ULTA BEAUTY, INC., 10-Q filed on 12/5/2013
Quarterly Report
Document and Entity Information
9 Months Ended
Nov. 2, 2013
Nov. 26, 2013
Document And Entity Information [Abstract]
 
 
Document Type
10-Q 
 
Amendment Flag
false 
 
Document Period End Date
Nov. 02, 2013 
 
Document Fiscal Year Focus
2013 
 
Document Fiscal Period Focus
Q3 
 
Trading Symbol
ULTA 
 
Entity Registrant Name
Ulta Salon, Cosmetics & Fragrance, Inc. 
 
Entity Central Index Key
0001403568 
 
Current Fiscal Year End Date
--02-01 
 
Entity Filer Category
Large Accelerated Filer 
 
Entity Common Stock, Shares Outstanding
 
64,232,412 
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Nov. 2, 2013
Feb. 2, 2013
Oct. 27, 2012
Current assets:
 
 
 
Cash and cash equivalents
$ 240,916 
$ 320,475 
$ 191,724 
Receivables, net
46,911 
41,515 
36,649 
Merchandise inventories, net
582,303 
361,125 
462,833 
Prepaid expenses and other current assets
54,757 
50,452 
50,197 
Prepaid income taxes
1,729 
 
13,417 
Deferred income taxes
14,686 
15,757 
11,261 
Total current assets
941,302 
789,324 
766,081 
Property and equipment, net
590,132 
483,059 
467,165 
Deferred compensation plan assets
3,913 
2,866 
 
Total assets
1,535,347 
1,275,249 
1,233,246 
Current liabilities:
 
 
 
Accounts payable
190,193 
118,886 
185,177 
Accrued liabilities
97,421 
92,127 
90,354 
Accrued income taxes
 
10,054 
 
Total current liabilities
287,614 
221,067 
275,531 
Deferred rent
259,217 
208,003 
202,265 
Deferred income taxes
55,568 
56,361 
48,450 
Other long-term liabilities
4,629 
2,876 
 
Total liabilities
607,028 
488,307 
526,246 
Commitments and contingencies (note 3)
   
   
   
Stockholders' equity:
 
 
 
Common stock, $.01 par value, 400,000 shares authorized; 64,793, 64,565 and 64,319 shares issued; 64,231, 64,009 and 63,765 shares outstanding; at November 2, 2013 (unaudited), February 2, 2013 and October 27, 2012 (unaudited), respectively
647 
645 
643 
Treasury stock-common, at cost
(8,125)
(7,494)
(7,494)
Additional paid-in capital
544,101 
496,930 
481,522 
Retained earnings
391,696 
296,861 
232,329 
Total stockholders' equity
928,319 
786,942 
707,000 
Total liabilities and stockholders' equity
$ 1,535,347 
$ 1,275,249 
$ 1,233,246 
Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified
Nov. 2, 2013
Feb. 2, 2013
Oct. 27, 2012
Statement Of Financial Position [Abstract]
 
 
 
Common stock, par value
$ 0.01 
$ 0.01 
$ 0.01 
Common Stock, Shares authorized
400,000 
400,000 
400,000 
Common Stock, Shares Issued
64,793 
64,565 
64,319 
Common Stock, Shares Outstanding
64,231 
64,009 
63,765 
Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Nov. 2, 2013
Oct. 27, 2012
Nov. 2, 2013
Oct. 27, 2012
Income Statement [Abstract]
 
 
 
 
Net sales
$ 618,781 
$ 505,640 
$ 1,802,491 
$ 1,461,421 
Cost of sales
387,120 
320,147 
1,154,804 
937,391 
Gross profit
231,661 
185,493 
647,687 
524,030 
Selling, general and administrative expenses
151,306 
117,934 
418,754 
334,917 
Pre-opening expenses
7,468 
6,252 
15,483 
12,901 
Operating income
72,887 
61,307 
213,450 
176,212 
Interest (income) expense
(7)
39 
(49)
164 
Income before income taxes
72,894 
61,268 
213,499 
176,048 
Income tax expense
27,464 
23,117 
81,332 
68,031 
Net income
$ 45,430 
$ 38,151 
$ 132,167 
$ 108,017 
Net income per common share:
 
