Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 30, 2020 | Jun. 24, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | URBN | |
Entity Registrant Name | URBAN OUTFITTERS, INC. | |
Entity Central Index Key | 0000912615 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Shares, par value $.0001 per share | |
Entity File Number | 000-22754 | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 23-2003332 | |
Entity Address, Address Line One | 5000 South Broad Street | |
Entity Address, City or Town | Philadelphia | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19112-1495 | |
City Area Code | 215 | |
Local Phone Number | 454-5500 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 97,779,586 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2020 | Jan. 31, 2020 | Apr. 30, 2019 |
Current assets: | |||
Cash and cash equivalents | $ 588,740 | $ 221,839 | $ 291,199 |
Marketable securities | 65,121 | 211,453 | 229,163 |
Accounts receivable, net of allowance for doubtful accounts of $6,304, $880 and $892, respectively | 55,910 | 88,288 | 88,390 |
Inventory | 335,640 | 409,534 | 408,362 |
Prepaid expenses and other current assets | 131,517 | 122,282 | 122,183 |
Total current assets | 1,176,928 | 1,053,396 | 1,139,297 |
Property and equipment, net | 880,353 | 890,032 | 829,072 |
Operating lease right-of-use assets | 1,116,597 | 1,170,531 | 1,088,290 |
Marketable securities | 13,272 | 97,096 | 93,894 |
Deferred income taxes and other assets | 169,054 | 104,578 | 101,267 |
Total Assets | 3,356,204 | 3,315,633 | 3,251,820 |
Current liabilities: | |||
Accounts payable | 104,702 | 167,871 | 174,258 |
Current portion of operating lease liabilities | 243,671 | 221,593 | 214,443 |
Accrued expenses, accrued compensation and other current liabilities | 315,204 | 249,306 | 259,478 |
Total current liabilities | 663,577 | 638,770 | 648,179 |
Non-current portion of operating lease liabilities | 1,088,932 | 1,137,495 | 1,092,180 |
Long-term debt | 220,000 | ||
Deferred rent and other liabilities | 85,587 | 84,013 | 63,490 |
Total Liabilities | 2,058,096 | 1,860,278 | 1,803,849 |
Commitments and contingencies (see Note 12) | |||
Shareholders’ equity: | |||
Preferred shares; $.0001 par value, 10,000,000 shares authorized, none issued | |||
Common shares; $.0001 par value, 200,000,000 shares authorized, 97,777,322, 97,976,815 and 103,599,364 shares issued and outstanding, respectively | 10 | 10 | 10 |
Additional paid-in-capital | 3,593 | 9,477 | |
Retained earnings | 1,335,430 | 1,473,872 | 1,478,678 |
Accumulated other comprehensive loss | (40,925) | (28,004) | (30,717) |
Total Shareholders’ Equity | 1,298,108 | 1,455,355 | 1,447,971 |
Total Liabilities and Shareholders’ Equity | $ 3,356,204 | $ 3,315,633 | $ 3,251,820 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2020 | Jan. 31, 2020 | Apr. 30, 2019 |
Statement Of Financial Position [Abstract] | |||
Accounts receivable, allowance for doubtful accounts | $ 6,304 | $ 880 | $ 892 |
Preferred shares, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred shares, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred shares, shares issued | 0 | 0 | 0 |
Common shares, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common shares, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Common shares, shares issued | 97,777,322 | 97,976,815 | 103,599,364 |
Common shares, shares outstanding | 97,777,322 | 97,976,815 | 103,599,364 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Income Statement [Abstract] | ||
Net sales | $ 588,483 | $ 864,413 |
Cost of sales (excluding store impairment) | 562,112 | 595,357 |
Store impairment | 14,528 | |
Gross profit | 11,843 | 269,056 |
Selling, general and administrative expenses | 210,578 | 229,036 |
(Loss) income from operations | (198,735) | 40,020 |
Other income, net | 162 | 2,680 |
(Loss) income before income taxes | (198,573) | 42,700 |
Income tax (benefit) expense | (60,131) | 10,115 |
Net (loss) income | $ (138,442) | $ 32,585 |
Net (loss) income per common share: | ||
Basic | $ (1.41) | $ 0.31 |
Diluted | $ (1.41) | $ 0.31 |
Weighted-average common shares outstanding: | ||
Basic | 97,910,314 | 104,437,460 |
Diluted | 97,910,314 | 105,340,148 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net (loss) income | $ (138,442) | $ 32,585 |
Other comprehensive (loss) income: | ||
Foreign currency translation | (12,617) | (3,800) |
Change in unrealized (losses) gains on marketable securities, net of tax | (304) | 186 |
Total other comprehensive (loss) income | (12,921) | (3,614) |
Comprehensive (loss) income | $ (151,363) | $ 28,971 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning Balance at Jan. 31, 2019 | $ 1,489,098 | $ 11 | $ 1,516,190 | $ (27,103) | |
Beginning Balances (in shares) at Jan. 31, 2019 | 105,642,283 | ||||
Comprehensive income (loss) | 28,971 | 32,585 | (3,614) | ||
Share-based compensation | 5,553 | $ 5,553 | |||
Share-based awards | 974 | 974 | |||
Share-based awards (in shares) | 563,989 | ||||
Share repurchases | (76,625) | $ (1) | (6,527) | (70,097) | |
Share repurchases (in shares) | (2,606,908) | ||||
Ending Balance at Apr. 30, 2019 | $ 1,447,971 | $ 10 | 1,478,678 | (30,717) | |
Ending Balances (in shares) at Apr. 30, 2019 | 103,599,364 | 103,599,364 | |||
Beginning Balance at Jan. 31, 2020 | $ 1,455,355 | $ 10 | 9,477 | 1,473,872 | (28,004) |
Beginning Balances (in shares) at Jan. 31, 2020 | 97,976,815 | 97,976,815 | |||
Comprehensive income (loss) | $ (151,363) | (138,442) | (12,921) | ||
Share-based compensation | 4,872 | 4,872 | |||
Share-based awards (in shares) | 437,174 | ||||
Share repurchases | (10,756) | (10,756) | |||
Share repurchases (in shares) | (636,667) | ||||
Ending Balance at Apr. 30, 2020 | $ 1,298,108 | $ 10 | $ 3,593 | $ 1,335,430 | $ (40,925) |
Ending Balances (in shares) at Apr. 30, 2020 | 97,777,322 | 97,777,322 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (138,442) | $ 32,585 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 27,924 | 27,809 |
Non-cash lease expense | 48,370 | 46,626 |
(Benefit) provision for deferred income taxes | (14,388) | 4,163 |
Share-based compensation expense | 4,872 | 5,553 |
Store impairment | 14,528 | |
Loss on disposition of property and equipment, net | 439 | 552 |
Changes in assets and liabilities: | ||
Receivables | 32,118 | (8,003) |
Inventory | 71,759 | (38,551) |
Prepaid expenses and other assets | (50,542) | (12,396) |
Payables, accrued expenses and other liabilities | (29,071) | 15,081 |
Operating lease liabilities | (27,219) | (47,526) |
Net cash (used in) provided by operating activities | (59,652) | 25,893 |
Cash flows from investing activities: | ||
Cash paid for property and equipment | (43,518) | (37,716) |
Cash paid for marketable securities | (45,517) | (129,896) |
Sales and maturities of marketable securities | 311,258 | 151,761 |
Net cash provided by (used in) investing activities | 222,223 | (15,851) |
Cash flows from financing activities: | ||
Borrowings under long-term debt | 220,000 | |
Proceeds from the exercise of stock options | 974 | |
Share repurchases related to share repurchase program | (7,036) | (71,242) |
Share repurchases related to taxes for share-based awards | (3,720) | (5,383) |
Net cash provided by (used in) financing activities | 209,244 | (75,651) |
Effect of exchange rate changes on cash and cash equivalents | (4,914) | (1,452) |
Increase (decrease) in cash and cash equivalents | 366,901 | (67,061) |
Cash and cash equivalents at beginning of period | 221,839 | 358,260 |
Cash and cash equivalents at end of period | 588,740 | 291,199 |
