47,548 ) (38,030 ) (45,980 ) Total income from operations $ 231,925 $ 381,313 $ 259,892 Depreciation expense for property and equipment Retail operations $ 109,622 $ 115,646 $ 124,935 Wholesale operations 578 645 885 Subscription operations 1,350 — — Total depreciation expense for property and equipment $ 111,550 $ 116,291 $ 125,820 Inventory Retail operations $ 347,837 $ 328,783 Wholesale operations 61,697 41,724 Total inventory $ 409,534 $ 370,507 Rental product, net (1) Subscription operations $ 16,447 $ — Total rental product, net $ 16,447 $ — (1) Rental product, net is included in "Deferred income taxes and other assets" in the Consolidated Balance Sheets. Property and equipment, net Retail operations $ 859,918 $ 791,648 Wholesale operations 2,577 2,389 Subscription operations 27,537 1,992 Total property and equipment, net $ 890,032 $ 796,029 Cash paid for property and equipment Retail operations $ 189,904 $ 112,332 $ 83,768 Wholesale operations 633 600 45 Subscription operations 26,896 1,992 — Total cash paid for property and equipment $ 217,433 $ 114,924 $ 83,813 The following tables summarize net sales and percentage of net sales from contracts with customers by merchandise category: Fiscal Year 2020 2019 2018 Net sales Apparel (1) 2,596,926 2,636,170 2,402,173 Home (2) 649,184 605,405 581,874 Accessories (3) 517,219 498,824 439,952 Other (4) 220,460 210,224 192,015 Total net sales 3,983,789 3,950,623 3,616,014 As a percentage of net sales Apparel (1) 65 % 67 % 67 % Home (2) 16 % 15 % 16 % Accessories (3) 13 % 13 % 12 % Other (4) 6 % 5 % 5 % Total net sales 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, the Menus & Venues division and the Subscription segment Apparel, Home, and Accessories are sold through both the Retail and Wholesale segments. Revenue recognized from the Other category is primarily attributable to the Retail 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 2020 2019 2018 Net Sales Domestic operations $ 3,485,383 $ 3,449,913 $ 3,163,074 Foreign operations 498,406 500,710 452,940 Total net sales $ 3,983,789 $ 3,950,623 $ 3,616,014 Property and equipment, net Domestic operations $ 763,411 $ 723,400 Foreign operations 126,621 72,629 Total property and equipment, net $ 890,032 $ 796,029 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jan. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Subsequent Events On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. As of the date of this filing, many of the Company-operated and franchise stores globally have been impacted by temporary closures or reduced store hours. Additionally, the Company will be furloughing a substantial On March 16, 2020, the Company borrowed $220,000 under the Amended Credit Facility in order to preserve financial flexibility and maintain liquidity and flexibility in response to the COVID-19 outbreak that caused public health officials to recommend precautions that would mitigate the spread of the virus, including warning against congregating in heavily populated areas such as malls and shopping centers, and led to the temporary closure of all of the Company’s stores globally. The Company intends to use the proceeds in the future for working capital, capital expenditure, general corporate or other purposes. We expect to remain in compliance with all terms, including financial covenants, of the Amended Credit Agreement. Subsequent to January 31, 2020 (from March 12, 2020 to March 13, 2020), the Company repurchased and subsequently retired a total of 482,003 common shares for approximately $7,036, at an average price of $14.60 per share, including commissions. All fiscal 2021 share repurchases were funded with available cash, cash equivalents and marketable securities. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2020 | |
Summary Of Significant Accounting Policies [Abstract] | |
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 2020 ended on January 31, 2020. |
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 (“GAAP”), 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, 2020 and 2019, 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, 2020 and January 31, 2019 are classified as available-for-sale and are carried at fair value, which approximates amortized cost. Interest on these securities, as well as the amortization of discounts and premiums, is included in “Interest income” in the Consolidated Statements of Income. The Company records unrealized gains and losses on these securities (other than mutual funds held in the rabbi trust for the Urban Outfitters, Inc. Non-qualified Deferred Compensation Plan (See Note 4, “Marketable Securities”)) as a component of “Other comprehensive (loss) income” in the Consolidated Statements of Comprehensive Income and in “Accumulated other comprehensive loss” within “Shareholders’ equity” in the Consolidated Balance Sheets until realized, except when the Company considers declines in value to be other than temporary. Other than temporary impairment losses related to credit losses are considered to be realized losses. Mutual funds held in the rabbi trust have been accounted for under the fair value option, which results in all unrealized gains and losses being recorded in “Interest income” in the Consolidated Statements of Income. When available-for-sale securities are sold, the cost of the securities is specifically identified and is used to determine the realized gain or loss. Securities classified as current assets have maturity dates of less than or equal to one year from the balance sheet date. Securities classified as non-current assets have maturity dates greater than one year from the balance sheet date. |
Accounts Receivable | Accounts Receivable Accounts receivable primarily consists of amounts due from the Company’s 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, 2020, 2019 and 2018 was as follows: Balance at beginning of year Additions Deductions Balance at end of year Year ended January 31, 2020 $ 1,499 1,684 (2,303 ) $ 880 Year ended January 31, 2019 $ 1,326 3,919 (3,746 ) $ 1,499 Year ended January 31, 2018 $ 588 4,435 (3,697 ) $ 1,326 |
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 method and includes the cost of merchandise and import-related costs, including freight, import duties and taxes and agent commissions. A periodic review of inventory is performed in order to determine if inventory is properly stated at the lower of cost or net realizable value. Factors the Company considers in its review, such as future expected consumer demand and fashion trends, current aging, current and anticipated retail markdowns or wholesale discounts and class or type of inventory, are analyzed to determine estimated net realizable value. Criteria that the Company considers in its review of aging trends include average selling cycle and seasonality of merchandise, the historical rate at which merchandise has sold below cost during the prior 12 months and the value and nature of merchandise currently held in inventory and priced below original cost. A provision is recorded to reduce the cost of inventory to its estimated net realizable value, if appropriate. The majority of inventory at January 31, 2020 and 2019 consisted of finished goods. Raw materials and work-in-process were not material to the overall inventory value. |
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. |
Rental Product | Rental Product The cost of Subscription segment rental product is amortized to cost of sales based on the cost of each unit rented, which is estimated based on the number of times the unit is expected to be rented and the cost of the rental product. Lost, damaged and retired rental product is also charged to cost of sales. The Company makes assumptions as to the number of times each unit can be rented. If the actual number of times a unit can be rented were to vary significantly from our estimates, it could materially affect the amount of rental product amortization included in cost of sales. Amortization expense was $3,051 for fiscal 2020. |
Impairment of Long-lived Assets, Goodwill and Intangible Assets | Impairment of Long-lived Assets, Goodwill and Intangible Assets The Company reviews the carrying values of its definite-lived, 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 retail location, distribution or fulfillment center or a significant decrease in the operating results of a long-lived asset. The Company’s retail locations are reviewed for impairment at the retail location level, which is the lowest level at which individual cash flows can be identified. 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. Goodwill has been assigned to reporting units for purposes of impairment testing. The Company evaluates goodwill annually, or more frequently whenever events or changes in circumstances indicate that the carrying value of the reporting unit may exceed the fair value of the reporting unit. During fiscal 2020, the Company recorded impairment charges for eight retail locations, totaling $14,611, with a carrying value after impairment of $51,900 primarily related to the right-of-use assets. During fiscal 2019, the Company recorded impairment charges for four retail locations, totaling $3,544. During fiscal 2018, the Company recorded impairment charges for ten retail locations, totaling $11,410. During the Company’s assessment of current and future performance, it was determined that these retail locations would not be able to generate sufficient cash flow over the expected remaining lease term to recover the remaining carrying value of the respective retail location assets. During fiscal 2020, the Company evaluated the fair value of the Menus & Venues division as compared to the carrying value and determined that the goodwill assigned to the reporting unit is impaired in full, resulting in a goodwill impairment charge of $13,911. |
