ULTA BEAUTY, INC., 10-Q filed on 6/10/2014
Quarterly Report
Document and Entity Information
3 Months Ended
May 3, 2014
Jun. 2, 2014
Document And Entity Information [Abstract]
 
 
Document Type
10-Q 
 
Amendment Flag
false 
 
Document Period End Date
May 03, 2014 
 
Document Fiscal Year Focus
2014 
 
Document Fiscal Period Focus
Q1 
 
Trading Symbol
ULTA 
 
Entity Registrant Name
Ulta Salon, Cosmetics & Fragrance, Inc. 
 
Entity Central Index Key
0001403568 
 
Current Fiscal Year End Date
--01-31 
 
Entity Filer Category
Large Accelerated Filer 
 
Entity Common Stock, Shares Outstanding
 
64,324,524 
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
May 3, 2014
Feb. 1, 2014
May 4, 2013
Current assets:
 
 
 
Cash and cash equivalents
$ 456,709 
$ 419,476 
$ 293,214 
Receivables, net
26,722 
47,049 
29,925 
Merchandise inventories, net
531,427 
457,933 
442,085 
Prepaid expenses and other current assets
53,391 
55,993 
48,106 
Deferred income taxes
22,241 
22,246 
15,285 
Total current assets
1,090,490 
1,002,697 
828,615 
Property and equipment, net
603,933 
595,736 
499,395 
Deferred compensation plan assets
4,802 
4,294 
3,567 
Total assets
1,699,225 
1,602,727 
1,331,577 
Current liabilities:
 
 
 
Accounts payable
184,148 
148,282 
148,488 
Accrued liabilities
90,343 
103,180 
78,847 
Accrued income taxes
27,928 
15,349 
20,732 
Total current liabilities
302,419 
266,811 
248,067 
Deferred rent
264,679 
261,630 
220,003 
Deferred income taxes
67,019 
66,718 
55,988 
Other long-term liabilities
5,352 
4,474 
3,795 
Total liabilities
639,469 
599,633 
527,853 
Commitments and contingencies (note 3)
   
   
   
Stockholders' equity:
 
 
 
Common stock, $.01 par value, 400,000 shares authorized; 64,899, 64,793 and 64,313 shares issued; 64,324, 64,231 and 63,758 shares outstanding; at May 3, 2014 (unaudited), February 1, 2014 and May 4, 2013 (unaudited), respectively
649 
647 
643 
Treasury stock-common, at cost
(9,378)
(8,125)
(7,566)
Additional paid-in capital
556,154 
548,194 
509,292 
Retained earnings
512,331 
462,378 
301,355 
Total stockholders' equity
1,059,756 
1,003,094 
803,724 
Total liabilities and stockholders' equity
$ 1,699,225 
$ 1,602,727 
$ 1,331,577 
Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified
May 3, 2014
Feb. 1, 2014
May 4, 2013
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
64,899 
64,793 
64,313 
Common stock, shares outstanding
64,324 
64,231 
63,758 
Consolidated Statements of Income (unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
May 3, 2014
May 4, 2013
Income Statement [Abstract]
 
 
Net sales
$ 713,770 
$ 582,712 
Cost of sales
467,817 
378,763 
Gross profit
245,953 
203,949 
Selling, general and administrative expenses
162,443 
133,048 
Pre-opening expenses
2,629 
3,206 
Operating income
80,881 
67,695 
Interest income
(200)
(24)
Income before income taxes
81,081 
67,719 
Income tax expense
31,128 
25,893 
Net income
$ 49,953 
$ 41,826 
Net income per common share:
 
 
Basic
$ 0.78 
$ 0.66 
Diluted
$ 0.77 
$ 0.65 
Weighted average common shares outstanding:
 
 
Basic
64,273 
63,842 
Diluted
64,607 
64,495 
Consolidated Statements of Cash Flows (unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
May 3, 2014
May 4, 2013
Operating activities
 