Cash paid during the year for: | ||
Income taxes | 6,342 | 3,030 |
Non-cash investing activities—Accrued capital expenditures | $ 5,176 | $ 31,761 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Apr. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These condensed financial statements should be read in conjunction with Urban Outfitters, Inc.’s (the “Company’s”) Annual Report on Form 10-K for the fiscal year ended January 31, 2020, filed with the United States Securities and Exchange Commission on March 31, 2020. The Company’s business experiences seasonal fluctuations in net sales and net income, with a more significant portion typically realized in the second half of each year predominantly due to the year-end holiday period. Historically, and consistent with the retail industry, this seasonality also impacts our working capital requirements, particularly with regard to inventory. Accordingly, the results of operations for the three months ended April 30, 2020 are not necessarily indicative of the results to be expected for the full year. The Company’s fiscal year ends on January 31. All references in these notes to the Company’s fiscal years refer to the fiscal years ended on January 31 in those years. For example, the Company’s fiscal year 2021 will end on January 31, 2021. Recent Accounting Pronouncements The Company has considered all new accounting standards updates issued by the Financial Accounting Standards Board (“FASB”) and has concluded that there are no recent accounting standard updates that will have a material impact on its consolidated financial statements and related disclosures. |
Impact of the Coronavirus Pande
Impact of the Coronavirus Pandemic | 3 Months Ended |
Apr. 30, 2020 | |
Extraordinary And Unusual Items [Abstract] | |
Impact of the Coronavirus Pandemic | 2. Impact of the Coronavirus Pandemic 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, causing public health officials to recommend precautions to mitigate the spread of the virus, including warning against congregating in heavily populated areas, such as malls and shopping centers. On March 14, 2020, the Company announced that it temporarily closed all stores globally; however, the Company continued to fulfill digital orders from its stores where permitted by local authorities. The Company’s distribution and fulfillment centers remained open to support the digital business and the Wholesale segment operations but have done so with additional safety procedures and enhanced cleaning to protect the health of employees. The Company closed its offices and showrooms globally with the exception of location dependent employees. All other corporate and showroom employees are working remotely. In response to the coronavirus pandemic, the Company has taken many additional measures to protect its financial position and increase financial flexibility during this challenging time period. Those include: • Furloughing a substantial number of store, wholesale and home office associates, • Suspending all new hiring except in its fulfillment and call centers, • Suspending all merit raises and bonuses for fiscal 2021, • Borrowing $220,000 (and subsequently repaying $100,000 on June 17, 2020) under its Amended Credit Facility to further protect its cash reserves (see Note 6, “Debt”), • Reduc ing its capital budget by over $ 140,000 from approximately $ 260,000 to approximately $ 120,000 by delaying or cancelling projects , • Adjusting inventory levels by cancelling or delaying many orders and asking for price concessions on those remaining, • Reducing all non-payroll expenses, including creative, marketing, and travel, among others, • Extending payment terms for both merchandise and non-merchandise vendor invoices by 30 days, • Reducing certain occupancy and occupancy related expenses, • Reducing investments in two Company growth initiatives: Nuuly and expansion into China, • Reducing senior leadership compensation for the duration of the furlough time period, • Eliminating Board of Directors’ cash compensation through the date of the 2021 Annual Meeting of Shareholders, and • Suspending share repurchases for the foreseeable future (see Note 9, “Shareholders’ Equity”). As a result of the coronavirus pandemic, during the three months ended April 30, 2020, the Company recorded certain additional reserves and non-cash charges. During the three months ended April 30, 2020, the Company assessed the value of its inventory in the Retail and Wholesale segments and recorded a $43,327 increase in its inventory obsolescence reserves. During the three months ended April 30, 2020, the Company recorded a $5,800 increase in allowance for doubtful accounts reserves for Wholesale segment customer accounts receivables as a result of the significant disruption and uncertainty currently in the wholesale macro environment. Finally, during the three months ended April 30, 2020, the Company determined that certain long-lived assets at the Company’s retail locations were unable to recover their carrying value primarily due to the impact of the mandated store closures and anticipated reduced store net sales during the remainder of fiscal 2021 as a result of the coronavirus pandemic. These assets were written down to a fair value resulting in impairment charges of $14,528 across 39 retail locations. As a result of the global coronavirus pandemic, governments in the United States, United Kingdom (“U.K.”), Canada and various other jurisdictions have implemented programs to encourage companies to retain and pay employees that are unable to work or are limited in the work that they can perform in light of closures or a significant decline in sales. The Company continued to pay all employees through at least April 1, 2020. On March 31, 2020, the Company announced it furloughed a substantial number of store, wholesale and home office employees beginning April 1. Impacted employees continued to receive enrolled benefits during the furlough period. As such, the Company qualifies for certain of these programs which will partially offset related expenses. The Company is evaluating the reimbursement it is eligible to receive under such programs and will record the cumulative benefit in the second quarter of fiscal 2021 and through the eligibility period of such programs. Beginning April 25, 2020, the Company started to reopen stores in select states and countries. When the Company reopened these stores, it did so in accordance with local government guidelines. As of June 24, 2020, the Company has reopened more than 570 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Apr. 30, 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 transactions and sales to the Company’s Wholesale segment customers and franchisees. For the three month period ended April 30, 2020, the opening and closing balances of contract receivables, net of allowance for doubtful accounts, were $88,288 and $55,910, respectively. For the three month period ended April 30, 2019, the opening and closing balances of contract receivables, net of allowance for doubtful accounts, were $80,461 and $88,390, respectively. During the three month period ended April 30, 2020, the Company recorded a $5,800 increase in allowance for doubtful accounts reserves for Wholesale segment customer accounts receivables as a result of the significant disruption and uncertainty currently in the wholesale macro environment. 