 
 
 
Basic
$ 0.71 
$ 0.60 
$ 2.07 
$ 1.71 
Diluted
$ 0.70 
$ 0.59 
$ 2.05 
$ 1.68 
Weighted average common shares outstanding:
 
 
 
 
Basic
64,061 
63,484 
63,912 
63,016 
Diluted
64,538 
64,483 
64,424 
64,285 
Dividends declared per common share
 
 
 
$ 1.00 
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Nov. 2, 2013
Oct. 27, 2012
Operating activities
 
 
Net income
$ 132,167 
$ 108,017 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
Depreciation and amortization
77,572 
64,832 
Deferred income taxes
278 
5,258 
Non-cash stock compensation charges
11,936 
9,721 
Excess tax benefits from stock-based compensation
(13,352)
(41,343)
Loss on disposal of property and equipment
3,374 
430 
Change in operating assets and liabilities:
 
 
Receivables
(5,396)
(10,496)
Merchandise inventories
(221,178)
(218,186)
Prepaid expenses and other current assets
(4,305)
(6,767)
Income taxes
1,569 
23,924 
Accounts payable
71,307 
98,735 
Accrued liabilities
(5,759)
4,531 
Deferred rent
51,214 
38,802 
Other assets and liabilities
706 
 
Net cash provided by operating activities
100,133 
77,458 
Investing activities
 
 
Purchases of property and equipment
(176,966)
(144,030)
Net cash used in investing activities
(176,966)
(144,030)
Financing activities
 
 
Repurchase of common shares
(37,337)
 
Dividends paid
 
(62,482)
Excess tax benefits from stock-based compensation
13,352 
41,343 
Stock options exercised
21,890 
25,776 
Purchase of treasury shares
(631)
(79)
Net cash (used in) provided by financing activities
(2,726)
4,558 
Net decrease in cash and cash equivalents
(79,559)
(62,014)
Cash and cash equivalents at beginning of period
320,475 
253,738 
Cash and cash equivalents at end of period
240,916 
191,724 
Supplemental cash flow information
 
 
Cash paid for income taxes (net of refunds)
78,941 
38,955 
Noncash investing and financing activities:
 
 
Change in property and equipment included in accrued liabilities
$ 11,053 
$ 11,412 
Consolidated Statement of Stockholders' Equity (USD $)
In Thousands, except Share data
Total
Common Stock [Member]
Treasury - Common Stock [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Balance at Feb. 02, 2013
$ 786,942 
$ 645 
$ (7,494)
$ 496,930 
$ 296,861 
Balance, Shares at Feb. 02, 2013
 
64,565,000 
(556,000)
 
 
Stock options exercised and other awards, Shares
 
729,000 
 
 
 
Stock options exercised and other awards
21,890 
 
21,883 
 
Purchase of treasury shares, Shares
 
 
(6,000)
 
 
Purchase of treasury shares
(631)
 
(631)
 
 
Net income for the 39 weeks ended November 2, 2013
132,167 
 
 
 
132,167 
Excess tax benefits from stock-based compensation
13,352 
 
 
13,352 
 
Stock compensation charge
11,936 
 
 
11,936 
 
Repurchase of common shares, Shares
 
(501,000)
 
 
 
Repurchase of common shares
(37,337)
(5)
 
 
(37,332)
Balance at Nov. 02, 2013
$ 928,319 
$ 647 
$ (8,125)
$ 544,101 
$ 391,696 
Balance, Shares at Nov. 02, 2013
 
64,793,000 
(562,000)
 
 
Business and basis of presentation
Business and basis of presentation
1. Business and basis of presentation

Ulta Salon, Cosmetics & Fragrance, Inc. was incorporated in the state of Delaware on January 9, 1990, to operate specialty retail stores selling cosmetics, fragrance, haircare and skincare products, and related accessories and services. The stores also feature full-service salons. As of November 2, 2013, the Company operated 664 stores in 46 states, as shown in the table below. As used in these notes and throughout this Quarterly Report on Form 10-Q, all references to “we,” “us,” “our,” “Ulta” or the “Company” refer to Ulta Salon, Cosmetics & Fragrance, Inc. and its consolidated subsidiary, Ulta Inc.