Leases | Leases See Recently Accounting Pronouncements Accounting for Leases After Adoption of ASU 2016-02, “Leases (Topic 842)” The Company has operating leases for stores, distribution and fulfillment centers, corporate offices and equipment. The Company subleases certain properties to third parties. The Company has elected not to record a lease liability and right-of-use asset for leases with original terms of 12 months or less. The Company has elected the practical expedient to not separate non-lease components from lease components as it pertains to real estate leases. Store leases have remaining lease terms that range from less than one year up to 15 years, some of which contain options to extend the lease for one or two 5-year periods. Payments related to a renewal period are included in the lease liability and right-of-use asset only when the Company is reasonably certain that it will exercise the option to renew the lease for an extended period of time. Certain leases may contain variable lease payments such as rent based on a percentage of net sales. Variable lease payments may be subject to a breakpoint threshold of fixed rent. Variable lease payments, other than those that depend on an index or a rate, are not included in the measurement of the lease liability. The lease liability is calculated at the present value of certain future payments, discounted using the Company’s incremental borrowing rate, which approximates the rate of interest the Company would pay to borrow an amount equal to the lease payments on a fully collateralized basis over a similar term. Significant judgment is used in determining the incremental borrowing rate related to estimates for credit rating, credit spread and the impact of collateral. The Company developed incremental borrowing rates at a lease portfolio level. The right-of-use asset is initially equal to the value of the lease liability less any amounts received from the landlord as incentives or tenant improvement allowances. Accounting for Leases Prior to Adoption of ASU 2016-02, “Leases (Topic 842)” |
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 Merchandise: Merchandise is sold through retail stores, catalogs and the digital sales channel, as well as to wholesale customers, franchise partners and subscription customers. Revenue is recognized when control of the promised goods is transferred to the customer. The Company has elected to treat shipping and handling as fulfillment activities and not a separate performance obligation. Accordingly, the Company will recognize merchandise revenue for the Retail segment for its single performance obligation at the point of sale or at the time of shipment, which is when transfer of control to the customer occurs. A Subscription segment customer may purchase merchandise in her possession that was included in the order that was delivered as part of the monthly subscription rental service. The Company recognize merchandise revenue for the Subscription segment for its single performance obligation when the customer purchases the merchandise through the website or mobile application. Revenue does not include taxes assessed by governmental authorities, including value-added and other sales-related taxes, that are imposed on and concurrent with revenue-producing activities. Revenue is recognized net of estimated customer returns. Retail segment return policies vary by brand, but generally provide for no time limit on returns and the refund to be issued in either the form of original payment or as a gift card. Payment for merchandise is tendered primarily by cash, check, credit card, debit card or gift card. Uncollectible accounts receivable primarily results from unauthorized credit card transactions. The Company maintains an allowance for doubtful accounts for its Wholesale segment accounts receivable, which management reviews on a regular basis and believes is sufficient to cover potential credit losses and billing adjustments. Payment terms in the Wholesale segment vary by customer with the most common being a net 30 -day policy. Menus & Venues: Revenue from restaurant sales and events is recognized upon completion of the service, when the Company satisfies its single performance obligation. Customer deposits may be received in advance for events and that represent a contract liability until the Company satisfies its performance obligation. Subscription Fees: Revenue for the Subscription segment is generated through monthly subscription fees and the purchase of merchandise in a customer’s possession. The monthly subscription rental fee is recognized as revenue on the date the customer is billed, which is the monthly anniversary of when the customer initially signed up for the subscription rental service. A customer may pause the monthly subscription, at which point the customer will not be billed for future months until the subscription is no longer on hold. Merchandise sales to Subscription segment customers are discussed above under Merchandise. Franchise Fees: Revenue from franchise operations primarily relates to merchandise sales to franchisees and royalty fees. Merchandise sales to franchisees are discussed above under Merchandise. Royalty fees are based upon a percentage of franchisee net sales to third party customers and are recognized when such sales occur. Gift Cards: 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. At the time of issuance, the Company has an open performance obligation for the future delivery of promised goods or services. The liability remains outstanding until the card is redeemed by the customer, at which time the Company recognizes revenue. Over time, a portion of the outstanding gift cards will not be redeemed by the customer which we refer to as “breakage”. Revenue is recognized from breakage over time in proportion to gift card redemptions. Judgment is used in determining the amount of breakage revenue to be recognized and is based on historical gift card redemption patterns. Gift card breakage revenue is included in net sales and is not material. The Company’s gift cards do not expire. Customer Loyalty Programs: The Company maintains a customer loyalty program under the Urban Outfitters brand. Under this program, customers can earn and accumulate points that convert to a reward coupon upon reaching the specified point threshold. Reward coupons expire 60 days after issuance. Outstanding reward coupons and points earned through sale activity represent a performance obligation. Revenue is deferred in an amount equal to the standalone selling price, taking into account expected future redemptions, and recognized at the earlier of redemption or expiration. Judgment is used in determining the expected future redemption rates. The redemption and expiration of reward coupons are included in net sales. There are no material accounting policies related to the AnthroPerks customer loyalty program outside of the Company’s general revenue recognition practices. |
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. Beginning February 1, 2018, with the adoption of the accounting standards update for revenue from contracts with customers, costs of returns are recorded as a current asset rather than net with the sales return reserve liability. As of January 31, 2020, 2019 and 2018, the sales return reserve was $51,360, $51,990 and $28,902, respectively. |
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; the amortization of rental product; the net amortized cost of rental product at time of purchase by a customer; and other inventory and rental product 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 certain digital channel advertising, which is capitalized and expensed when the catalog is mailed or the content is published on the Company’s websites and mobile applications. Advertising costs primarily relate to Retail segment marketing expenses which are comprised of web marketing, catalog printing, paper, postage and other costs related to production of photographic images used in the Company’s catalogs, websites, mobile applications and social media campaigns. If there is no expected future benefit, the cost of advertising is expensed when incurred. Advertising costs reported as prepaid expenses were $1,381 and $2,466 as of January 31, 2020, and 2019, respectively, and are included in “Prepaid expenses and other current assets” in the Consolidated Balance Sheets. |
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 2020, 2019 and 2018, capitalized costs related to internally generated internal-use software were not material. |
Income Taxes | Income Taxes The Company utilizes a balance sheet approach to provide for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of net operating loss carryforwards and temporary differences between the carrying amounts and the tax bases of assets and liabilities. Investment tax credits or grants are accounted for in the period earned. The Company files a consolidated United States federal income tax return (see Note 10, “Income Taxes,” for a further discussion of income taxes). The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. |
Net Income Per Common Share | Net Income Per Common Share Basic net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per common share is computed by dividing net income by the weighted-average number of common shares and common share equivalents outstanding. Common share equivalents include the effect of stock options, stock appreciation rights (“SAR’s”), restricted stock units (“RSU’s”) and performance stock units (“PSU’s”). |