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 three month period ended April 30, 2020, the opening and closing balances of contract liabilities were $52,926 and $49,502, respectively. For the three month period ended April 30, 2019, the opening and closing balances of contract liabilities were $49,747 and $43,187, respectively. Contract liabilities are included in “Accrued expenses, accrued compensation and other current liabilities” in the Condensed Consolidated Balance Sheets. During the three month period ended April 30, 2020, the Company recognized $12,763 of revenue that was included in the contract liability balance at the beginning of the period. During the three month period ended April 30, 2019, the Company recognized $15,289 of revenue that was included in the contract liability balance at the beginning of the period. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Apr. 30, 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 value of available-for-sale securities by major security type and class of security as of April 30, 2020, January 31, 2020 and April 30, 2019 were as follows: Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value As of April 30, 2020 Short-term Investments: Municipal and pre-refunded municipal bonds $ 50,887 $ 5 $ (31 ) $ 50,861 Corporate bonds 14,246 21 (7 ) 14,260 65,133 26 (38 ) 65,121 Long-term Investments: Municipal and pre-refunded municipal bonds 2,350 21 (1 ) 2,370 Corporate bonds 2,572 3 (4 ) 2,571 Mutual funds, held in rabbi trust 7,400 682 — 8,082 Certificates of deposit 249 — — 249 12,571 706 (5 ) 13,272 $ 77,704 $ 732 $ (43 ) $ 78,393 As of January 31, 2020 Short-term Investments: Municipal and pre-refunded municipal bonds $ 38,617 $ 20 $ (11 ) $ 38,626 Corporate bonds 166,790 318 (26 ) 167,082 Federal government agencies 1,152 3 — 1,155 Certificates of deposit 2,593 — — 2,593 Commercial paper 1,997 — — 1,997 211,149 341 (37 ) 211,453 Long-term Investments: Municipal and pre-refunded municipal bonds 30,340 35 (17 ) 30,358 Corporate bonds 47,352 205 (40 ) 47,517 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 Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value As of April 30, 2019 Short-term Investments: Municipal and pre-refunded municipal bonds $ 52,131 $ 23 $ (6 ) $ 52,148 Corporate bonds 169,627 72 (70 ) 169,629 Federal government agencies 2,735 4 — 2,739 Certificates of deposit 1,650 — — 1,650 Commercial paper 2,997 — — 2,997 229,140 99 (76 ) 229,163 Long-term Investments: Municipal and pre-refunded municipal bonds 11,035 11 (8 ) 11,038 Corporate bonds 71,105 95 (46 ) 71,154 Mutual funds, held in rabbi trust 7,733 208 7,941 Federal government agencies 2,351 7 — 2,358 Certificates of deposit 1,403 — — 1,403 93,627 321 (54 ) 93,894 $ 322,767 $ 420 $ (130 ) $ 323,057 Proceeds from the sales and maturities of available-for-sale securities were $311,258 and $151,761 for the three months ended April 30, 2020 and 2019, respectively. Net liquidations of the Company’s marketable securities portfolio in the three months ended April 30, 2020 were primarily to preserve financial flexibility and maintain liquidity in response to the coronavirus pandemic. The Company included in “Other income, net,” in the Condensed Consolidated Statements of Operations, a net realized loss of $454 for the three months ended April 30, 2020, and a net realized gain of $7 for the three months ended April 30, 2019. Amortization of discounts and premiums, net, resulted in a reduction of “Other income, net” of $409 and $119 for the three months ended April 30, 2020 and 2019, respectively. Mutual funds represent assets held in an irrevocable rabbi trust for the Company’s Non-qualified Deferred Compensation Plan (“NQDC”). These assets are a source of funds to match the funding obligations to participants in the NQDC but are subject to the Company’s general creditors. The Company elected the fair value option for financial assets for the mutual funds held in the rabbi trust resulting in all unrealized gains and losses being recorded in “Other income, net” in the Condensed Consolidated Statements of Operations. |
Fair Value
Fair Value | 3 Months Ended |
Apr. 30, 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 April 30, 2020 Level 1 Level 2 Level 3 Total Assets: Municipal and pre-refunded municipal bonds $ — $ 53,231 $ — $ 53,231 Corporate bonds 16,831 — — 16,831 Mutual funds, held in rabbi trust 8,082 — — 8,082 Certificates of deposit — 249 — 249 $ 24,913 $ 53,480 $ — $ 78,393 Marketable Securities Fair Value as of January 31, 2020 Level 1 Level 2 Level 3 Total Assets: Municipal and pre-refunded municipal bonds $ — $ 68,984 $ — $ 68,984 Corporate bonds 214,599 — — 214,599 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 April 30, 2019 Level 1 Level 2 Level 3 Total Assets: Municipal and pre-refunded municipal bonds $ — $ 63,186 $ — $ 63,186 Corporate bonds 240,783 — — 240,783 Mutual funds, held in rabbi trust 7,941 — — 7,941 Federal government agencies 5,097 — — 5,097 Certificates of deposit — 3,053 — 3,053 Commercial paper — 2,997 — 2,997 $ 253,821 $ 69,236 $ — $ 323,057 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 April 30, 2020, January 31, 2020 and April 30, 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 April 30, 2020 , January 31, 2020 and April 30, 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, lease-related right-of-use assets 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. Right-of-use assets are tested for impairment in the same manner as property and equipment. 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 the three months ended April 30, 2020, the Company determined that certain long-lived assets at the Company’s retail locations were unable to recover their carrying value primarily due to the impact of the mandated store closures and anticipated reduced store net sales during the remainder of fiscal 2021 as a result of the coronavirus pandemic. These assets were written down to a fair value resulting in impairment charges of $14,528 across 39 retail locations, with a carrying value after impairment of $96,523 related to the right-of-use assets |
Debt
Debt | 3 Months Ended |
Apr. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | 6. 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. 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 April 30, 2020, the Company was in compliance with all terms of the Amended Credit Agreement and borrowings under the Amended Credit Facility totaled $220,000, which the Company borrowed during the three months ended April 30, 2020 in order to preserve financial flexibility and maintain liquidity and flexibility in response to the coronavirus pandemic. 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. Outstanding stand-by letters of credit, which reduce the funds available under the Amended Credit Facility, were $14,499. 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 April 30, 2020, the Company had outstanding trade letters of credit of $55,240 and available trade letters of credit of $74,760 under these facilities. On June 17, |
Leases
Leases | 3 Months Ended |
Apr. 30, 2020 | |
Leases [Abstract] | |