Number of Number of

State

stores

State

stores

Alabama

11 Montana 4

Arizona

23 Nebraska 3

Arkansas

5 Nevada 7

California

69 New Hampshire 4

Colorado

13 New Jersey 16

Connecticut

6 New Mexico 2

Delaware

1 New York 22

Florida

43 North Carolina 21

Georgia

24 North Dakota 1

Idaho

4 Ohio 26

Illinois

44 Oklahoma 8

Indiana

13 Oregon 8

Iowa

6 Pennsylvania 23

Kansas

4 Rhode Island 2

Kentucky

8 South Carolina 12

Louisiana

10 South Dakota 2

Maine

3 Tennessee 10

Maryland

12 Texas 72

Massachusetts

8 Utah 7

Michigan

34 Virginia 18

Minnesota

11 Washington 12

Mississippi

5 West Virginia 2

Missouri

15 Wisconsin 10

Total 664

The accompanying unaudited financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and the U.S. Securities and Exchange Commission’s Article 10, Regulation S-X. These consolidated financial statements were prepared on a consolidated basis to include the accounts of the Company and its wholly owned subsidiary. All significant intercompany accounts, transactions and unrealized profit were eliminated in consolidation. In the opinion of management, the accompanying financial statements reflect all adjustments, which are of a normal recurring nature, necessary to fairly state the financial position and results of operations and cash flows for the interim periods presented.

The Company’s business is subject to seasonal fluctuation. Significant portions of the Company’s net sales and net income are realized during the fourth quarter of the fiscal year due to the holiday selling season. The results for the 13 and 39 weeks ended November 2, 2013 are not necessarily indicative of the results to be expected for the fiscal year ending February 1, 2014, or for any other future interim period or for any future year.

These interim financial statements and the related notes should be read in conjunction with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended February 2, 2013. All amounts are stated in thousands, with the exception of per share amounts and number of stores.

Summary of significant accounting policies
Summary of significant accounting policies
2. Summary of significant accounting policies

Information regarding the Company’s significant accounting policies is contained in Note 2, “Summary of significant accounting policies,” to the financial statements in the Company’s Annual Report on Form 10-K for the year ended February 2, 2013. Presented below in this and the following notes is supplemental information that should be read in conjunction with “Notes to Financial Statements” in the Annual Report.

Fiscal quarter

The Company’s quarterly periods are the 13 weeks ending on the Saturday closest to April 30, July 31, October 31, and January 31. The Company’s third quarters in fiscal 2013 and 2012 ended on November 2, 2013 and October 27, 2012, respectively.

Share-based compensation

The Company measures share-based compensation cost on the grant date, based on the fair value of the award, and recognizes the expense over the requisite service period for awards expected to vest. The Company estimated the grant date fair value of stock options using a Black-Scholes valuation model using the following weighted-average assumptions for the periods indicated:

39 Weeks Ended
November 2, 2013 October 27, 2012

Volatility rate

49.6 % 53.4 %

Average risk-free interest rate

0.8 % 1.2 %

Average expected life (in years)

4.4 6.3

Dividend yield

None None

During the quarter the Company made changes to update valuation assumptions to Company specific information for expected life and volatility. These changes are reflected in the current quarter in the table above and had no material impact on the calculation.

