ULTA BEAUTY, INC., 10-Q filed on 6/5/2012
Quarterly Report
Document and Entity Information
3 Months Ended
Apr. 28, 2012
May 29, 2012
Document and Entity Information [Abstract]
 
 
Entity Registrant Name
ULTA SALON, COSMETICS & FRAGRANCE, INC. 
 
Entity Central Index Key
0001403568 
 
Document Type
10-Q 
 
Document Period End Date
Apr. 28, 2012 
 
Amendment Flag
false 
 
Document Fiscal Year Focus
2013 
 
Document Fiscal Period Focus
Q1 
 
Current Fiscal Year End Date
--02-02 
 
Entity Filer Category
Large Accelerated Filer 
 
Entity Common Stock, Shares Outstanding
 
62,942,562 
Balance Sheets (USD $)
In Thousands, unless otherwise specified
Apr. 28, 2012
Jan. 28, 2012
Apr. 30, 2011
Current assets:
 
 
 
Cash and cash equivalents
$ 266,345 
$ 253,738 
$ 116,811 
Receivables, net
22,328 
26,153 
15,634 
Merchandise inventories, net
332,065 
244,647 
255,547 
Prepaid expenses and other current assets
40,102 
43,430 
32,513 
Prepaid income taxes
 
 
4,233 
Deferred income taxes
12,257 
12,264 
8,922 
Total current assets
673,097 
580,232 
433,660 
Property and equipment, net
384,904 
376,985 
332,147 
Total assets
1,058,001 
957,217 
765,807 
Current liabilities:
 
 
 
Accounts payable
111,889 
86,442 
81,510 
Accrued liabilities
77,375 
74,411 
66,488 
Dividends payable
62,420 
 
 
Accrued income taxes
5,764 
4,002 
 
Total current liabilities
257,448 
164,855 
147,998 
Deferred rent
171,973 
163,463 
139,359 
Deferred income taxes
43,675 
44,195 
29,084 
Total liabilities
473,096 
372,513 
316,441 
Commitments and contingencies (note 3)
   
   
   
Stockholders' equity:
 
 
 
Common stock, $.01 par value, 400,000 shares authorized; 63,438, 62,764, and 61,577 shares issued; 62,883, 60,209 and 61,072 shares outstanding; at April 28, 2012 (unaudited),January 28, 2012 and April 30, 2011 (unaudited), respectively
634 
627 
616 
Treasury stock-common, at cost
(7,415)
(7,415)
(4,179)
Additional paid-in capital
432,444 
404,698 
363,103 
Retained earnings
159,242 
186,794 
89,826 
Total stockholders' equity
584,905 
584,704 
449,366 
Total liabilities and stockholders' equity
$ 1,058,001 
$ 957,217 
$ 765,807 
Balance Sheets (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified
Apr. 28, 2012
Jan. 28, 2012
Apr. 30, 2011
Balance Sheets [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
63,438 
62,764 
61,577 
Common Stock, Shares Outstanding
62,883 
60,209 
61,072 
Statements of Income (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Apr. 28, 2012
Apr. 30, 2011
Statements of Income (Unaudited) [Abstract]
 
 
Net sales
$ 474,098 
$ 386,006 
Cost of sales
303,186 
251,101 
Gross profit
170,912 
134,905 
Selling, general and administrative expenses
110,943 
94,615 
Pre-opening expenses
2,523 
1,230 
Operating income
57,446 
39,060 
Interest expense
21 
173 
Income before income taxes
57,425 
38,887 
Income tax expense
22,557 
15,591 
Net income
$ 34,868 
$ 23,296 
Net income per common share:
 
 
Basic
$ 0.56 
$ 0.38 
Diluted
$ 0.54 
$ 0.37 
Weighted average common shares outstanding:
 
 
Basic
62,496 
60,554 
Diluted
64,072 
62,758 
Dividends declared per common share
$ 1.00 
    
Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Apr. 28, 2012
Apr. 30, 2011
Operating activities
 
 
Net income
$ 34,868 
$ 23,296 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
Depreciation and amortization
20,985 
17,510 
Deferred income taxes
(513)
(942)
Non-cash stock compensation charges
2,893 
2,808 
Excess tax benefits from stock-based compensation
(16,550)
(8,736)
Loss on disposal of property and equipment
255 
477 
Change in operating assets and liabilities:
 