 
Net income
$ 49,953 
$ 41,826 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
Depreciation and amortization
30,473 
24,779 
Deferred income taxes
306 
99 
Non-cash stock compensation charges
4,063 
3,048 
Excess tax benefits from stock-based compensation
(901)
(3,901)
Loss on disposal of property and equipment
874 
1,577 
Change in operating assets and liabilities:
 
 
Receivables
20,327 
11,590 
Merchandise inventories
(73,494)
(80,960)
Prepaid expenses and other current assets
2,602 
2,346 
Income taxes
13,480 
14,579 
Accounts payable
35,866 
29,602 
Accrued liabilities
(13,275)
(13,968)
Deferred rent
3,049 
12,000 
Other assets and liabilities
370 
218 
Net cash provided by operating activities
73,693 
42,835 
Investing activities
 
 
Purchases of property and equipment
(39,106)
(42,004)
Net cash used in investing activities
(39,106)
(42,004)
Financing activities
 
 
Repurchase of common shares
 
(37,337)
Excess tax benefits from stock-based compensation
901 
3,901 
Stock options exercised
2,998 
5,416 
Purchase of treasury shares
(1,253)
(72)
Net cash provided by (used in) financing activities
2,646 
(28,092)
Net increase (decrease) in cash and cash equivalents
37,233 
(27,261)
Cash and cash equivalents at beginning of period
419,476 
320,475 
Cash and cash equivalents at end of period
456,709 
293,214 
Supplemental cash flow information
 
 
Cash paid for income taxes (net of refunds)
17,160 
10,996 
Noncash investing activities:
 
 
Change in property and equipment included in accrued liabilities
$ 436 
$ 688 
Consolidated Statement of Stockholders' Equity (unaudited) (USD $)
In Thousands
Total
Common Stock [Member]
Treasury - Common Stock [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Balance at Feb. 01, 2014
$ 1,003,094 
$ 647 
$ (8,125)
$ 548,194 
$ 462,378 
Balance, Shares at Feb. 01, 2014
 
 
(562)
 
 
Balance, Shares at Feb. 01, 2014
 
64,793 
 
 
 
Stock options exercised and other awards
2,998 
 
2,996 
 
Stock options exercised and other awards, Shares
 
106 
 
 
 
Purchase of treasury shares
(1,253)
 
(1,253)
 
 
Purchase of treasury shares, Shares
 
 
(13)
 
 
Net income for the 13 weeks ended May 3, 2014
49,953 
 
 
 
49,953 
Excess tax benefits from stock-based compensation
901 
 
 
901 
 
Stock compensation charge
4,063 
 
 
4,063 
 
Balance at May. 03, 2014
$ 1,059,756 
$ 649 
$ (9,378)
$ 556,154 
$ 512,331 
Balance, Shares at May. 03, 2014
 
 
(575)
 
 
Balance, Shares at May. 03, 2014
 
64,899 
 
 
 
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 May 3, 2014, the Company operated 696 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.

 

State

   Number of
stores
 

Alabama

     11   

Arizona

     23   

Arkansas

     6   

California

     76   

Colorado

     13   

Connecticut

     7   

Delaware

     1   

Florida

     49   

Georgia

     25   

Idaho

     4   

Illinois

     44   

Indiana

     14   

Iowa

     6   

Kansas

     5   

Kentucky

     8   

Louisiana

     12   

Maine

     3   

Maryland

     12   

Massachusetts

     10   

Michigan

     34   

Minnesota

     11   

Mississippi

     5   

Missouri

     15   

 

State

   Number of
stores
 

Montana

     4   

Nebraska

     3   

Nevada

     7   

New Hampshire

     4   

New Jersey

     16   

New Mexico

     2   

New York

     22   

North Carolina

     22   

North Dakota

     1   

Ohio

     26   

Oklahoma

     8   

Oregon

     9   

Pennsylvania

     25   

Rhode Island

     2   

South Carolina

     12   

South Dakota

     2   

Tennessee

     10   

Texas

     72   

Utah

     8   

Virginia

     20   

Washington

     13   

West Virginia

     2   

Wisconsin

     12   
  

 

 

 

Total

     696   

 

The accompanying unaudited consolidated 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 consolidated 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 May 3, 2014 are not necessarily indicative of the results to be expected for the fiscal year ending January 31, 2015, or for any other future interim period or for any future year.