The Company granted 286 and 213 stock options during the 39 weeks ended November 2, 2013 and October 27, 2012, respectively. The compensation cost that has been charged against operating income was $2,167 and $2,937 for the 13 weeks ended November 2, 2013 and October 27, 2012, respectively. The compensation cost that has been charged against operating income was $7,804 and $8,799 for the 39 weeks ended November 2, 2013 and October 27, 2012, respectively. The weighted-average grant date fair value of these options was $36.77 and $45.84, respectively. At November 2, 2013, there was approximately $20,513 of unrecognized compensation expense related to unvested options.

The Company issued 139 and 58 restricted stock awards during 39 weeks ended November 2, 2013 and October 27, 2012, respectively. The compensation cost that has been charged against operating income was $2,230 and $438 for the 13 weeks ended November 2, 2013 and October 27, 2012, respectively. The compensation cost that has been charged against operating income was $4,132 and $922 for the 39 weeks ended November 2, 2013 and October 27, 2012, respectively. At November 2, 2013, there was approximately $10,758 of unrecognized compensation expense related to restricted stock awards.

Commitments and contingencies
Commitments and contingencies
3. Commitments and contingencies

Leases – The Company leases stores, distribution and office facilities, and certain equipment. Original non-cancelable lease terms range from three to ten years, and store leases generally contain renewal options for additional years. A number of the Company’s store leases provide for contingent rentals based upon sales. Contingent rent amounts were insignificant in the 13 and 39 weeks ended November 2, 2013 and October 27, 2012. Total rent expense under operating leases was $36,897 and $29,708 for 13 weeks ended November 2, 2013 and October 27, 2012, respectively. Total rent expense under operating leases was $102,837 and $83,415 for 39 weeks ended November 2, 2013 and October 27, 2012, respectively.

General litigation – On March 2, 2012, a putative employment class action lawsuit was filed against us and certain unnamed defendants in state court in Los Angeles County, California. On April 12, 2012, the Company removed the case to the United States District Court for the Central District of California. On August 8, 2013, the plaintiff asked the court to certify the proposed class and the Company is opposing plaintiff’s request. The plaintiff and members of the proposed class are alleged to be (or to have been) non-exempt hourly employees. The suit alleges that Ulta violated various provisions of the California labor laws and failed to provide plaintiff and members of the proposed class with full meal periods, paid rest breaks, certain wages, overtime compensation and premium pay. The suit seeks to recover damages and penalties as a result of these alleged practices. The Company denies plaintiff’s allegations and is vigorously defending the matter.

The Company has not recorded any accruals for this matter because the Company’s potential liability for the matter is not probable and cannot be reasonably estimated based on currently available information. The Company cannot determine a reasonable estimate of the maximum possible loss or range of loss for this matter given that it is in the early stage of the litigation process and is subject to the inherent uncertainties of litigation (such as the strength of the Company’s legal defenses and the availability of insurance recovery). Although the maximum amount of liability that may ultimately result from this matter cannot be predicted with certainty, management expects that this matter, when ultimately resolved, will not have a material adverse effect on the Company’s consolidated financial position or liquidity. It is possible, however, that the ultimate resolution of this matter could have a material adverse effect on the Company’s results of operations in a particular quarter or year if such resolution results in a significant liability for the Company.

The Company is also involved in various legal proceedings that are incidental to the conduct of its business. In the opinion of management, the amount of any liability with respect to these proceedings, either individually or in the aggregate, will not be material.

Notes payable
Notes payable
4. Notes payable

On October 19, 2011, the Company entered into an Amended and Restated Loan and Security Agreement (the Loan Agreement) with Wells Fargo Bank, National Association, as Administrative Agent, Collateral Agent and a Lender thereunder, Wells Fargo Capital Finance LLC as a Lender, J.P. Morgan Securities LLC as a Lender, JP Morgan Chase Bank, N.A. as a Lender and PNC Bank, National Association, as a Lender. The Loan Agreement amended and restated the Loan and Security Agreement, dated as of August 31, 2010, by and among the lenders. The Loan Agreement extended the maturity of the Company’s credit facility to October 2016, provides maximum revolving loans equal to the lesser of $200,000 or a percentage of eligible owned inventory, contains a $10,000 subfacility for letters of credit and allows the Company to increase the revolving facility by an additional $50,000, subject to consent by each lender and other conditions. The Loan Agreement contains a requirement to maintain a minimum amount of excess borrowing availability at all times. Substantially all of the Company’s assets are pledged as collateral for outstanding borrowings under the facility. Outstanding borrowings will bear interest at the prime rate or Libor plus 1.50% and the unused line fee is 0.225%.