Comprehensive Income and Accumulated Other Comprehensive Loss | Comprehensive Income and Accumulated Other Comprehensive Loss Comprehensive income is comprised of two subsets—net income and other comprehensive income (loss). Amounts included in accumulated other comprehensive loss relate to foreign currency translation adjustments and unrealized gains or losses on marketable securities. The foreign currency translation adjustments are not adjusted for income taxes because these adjustments relate to non-U.S. subsidiaries for which foreign earnings have been designated as permanently reinvested. Accumulated other comprehensive loss consisted of foreign currency translation losses of $28,328 and $26,925 as of January 31, 2020 and January 31, 2019, respectively, and unrealized gains (losses), net of tax, on marketable securities of $324 and ($178) as of January 31, 2020 and January 31, 2019, respectively. The tax effect of the unrealized gains (losses) on marketable securities recorded in comprehensive loss was $202, $105 and ($137) during fiscal 2020, 2019 and 2018, respectively. Gross realized gains and losses are included in “Other income” in the Consolidated Statements of Income and were not material to the Company’s Consolidated Financial Statements for all three years presented. |
Foreign Currency | Foreign Currency The financial statements of the Company’s foreign operations are translated into U.S. dollars. Assets and liabilities are translated at current exchange rates as of the balance sheet date, equity accounts at historical exchange rates, while income statement accounts are translated at the average rates in effect during the year. Translation adjustments are not included in determining net income, but are included in “Accumulated other comprehensive loss” within “Shareholders’ equity.” Remeasurement gains and losses included in operating results for fiscal years 2020, 2019 and 2018 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. |
Reclassification | Reclassification Certain prior period amounts have been reclassified to conform to the current year presentation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted 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 both operating and finance leases. The Company adopted the new guidance on February 1, 2019 using a modified retrospective approach at the beginning of the period of adoption. The Company elected the “package of three” practical expedients and did not reassess expired or existing leases as of the effective date. The Company also elected the practical expedient to not separate non-lease components from lease components as it pertains to real estate leases. Adoption on February 1, 2019 resulted in the recognition of approximately $1.3 billion of lease liabilities based on the present value of the remaining minimum rental payments using discount rates as of the effective date. Corresponding right-of-use assets of approximately $1.1 billion were recognized, with the offsetting balance representing a reduction in the previously recognized deferred rent balance. Adoption did not result in a material impact on the Company’s Consolidated Statements of Income or Consolidated Statements of Cash Flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Summary Of Significant Accounting Policies [Abstract] | |
Activity of Allowance for Doubtful Accounts | The activity of the allowance for doubtful accounts for the years ended January 31, 2020, 2019 and 2018 was as follows: Balance at beginning of year Additions Deductions Balance at end of year Year ended January 31, 2020 $ 1,499 1,684 (2,303 ) $ 880 Year ended January 31, 2019 $ 1,326 3,919 (3,746 ) $ 1,499 Year ended January 31, 2018 $ 588 4,435 (3,697 ) $ 1,326 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
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 values of available-for-sale securities by major security type and class of security as of January 31, 2020 and 2019 are as follows: Amortized Cost Unrealized Gains Unrealized (Losses) Fair Value As of January 31, 2020 Short-term Investments: Corporate bonds $ 166,790 $ 318 $ (26 ) $ 167,082 Municipal and pre-refunded municipal bonds 38,617 20 (11 ) 38,626 Federal government agencies 1,152 3 — 1,155 Certificate of deposit 2,593 — — 2,593 Commercial paper 1,997 — — 1,997 211,149 341 (37 ) 211,453 Long-term Investments: Corporate bonds 47,352 205 (40 ) 47,517 Municipal and pre-refunded municipal bonds 30,340 35 (17 ) 30,358 Mutual funds, held in rabbi trust 8,448 36 (55 ) 8,429 Federal government agencies 6,926 1 (2 ) 6,925 Certificates of deposit 3,867 — — 3,867 96,933 277 (114 ) 97,096 $ 308,082 $ 618 $ (151 ) $ 308,549 As of January 31, 2019 Short-term Investments: Corporate bonds $ 227,287 $ 24 $ (214 ) $ 227,097 Municipal and pre-refunded municipal bonds 43,677 15 (18 ) 43,674 Federal government agencies 1,458 — — 1,458 Certificate of deposit 1,050 — — 1,050 Commercial paper 2,979 — — 2,979 Treasury bills 2,975 — (1 ) 2,974 279,426 39 (233 ) 279,232 Long-term Investments: Corporate bonds 34,265 34 (63 ) 34,236 Municipal and pre-refunded municipal bonds 7,554 7 (3 ) 7,558 Mutual funds, held in rabbi trust 6,301 450 — 6,751 Federal government agencies 6,603 2 (1 ) 6,604 Certificates of deposit 2,143 — — 2,143 56,866 493 (67 ) 57,292 $ 336,292 $ 532 $ (300 ) $ 336,524 |
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, 2020 and 2019, respectively. January 31, 2020 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 $ 60,067 $ (66 ) $ — $ — $ 60,067 $ (66 ) Municipal and pre-refunded municipal bonds 24,975 (28 ) — — 24,975 (28 ) Mutual funds, held in rabbi trust 5,395 (55 ) 5,395 (55 ) Federal government agencies 3,009 (2 ) — — 3,009 (2 ) Total $ 93,446 $ (151 ) $ — $ — $ 93,446 $ (151 ) January 31, 2019 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 $ 177,932 $ (160 ) $ 38,201 $ (117 ) $ 216,133 $ (277 ) Municipal and pre-refunded municipal bonds 20,732 (13 ) 4,907 (8 ) 25,639 (21 ) Federal government agencies 3,315 (1 ) — — 3,315 (1 ) Treasury bills 2,974 (1 ) — — 2,974 (1 ) Total $ 204,953 $ (175 ) $ 43,108 $ (125 ) $ 248,061 $ (300 ) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
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 January 31, 2020 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 214,599 $ — $ — $ 214,599 Municipal and pre-refunded municipal bonds — 68,984 — 68,984 Mutual funds, held in rabbi trust 8,429 — — 8,429 Federal government agencies 8,080 — — 8,080 Certificates of deposit — 6,460 — 6,460 Commercial paper 1,997 — 1,997 $ 231,108 $ 77,441 $ — $ 308,549 Marketable Securities Fair Value as of January 31, 2019 Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ 261,333 $ — $ — $ 261,333 Municipal and pre-refunded municipal bonds — 51,232 — 51,232 Mutual funds, held in rabbi trust 6,751 — — 6,751 Federal government agencies 8,062 — — 8,062 Certificates of deposit — 3,193 — 3,193 Commercial paper 2,979 — 2,979 Treasury bills 2,974 — — 2,974 $ 279,120 $ 57,404 $ — $ 336,524 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment is summarized as follows: January 31, 2020 2019 Land $ 38,279 $ 27,083 Buildings 411,084 347,468 Furniture and fixtures 440,922 438,163 Leasehold improvements 923,711 922,884 Other operating equipment 349,416 323,298 Construction-in-progress 77,497 22,163 2,240,909 2,081,059 Accumulated depreciation (1,350,877 ) (1,285,030 ) Total $ 890,032 $ 796,029 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following: January 31, 2020 2019 Sales return reserves $ 51,360 $ 51,990 Gift cards and merchandise credits 44,906 42,480 Accrued sales and VAT taxes 16,820 15,987 Accrued rents, estimated property taxes and other property expenses 17,634 14,072 Federal, state and foreign income taxes 8,133 11,189 Accrued construction 10,556 7,171 Other current liabilities 55,856 44,542 Total $ 205,265 $ 187,431 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Leases [Abstract] | |
Other Information Related to Leases | Other information related to leases was as follows: Other information Fiscal Year Ended January 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 295,658 Right-of-use assets obtained in exchange for new operating lease liabilities $ 106,131 Weighted-average remaining lease term - operating leases 7.4 years Weighted-average discount rate - operating leases 6.3 % |
Schedule by Year of Maturities of Operating Leases Liabilities with Original Terms in Excess of One Year | The following is a schedule by year of the maturities of operating lease liabilities with original terms in excess of one year, as of January 31, 2020: Fiscal Year Operating Leases 2021 $ 306,706 2022 275,257 2023 241,393 2024 207,707 2025 170,948 Thereafter 588,788 Total undiscounted future minimum lease payments 1,790,799 Less imputed interest (431,711 ) Total discounted future minimum lease payments $ 1,359,088 |
Schedule by Year of Future Minimum Lease Payments for Operating Leases with Original Terms in Excess of One Year | Prior to Adoption of ASU 2016-02, “Leases (Topic 842)” The following is a schedule by year of the future minimum lease payments for operating leases with original terms in excess of one year, as of January 31, 2019: Fiscal Year Operating Leases 2020 $ 294,527 2021 263,209 2022 228,596 2023 200,776 2024 167,130 Thereafter 558,655 Total minimum lease payments $ 1,712,893 |
Rent Expense for Operating Leases | Rent expense consisted of the following: Fiscal Year Ended January 31, 2019 2018 Minimum and percentage rentals $ 277,358 $ 269,107 Contingent rentals 651 694 Total $ 278,009 $ 269,801 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of Income before Income Taxes | The components of income before income taxes are as follows: Fiscal Year Ended January 31, 2020 2019 2018 Domestic $ 233,742 $ 336,823 $ 208,787 Foreign 5,978 48,730 52,579 $ 239,720 $ 385,553 $ 261,366 |
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, 2020 2019 2018 Current: Federal $ 50,507 $ 71,520 $ 124,988 State 13,525 18,088 10,772 Foreign 6,141 9,356 9,014 $ 70,173 $ 98,964 $ 144,774 Deferred: Federal $ (3,260 ) $ (6,818 ) $ 10,270 State (772 ) 965 (1,914 ) Foreign 5,483 (5,561 ) (27 ) 1,451 (11,414 ) 8,329 $ 71,624 $ 87,550 $ 153,103 |
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, 2020 2019 2018 Expected provision at statutory U.S. federal tax rate 21.0 % 21.0 % 33.8 % State and local income taxes, net of federal tax benefit 4.2 3.9 2.3 Foreign taxes 4.0 (1.5 ) (3.4 ) Net impact of U.S. tax reform — 0.3 24.7 Other 0.7 (1.0 ) 1.2 Effective tax rate 29.9 % 22.7 % 58.6 % |