 

These interim consolidated financial statements and the related notes should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended February 1, 2014. 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 1, 2014. 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 2014 and 2013 ended on May 3, 2014 and May 4, 2013, 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 on a straight-line method 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:

 

     13 Weeks Ended  
     May 3,
2014
    May 4,
2013
 

Volatility rate

     41.1     54.3

Average risk-free interest rate

     1.4     1.0

Average expected life (in years)

     3.8        6.0   

Dividend yield

     None        None   

The Company granted 287 and 207 stock options during the 13 weeks ended May 3, 2014 and May 4, 2013, respectively. The compensation cost that has been charged against operating income for stock option grants was $2,133 and $2,315 for the 13 weeks ended May 3, 2014 and May 4, 2013, respectively. The weighted-average grant date fair value of these options was $32.04 and $38.29, respectively. At May 3, 2014, there was approximately $23,157 of unrecognized compensation expense related to unvested stock options.

The Company issued 46 and 89 restricted stock awards during the 13 weeks ended May 3, 2014 and May 4, 2013, respectively. The compensation cost that has been charged against operating income for restricted stock awards was $1,930 and $733 for the 13 weeks ended May 3, 2014 and May 4, 2013, respectively. At May 3, 2014, there was approximately $10,957 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 weeks ended May 3, 2014 and May 4, 2013. Total rent expense under operating leases was $38,538 and $32,010 for 13 weeks ended May 3, 2014 and May 4, 2013, 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 opposed the plaintiff’s request and is waiting for the court to issue a decision. 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.

On September 5, 2012, the Company entered into Amendment No. 1 to Amended and Restated Loan and Security Agreement (the First Amendment) with the lender group. The First 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.

On December 6, 2013, the Company entered into Amendment No. 2 to the Amended and Restated Loan and Security Agreement (the Second Amendment) with the lender group. The Second Amendment extended the maturity of the facility to December 2018. 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 0.20%.

As of May 3, 2014, February 1, 2014 and May 4, 2013, 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.

Fair value is measured using inputs from the three levels of the fair value hierarchy, which are described 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 May 3, 2014, the Company held financial liabilities of $4,376 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  

(In thousands)

   May 3,
2014
     May 4,
2013
 

Net income

   $ 49,953       $ 41,826   

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

     64,273         63,842   

Dilutive effect of stock options and non-vested stock

     334         653   
  

 

 

    

 

 

 

Denominator for diluted net income per share

     64,607         64,495   

Net income per common share:

     

Basic

   $ 0.78       $ 0.66   

Diluted

   $ 0.77       $ 0.65   

The denominators for diluted net income per common share for the 13 weeks ended May 3, 2014 and May 4, 2013 exclude 665 and 562 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 13 weeks ended May 4, 2013, we purchased 500,500 shares of common stock for $37.3 million at an average price of $74.58. There were no repurchases during the 13 weeks ended May 3, 2014.

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 2014 and 2013 ended on May 3, 2014 and May 4, 2013, 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 on a straight-line method over the requisite service period for awards expected to vest.

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

As of May 3, 2014, the Company operated 696 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.