On September 5, 2012, the Company entered into Amendment No. 1 to Amended and Restated Loan and Security Agreement (the Amendment) with the lender group. The Amendment updated certain administrative terms and conditions and provides the Company greater flexibility to take certain corporate actions. There were no changes to the revolving loan amounts available, interest rates, covenants or maturity date under terms of the Loan Agreement.

As of November 2, 2013, February 2, 2013 and October 27, 2012, the Company had no borrowings outstanding under the credit facility and the Company was in compliance with all terms and covenants of the agreement.

Fair Value Measurements
Fair Value Measurements
5. Fair Value Measurements

The carrying value of cash and cash equivalents, accounts receivable, and accounts payable approximates their estimated fair values due to the short maturities of these instruments.

The Company has adopted the Accounting Standards Codification (ASC) rules for fair value measurements and disclosures. The adoption had no impact on the Company’s financial statements. The rules established a three-tier hierarchy for fair value measurements, which prioritizes the inputs used in measuring fair value as follows:

Level 1 – observable inputs such as quoted prices for identical instruments in active markets.

Level 2 – inputs other than quoted prices in active markets that are observable either directly or indirectly through corroboration with observable market data.

Level 3 – unobservable inputs in which there is little or no market data, which would require the Company to develop its own assumptions.

As of November 2, 2013, the Company held financial liabilities of $3,995 related to its non-qualified deferred compensation plan. The liabilities have been categorized as Level 2 as they are based on third-party reported net asset values which are based primarily on quoted market prices of underlying assets of the funds within the plan.

Net income per common share
Net income per common share
6. Net income per common share

The following is a reconciliation of net income and the number of shares of common stock used in the computation of net income per basic and diluted share:

13 Weeks Ended 39 Weeks Ended
November 2, October 27, November 2, October 27,
2013 2012 2013 2012

Net income

$ 45,430 $ 38,151 $ 132,167 $ 108,017

Denominator for basic net income per share – weighted-average common shares

64,061 63,484 63,912 63,016

Dilutive effect of stock options and non-vested stock

477 999 512 1,269

Denominator for diluted net income per share

64,538 64,483 64,424 64,285

Net income per common share:

Basic

$ 0.71 $ 0.60 $ 2.07 $ 1.71

Diluted

$ 0.70 $ 0.59 $ 2.05 $ 1.68

The denominators for diluted net income per common share for the 13 weeks ended November 2, 2013 and October 27, 2012 exclude 254 and 522 employee stock options, respectively, due to their anti-dilutive effects.

The denominators for diluted net income per common share for the 39 weeks ended November 2, 2013 and October 27, 2012 exclude 669 and 596 employee stock options, respectively, due to their anti-dilutive effects.

Stock repurchase program
Stock repurchase program
7. Stock repurchase program

On March 18, 2013, the Company announced that our Board of Directors had authorized a stock repurchase program pursuant to which the Company may repurchase up to $150 million of the Company’s common stock. The repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, at prices that the Company deems appropriate and subject to market conditions, applicable law and other factors deemed relevant in the Company’s sole discretion. The stock repurchase program does not have an expiration date and may be suspended or discontinued at any time. During the 39 weeks November 2, 2013, we purchased 500,500 shares of common stock for $37.3 million at an average price of $74.58.