 
Receivables
3,825 
6,658 
Merchandise inventories
(87,418)
(37,031)
Prepaid expenses and other current assets
3,328 
277 
Income taxes
18,312 
15,187 
Accounts payable
25,447 
(5,583)
Accrued liabilities
(1,396)
(14,271)
Deferred rent
8,510 
4,787 
Net cash provided by operating activities
12,546 
4,437 
Investing activities
 
 
Purchases of property and equipment
(24,799)
(19,540)
Net cash used in investing activities
(24,799)
(19,540)
Financing activities
 
 
Stock options exercised
8,310 
11,993 
Excess tax benefits from stock-based compensation
16,550 
8,736 
Net cash provided by financing activities
24,860 
20,729 
Net increase in cash and cash equivalents
12,607 
5,626 
Cash and cash equivalents at beginning of period
253,738 
111,185 
Cash and cash equivalents at end of period
266,345 
116,811 
Supplemental cash flow information
 
 
Cash paid for income taxes (net of refunds)
4,864 
1,346 
Noncash investing and financing activities:
 
 
Change in property and equipment included in accrued liabilities
$ 4,360 
$ 4,495 
Statement of Stockholders' Equity (Unaudited) (USD $)
In Thousands
Total
Common Stock [Member]
Treasury - Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Beginning Balance at Jan. 28, 2012
$ 584,704 
$ 627 
$ (7,415)
$ 404,698 
$ 186,794 
Beginning Balance, Shares at Jan. 28, 2012
 
62,764 
(555)
 
 
Stock options exercised and other awards
8,310 
 
8,303 
 
Stock options exercised and other awards, Shares
 
674 
 
 
 
Net income
34,868 
 
 
 
34,868 
Excess tax benefits from stock-based compensation
16,550 
 
 
16,550 
 
Stock compensation charge
2,893 
 
 
2,893 
 
Accrued dividends
(62,420)
 
 
 
(62,420)
Ending Balance at Apr. 28, 2012
$ 584,905 
$ 634 
$ (7,415)
$ 432,444 
$ 159,242 
Ending Balance, Shares at Apr. 28, 2012
 
63,438 
(555)
 
 
Business and Basis of Presentation
Business and basis of presentation
1. Business and basis of presentation

Ulta Salon, Cosmetics & Fragrance, Inc. (Company or Ulta) 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 April 28, 2012, the Company operated 467 stores in 44 states, as shown in the table below:

 

             

State

  Number of
stores
 

State

  Number of
stores

Alabama

  9   Missouri   6

Arizona

  23   Montana   1

Arkansas

  3   Nebraska   2

California

  42   Nevada   6

Colorado

  11   New Hampshire   1

Connecticut

  3   New Jersey   13

Delaware

  1   New Mexico   1

Florida

  31   New York   16

Georgia

  20   North Carolina   17

Idaho

  1   North Dakota   1

Illinois

  37   Ohio   15

Indiana

  9   Oklahoma   7

Iowa

  4   Oregon   5

Kansas

  3   Pennsylvania   18

Kentucky

  6   Rhode Island   1

Louisiana

  5   South Carolina   6

Maine

  2   Tennessee   7

Maryland

  8   Texas   59

Massachusetts

  6   Utah   5

Michigan

  18   Virginia   11

Minnesota

  11   Washington   8

Mississippi

  3   Wisconsin   5
           

 

        Total   467

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. 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 weeks ended April 28, 2012 are not necessarily indicative of the results to be expected for the fiscal year ending February 2, 2013, 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 January 28, 2012. 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 January 28, 2012. 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 first quarters in fiscal 2012 and 2011 ended on April 28, 2012 and April 30, 2011, 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 assumptions for the periods indicated:

 

                 
    13 Weeks Ended  
    April 28, 2012     April 30, 2011  

Volatility rate

    54.0     54.4

Average risk-free interest rate

    1.6     2.8

Average expected life (in years)

    6.3       6.3  

Dividend yield

    None       None  

The Company granted 35 and 45 stock options during the 13 weeks ended April 28, 2012 and April 30, 2011, respectively. The weighted-average grant date fair value of these options was $46.78 and $26.11, respectively.