Significant Components of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities as of January 31, 2020 and 2019 are as follows: January 31, 2020 2019 Deferred tax liabilities: Prepaid expense $ (2,393 ) $ (1,729 ) Depreciation (32,311 ) (39,303 ) Operating lease right-of-use assets (260,706 ) — Other temporary differences (1,129 ) (1,258 ) Gross deferred tax liabilities (296,539 ) (42,290 ) Deferred tax assets: Operating lease liabilities 310,209 — Deferred rent — 52,409 Inventory 11,436 10,579 Accounts receivable 1,475 2,198 Net operating loss carryforwards 4,547 1,945 Tax uncertainties 1,336 953 Accrued salaries and benefits 17,534 20,216 Income tax credits 4,511 4,659 Other temporary differences 10,050 6,119 Gross deferred tax assets, before valuation allowances 361,098 99,078 Valuation allowances (13,459 ) (3,906 ) Net deferred tax assets $ 51,100 $ 52,882 |
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 2020 2019 2018 Balance at the beginning of the period $ 21,406 $ 4,546 $ 5,798 Increases in tax positions for prior years 661 18,077 45 Decreases in tax positions for prior years (101 ) (921 ) (511 ) Increases in tax positions for current year 125 196 128 Settlements — — — Lapse in statute of limitations (167 ) (492 ) (914 ) Balance at the end of the period $ 21,924 $ 21,406 $ 4,546 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation Expense Included in Selling, General and Administrative Expenses in Consolidated Statements of Income | Share-based compensation expense, included in “Selling, general and administrative expenses” in the Consolidated Statements of Income, for the fiscal years ended January 31, 2020, 2019 and 2018 was as follows: Fiscal Year Ended January 31, 2020 2019 2018 Stock Options $ 1,737 $ 1,854 $ 897 Stock Appreciation Rights — 4 142 Performance Stock Units (1) 3,483 2,463 3,562 Restricted Stock Units 15,889 13,783 9,916 Total $ 21,109 $ 18,104 $ 14,517 (1) Includes: (i) the reversal of $803 of previously recognized compensation expense in fiscal 2020, related to 54,356 PSU’s that will not vest as the achievement of the related performance target is not probable; (ii) the reversal of $4,213 of previously recognized compensation expense in fiscal 2019, related to 313,077 PSU’s that will not vest as the achievement of the related performance target is not probable; and (iii) the reversal of $11,515 of previously recognized compensation expense in fiscal 2018, related to 871,779 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 models to estimate the fair value of stock options at the date of grant: Fiscal Year Ended January 31, 2020 2019 2018 Expected life, in years 5.3 5.4 3.4 Risk-free interest rate 1.9 % 2.8 % 1.6 % Volatility 37.6 % 35.6 % 40.2 % Dividend rate — — — |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity for the fiscal year ended January 31, 2020: Shares Weighted- Average Exercise Price Weighted- Average Contractual Terms (years) Aggregate Intrinsic Value Awards outstanding at beginning of year 610,000 $ 35.55 3.9 $ 2,007 Granted 160,000 23.74 Exercised (40,000 ) 24.37 Forfeited or Expired (60,000 ) 40.65 Awards outstanding at end of year 670,000 32.94 3.9 $ 964 Awards outstanding fully vested and expected to vest 670,000 32.94 3.9 $ 964 Awards exercisable at end of year 510,000 $ 35.83 3.2 $ 666 |
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, 2020, 2019 and 2018: Fiscal Year Ended January 31, 2020 2019 2018 Weighted-average grant date fair value—per share $ 8.67 $ 17.12 $ 5.37 Intrinsic value of awards exercised $ 307 $ 4,369 $ — Net cash proceeds from the exercise of stock options $ 974 $ 13,618 $ — |
Summary of Stock Appreciation Right Activity | The following table summarizes the Company’s SAR activity for the fiscal year ended January 31, 2020: Awards Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value Awards outstanding at beginning of year 10,000 $ 37.34 1.7 $ — Granted — — Exercised — — Forfeited or Expired (10,000 ) 37.34 Awards outstanding at end of year — — — $ — Awards outstanding fully vested and expected to vest — — — $ — Awards exercisable at end of year — — — $ — |
Summary of Other Information Related to SAR's | The following table summarizes other information related to SAR’s during the years ended January 31, 2020, 2019 and 2018: Fiscal Year Ended January 31, 2020 2019 2018 Intrinsic value of awards exercised $ — $ 1,451 $ 5 |
Summary of Performance Share Units Activity | The following table summarizes the Company’s PSU activity for the fiscal year ended January 31, 2020: Shares Weighted- Average Fair Value Non-vested awards outstanding at beginning of year 1,355,627 $ 22.45 Granted 140,000 30.19 Vested (139,999 ) 26.21 Forfeited (613,162 ) 20.75 Non-vested awards outstanding at end of year 742,466 $ 24.60 |
Summary of Restricted Stock Units Activity | The following table summarizes the Company’s RSU activity for the fiscal year ended January 31, 2020: Shares Weighted- Average Fair Value Non-vested awards outstanding at beginning of year 1,378,834 $ 30.82 Granted 868,000 29.92 Vested (408,159 ) 26.80 Forfeited (183,334 ) 33.58 Non-vested awards outstanding at end of year 1,655,341 $ 31.03 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Equity [Abstract] | |
Share Repurchase Activity | Share repurchase activity under the Company’s share repurchase programs is as follows: Fiscal Year Ended January 31, 2020 2019 Number of common shares repurchased and subsequently retired 8,068,196 3,500,000 Total cost $ 217,421 $ 121,397 Average cost per share, including commissions $ 26.95 $ 34.68 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax | The following tables present the changes in “Accumulated other comprehensive loss,” by component, net of tax, for the fiscal years ended January 31, 2020 and 2019, respectively: Fiscal Year Ended January 31, 2020 Foreign Currency Translation Unrealized Gains and (Losses) on Available-for- Sale Securities Total Beginning Balance $ (26,925 ) $ (178 ) $ (27,103 ) Other comprehensive income (loss) before reclassifications (1,403 ) 463 (940 ) Amounts reclassified from accumulated other comprehensive income (loss) — 39 39 Net current-period total other comprehensive income (loss) (1,403 ) 502 (901 ) Ending Balance $ (28,328 ) $ 324 $ (28,004 ) Fiscal Year Ended January 31, 2019 Foreign Currency Translation Unrealized Gains and (Losses) on Available-for- Sale Securities Total Beginning Balance $ (10,340 ) $ (311 ) $ (10,651 ) Other comprehensive income (loss) before reclassifications (16,585 ) 155 (16,430 ) Amounts reclassified from accumulated other comprehensive income (loss) — (22 ) (22 ) Net current-period total other comprehensive income (loss) (16,585 ) 133 (16,452 ) Ending Balance $ (26,925 ) $ (178 ) $ (27,103 ) |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
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: Fiscal Year Ended January 31, 2020 2019 2018 Basic weighted-average common shares outstanding 99,833,011 108,303,594 111,887,308 Effect of dilutive options, stock appreciation rights, restricted stock units and performance stock units 755,666 1,402,413 480,616 Diluted weighted-average shares outstanding 100,588,677 109,706,007 112,367,924 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Operations by Segment | A summary of the information about the Company’s operations by segment is as follows: Fiscal Year 2020 2019 2018 Net sales Retail operations $ 3,648,938 $ 3,604,170 $ 3,299,714 Wholesale operations 340,869 357,363 327,539 Subscription operations 8,001 — — Intersegment elimination (14,019 ) (10,910 ) (11,239 ) Total net sales $ 3,983,789 $ 3,950,623 $ 3,616,014 Income from operations Retail operations $ 256,540 $ 353,851 $ 233,844 Wholesale operations 42,315 68,516 71,877 Subscription operations (19,639 ) (3,423 ) — Intersegment elimination 257 399 151 Total segment operating income 279,473 419,343 305,872 General corporate expenses (47,548 ) (38,030 ) (45,980 ) Total income from operations $ 231,925 $ 381,313 $ 259,892 Depreciation expense for property and equipment Retail operations $ 109,622 $ 115,646 $ 124,935 Wholesale operations 578 645 885 Subscription operations 1,350 — — Total depreciation expense for property and equipment $ 111,550 $ 116,291 $ 125,820 Inventory Retail operations $ 347,837 $ 328,783 Wholesale operations 61,697 41,724 Total inventory $ 409,534 $ 370,507 Rental product, net (1) Subscription operations $ 16,447 $ — Total rental product, net $ 16,447 $ — (1) Rental product, net is included in "Deferred income taxes and other assets" in the Consolidated Balance Sheets. Property and equipment, net Retail operations $ 859,918 $ 791,648 Wholesale operations 2,577 2,389 Subscription operations 27,537 1,992 Total property and equipment, net $ 890,032 $ 796,029 Cash paid for property and equipment Retail operations $ 189,904 $ 112,332 $ 83,768 Wholesale operations 633 600 45 Subscription operations 26,896 1,992 — Total cash paid for property and equipment $ 217,433 $ 114,924 $ 83,813 |
Schedule of Net Sales and Percentage of Net Sales by Merchandise Category | The following tables summarize net sales and percentage of net sales from contracts with customers by merchandise category: Fiscal Year 2020 2019 2018 Net sales Apparel (1) 2,596,926 2,636,170 2,402,173 Home (2) 649,184 605,405 581,874 Accessories (3) 517,219 498,824 439,952 Other (4) 220,460 210,224 192,015 Total net sales 3,983,789 3,950,623 3,616,014 As a percentage of net sales Apparel (1) 65 % 67 % 67 % Home (2) 16 % 15 % 16 % Accessories (3) 13 % 13 % 12 % Other (4) 6 % 5 % 5 % Total net sales 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, the Menus & Venues division and the Subscription segment |
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 2020 2019 2018 Net Sales Domestic operations $ 3,485,383 $ 3,449,913 $ 3,163,074 Foreign operations 498,406 500,710 452,940 Total net sales $ 3,983,789 $ 3,950,623 $ 3,616,014 Property and equipment, net Domestic operations $ 763,411 $ 723,400 Foreign operations 126,621 72,629 Total property and equipment, net $ 890,032 $ 796,029 |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) | 12 Months Ended | |