Leases | 7. 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 $68,010 and $66,248 during the three months ended April 30, 2020 and 2019, respectively. Total variable lease costs were $28,440 and $32,877 during the three months ended April 30, 2020 and 2019, respectively. Short-term lease costs and sublease income were not material during the three months ended April 30, 2020 and April 30, 2019. The following is a schedule by year of the maturities of operating lease liabilities with original terms in excess of one year, as of April 30, 2020: Operating Leases Fiscal Year 2021 (excluding the three months ended April 30, 2020) $ 254,187 2022 275,975 2023 242,272 2024 208,755 2025 172,243 Thereafter 589,212 Total undiscounted future minimum lease payments 1,742,644 Less imputed interest (410,041 ) Total discounted future minimum lease payments $ 1,332,603 As of April 30, 2020, the Company had commitments of approximately $47,956 not included in the amounts above related to six executed but not yet commenced store leases. In response to the coronavirus pandemic and mandated store closures, the Company withheld certain minimum lease payments due to landlords. The amount withheld at April 30, 2020 was included in “Current portion of operating lease liabilities” in the Condensed Consolidated Balance Sheets. The Company has been in discussion with its landlords to obtain rent concessions. To the extent the rent concessions do not result in a substantial increase in total payments in the existing lease, the Company will account for such rent concessions as negative variable rent. To the extent the rent concessions do result in a substantial increase in total payments in the existing lease, the Company will account for such rent concessions as a lease modification. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Apr. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 8. Share-Based Compensation The Company maintains stock incentive plans pursuant to which it can grant restricted shares, unrestricted shares, incentive stock options, non-qualified stock options, restricted stock units (“RSU’s”), performance stock units (“PSU’s”) or stock appreciation rights (“SAR’s”). A Black-Scholes model was used to estimate the fair value of stock options. The fair value of PSU’s and RSU’s is equal to the stock price on the date of the grant. Share-based compensation expense included in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Operations, for the three months ended April 30, 2020 and 2019, was as follows: Three Months Ended April 30, 2020 2019 Stock Options $ 342 $ 585 Performance Stock Units (1) 150 1,077 Restricted Stock Units 4,380 3,891 Total $ 4,872 $ 5,553 (1) Includes the reversal of $653 of previously recognized compensation expense in the three months ended April 30, 2020, related to 46,665 PSU’s that will not vest as the achievement of the related performance target is not probable. Share-based awards granted and the weighted-average fair value of such awards for the three months ended April 30, 2020 was as follows: April 30, 2020 Weighted- Awards Average Fair Granted Value Stock Options — $ — Performance Stock Units 154,000 $ 25.84 Restricted Stock Units 835,000 $ 25.84 Total 989,000 During the three months ended April 30, 2020, 113,331 PSU’s vested and 323,843 RSU’s vested. The total unrecognized compensation cost related to outstanding share-based awards and the weighted-average period in which the cost is expected to be recognized as of April 30, 2020 was as follows: April 30, 2020 Unrecognized Weighted- Compensation Average Cost Years Stock Options $ 129 0.1 Performance Stock Units 6,816 2.4 Restricted Stock Units 39,151 2.3 Total $ 46,096 |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Apr. 30, 2020 | |
Equity [Abstract] | |
Shareholders' Equity | 9 . Share repurchase activity under the Company’s share repurchase programs was as follows: Three Months Ended April 30, 2020 2019 Number of common shares repurchased and subsequently retired 482,003 2,430,827 Total cost $ 7,036 $ 71,242 Average cost per share, including commissions $ 14.60 $ 29.31 The shares repurchased during the three months ended April 30, 2020, were prior to the known spread of the coronavirus pandemic in the United States, which forced the Company to close its stores for an extended period of time. 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. While as of April 30, 2020, 25,851,954 common shares were remaining under the programs, the Company has suspended all share repurchase activity under the programs for the foreseeable future. During the three months ended April 30, 2020, the Company acquired and subsequently retired 154,664 common shares at a total cost of $3,720 from employees to meet minimum statutory tax withholding requirements. During the three months ended April 30, 2019, the Company acquired and subsequently retired 176,081 common shares at a total cost of $5,383 from employees to meet minimum statutory tax withholding requirements. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 3 Months Ended |
Apr. 30, 2020 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss | 10 . The following tables present the changes in “Accumulated other comprehensive loss,” by component, net of tax, for the three months ended April 30, 2020 and 2019: Three Months Ended April 30, 2020 Unrealized Gains Foreign and (Losses) on Currency Available-for- Translation Sale Securities Total Balance at beginning of period $ (28,328 ) $ 324 $ (28,004 ) Other comprehensive income (loss) before reclassifications (12,617 ) 150 (12,467 ) Amounts reclassified from accumulated other comprehensive income (loss) — (454 ) (454 ) Net current-period other comprehensive income (loss) (12,617 ) (304 ) (12,921 ) Balance at end of period $ (40,945 ) $ 20 $ (40,925 ) Three Months Ended April 30, 2019 Unrealized Gains Foreign and (Losses) on Currency Available-for- Translation Sale Securities Total Balance at beginning of period $ (26,925 ) $ (178 ) $ (27,103 ) Other comprehensive income (loss) before reclassifications (3,800 ) 179 (3,621 ) Amounts reclassified from accumulated other comprehensive income (loss) — 7 7 Net current-period other comprehensive income (loss) (3,800 ) 186 (3,614 ) Balance at end of period $ (30,725 ) $ 8 $ (30,717 ) All unrealized gains and losses on available-for-sale securities reclassified from accumulated other comprehensive loss were recorded in “Other income, net” in the Condensed Consolidated Statements of Operations. |
Net (Loss) Income per Common Sh
Net (Loss) Income per Common Share | 3 Months Ended |
Apr. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net (Loss) Income per Common Share | 11. Net (Loss) 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 (loss) income per common share: Three Months Ended April 30, 2020 2019 Basic weighted-average common shares outstanding 97,910,314 104,437,460 Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units — 902,688 Diluted weighted-average shares outstanding 97,910,314 105,340,148 As a result of the net loss for the three months ended April 30, 2020, all share-based awards have been excluded from the calculation of diluted loss per share and therefore there was no difference in the weighted average number of common shares for basic and diluted loss per share as the effect of all potentially dilutive shares outstanding was anti-dilutive. For the three months ended April 30, 2019, awards to purchase 380,000 common shares ranging in price from $35.85 to $46.42 were excluded from the calculation of diluted net income per common share because the impact would be anti-dilutive. Also excluded from the calculation of diluted net income per common share as of April 30, 2019, were 711,418 performance-based equity awards because they did not meet the required performance criteria. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies The Company is party to various legal proceedings arising from normal business activities. Management believes that the ultimate resolution of these matters will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Apr. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | 13. 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 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 Wholesale segment consists of the Free People, Anthropologie and Urban Outfitters brands. The Wholesale segment sells through department and specialty stores worldwide, digital businesses and the Retail segment. The Subscription segment consists of the “Nuuly” brand, which is a monthly women’s apparel subscription rental service that launched on July 30, 2019. 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 related to the Subscription segment have also been reclassified from the Retail segment. 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. The Company accounts for intersegment sales and transfers as if the sales and transfers were made to third parties making similar volume purchases. 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. The accounting policies of the reportable segments are the same as the policies described in Note 2, “Summary of Significant Accounting Policies,” in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2020. 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: Three Months Ended April 30, 2020 2019 Net sales Retail operations $ 561,232 $ 782,563 Wholesale operations 25,712 84,365 Subscription operations 6,270 — Intersegment elimination (4,731 ) (2,515 ) Total net sales $ 588,483 $ 864,413 (Loss) Income from operations Retail operations $ (135,501 ) $ 34,694 Wholesale operations (45,628 ) 16,761 Subscription operations (5,964 ) (2,101 ) Intersegment elimination (410 ) (63 ) Total segment operating (loss) income (187,503 ) 49,291 General corporate expenses (11,232 ) (9,271 ) Total (loss) income from operations $ (198,735 ) $ 40,020 April 30, January 31, April 30, 2020 2020 2019 Inventory Retail operations $ 299,881 $ 347,837 $ 365,554 Wholesale operations 35,759 61,697 42,808 Total inventory $ 335,640 $ 409,534 $ 408,362 Rental product, net (1) Subscription operations $ 17,380 $ 16,447 $ 35 Total rental product, net $ 17,380 $ 16,447 $ 35 (1) Rental product, net is included in "Deferred income taxes and other assets" in the Condensed Consolidated Balance Sheets. Property and equipment, net Retail operations $ 849,566 $ 859,918 $ 819,062 Wholesale operations 2,550 2,577 2,312 Subscription operations 28,237 27,537 7,698 Total property and equipment, net $ 880,353 $ 890,032 $ 829,072 The following tables summarize net sales and percentage of net sales from contracts with customers by merchandise category: Three Months Ended April 30, 2020 2019 Net sales Apparel (1) $ 370,347 $ 588,726 Home (2) 109,799 124,548 Accessories (3) 70,193 100,268 Other (4) 38,144 50,871 Total net sales $ 588,483 $ 864,413 As a percentage of net sales Apparel (1) 63 % 68 % Home (2) 19 % 14 % Accessories (3) 12 % 12 % Other (4) 6 % 6 % Total net sales 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: April 30, January 31, April 30, 2020 2020 2019 Property and equipment, net Domestic operations $ 741,237 $ 763,411 $ 758,794 Foreign operations 139,116 126,621 70,278 Total property and equipment, net $ 880,353 $ 890,032 $ 829,072 Three Months Ended April 30, 2020 2019 Net Sales Domestic operations $ 523,556 $ 763,089 Foreign operations 64,927 101,324 Total net sales $ 588,483 $ 864,413 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Apr. 30, 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 value of available-for-sale securities by major security type and class of security as of April 30, 2020, January 31, 2020 and April 30, 2019 were as follows: Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value As of April 30, 2020 Short-term Investments: Municipal and pre-refunded municipal bonds $ 50,887 $ 5 $ (31 ) $ 50,861 Corporate bonds 14,246 21 (7 ) 14,260 65,133 26 (38 ) 65,121 Long-term Investments: Municipal and pre-refunded municipal bonds 2,350 21 (1 ) 2,370 Corporate bonds 2,572 3 (4 ) 2,571 Mutual funds, held in rabbi trust 7,400 682 — 8,082 Certificates of deposit 249 — — 249 12,571 706 (5 ) 13,272 $ 77,704 $ 732 $ (43 ) $ 78,393 As of January 31, 2020 Short-term Investments: Municipal and pre-refunded municipal bonds $ 38,617 $ 20 $ (11 ) $ 38,626 Corporate bonds 166,790 318 (26 ) 167,082 Federal government agencies 1,152 3 — 1,155 Certificates of deposit 2,593 — — 2,593 Commercial paper 1,997 — — 1,997 211,149 341 (37 ) 211,453 Long-term Investments: Municipal and pre-refunded municipal bonds 30,340 35 (17 ) 30,358 Corporate bonds 47,352 205 (40 ) 47,517 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 Amortized Unrealized Unrealized Fair Cost Gains (Losses) Value As of April 30, 2019 Short-term Investments: Municipal and pre-refunded municipal bonds $ 52,131 $ 23 $ (6 ) $ 52,148 Corporate bonds 169,627 72 (70 ) 169,629 Federal government agencies 2,735 4 — 2,739 Certificates of deposit 1,650 — — 1,650 Commercial paper 2,997 — — 2,997 229,140 99 (76 ) 229,163 Long-term Investments: Municipal and pre-refunded municipal bonds 11,035 11 (8 ) 11,038 Corporate bonds 71,105 95 (46 ) 71,154 Mutual funds, held in rabbi trust 7,733 208 7,941 Federal government agencies 2,351 7 — 2,358 Certificates of deposit 1,403 — — 1,403 93,627 321 (54 ) 93,894 $ 322,767 $ 420 $ (130 ) $ 323,057 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Apr. 30, 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 April 30, 2020 Level 1 Level 2 Level 3 Total Assets: Municipal and pre-refunded municipal bonds $ — $ 53,231 $ — $ 53,231 Corporate bonds 16,831 — — 16,831 Mutual funds, held in rabbi trust 8,082 — — 8,082 Certificates of deposit — 249 — 249 $ 24,913 $ 53,480 $ — $ 78,393 Marketable Securities Fair Value as of January 31, 2020 Level 1 Level 2 Level 3 Total Assets: Municipal and pre-refunded municipal bonds $ — $ 68,984 $ — $ 68,984 Corporate bonds 214,599 — — 214,599 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 April 30, 2019 Level 1 Level 2 Level 3 Total Assets: Municipal and pre-refunded municipal bonds $ — $ 63,186 $ — $ 63,186 Corporate bonds 240,783 — — 240,783 Mutual funds, held in rabbi trust 7,941 — — 7,941 Federal government agencies 5,097 — — 5,097 Certificates of deposit — 3,053 — 3,053 Commercial paper — 2,997 — 2,997 $ 253,821 $ 69,236 $ — $ 323,057 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 30, 2020 | |
Leases [Abstract] | |
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 April 30, 2020: Operating Leases Fiscal Year 2021 (excluding the three months ended April 30, 2020) $ 254,187 2022 275,975 2023 242,272 2024 208,755 2025 172,243 Thereafter 589,212 Total undiscounted future minimum lease payments 1,742,644 Less imputed interest (410,041 ) Total discounted future minimum lease payments $ 1,332,603 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Apr. 30, 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 Condensed Consolidated Statements of Operations, for the three months ended April 30, 2020 and 2019, was as follows: Three Months Ended April 30, 2020 2019 Stock Options $ 342 $ 585 Performance Stock Units (1) 150 1,077 Restricted Stock Units 4,380 3,891 Total $ 4,872 $ 5,553 (1) Includes the reversal of $653 of previously recognized compensation expense in the three months ended April 30, 2020, related to 46,665 PSU’s that will not vest as the achievement of the related performance target is not probable. |