The Company recorded stock compensation expense of $2,893 and $2,808 for the 13 weeks ended April 28, 2012 and April 30, 2011, respectively. At April 28, 2012, there was approximately $30,532 of unrecognized compensation expense related to unvested options and restricted stock.

 

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 weeks ended April 28, 2012 and April 30, 2011. Total rent expense under operating leases was $26,067 and $21,857 for 13 weeks ended April 28, 2012 and April 30, 2011, 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. 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 intends to vigorously defend the matter.

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 Company and the lenders. The Loan Agreement extends 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 credit facility. Outstanding borrowings will bear interest at the prime rate or Libor plus 1.50% and the unused line fee is 0.225%.

As of April 28, 2012, January 28, 2012 and April 30, 2011, the Company had no borrowings outstanding under the credit facility.

 

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 April 28, 2012, the Company held financial liabilities of $2,486 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  
    April 28, 2012     April 30, 2011  

Net income

  $ 34,868     $ 23,296  
     

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

    62,496       60,554  

Dilutive effect of stock options and non-vested stock

    1,576       2,204  
   

 

 

   

 

 

 

Denominator for diluted net income per share

    64,072       62,758  
     

Net income per common share:

               

Basic

  $ 0.56     $ 0.38  

Diluted

  $ 0.54     $ 0.37  

The denominators for diluted net income per common share for the 13 weeks ended April 28, 2012 and April 30, 2011 exclude 525 and 189 employee stock options, respectively, due to their anti-dilutive effects.

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 first quarters in fiscal 2012 and 2011 ended on April 28, 2012 and April 30, 2011, 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 assumptions for the periods indicated:

 

                 
    13 Weeks Ended  
    April 28, 2012     April 30, 2011  

Volatility rate

    54.0     54.4

Average risk-free interest rate

    1.6     2.8

Average expected life (in years)

    6.3       6.3  

Dividend yield

    None       None  

The Company granted 35 and 45 stock options during the 13 weeks ended April 28, 2012 and April 30, 2011, respectively. The weighted-average grant date fair value of these options was $46.78 and $26.11, respectively.

The Company recorded stock compensation expense of $2,893 and $2,808 for the 13 weeks ended April 28, 2012 and April 30, 2011, respectively. At April 28, 2012, there was approximately $30,532 of unrecognized compensation expense related to unvested options and restricted stock.

Business and Basis of Presentation (Tables)
Details of company operated stores in following states
             

State

  Number of
stores
 

State

  Number of
stores

Alabama

  9   Missouri   6

Arizona

  23   Montana   1

Arkansas

  3   Nebraska   2

California

  42   Nevada   6

Colorado

  11   New Hampshire   1

Connecticut

  3   New Jersey   13

Delaware

  1   New Mexico   1

Florida

  31   New York   16

Georgia

  20   North Carolina   17

Idaho

  1   North Dakota   1

Illinois

  37   Ohio   15

Indiana

  9   Oklahoma   7

Iowa

  4   Oregon   5

Kansas

  3   Pennsylvania   18

Kentucky

  6   Rhode Island   1

Louisiana

  5   South Carolina   6

Maine

  2   Tennessee   7

Maryland

  8   Texas   59

Massachusetts

  6   Utah   5

Michigan

  18   Virginia   11

Minnesota

  11   Washington   8

Mississippi

  3   Wisconsin   5
           

 

        Total   467
Summary of Significant Accounting Policies (Tables)
Estimated grant date fair value of stock options weighted-average assumptions
                 
    13 Weeks Ended  
    April 28, 2012     April 30, 2011  

Volatility rate

    54.0     54.4

Average risk-free interest rate

    1.6     2.8

Average expected life (in years)

    6.3       6.3  

Dividend yield

    None       None  
Net Income Per Common Share (Tables)
Net income per basic and diluted share
                 
    13 Weeks Ended  
    April 28, 2012     April 30, 2011  

Net income

  $ 34,868     $ 23,296  
     

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

    62,496       60,554  

Dilutive effect of stock options and non-vested stock

    1,576       2,204  
   

 

 

   

 

 

 

Denominator for diluted net income per share

    64,072       62,758  
     

Net income per common share:

               

Basic

  $ 0.56     $ 0.38  

Diluted

  $ 0.54     $ 0.37  
Business and Basis of Presentation (Details)
Apr. 28, 2012
Business and Basis of Presentation [Line Items]
 