Jan. 31, 2020StoreCustomer | Jan. 31, 2019Store | |
Nature Of Business [Line Items] | ||
Number of stores for operations | 634 | 620 |
Number of department and specialty stores worldwide, sold and distributed apparel and home goods to | Customer | 2,300 | |
United States | ||
Nature Of Business [Line Items] | ||
Number of stores for operations | 522 | 522 |
Europe | ||
Nature Of Business [Line Items] | ||
Number of stores for operations | 78 | 63 |
Canada | ||
Nature Of Business [Line Items] | ||
Number of stores for operations | 34 | 35 |
Activity of Allowance for Doubt
Activity of Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract] | |||
Balance at beginning of year | $ 1,499 | $ 1,326 | $ 588 |
Additions | 1,684 | 3,919 | 4,435 |
Deductions | (2,303) | (3,746) | (3,697) |
Balance at end of year | $ 880 | $ 1,499 | $ 1,326 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2020USD ($)LocationPackage | Jan. 31, 2019USD ($)Location | Jan. 31, 2018USD ($)Location | Feb. 01, 2019USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Amortization expense | $ 3,051 | |||
Impairment charges | 14,611 | $ 3,544 | $ 11,410 | |
Goodwill | $ 51,900 | |||
Number of retail locations | Location | 8 | 4 | 10 | |
Goodwill impairment | $ 13,911 | |||
Lessee, operating lease, description | Store leases have remaining lease terms that range from less than one year up to 15 years | |||
Lessee, operating lease, existence of option to extend | true | |||
Lessee, operating lease, option to extend | one or two 5-year periods | |||
Payment terms of customers | 30 days | |||
Reward coupon expiration period after issuance | 60 days | |||
Sales return reserve | $ 51,360 | $ 51,990 | $ 28,902 | |
Foreign currency translation losses | $ (1,403) | (16,585) | 23,672 | |
Number of lease practical expedients package | Package | 3 | |||
Lease liabilities | $ 1,359,088 | |||
Operating lease right-of-use assets | 1,170,531 | |||
Accounting Standards Update 2016-02 | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Lease liabilities | $ 1,300,000 | |||
Operating lease right-of-use assets | $ 1,100,000 | |||
Accumulated Other Comprehensive Income (Loss) | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Foreign currency translation losses | 28,328 | 26,925 | ||
Unrealized gains (losses) on marketable securities, net of tax | 324 | (178) | ||
Change in unrealized gains (losses) on marketable securities, tax | 202 | 105 | (137) | |
Selling, General and Administrative Expenses | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Advertising expense | 161,879 | 143,332 | 134,632 | |
Web creative expenses | 45,849 | 41,334 | $ 37,099 | |
Prepaid Expense and Other Current Assets | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Advertising costs reported as prepaid expenses | $ 1,381 | $ 2,466 | ||
Minimum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Lessee, operating lease, term of contract | 1 year | |||
Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Lessee, operating lease, term of contract | 15 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 | |||
Furniture and Fixtures | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Average useful life (in years) | 5 years | |||
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 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |||
Contract receivables, net of allowance for doubtful accounts | $ 88,288 | $ 80,461 | $ 76,962 |
Gift cards expected redemption period | 2 years | ||
Contract liabilities | $ 52,926 | 49,747 | $ 56,637 |
Revenue recognized included in contract liability | $ 31,380 | $ 30,265 |
Amortized Cost, Gross Unrealize
Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value of Available-For-Sale Securities (Detail) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 308,082 | $ 336,292 |
Unrealized Gains | 618 | 532 |
Unrealized (Losses) | (151) | (300) |
Fair Value | 308,549 | 336,524 |
Short-term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 211,149 | 279,426 |
Unrealized Gains | 341 | 39 |
Unrealized (Losses) | (37) | (233) |
Fair Value | 211,453 | 279,232 |
Short-term Investments | Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 166,790 | 227,287 |
Unrealized Gains | 318 | 24 |
Unrealized (Losses) | (26) | (214) |
Fair Value | 167,082 | 227,097 |
Short-term Investments | Municipal And Pre-Refunded Municipal Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 38,617 | 43,677 |
Unrealized Gains | 20 | 15 |
Unrealized (Losses) | (11) | (18) |
Fair Value | 38,626 | 43,674 |
Short-term Investments | Federal Government Agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,152 | 1,458 |
Unrealized Gains | 3 | |
Fair Value | 1,155 | 1,458 |
Short-term Investments | Certificates of Deposit | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,593 | 1,050 |
Fair Value | 2,593 | 1,050 |
Short-term Investments | Commercial Paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,997 | 2,979 |
Fair Value | 1,997 | 2,979 |
Short-term Investments | Treasury Bills | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,975 | |
Unrealized (Losses) | (1) | |
Fair Value | 2,974 | |
Long Term Investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 96,933 | 56,866 |
Unrealized Gains | 277 | 493 |
Unrealized (Losses) | (114) | (67) |
Fair Value | 97,096 | 57,292 |
Long Term Investments | Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 47,352 | 34,265 |
Unrealized Gains | 205 | 34 |
Unrealized (Losses) | (40) | (63) |
Fair Value | 47,517 | 34,236 |
Long Term Investments | Municipal And Pre-Refunded Municipal Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 30,340 | 7,554 |
Unrealized Gains | 35 | 7 |
Unrealized (Losses) | (17) | (3) |
Fair Value | 30,358 | 7,558 |
Long Term Investments | Federal Government Agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 6,926 | 6,603 |
Unrealized Gains | 1 | 2 |
Unrealized (Losses) | (2) | (1) |
Fair Value | 6,925 | 6,604 |
Long Term Investments | Certificates of Deposit | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,867 | 2,143 |
Fair Value | 3,867 | 2,143 |
Long Term Investments | Mutual Funds, Held in Rabbi Trust | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 8,448 | 6,301 |
Unrealized Gains | 36 | 450 |
Unrealized (Losses) | (55) | |
Fair Value | $ 8,429 | $ 6,751 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020USD ($)Security | Jan. 31, 2019USD ($)Security | Jan. 31, 2018USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||
Sales and maturities of marketable securities | $ 428,508 | $ 267,072 | $ 243,818 |
Amortization of discounts and premiums, net | $ 706 | $ 1,695 | 2,588 |
Total number of securities with unrealized loss positions within the Company's portfolio | Security | 83 | 362 | |
Interest income | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Net realized gain (loss) | $ 39 | $ (22) | $ (35) |
Gross Unrealized Losses and Fai
Gross Unrealized Losses and Fair Value of Marketable Securities (Detail) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | $ 93,446 | $ 204,953 |
Less Than 12 Months, Unrealized Losses | (151) | (175) |
12 Months or Greater, Fair Value | 43,108 | |
12 Months or Greater, Unrealized Losses | (125) | |
Total, Fair Value | 93,446 | 248,061 |
Total, Unrealized Losses | (151) | (300) |
Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 60,067 | 177,932 |
Less Than 12 Months, Unrealized Losses | (66) | (160) |
12 Months or Greater, Fair Value | 38,201 | |
12 Months or Greater, Unrealized Losses | (117) | |
Total, Fair Value | 60,067 | 216,133 |
Total, Unrealized Losses | (66) | (277) |
Municipal And Pre-Refunded Municipal Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 24,975 | 20,732 |
Less Than 12 Months, Unrealized Losses | (28) | (13) |
12 Months or Greater, Fair Value | 4,907 | |
12 Months or Greater, Unrealized Losses | (8) | |
Total, Fair Value | 24,975 | 25,639 |
Total, Unrealized Losses | (28) | (21) |
Mutual Funds, Held in Rabbi Trust | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 5,395 | |
Less Than 12 Months, Unrealized Losses | (55) | |
Total, Fair Value | 5,395 | |
Total, Unrealized Losses | (55) | |
Federal Government Agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 3,009 | 3,315 |
Less Than 12 Months, Unrealized Losses | (2) | (1) |
Total, Fair Value | 3,009 | 3,315 |
Total, Unrealized Losses | $ (2) | (1) |
Treasury Bills | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 2,974 | |
Less Than 12 Months, Unrealized Losses | (1) | |
Total, Fair Value | 2,974 | |
Total, Unrealized Losses | $ (1) |
Financial Assets Measured at Fa
Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | $ 308,549 | $ 336,524 |
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 | 308,549 | 336,524 |
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 | 231,108 | 279,120 |
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 | 77,441 | 57,404 |
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 | 214,599 | 261,333 |
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 | 214,599 | 261,333 |
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 | 68,984 | 51,232 |
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 | 68,984 | 51,232 |
Fair Value, Measurements, Recurring | Federal Government Agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | 8,080 | 8,062 |
Fair Value, Measurements, Recurring | Federal Government Agencies | 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 | 8,080 | 8,062 |
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 | 8,429 | 6,751 |
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 | 8,429 | 6,751 |
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 | 6,460 | 3,193 |
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 | 6,460 | 3,193 |
Fair Value, Measurements, Recurring | Commercial Paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | 1,997 | 2,979 |
Fair Value, Measurements, Recurring | Commercial Paper | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | $ 1,997 | 2,979 |