Summary of significant accounting policies (Policies)

Fiscal quarter

The Company’s quarterly periods are the 13 weeks ending on the Saturday closest to April 30, July 31, October 31, and January 31. The Company’s third quarters in fiscal 2013 and 2012 ended on November 2, 2013 and October 27, 2012, respectively.

The Company measures share-based compensation cost on the grant date, based on the fair value of the award, and recognizes the expense over the requisite service period for awards expected to vest.

Business and basis of presentation (Tables)
Details of Company Operated Stores

As of November 2, 2013, the Company operated 664 stores in 46 states, as shown in the table below. As used in these notes and throughout this Quarterly Report on Form 10-Q, all references to “we,” “us,” “our,” “Ulta” or the “Company” refer to Ulta Salon, Cosmetics & Fragrance, Inc. and its consolidated subsidiary, Ulta Inc.

 

     Number of           Number of  

State

   stores     

State

   stores  

Alabama

     11       Montana      4   

Arizona

     23       Nebraska      3   

Arkansas

     5       Nevada      7   

California

     69       New Hampshire      4   

Colorado

     13       New Jersey      16   

Connecticut

     6       New Mexico      2   

Delaware

     1       New York      22   

Florida

     43       North Carolina      21   

Georgia

     24       North Dakota      1   

Idaho

     4       Ohio      26   

Illinois

     44       Oklahoma      8   

Indiana

     13       Oregon      8   

Iowa

     6       Pennsylvania      23   

Kansas

     4       Rhode Island      2   

Kentucky

     8       South Carolina      12   

Louisiana

     10       South Dakota      2   

Maine

     3       Tennessee      10   

Maryland

     12       Texas      72   

Massachusetts

     8       Utah      7   

Michigan

     34       Virginia      18   

Minnesota

     11       Washington      12   

Mississippi

     5       West Virginia      2   

Missouri

     15       Wisconsin      10   
        

 

 

 
      Total      664   
Summary of significant accounting policies (Tables)
Estimated Grant Date Fair Value of Stock Options Weighted-Average Assumptions

The Company estimated the grant date fair value of stock options using a Black-Scholes valuation model using the following weighted-average assumptions for the periods indicated:

 

     39 Weeks Ended  
     November 2, 2013     October 27, 2012  

Volatility rate

     49.6     53.4

Average risk-free interest rate

     0.8     1.2

Average expected life (in years)

     4.4        6.3   

Dividend yield

     None        None   
Net income per common share (Tables)
Net Income Per Basic and Diluted Share

The following is a reconciliation of net income and the number of shares of common stock used in the computation of net income per basic and diluted share:

 

     13 Weeks Ended      39 Weeks Ended  
     November 2,      October 27,      November 2,      October 27,  
     2013      2012      2013      2012  

Net income

   $ 45,430       $ 38,151       $ 132,167       $ 108,017   

Denominator for basic net income per share – weighted-average common shares

     64,061         63,484         63,912         63,016   

Dilutive effect of stock options and non-vested stock

     477         999         512         1,269   
  

 

 

    

 

 

    

 

 

    

 

 

 

Denominator for diluted net income per share

     64,538         64,483         64,424         64,285   

Net income per common share:

           

Basic

   $ 0.71       $ 0.60       $ 2.07       $ 1.71   

Diluted

   $ 0.70       $ 0.59       $ 2.05       $ 1.68   
Business and basis of presentation - Additional Information (Detail)
Nov. 2, 2013
State
Store
Organization Consolidation And Presentation Of Financial Statements [Abstract]
 
Number of stores
664 
Number of states in which entity operates
46 
Business and basis of presentation - Details of Company Operated Stores (Detail)
Nov. 2, 2013
Store
Product Information [Line Items]
 
Number of stores
664 
Montana [Member]
 
Product Information [Line Items]
 
Number of stores
Nebraska [Member]
 
Product Information [Line Items]
 
Number of stores
Nevada [Member]
 
Product Information [Line Items]
 
Number of stores
New Hampshire [Member]
 
Product Information [Line Items]
 