Schedule of Share Based Awards Issued and Weighted Average Fair Value | Share-based awards granted and the weighted-average fair value of such awards for the three months ended April 30, 2020 was as follows: April 30, 2020 Weighted- Awards Average Fair Granted Value Stock Options — $ — Performance Stock Units 154,000 $ 25.84 Restricted Stock Units 835,000 $ 25.84 Total 989,000 |
Schedule of Unrecognized Compensation Cost and Weighted Average Period of Recognition | The total unrecognized compensation cost related to outstanding share-based awards and the weighted-average period in which the cost is expected to be recognized as of April 30, 2020 was as follows: April 30, 2020 Unrecognized Weighted- Compensation Average Cost Years Stock Options $ 129 0.1 Performance Stock Units 6,816 2.4 Restricted Stock Units 39,151 2.3 Total $ 46,096 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Apr. 30, 2020 | |
Equity [Abstract] | |
Share Repurchase Activity | Share repurchase activity under the Company’s share repurchase programs was as follows: Three Months Ended April 30, 2020 2019 Number of common shares repurchased and subsequently retired 482,003 2,430,827 Total cost $ 7,036 $ 71,242 Average cost per share, including commissions $ 14.60 $ 29.31 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Apr. 30, 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 three months ended April 30, 2020 and 2019: Three Months Ended April 30, 2020 Unrealized Gains Foreign and (Losses) on Currency Available-for- Translation Sale Securities Total Balance at beginning of period $ (28,328 ) $ 324 $ (28,004 ) Other comprehensive income (loss) before reclassifications (12,617 ) 150 (12,467 ) Amounts reclassified from accumulated other comprehensive income (loss) — (454 ) (454 ) Net current-period other comprehensive income (loss) (12,617 ) (304 ) (12,921 ) Balance at end of period $ (40,945 ) $ 20 $ (40,925 ) Three Months Ended April 30, 2019 Unrealized Gains Foreign and (Losses) on Currency Available-for- Translation Sale Securities Total Balance at beginning of period $ (26,925 ) $ (178 ) $ (27,103 ) Other comprehensive income (loss) before reclassifications (3,800 ) 179 (3,621 ) Amounts reclassified from accumulated other comprehensive income (loss) — 7 7 Net current-period other comprehensive income (loss) (3,800 ) 186 (3,614 ) Balance at end of period $ (30,725 ) $ 8 $ (30,717 ) |
Net (Loss) Income per Common _2
Net (Loss) Income per Common Share (Tables) | 3 Months Ended |
Apr. 30, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of Weighted Average Common Shares Outstanding Used for Computation of Basic and Diluted Net (Loss) 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 (loss) income per common share: Three Months Ended April 30, 2020 2019 Basic weighted-average common shares outstanding 97,910,314 104,437,460 Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units — 902,688 Diluted weighted-average shares outstanding 97,910,314 105,340,148 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Apr. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Operations by Segment | A summary of the information about the Company’s operations by segment is as follows: Three Months Ended April 30, 2020 2019 Net sales Retail operations $ 561,232 $ 782,563 Wholesale operations 25,712 84,365 Subscription operations 6,270 — Intersegment elimination (4,731 ) (2,515 ) Total net sales $ 588,483 $ 864,413 (Loss) Income from operations Retail operations $ (135,501 ) $ 34,694 Wholesale operations (45,628 ) 16,761 Subscription operations (5,964 ) (2,101 ) Intersegment elimination (410 ) (63 ) Total segment operating (loss) income (187,503 ) 49,291 General corporate expenses (11,232 ) (9,271 ) Total (loss) income from operations $ (198,735 ) $ 40,020 April 30, January 31, April 30, 2020 2020 2019 Inventory Retail operations $ 299,881 $ 347,837 $ 365,554 Wholesale operations 35,759 61,697 42,808 Total inventory $ 335,640 $ 409,534 $ 408,362 Rental product, net (1) Subscription operations $ 17,380 $ 16,447 $ 35 Total rental product, net $ 17,380 $ 16,447 $ 35 (1) Rental product, net is included in "Deferred income taxes and other assets" in the Condensed Consolidated Balance Sheets. |
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: Three Months Ended April 30, 2020 2019 Net sales Apparel (1) $ 370,347 $ 588,726 Home (2) 109,799 124,548 Accessories (3) 70,193 100,268 Other (4) 38,144 50,871 Total net sales $ 588,483 $ 864,413 As a percentage of net sales Apparel (1) 63 % 68 % Home (2) 19 % 14 % Accessories (3) 12 % 12 % Other (4) 6 % 6 % Total net sales 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: April 30, January 31, April 30, 2020 2020 2019 Property and equipment, net Domestic operations $ 741,237 $ 763,411 $ 758,794 Foreign operations 139,116 126,621 70,278 Total property and equipment, net $ 880,353 $ 890,032 $ 829,072 Three Months Ended April 30, 2020 2019 Net Sales Domestic operations $ 523,556 $ 763,089 Foreign operations 64,927 101,324 Total net sales $ 588,483 $ 864,413 |
Impact of the Coronavirus Pan_2
Impact of the Coronavirus Pandemic - Additional Information (Detail) $ in Thousands | Jun. 17, 2020USD ($) | Apr. 30, 2020USD ($)Location | Jun. 24, 2020Location |
Unusual Risk Or Uncertainty [Line Items] | |||
Line of credit outstanding | $ 220,000 | ||
Increase in allowance for doubtful debts | $ 5,800 | ||
Number of retail locations | Location | 39 | ||
Subsequent Event | |||
Unusual Risk Or Uncertainty [Line Items] | |||
Repaid of borrowing | $ 100,000 | ||
COVID-19 | |||
Unusual Risk Or Uncertainty [Line Items] | |||
Line of credit outstanding | $ 220,000 | ||
Capital budget after delaying or cancelling projects | 140,000 | ||
Capital budget | 260,000 | ||
Capital budget reduced delaying or cancelling projects | $ 120,000 | ||
Extention of payment terms for invoices | 30 days | ||
Increase in inventory obsolescence reserves | $ 43,327 | ||
Increase in allowance for doubtful debts | 5,800 | ||
Long lived asset impairment charges | $ 14,528 | ||
Number of retail locations | Location | 39 | ||
COVID-19 | Minimum | |||
Unusual Risk Or Uncertainty [Line Items] | |||
Stores reopened number | Location | 570 | ||
COVID-19 | Subsequent Event | |||
Unusual Risk Or Uncertainty [Line Items] | |||
Repaid of borrowing | $ 100,000 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Apr. 30, 2020 | Apr. 30, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | ||||
Contract receivables, net of allowance for doubtful accounts | $ 55,910 | $ 88,390 | $ 88,288 | $ 80,461 |
Increase in allowance for doubtful debts | $ 5,800 | |||
Gift cards expected redemption period | 2 years | |||
Contract liabilities | $ 52,926 | 49,747 | $ 49,502 | $ 43,187 |
Revenue recognized included in contract liability | $ 12,763 | $ 15,289 |
Amortized Cost, Gross Unrealize
Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value of Available-For-Sale Securities (Detail) - USD ($) $ in Thousands | Apr. 30, 2020 | Jan. 31, 2020 | Apr. 30, 2019 |
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 77,704 | $ 308,082 | $ 322,767 |
Unrealized Gains | 732 | 618 | 420 |
Unrealized (Losses) | (43) | (151) | (130) |
Fair Value | 78,393 | 308,549 | 323,057 |
Short-term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 65,133 | 211,149 | 229,140 |
Unrealized Gains | 26 | 341 | 99 |
Unrealized (Losses) | (38) | (37) | (76) |
Fair Value | 65,121 | 211,453 | 229,163 |
Short-term Investments | Corporate Bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 14,246 | 166,790 | 169,627 |
Unrealized Gains | 21 | 318 | 72 |
Unrealized (Losses) | (7) | (26) | (70) |
Fair Value | 14,260 | 167,082 | 169,629 |