Fair Value, Measurements, Recurring | Treasury Bills | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets accounted for at fair value on a recurring basis | 2,974 | |
Fair Value, Measurements, Recurring | Treasury Bills | 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 | $ 2,974 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment charges | $ 14,611 | $ 3,544 | $ 11,410 |
Menus & Venues division | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment charges | $ 13,911 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Property Plant And Equipment [Abstract] | ||
Land | $ 38,279 | $ 27,083 |
Buildings | 411,084 | 347,468 |
Furniture and fixtures | 440,922 | 438,163 |
Leasehold improvements | 923,711 | 922,884 |
Other operating equipment | 349,416 | 323,298 |
Construction-in-progress | 77,497 | 22,163 |
Property, Plant and Equipment, Gross, Total | 2,240,909 | 2,081,059 |
Accumulated depreciation | (1,350,877) | (1,285,030) |
Total | $ 890,032 | $ 796,029 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense for property and equipment | $ 111,550 | $ 116,291 | $ 125,820 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 |
Payables And Accruals [Abstract] | |||
Sales return reserves | $ 51,360 | $ 51,990 | $ 28,902 |
Gift cards and merchandise credits | 44,906 | 42,480 | |
Accrued sales and VAT taxes | 16,820 | 15,987 | |
Accrued rents, estimated property taxes and other property expenses | 17,634 | 14,072 | |
Federal, state and foreign income taxes | 8,133 | 11,189 | |
Accrued construction | 10,556 | 7,171 | |
Other current liabilities | 55,856 | 44,542 | |
Total | $ 205,265 | $ 187,431 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Jun. 29, 2018USD ($)Financial_Institution | Mar. 16, 2020USD ($) | Jan. 31, 2020USD ($) |
Line of Credit Facility [Line Items] | |||
Line of credit outstanding | $ 0 | ||
COVID 19 Outbreak | Subsequent Event | |||
Line of Credit Facility [Line Items] | |||
Line of credit outstanding | $ 220,000,000 | ||
Stand-by letters of credit | |||
Line of Credit Facility [Line Items] | |||
Letter of credit outstanding | 14,071,000 | ||
Trade Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Letter of credit outstanding | 62,155,000 | ||
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 | $ 67,845,000 | ||
JPMorgan Chase Bank N. A. | Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Credit agreement initiation date | Jun. 29, 2018 | ||
Credit facility maturity date | 2023-06 | ||
Credit facility maximum borrowing capacity | $ 350,000,000 | ||
Additional line of credit facility | $ 150,000,000 | ||
Commitment fee percentage | 0.20% | ||
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 | 1.375% | ||
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 | 0.375% |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Jan. 31, 2020USD ($)Store | Jan. 31, 2019Store | |
Lessee Lease Description [Line Items] | ||
Operating lease costs | $ 272,430 | |
Variable lease cost | 126,492 | |
Lease commitments for executed but not yet commenced leases | $ 52,219 | |
Number of lease commitment not yet commenced | Store | 7 | |
Number of lease commitment not opened | Store | 11 | |
Minimum | ||
Lessee Lease Description [Line Items] | ||
Operating lease, renewal option | 5 years | |
Maximum | ||
Lessee Lease Description [Line Items] | ||
Operating lease, renewal option | 10 years |
Other Information Related to Le
Other Information Related to Leases (Detail) $ in Thousands | 12 Months Ended |
Jan. 31, 2020USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 295,658 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 106,131 |
Weighted-average remaining lease term - operating leases | 7 years 4 months 24 days |
Weighted-average discount rate - operating leases | 6.30% |
Schedule by Year of Maturities
Schedule by Year of Maturities of Operating Leases Liabilities with Original Terms in Excess of One Year (Detail) $ in Thousands | Jan. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 306,706 |
2022 | 275,257 |
2023 | 241,393 |
2024 | 207,707 |
2025 | 170,948 |
Thereafter | 588,788 |
Total undiscounted future minimum lease payments | 1,790,799 |
Less imputed interest | (431,711) |
Total discounted future minimum lease payments | $ 1,359,088 |
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, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 294,527 |
2021 | 263,209 |
2022 | 228,596 |
2023 | 200,776 |
2024 | 167,130 |
Thereafter | 558,655 |
Total minimum lease payments | $ 1,712,893 |
Rent Expense for Operating Leas
Rent Expense for Operating Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Leases [Abstract] | ||
Minimum and percentage rentals | $ 277,358 | $ 269,107 |
Contingent rentals | 651 | 694 |
Total | $ 278,009 | $ 269,801 |
Components of Income before Inc
Components of Income before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 233,742 | $ 336,823 | $ 208,787 |
Foreign | 5,978 | 48,730 | 52,579 |
Income before income taxes | $ 239,720 | $ 385,553 | $ 261,366 |
Components of Provision for Inc
Components of Provision for Income Tax Expense or Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Current, Federal | $ 50,507 | $ 71,520 | $ 124,988 |
Current, State | 13,525 | 18,088 | 10,772 |
Current, Foreign | 6,141 | 9,356 | 9,014 |
Current income tax expense, total | 70,173 | 98,964 | 144,774 |
Deferred, Federal | (3,260) | (6,818) | 10,270 |
Deferred, State | (772) | 965 | (1,914) |
Deferred, Foreign | 5,483 | (5,561) | (27) |
Deferred income tax expense (benefit), total | 1,451 | (11,414) | 8,329 |
Income tax expense (benefit), total | $ 71,624 | $ 87,550 | $ 153,103 |
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, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Expected provision at statutory U.S. federal tax rate | 21.00% | 21.00% | 33.80% |
State and local income taxes, net of federal tax benefit | 4.20% | 3.90% | 2.30% |
Foreign taxes | 4.00% | (1.50%) | (3.40%) |
Net impact of U.S. tax reform | 0.30% | 24.70% | |
Other | 0.70% | (1.00%) | 1.20% |
Effective tax rate | 29.90% | 22.70% | 58.60% |
Significant Components of Defer
Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Prepaid expense | $ (2,393) | $ (1,729) |
Depreciation | (32,311) | (39,303) |
Operating lease right-of-use assets | (260,706) | |
Other temporary differences | (1,129) | (1,258) |
Gross deferred tax liabilities | (296,539) | (42,290) |
Operating lease liabilities | 310,209 | |
Deferred rent | 52,409 | |
Inventory | 11,436 | 10,579 |
Accounts receivable | 1,475 | 2,198 |
Net operating loss carryforwards | 4,547 | 1,945 |
Tax uncertainties | 1,336 | 953 |
Accrued salaries and benefits | 17,534 | 20,216 |
Income tax credits | 4,511 | 4,659 |
Other temporary differences | 10,050 | 6,119 |
Gross deferred tax assets, before valuation allowances | 361,098 | 99,078 |
Valuation allowances | (13,459) | (3,906) |
Net deferred tax assets | $ 51,100 | $ 52,882 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Income Taxes [Line Items] | ||||
Net deferred tax assets | $ 51,100,000 | $ 52,882,000 | ||
Valuation allowance for certain other foreign and state net operating loss carryforwards | 0 | |||
Cash and cash equivalents | 221,839,000 | 358,260,000 | $ 282,220,000 | $ 248,140,000 |
Unrecognized tax benefit that, if recognized, would impact the effective tax rate | 22,489,000 | 21,319,000 | ||
Recognized (benefit)/expense in interest and penalties | 1,038,000 | 449,000 | $ (209,000) | |
Accrued amounts for payment of interest and penalties | 1,860,000 | 822,000 | ||
Unrecognized tax benefits, lower bound | 0 | |||
Unrecognized tax benefits, upper bound | 3,734,000 | |||
U.S. Federal | ||||
Income Taxes [Line Items] | ||||
Net deferred tax assets | 25,972,000 | 22,885,000 | ||
Net operating loss carryforwards, do not expire | 3,273,000 | |||
Net operating loss carryforwards | 9,167,000 | |||
Tax credit carryforwards | $ 5,962,000 | |||
U.S. Federal | Earliest Tax Year | ||||
Income Taxes [Line Items] | ||||
Expiration date | 2021 | |||
Tax credit expiration date | 2021 | |||
U.S. Federal | Latest Tax Year | ||||
Income Taxes [Line Items] | ||||
Expiration date | 2038 | |||
Tax credit expiration date | 2031 | |||
State and Local Jurisdiction | ||||
Income Taxes [Line Items] | ||||
Net deferred tax assets | $ 15,858,000 | 15,079,000 | ||
Foreign Jurisdictions | ||||
Income Taxes [Line Items] | ||||
Net deferred tax assets | 9,270,000 | $ 14,918,000 | ||
Net operating loss carryforwards, expire 2019 through 2029 | 3,331,000 | |||
Net operating loss carryforwards, do not expire | 16,976,000 | |||
Cash and cash equivalents | 202,609,000 | |||
Cumulative undistributed earnings | $ 347,077,000 | |||
Foreign Jurisdictions | Earliest Tax Year | ||||
Income Taxes [Line Items] | ||||
Expiration date | 2020 | |||
Foreign Jurisdictions | Latest Tax Year | ||||
Income Taxes [Line Items] | ||||
Expiration date | 2030 |
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, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Balance at the beginning of the period | $ 21,406 | $ 4,546 | $ 5,798 |
Increases in tax positions for prior years | 661 | 18,077 | 45 |
Decreases in tax positions for prior years | (101) | (921) | (511) |
Increases in tax positions for current year | 125 | 196 | 128 |
Lapse in statute of limitations | (167) | (492) | (914) |
Balance at the end of the period | $ 21,924 | $ 21,406 | $ 4,546 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Tax benefit associated with share-based compensation expense | $ 5,230 | $ 4,465 | $ 5,438 |
Tax benefit realized from share-based compensation | $ 4,425 | $ 8,309 | $ 1,753 |
Common shares per PSU | 100.00% | ||
2017 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 | 8,718,500 | ||
2008 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 | 4,938,376 | ||
2017 and 2008 Stock Incentive Plan | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period, maximum (in years) | 7 years | ||
2017 and 2008 Stock Incentive Plan | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period, maximum (in years) | 10 years | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period, maximum (in years) | 1 year | ||