Number of stores
New Jersey [Member]
 
Product Information [Line Items]
 
Number of stores
16 
New Mexico [Member]
 
Product Information [Line Items]
 
Number of stores
New York [Member]
 
Product Information [Line Items]
 
Number of stores
22 
North Carolina [Member]
 
Product Information [Line Items]
 
Number of stores
21 
North Dakota [Member]
 
Product Information [Line Items]
 
Number of stores
Ohio [Member]
 
Product Information [Line Items]
 
Number of stores
26 
Oklahoma [Member]
 
Product Information [Line Items]
 
Number of stores
Oregon [Member]
 
Product Information [Line Items]
 
Number of stores
Pennsylvania [Member]
 
Product Information [Line Items]
 
Number of stores
23 
Rhode Island [Member]
 
Product Information [Line Items]
 
Number of stores
South Carolina [Member]
 
Product Information [Line Items]
 
Number of stores
12 
South Dakota [Member]
 
Product Information [Line Items]
 
Number of stores
Tennessee [Member]
 
Product Information [Line Items]
 
Number of stores
10 
Texas [Member]
 
Product Information [Line Items]
 
Number of stores
72 
Utah [Member]
 
Product Information [Line Items]
 
Number of stores
Virginia [Member]
 
Product Information [Line Items]
 
Number of stores
18 
Washington [Member]
 
Product Information [Line Items]
 
Number of stores
12 
West Virginia [Member]
 
Product Information [Line Items]
 
Number of stores
Wisconsin [Member]
 
Product Information [Line Items]
 
Number of stores
10 
Alabama [Member]
 
Product Information [Line Items]
 
Number of stores
11 
Arizona [Member]
 
Product Information [Line Items]
 
Number of stores
23 
Arkansas [Member]
 
Product Information [Line Items]
 
Number of stores
California [Member]
 
Product Information [Line Items]
 
Number of stores
69 
Colorado [Member]
 
Product Information [Line Items]
 
Number of stores
13 
Connecticut [Member]
 
Product Information [Line Items]
 
Number of stores
Delaware [Member]
 
Product Information [Line Items]
 
Number of stores
Florida [Member]
 
Product Information [Line Items]
 
Number of stores
43 
Georgia [Member]
 
Product Information [Line Items]
 
Number of stores
24 
Idaho [Member]
 
Product Information [Line Items]
 
Number of stores
Illinois [Member]
 
Product Information [Line Items]
 
Number of stores
44 
Indiana [Member]
 
Product Information [Line Items]
 
Number of stores
13 
Iowa [Member]
 
Product Information [Line Items]
 
Number of stores
Kansas [Member]
 
Product Information [Line Items]
 
Number of stores
Kentucky [Member]
 
Product Information [Line Items]
 
Number of stores
Louisiana [Member]
 
Product Information [Line Items]
 
Number of stores
10 
Maine [Member]
 
Product Information [Line Items]
 
Number of stores
Maryland [Member]
 
Product Information [Line Items]
 
Number of stores
12 
Massachusetts [Member]
 
Product Information [Line Items]
 
Number of stores
Michigan [Member]
 
Product Information [Line Items]
 
Number of stores
34 
Minnesota [Member]
 
Product Information [Line Items]
 
Number of stores
11 
Mississippi [Member]
 
Product Information [Line Items]
 
Number of stores
Missouri [Member]
 
Product Information [Line Items]
 
Number of stores
15 
Summary of significant accounting policies - Estimated Grant Date Fair Value of Stock Options Weighted-Average Assumptions (Detail)
9 Months Ended
Nov. 2, 2013
Oct. 27, 2012
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
 
 
Volatility rate
49.60% 
53.40% 
Average risk-free interest rate
0.80% 
1.20% 
Average expected life (in years)
4 years 4 months 24 days 
6 years 3 months 18 days 
Dividend yield
   