Short-term Investments | Municipal And Pre-Refunded Municipal Bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 50,887 | 38,617 | 52,131 |
Unrealized Gains | 5 | 20 | 23 |
Unrealized (Losses) | (31) | (11) | (6) |
Fair Value | 50,861 | 38,626 | 52,148 |
Short-term Investments | Certificates of Deposit | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,593 | 1,650 | |
Fair Value | 2,593 | 1,650 | |
Short-term Investments | Federal Government Agencies | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,152 | 2,735 | |
Unrealized Gains | 3 | 4 | |
Fair Value | 1,155 | 2,739 | |
Short-term Investments | Commercial Paper | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,997 | 2,997 | |
Fair Value | 1,997 | 2,997 | |
Long Term Investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 12,571 | 96,933 | 93,627 |
Unrealized Gains | 706 | 277 | 321 |
Unrealized (Losses) | (5) | (114) | (54) |
Fair Value | 13,272 | 97,096 | 93,894 |
Long Term Investments | Corporate Bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,572 | 47,352 | 71,105 |
Unrealized Gains | 3 | 205 | 95 |
Unrealized (Losses) | (4) | (40) | (46) |
Fair Value | 2,571 | 47,517 | 71,154 |
Long Term Investments | Municipal And Pre-Refunded Municipal Bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 2,350 | 30,340 | 11,035 |
Unrealized Gains | 21 | 35 | 11 |
Unrealized (Losses) | (1) | (17) | (8) |
Fair Value | 2,370 | 30,358 | 11,038 |
Long Term Investments | Mutual Funds, Held in Rabbi Trust | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 7,400 | 8,448 | 7,733 |
Unrealized Gains | 682 | 36 | 208 |
Unrealized (Losses) | (55) | ||
Fair Value | 8,082 | 8,429 | 7,941 |
Long Term Investments | Certificates of Deposit | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 249 | 3,867 | 1,403 |
Fair Value | $ 249 | 3,867 | 1,403 |
Long Term Investments | Federal Government Agencies | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 6,926 | 2,351 | |
Unrealized Gains | 1 | 7 | |
Unrealized (Losses) | (2) | ||
Fair Value | $ 6,925 | $ 2,358 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Sales and maturities of marketable securities | $ 311,258 | $ 151,761 |
Amortization of discounts and premiums, net | 409 | 119 |
Other Income, Net | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Net realized gain (loss) | $ 454 | $ 7 |
Financial Assets Measured at Fa
Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Apr. 30, 2020 | Jan. 31, 2020 | Apr. 30, 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 | $ 78,393 | $ 308,549 | $ 323,057 |
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 | 78,393 | 308,549 | 323,057 |
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 | 24,913 | 231,108 | 253,821 |
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 | 53,480 | 77,441 | 69,236 |
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 | 16,831 | 214,599 | 240,783 |
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 | 16,831 | 214,599 | 240,783 |
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 | 53,231 | 68,984 | 63,186 |
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 | 53,231 | 68,984 | 63,186 |
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 | 8,082 | 8,429 | 7,941 |
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 | 8,082 | 8,429 | 7,941 |
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 | 249 | 6,460 | 3,053 |
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 | $ 249 | 6,460 | 3,053 |
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 | 5,097 | |
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 | 5,097 | |
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 | 2,997 | |
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 | $ 2,997 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2020USD ($)Location | Apr. 30, 2019USD ($) | Jan. 31, 2020USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of retail locations | Location | 39 | ||
Impairment charges | $ 14,528 | $ 0 | |
Right-of-use assets, Carrying value | $ 1,116,597 | $ 1,088,290 | $ 1,170,531 |
COVID-19 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of retail locations | Location | 39 | ||
Right-of-use assets, Carrying value | $ 96,523 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Jun. 17, 2020USD ($) | Jun. 29, 2018USD ($)Financial_Institution | Apr. 30, 2020USD ($) |
Line of Credit Facility [Line Items] | |||
Line of credit outstanding | $ 220,000,000 | ||
Subsequent Event | |||
Line of Credit Facility [Line Items] | |||
Repaid of borrowing | $ 100,000,000 | ||
Stand-by letters of credit | |||
Line of Credit Facility [Line Items] | |||
Letter of credit outstanding | 14,499,000 | ||
Trade Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Letter of credit outstanding | 55,240,000 | ||
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 | $ 74,760,000 | ||
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 | 3 Months Ended | |
Apr. 30, 2020USD ($)Store | Apr. 30, 2019USD ($) | |
Leases [Abstract] | ||
Operating lease costs | $ 68,010 | $ 66,248 |
Variable lease cost | 28,440 | $ 32,877 |
Lease commitments for executed but not yet commenced leases | $ 47,956 | |
Number of lease commitment not yet commenced | Store | 6 |
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 | Apr. 30, 2020USD ($) |
Leases [Abstract] | |
2021 (excluding the three months ended April 30, 2020) | $ 254,187 |
2022 | 275,975 |
2023 | 242,272 |
2024 | 208,755 |
2025 | 172,243 |
Thereafter | 589,212 |
Total undiscounted future minimum lease payments | 1,742,644 |
Less imputed interest | (410,041) |
Total discounted future minimum lease payments | $ 1,332,603 |
Share-Based Compensation Expens
Share-Based Compensation Expense Included in Selling, General and Administrative Expenses in Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 4,872 | $ 5,553 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 342 | 585 | |
Performance Stock Units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | [1] | 150 | 1,077 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 4,380 | $ 3,891 | |
[1] | Includes the reversal of $653 of previously recognized compensation expense in the three months ended April 30, 2020, related to 46,665 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) $ in Thousands | 3 Months Ended |
Apr. 30, 2020USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Reversal of share-based compensation expense | $ | $ 653 |
Performance Stock Units (PSUs) | Deferred Compensation, Share-based Payments | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, granted | shares | 46,665 |
Schedule of Share Based Awards
Schedule of Share Based Awards Issued and Weighted Average Fair Value (Detail) | 3 Months Ended |
Apr. 30, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards Granted | 989,000 |
Performance Stock Units (PSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards Granted | 154,000 |
Weighted Average Fair Value | $ / shares | $ 25.84 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards Granted | 835,000 |
Weighted Average Fair Value | $ / shares | $ 25.84 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | 3 Months Ended |
Apr. 30, 2020shares | |
Performance Stock Units (PSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock units vested | 113,331 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock units vested | 323,843 |
Schedule of Unrecognized Compen
Schedule of Unrecognized Compensation Cost and Weighted Average Period of Recognition (Detail) $ in Thousands | 3 Months Ended |