Compensation cost of stock options granted but not yet vested | $ 471 | ||
Weighted average period of recognition (in years) | 3 months 18 days | ||
Awards granted | 160,000 | ||
Stock Options | Non-employee Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period, maximum (in years) | 1 year | ||
Stock Appreciation Rights (SARs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period, maximum (in years) | 5 years | ||
Compensation cost of stock options granted but not yet vested | $ 0 | ||
Awards granted | 0 | 0 | 0 |
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 | $ 4,468 | ||
Weighted average period of recognition (in years) | 1 year 10 months 24 days | ||
Weighted average grant date fair value | $ 30.19 | $ 34.76 | $ 23.38 |
Vested, Shares | 139,999 | ||
Aggregate grant date fair value, vested | $ 26.21 | ||
Performance Stock Units (PSUs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period, maximum (in years) | 2 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 | $ 23,209 | ||
Weighted average period of recognition (in years) | 2 years | ||
Weighted average grant date fair value | $ 29.92 | 36.55 | $ 26.01 |
Vested, Shares | 408,159 | 0 | |
Aggregate grant date fair value, vested | $ 26.80 | $ 26.86 | |
Restricted Stock Units (RSUs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options vesting period, maximum (in years) | 2 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 |
Share-Based Compensation Expens
Share-Based Compensation Expense Included in Selling, General and Administrative Expenses in Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 21,109 | $ 18,104 | $ 14,517 | |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 1,737 | 1,854 | 897 | |
Stock Appreciation Rights (SARs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 4 | 142 | ||
Performance Stock Units (PSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | [1] | 3,483 | 2,463 | 3,562 |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 15,889 | $ 13,783 | $ 9,916 | |
[1] | Includes: (i) the reversal of $803 of previously recognized compensation expense in fiscal 2020, related to 54,356 PSU’s that will not vest as the achievement of the related performance target is not probable; (ii) the reversal of $4,213 of previously recognized compensation expense in fiscal 2019, related to 313,077 PSU’s that will not vest as the achievement of the related performance target is not probable; and (iii) the reversal of $11,515 of previously recognized compensation expense in fiscal 2018, related to 871,779 PSU’s that will not vest as the achievement of the related performance target is not probable. |
Share-Based Compensation Expe_2
Share-Based Compensation Expense Included in Selling, General and Administrative Expenses in Consolidated Statements of Income (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Reversal of share-based compensation expense | $ 803 | $ 4,213 | $ 11,515 |
Performance Stock Units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, granted | 140,000 | ||
Performance Stock Units (PSUs) | Deferred Compensation, Share-based Payments | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, granted | 54,356 | 313,077 | 871,779 |
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, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life, in years | 5 years 3 months 18 days | 5 years 4 months 24 days | 3 years 4 months 24 days |
Risk-free interest rate | 1.90% | 2.80% | 1.60% |
Volatility | 37.60% | 35.60% | 40.20% |
Summary of Stock Option Activit
Summary of Stock Option Activity (Detail) - Stock Options - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards outstanding at beginning of year, Shares | 610,000 | |
Granted, Shares | 160,000 | |
Exercised, Shares | (40,000) | |
Forfeited or Expired, Shares | (60,000) | |
Awards outstanding at end of year, Shares | 670,000 | 610,000 |
Awards outstanding fully vested and expected to vest, Shares | 670,000 | |
Awards exercisable at end of year, Shares | 510,000 | |
Awards outstanding at beginning of year, Weighted Average Exercise Price | $ 35.55 | |
Granted, Weighted Average Exercise Price | 23.74 | |
Exercised, Weighted Average Exercise Price | 24.37 | |
Forfeited or Expired, Weighted Average Exercise Price | 40.65 | |
Awards outstanding at end of year, Weighted Average Exercise Price | 32.94 | $ 35.55 |
Awards outstanding fully vested and expected to vest, Weighted Average Exercise Price | 32.94 | |
Awards exercisable at end of year, Weighted Average Exercise Price | $ 35.83 | |
Awards outstanding at end of year, Weighted Average Remaining Contractual Term (years) | 3 years 10 months 24 days | 3 years 4 months 24 days |
Awards outstanding fully vested and expected to vest, Weighted Average Remaining Contractual Term (years) | 3 years 10 months 24 days | |
Awards exercisable at end of year, Weighted Average Remaining Contractual Term (years) | 3 years 2 months 12 days | |
Awards outstanding, Aggregate Intrinsic Value | $ 964 | $ 2,007 |
Awards outstanding fully vested and expected to vest, Aggregate Intrinsic Value | 964 | |
Awards exercisable at end of year, Aggregate Intrinsic Value | $ 666 |
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, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Net cash proceeds from the exercise of stock options | $ 974 | $ 13,618 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value—per share | $ 8.67 | $ 17.12 | $ 5.37 |
Intrinsic value of awards exercised | $ 307 | $ 4,369 | |
Net cash proceeds from the exercise of stock options | $ 974 | $ 13,618 |
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, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards outstanding at beginning of year, Shares | 10,000 | ||
Granted, Shares | 0 | 0 | 0 |
Forfeited or Expired, Shares | (10,000) | ||
Awards outstanding at end of year, Shares | 10,000 | ||
Awards outstanding at beginning of year, Weighted Average Exercise Price | $ 37.34 | ||
Granted, Weighted Average Exercise Price | 0 | ||
Forfeited or Expired, Weighted Average Exercise Price | $ 37.34 | ||
Awards outstanding at end of year, Weighted Average Exercise Price | $ 37.34 | ||
Awards outstanding at end of year, Weighted Average Remaining Contractual Term (years) | 1 year 8 months 12 days | ||
Awards outstanding, Aggregate Intrinsic Value | $ 0 |
Summary of Other Information _2
Summary of Other Information Related to SAR's (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Stock Appreciation Rights (SARs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Intrinsic value of awards exercised | $ 1,451 | $ 5 |
Summary of Performance Share Un
Summary of Performance Share Units Activity (Detail) - Performance Stock Units (PSUs) - $ / shares | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested awards outstanding at beginning of year, Shares | 1,355,627 | ||
Granted, Shares | 140,000 | ||
Vested, Shares | (139,999) | ||
Forfeited, Shares | (613,162) | ||
Non-vested awards outstanding at end of year, Shares | 742,466 | 1,355,627 | |
Non-vested awards outstanding at beginning of year, Weighted average fair value | $ 22.45 | ||
Granted, Weighted average fair value | 30.19 | $ 34.76 | $ 23.38 |
Vested, Weighted average fair value | 26.21 | ||
Forfeited, Weighted average fair value | 20.75 | ||
Non-vested awards outstanding at end of year, Weighted average fair value | $ 24.60 | $ 22.45 |
Summary of Restricted Stock Uni
Summary of Restricted Stock Unit's Activity (Detail) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested awards outstanding at beginning of year, Shares | 1,378,834 | ||
Granted, Shares | 868,000 | ||
Vested, Shares | (408,159) | 0 | |
Forfeited, Shares | (183,334) | ||
Non-vested awards outstanding at end of year, Shares | 1,655,341 | 1,378,834 | |
Non-vested awards outstanding at beginning of year, Weighted average fair value | $ 30.82 | ||
Granted, Weighted average fair value | 29.92 | $ 36.55 | $ 26.01 |
Vested, Weighted average fair value | 26.80 | 26.86 | |
Forfeited, Weighted average fair value | 33.58 | ||
Non-vested awards outstanding at end of year, Weighted average fair value | $ 31.03 | $ 30.82 |
Share Repurchase Activity (Deta
Share Repurchase Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Equity, Class of Treasury Stock [Line Items] | |||
Total cost | $ (223,021) | $ (131,642) | $ (159,226) |
Share repurchase program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Number of common shares repurchased and subsequently retired | 8,068,196 | 3,500,000 | |
Total cost | $ 217,421 | $ 121,397 | |
Average cost per share, including commissions | $ 26.95 | $ 34.68 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 13, 2020 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | Jun. 04, 2019 | Aug. 22, 2017 |
Equity, Class of Treasury Stock [Line Items] | ||||||
Common shares authorized for repurchase, shares | 20,000,000 | 20,000,000 | ||||
Remaining common shares authorized for repurchase, shares | 26,333,957 | |||||
Payments for repurchase and retired common stock | $ 217,421 | $ 121,397 | $ 157,044 | |||
Stock repurchased and retired during period, total cost | $ (223,021) | $ (131,642) | $ (159,226) | |||
Employee Stock | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock repurchased and retired during period shares | 185,430 | 254,181 | ||||
Stock repurchased and retired during period, total cost | $ 5,600 | $ 10,245 | ||||
Subsequent Event | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock repurchased and retired during period shares | 482,003 | |||||
Payments for repurchase and retired common stock | $ 7,036 | |||||
Stock repurchased and retired during period average price | $ 14.60 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Beginning Balance | $ 1,489,098 | $ 1,300,903 | $ 1,313,084 |
Other comprehensive income (loss) before reclassifications | (940) | (16,430) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 39 | (22) | |
Total other comprehensive (loss) income | (901) | (16,452) | 23,418 |