Number of stores
467 
Alabama [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
Arizona [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
23 
Arkansas [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
California [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
42 
Colorado [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
11 
Connecticut [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
Delaware [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
Florida [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
31 
Georgia [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
20 
Idaho [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
Illinois [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
37 
Indiana [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
Iowa [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
Kansas [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
Kentucky [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
Louisiana [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
Maine [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
Maryland [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
Massachusetts [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
Michigan [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
18 
Minnesota [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
11 
Mississippi [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
Missouri [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
Montana [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
Nebraska [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
Nevada [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
New Hampshire [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
New Jersey [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
13 
New Mexico [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
New York [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
16 
North Carolina [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
17 
North Dakota [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
Ohio [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
15 
Oklahoma [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
Oregon [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
Pennsylvania [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
18 
Rhode Island [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
South Carolina [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
Tennessee [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
Texas [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
59 
Utah [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
Virginia [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
11 
Washington [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
Wisconsin [Member]
 
Business and Basis of Presentation [Line Items]
 
Number of stores
Business and Basis of Presentation (Details Textual)
Apr. 28, 2012
State
Apr. 28, 2012
Business and Basis of Presentation (Textual) [Abstract]
 
 
Number of stores
467 
467 
Number of states in which entity operates
44 
44 
Summary of Significant Accounting Policies (Details)
3 Months Ended
Apr. 28, 2012
Y
Apr. 30, 2011
Y
Estimated the grant date fair value of stock options weighted-average assumptions
 
 
Volatility rate
54.00% 
54.40% 
Average risk-free interest rate
1.60% 
2.80% 
Average expected life (in years)
6.3 
6.3 
Dividend yield
   
   
Summary of Significant Accounting Policies (Details Textual) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Apr. 28, 2012
Apr. 30, 2011
Summary of Significant Accounting Policies (Textual) [Abstract]
 
 
Number of shares granted in stock option
35 
45 
Weighted average fair value of stock option
$ 46.78 
$ 26.11 
Stock compensation expenses
$ 2,893 
$ 2,808 
Unrecognized compensation expense related to unvested stock awards
$ 30,532 
 
Commitments and Contingencies (Details Textual) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Apr. 28, 2012
Apr. 30, 2011
Commitments and Contingencies (Textual) [Abstract]
 
 
Non-cancelable operating lease terms, minimum
3 years 
 
Non-cancelable operating lease terms, maximum
10 years 
 
Total rent expense under operating leases
$ 26,067 
$ 21,857 
Notes Payable (Details Textual) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Apr. 28, 2012
Jan. 28, 2012
Apr. 30, 2011
Notes Payable (Additional Textual) [Abstract]
 
 
 
Letters of credit sub facility, maximum borrowing capacity
$ 200,000 
 
 
Notes Payable (Textual) [Abstract]
 
 
 
Line of credit facility, 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 interest rate on outstanding borrowing under facility
1.50% 
 
 
Percentage of unused Line of Credit Facility Fee
0.225% 
 
 
Borrowings outstanding
Standby Letters of Credit [Member]
 
 
 
Notes Payable (Additional Textual) [Abstract]
 
 
 
Letters of credit sub facility, maximum borrowing capacity
10,000 
 
 
Notes Payable (Textual) [Abstract]
 
 
 
Line of credit facility, maximum borrowing capacity
$ 10,000 
 
 
Fair Value Measurements (Details Textual) (Fair Value Inputs Level 2 [Member], USD $)
In Thousands, unless otherwise specified
Apr. 28, 2012
Fair Value Inputs Level 2 [Member]
 
Fair Value Measurements (Textual) (Abstract)
 
Financial liabilities related to non-qualified deferred compensation plan
$ 2,486 
Net Income Per Common Share (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Apr. 28, 2012
Apr. 30, 2011
Net income per common share reconciliation
 
 
Net income
$ 34,868 
$ 23,296 
Denominator for basic net income per share - weighted-average common shares
62,496 
60,554 
Dilutive effect of stock options and non-vested stock
1,576 
2,204 
Denominator for diluted net income per share
64,072 
62,758 
Net income per common share:
 
 
Basic
$ 0.56 
$ 0.38 
Diluted
$ 0.54 
$ 0.37 
Net income per common share (Textual) [Abstract]
 
 
Antidilutive stock option excluded from computation of net income per common share
525 
189