   
Summary of significant accounting policies - Additional Information (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Nov. 2, 2013
Oct. 27, 2012
Nov. 2, 2013
Oct. 27, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Stock compensation expenses
 
 
$ 11,936 
$ 9,721 
Stock Options [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Number of shares granted
 
 
286 
213 
Weighted average fair value of stock option
 
 
$ 36.77 
$ 45.84 
Stock compensation expenses
2,167 
2,937 
7,804 
8,799 
Unrecognized compensation expense related to unvested stock awards
20,513 
 
20,513 
 
Restricted Stock [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Number of shares granted
 
 
139 
58 
Stock compensation expenses
2,230 
438 
4,132 
922 
Unrecognized compensation expense related to unvested stock awards
$ 10,758 
 
$ 10,758 
 
Commitments and Contingencies - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Nov. 2, 2013
Oct. 27, 2012
Nov. 2, 2013
Oct. 27, 2012
Commitments And Contingencies Disclosure [Abstract]
 
 
 
 
Non-cancelable operating lease terms, minimum
 
 
3 years 
 
Non-cancelable operating lease terms, maximum
 
 
10 years 
 
Total rent expense under operating leases
$ 36,897 
$ 29,708 
$ 102,837 
$ 83,415 
Notes payable - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Nov. 2, 2013
Feb. 2, 2013
Oct. 27, 2012
Line of Credit Facility [Line Items]
 
 
 
Letters of credit, maximum borrowing capacity
$ 200,000 
 
 
Additional credit available under the revolving facility with consent by each lender and other conditions
50,000 
 
 
Interest rate on outstanding borrowing under facility
Libor plus 1.50% 
 
 
Percentage of unused Line of Credit Facility Fee
0.225% 
 
 
Borrowings outstanding
Subfacility for Standby Letters of Credit [Member]
 
 
 
Line of Credit Facility [Line Items]
 
 
 
Letters of credit, maximum borrowing capacity
$ 10,000 
 
 
Fair Value Measurements - Additional Information (Detail) (Fair Value Inputs Level 2 [Member], USD $)
In Thousands, unless otherwise specified
Nov. 2, 2013
Fair Value Inputs Level 2 [Member]
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
Financial liabilities related to non-qualified deferred compensation plan
$ 3,995 
Net income per common share - Net Income Per Basic and Diluted Share (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Nov. 2, 2013
Oct. 27, 2012
Nov. 2, 2013
Oct. 27, 2012
Earnings Per Share [Abstract]
 
 
 
 
Net income
$ 45,430 
$ 38,151 
$ 132,167 
$ 108,017 
Denominator for basic net income per share - weighted-average common shares
64,061 
63,484 
63,912 
63,016 
Dilutive effect of stock options and non-vested stock
477 
999 
512 
1,269 
Denominator for diluted net income per share
64,538 
64,483 
64,424 
64,285 
Net income per common share:
 
 
 
 
Basic
$ 0.71 
$ 0.60 
$ 2.07 
$ 1.71 
Diluted
$ 0.70 
$ 0.59 
$ 2.05 
$ 1.68 
Net income per common share - Additional Information (Detail)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Nov. 2, 2013
Oct. 27, 2012
Nov. 2, 2013
Oct. 27, 2012
Earnings Per Share [Abstract]
 
 
 
 
Anti-dilutive stock option excluded from computation of net income per common share
254 
522 
669 
596 
Stock Repurchase Program - Additional Information (Detail) (USD $)
9 Months Ended
Nov. 2, 2013
Stock Repurchase Program [Line Items]
 
Repurchase of common stock, amount
$ 37,337,000 
Stock Repurchase Program [Member]
 
Stock Repurchase Program [Line Items]
 
Repurchase of common stock, shares
500,500 
Repurchase of common stock, amount
37,300,000 
Repurchase of common stock, average price per share
$ 74.58 
Stock Repurchase Program [Member] |
Maximum [Member]
 
Stock Repurchase Program [Line Items]
 
Repurchase of common stock authorized amount
$ 150,000,000