Ending Balance | 1,455,355 | 1,489,098 | 1,300,903 |
Foreign Currency Translation | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Beginning Balance | (26,925) | (10,340) | |
Other comprehensive income (loss) before reclassifications | (1,403) | (16,585) | |
Total other comprehensive (loss) income | (1,403) | (16,585) | |
Ending Balance | (28,328) | (26,925) | (10,340) |
Unrealized Gains and (Losses) on available- for-Sale Securities | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Beginning Balance | (178) | (311) | |
Other comprehensive income (loss) before reclassifications | 463 | 155 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 39 | (22) | |
Total other comprehensive (loss) income | 502 | 133 | |
Ending Balance | 324 | (178) | (311) |
Accumulated Other Comprehensive Loss | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Beginning Balance | (27,103) | (10,651) | (34,069) |
Ending Balance | $ (28,004) | $ (27,103) | $ (10,651) |
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, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Basic weighted-average common shares outstanding | 99,833,011 | 108,303,594 | 111,887,308 |
Effect of dilutive options, stock appreciation rights, restricted stock units and performance stock units | 755,666 | 1,402,413 | 480,616 |
Diluted weighted-average shares outstanding | 100,588,677 | 109,706,007 | 112,367,924 |
Net Income per Common Share - A
Net Income per Common Share - Additional Information (Detail) - $ / shares | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive common shares | 406,250 | 281,875 | 906,294 |
Anti-dilutive common shares exercise price, minimum | $ 28.47 | $ 35.85 | $ 25.60 |
Anti-dilutive common shares exercise price, maximum | $ 46.42 | $ 46.42 | $ 46.02 |
Performance Stock Units (PSUs) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive common shares | 555,362 | 1,175,655 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020USD ($)$ / Employee_Contribution | Jan. 31, 2019USD ($)$ / Employee_Contribution | Jan. 31, 2018USD ($) | |
Commitments and Contingencies Disclosure [Line Items] | |||
Commitments for un-fulfilled purchase orders | $ 543,703 | ||
Commitments with construction and distribution equipment contractors | $ 52,493 | ||
U.S. based employees age limit to participate in 401(k) Saving Plan | 18 years | ||
Employer matching contribution per employee | $ / Employee_Contribution | 0.50 | 0.25 | |
Percentage of employee contribution for first threshold limit of employer contribution | 6.00% | 6.00% | |
Employees contribution percentage vested | 100.00% | ||
Percentage of employers contribution per year vested | 20.00% | ||
Company's contribution to Savings Plan | $ 7,094 | $ 3,549 | $ 2,602 |
Nonqualified Deferred Compensation Plan | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Employees contribution percentage vested | 100.00% | ||
Percentage of employers contribution per year vested | 100.00% | ||
Company's contribution to Savings Plan | $ 56 | 46 | $ 52 |
Deferred compensation obligation | 8,428 | 6,751 | |
Aggregate market value of investments | $ 8,428 | $ 6,751 | |
Minimum | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Percentage of compensation deferred by employees under Saving Plan | 1.00% | ||
Maximum | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Percentage of compensation deferred by employees under Saving Plan | 25.00% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Related Party Transactions [Abstract] | |||
Fees paid | $ 495 | $ 1,052 | $ 2,652 |
Fees due | $ 50 | $ 169 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended | ||
Jan. 31, 2020StoreCustomerSegmentRestaurantOutlet | Jan. 31, 2019Store | Jan. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Number of reporting segments | Segment | 3 | ||
Number of stores | 634 | 620 | |
Segment net sales description | Subscription segment net sales accounted for less than 1.0% of consolidated net sales | ||
Number of major customers exceeding ten percentage thresholds | Customer | 0 | ||
Retail Operations | |||
Segment Reporting Information [Line Items] | |||
Percentage of net sales | 91.60% | 91.20% | 91.30% |
Number of restaurants | Restaurant | 11 | ||
Retail Operations | Urban Outfitters | |||
Segment Reporting Information [Line Items] | |||
Number of stores | 248 | ||
Number of franchisee-owned stores | 5 | ||
Retail Operations | Anthropologie Group | |||
Segment Reporting Information [Line Items] | |||
Number of stores | 231 | ||
Number of franchisee-owned stores | 1 | ||
Retail Operations | Free People | |||
Segment Reporting Information [Line Items] | |||
Number of stores | 144 | ||
Number of franchisee-owned stores | 1 | ||
Wholesale Operations | |||
Segment Reporting Information [Line Items] | |||
Percentage of net sales | 8.20% | 8.80% | 8.70% |
Number of stores | Outlet | 2,300 |
Schedule of Operations by Segme
Schedule of Operations by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | ||
Segment Reporting Information [Line Items] | ||||
Total net sales | $ 3,983,789 | $ 3,950,623 | $ 3,616,014 | |
Total income from operations | 231,925 | 381,313 | 259,892 | |
General corporate expenses | (47,548) | (38,030) | (45,980) | |
Total depreciation expense for property and equipment | 111,550 | 116,291 | 125,820 | |
Total inventory | 409,534 | 370,507 | ||
Total rental product, net | [1] | 16,447 | ||
Total property and equipment, net | 890,032 | 796,029 | ||
Total cash paid for property and equipment | 217,433 | 114,924 | 83,813 | |
Retail Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total depreciation expense for property and equipment | 109,622 | 115,646 | 124,935 | |
Total inventory | 347,837 | 328,783 | ||
Total property and equipment, net | 859,918 | 791,648 | ||
Total cash paid for property and equipment | 189,904 | 112,332 | 83,768 | |
Wholesale Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total depreciation expense for property and equipment | 578 | 645 | 885 | |
Total inventory | 61,697 | 41,724 | ||
Total property and equipment, net | 2,577 | 2,389 | ||
Total cash paid for property and equipment | 633 | 600 | 45 | |
Subscription Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total depreciation expense for property and equipment | 1,350 | |||
Total inventory | 409,534 | 370,507 | ||
Total rental product, net | [1] | 16,447 | ||
Total property and equipment, net | 27,537 | 1,992 | ||
Total cash paid for property and equipment | 26,896 | 1,992 | ||
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | 3,983,789 | 3,950,623 | 3,616,014 | |
Total income from operations | 279,473 | 419,343 | 305,872 | |
Operating Segments | Retail Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | 3,648,938 | 3,604,170 | 3,299,714 | |
Total income from operations | 256,540 | 353,851 | 233,844 | |
Operating Segments | Wholesale Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | 340,869 | 357,363 | 327,539 | |
Total income from operations | 42,315 | 68,516 | 71,877 | |
Operating Segments | Subscription Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | 8,001 | |||
Total income from operations | (19,639) | (3,423) | ||
Intersegment Elimination | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | (14,019) | (10,910) | (11,239) | |
Total income from operations | $ 257 | $ 399 | $ 151 | |
[1] | (1) Rental product, net is included in "Deferred income taxes and other assets" in the Consolidated Balance Sheets. |
Schedule of Net Sales and Perce
Schedule of Net Sales and Percentage of Net Sales by Merchandise Category (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Total net sales | $ 3,983,789 | $ 3,950,623 | $ 3,616,014 | |
Total net sales, percentage | 100.00% | 100.00% | 100.00% | |
Apparel | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Total net sales | [1] | $ 2,596,926 | $ 2,636,170 | $ 2,402,173 |
Total net sales, percentage | [1] | 65.00% | 67.00% | 67.00% |
Home | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Total net sales | [2] | $ 649,184 | $ 605,405 | $ 581,874 |
Total net sales, percentage | [2] | 16.00% | 15.00% | 16.00% |
Accessories | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Total net sales | [3] | $ 517,219 | $ 498,824 | $ 439,952 |
Total net sales, percentage | [3] | 13.00% | 13.00% | 12.00% |
Other | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Total net sales | [4] | $ 220,460 | $ 210,224 | $ 192,015 |
Total net sales, percentage | [4] | 6.00% | 5.00% | 5.00% |
[1] | (1) Apparel includes intimates and activewear | |||
[2] | (2) Home includes home furnishings, electronics, gifts and decorative items | |||
[3] | (3) Accessories includes footwear, jewelry and handbags | |||
[4] | (4) Other includes beauty, shipping and handling, the Menus & Venues division and the Subscription segment |
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, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Total net sales | $ 3,983,789 | $ 3,950,623 | $ 3,616,014 |
Total property and equipment, net | 890,032 | 796,029 | |
Domestic Operations | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 3,485,383 | 3,449,913 | 3,163,074 |
Total property and equipment, net | 763,411 | 723,400 | |
Foreign Operations | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 498,406 | 500,710 | $ 452,940 |
Total property and equipment, net | $ 126,621 | $ 72,629 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 13, 2020 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | Mar. 16, 2020 |
Subsequent Event [Line Items] | |||||
Line of credit outstanding | $ 0 | ||||
Payments for repurchase and retired common stock | $ 217,421 | $ 121,397 | $ 157,044 | ||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Number of common shares repurchased and subsequently retired | 482,003 | ||||
Payments for repurchase and retired common stock | $ 7,036 | ||||
Stock repurchased and retired during period average price | $ 14.60 | ||||
Subsequent Event | COVID 19 Outbreak | |||||
Subsequent Event [Line Items] | |||||
Line of credit outstanding | $ 220,000 |