Apr. 30, 2020USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Unrecognized Compensation Cost | $ 46,096 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Unrecognized Compensation Cost | $ 129 |
Weighted Average Years | 1 month 6 days |
Performance Stock Units (PSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Unrecognized Compensation Cost | $ 6,816 |
Weighted Average Years | 2 years 4 months 24 days |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Unrecognized Compensation Cost | $ 39,151 |
Weighted Average Years | 2 years 3 months 18 days |
Share Repurchase Activity (Deta
Share Repurchase Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Equity, Class of Treasury Stock [Line Items] | ||
Total cost | $ 10,756 | $ 76,625 |
Share repurchase program | ||
Equity, Class of Treasury Stock [Line Items] | ||
Number of common shares repurchased and subsequently retired | 482,003 | 2,430,827 |
Total cost | $ 7,036 | $ 71,242 |
Average cost per share, including commissions | $ 14.60 | $ 29.31 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Apr. 30, 2020 | Apr. 30, 2019 | 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 | 25,851,954 | |||
Stock repurchased and retired during period, total cost | $ 10,756 | $ 76,625 | ||
Employee Stock | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchased and retired during period shares | 154,664 | 176,081 | ||
Stock repurchased and retired during period, total cost | $ 3,720 | $ 5,383 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Beginning Balance | $ 1,455,355 | $ 1,489,098 |
Other comprehensive income (loss) before reclassifications | (12,467) | (3,621) |
Amounts reclassified from accumulated other comprehensive income (loss) | (454) | 7 |
Total other comprehensive (loss) income | (12,921) | (3,614) |
Ending Balance | 1,298,108 | 1,447,971 |
Foreign Currency Translation | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Beginning Balance | (28,328) | (26,925) |
Other comprehensive income (loss) before reclassifications | (12,617) | (3,800) |
Total other comprehensive (loss) income | (12,617) | (3,800) |
Ending Balance | (40,945) | (30,725) |
Unrealized Gains and (Losses) on available- for-Sale Securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Beginning Balance | 324 | (178) |
Other comprehensive income (loss) before reclassifications | 150 | 179 |
Amounts reclassified from accumulated other comprehensive income (loss) | (454) | 7 |
Total other comprehensive (loss) income | (304) | 186 |
Ending Balance | 20 | 8 |
Accumulated Other Comprehensive Loss | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Beginning Balance | (28,004) | (27,103) |
Ending Balance | $ (40,925) | $ (30,717) |
Reconciliation of Weighted Aver
Reconciliation of Weighted Average Common Shares Outstanding Used for Computation of Basic and Diluted Net (Loss) Income per Common Share (Detail) - shares | 3 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Earnings Per Share [Abstract] | ||
Basic weighted-average common shares outstanding | 97,910,314 | 104,437,460 |
Effect of dilutive options, stock appreciation rights, performance stock units and restricted stock units | 902,688 | |
Diluted weighted-average shares outstanding | 97,910,314 | 105,340,148 |
Net (Loss) Income per Common _3
Net (Loss) Income per Common Share - Additional Information (Detail) | 3 Months Ended |
Apr. 30, 2019$ / sharesshares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Anti-dilutive common shares | shares | 380,000 |
Anti-dilutive common shares exercise price, minimum | $ / shares | $ 35.85 |
Anti-dilutive common shares exercise price, maximum | $ / shares | $ 46.42 |
Performance Stock Units (PSUs) | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Anti-dilutive common shares | shares | 711,418 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 3 Months Ended |
Apr. 30, 2020SegmentCustomer | |
Segment Reporting [Abstract] | |
Number of reporting segments | Segment | 3 |
Number of major customers exceeding ten percentage thresholds | Customer | 0 |
Schedule of Operations by Segme
Schedule of Operations by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Apr. 30, 2020 | Apr. 30, 2019 | Jan. 31, 2020 | ||
Segment Reporting Information [Line Items] | ||||
Total net sales | $ 588,483 | $ 864,413 | ||
Total income from operations | (198,735) | 40,020 | ||
General corporate expenses | (11,232) | (9,271) | ||
Total inventory | 335,640 | 408,362 | $ 409,534 | |
Total property and equipment, net | [1] | 17,380 | 35 | 16,447 |
Total property and equipment, net | 880,353 | 829,072 | 890,032 | |
Retail Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total inventory | 299,881 | 365,554 | 347,837 | |
Total property and equipment, net | 849,566 | 819,062 | 859,918 | |
Wholesale Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total inventory | 35,759 | 42,808 | 61,697 | |
Total property and equipment, net | 2,550 | 2,312 | 2,577 | |
Subscription Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | 6,270 | |||
Total property and equipment, net | [1] | 17,380 | 35 | 16,447 |
Total property and equipment, net | 28,237 | 7,698 | $ 27,537 | |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total income from operations | (187,503) | 49,291 | ||
Operating Segments | Retail Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | 561,232 | 782,563 | ||
Total income from operations | (135,501) | 34,694 | ||
Operating Segments | Wholesale Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | 25,712 | 84,365 | ||
Total income from operations | (45,628) | 16,761 | ||
Operating Segments | Subscription Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total income from operations | (5,964) | (2,101) | ||
Intersegment Elimination | ||||
Segment Reporting Information [Line Items] | ||||
Total net sales | (4,731) | (2,515) | ||
Total income from operations | $ (410) | $ (63) | ||
[1] | (1) Rental product, net is included in "Deferred income taxes and other assets" in the Condensed 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 | 3 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | ||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total net sales | $ 588,483 | $ 864,413 | |
Total net sales, percentage | 100.00% | 100.00% | |
Apparel | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total net sales | [1] | $ 370,347 | $ 588,726 |
Total net sales, percentage | [1] | 63.00% | 68.00% |
Home | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total net sales | [2] | $ 109,799 | $ 124,548 |
Total net sales, percentage | [2] | 19.00% | 14.00% |
Accessories | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total net sales | [3] | $ 70,193 | $ 100,268 |
Total net sales, percentage | [3] | 12.00% | 12.00% |
Other | |||
Entity Wide Information Revenue From External Customer [Line Items] | |||
Total net sales | [4] | $ 38,144 | $ 50,871 |
Total net sales, percentage | [4] | 6.00% | 6.00% |
[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 | 3 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Jan. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Total property and equipment, net | $ 880,353 | $ 829,072 | $ 890,032 |
Total net sales | 588,483 | 864,413 | |
Domestic Operations | |||
Segment Reporting Information [Line Items] | |||
Total property and equipment, net | 741,237 | 758,794 | 763,411 |
Total net sales | 523,556 | 763,089 | |
Foreign Operations | |||
Segment Reporting Information [Line Items] | |||
Total property and equipment, net | 139,116 | 70,278 | $ 126,621 |
Total net sales | $ 64,927 | $ 101,324 |