 

State

   Number of
stores
 

Alabama

     11   

Arizona

     23   

Arkansas

     6   

California

     76   

Colorado

     13   

Connecticut

     7   

Delaware

     1   

Florida

     49   

Georgia

     25   

Idaho

     4   

Illinois

     44   

Indiana

     14   

Iowa

     6   

Kansas

     5   

Kentucky

     8   

Louisiana

     12   

Maine

     3   

Maryland

     12   

Massachusetts

     10   

Michigan

     34   

Minnesota

     11   

Mississippi

     5   

Missouri

     15   

 

State

   Number of
stores
 

Montana

     4   

Nebraska

     3   

Nevada

     7   

New Hampshire

     4   

New Jersey

     16   

New Mexico

     2   

New York

     22   

North Carolina

     22   

North Dakota

     1   

Ohio

     26   

Oklahoma

     8   

Oregon

     9   

Pennsylvania

     25   

Rhode Island

     2   

South Carolina

     12   

South Dakota

     2   

Tennessee

     10   

Texas

     72   

Utah

     8   

Virginia

     20   

Washington

     13   

West Virginia

     2   

Wisconsin

     12   
  

 

 

 

Total

     696   

 

Summary of significant accounting policies (Tables)
Black-Scholes Valuation Model 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:

 

     13 Weeks Ended  
     May 3,
2014
    May 4,
2013
 

Volatility rate

     41.1     54.3

Average risk-free interest rate

     1.4     1.0

Average expected life (in years)

     3.8        6.0   

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  

(In thousands)

   May 3,
2014
     May 4,
2013
 

Net income

   $ 49,953       $ 41,826   

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

     64,273         63,842   

Dilutive effect of stock options and non-vested stock

     334         653   
  

 

 

    

 

 

 

Denominator for diluted net income per share

     64,607         64,495   

Net income per common share:

     

Basic

   $ 0.78       $ 0.66   

Diluted

   $ 0.77       $ 0.65   
Business and Basis of Presentation - Additional Information (Detail)
May 3, 2014
State
Store
Organization Consolidation And Presentation Of Financial Statements [Abstract]
 
Number of stores
696 
Number of states in which entity operates
46 
Business and basis of presentation - Details of Company Operated Stores (Detail)
May 3, 2014
Store
Product Information [Line Items]
 
Number of stores
696 
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
76 
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
49 
Georgia [Member]
 
Product Information [Line Items]
 
Number of stores
25 
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
14 
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
12 
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
10 
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 
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
22 
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
25 
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
20 
Washington [Member]
 
Product Information [Line Items]
 
Number of stores
13 
West Virginia [Member]
 
Product Information [Line Items]
 
Number of stores
Wisconsin [Member]
 
Product Information [Line Items]
 
Number of stores
12 
Summary of significant accounting policies - Black-Scholes Valuation Model Weighted-Average Assumptions (Detail)
3 Months Ended
May 3, 2014
May 4, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
 
 
Volatility rate
41.10% 
54.30% 
Average risk-free interest rate
1.40% 
1.00% 
Average expected life (in years)
3 years 9 months 18 days 
6 years 
Dividend yield
   
   
Summary of significant accounting policies - Additional Information (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
May 3, 2014
May 4, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Compensation expenses
$ 4,063 
$ 3,048 
Employee Stock Option [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Number of shares granted
287 
207 
Weighted average fair value of stock option
$ 32.04 
$ 38.29 
Compensation expenses
2,133 
2,315 
Unrecognized compensation expense
23,157 
 
Restricted Stock [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Number of shares granted
46 
89 
Compensation expenses
1,930 
733 
Unrecognized compensation expense
$ 10,957 
 
Commitments and Contingencies - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
May 3, 2014
May 4, 2013
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
$ 38,538 
$ 32,010 
Notes Payable - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
May 3, 2014
Feb. 1, 2014
May 4, 2013
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
0.20% 
 
 
Outstanding debt
Sub facility 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
May 3, 2014
Fair Value Inputs Level 2 [Member]
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
Deferred compensation plan liability
$ 4,376 
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
May 3, 2014
May 4, 2013
Earnings Per Share [Abstract]
 
 
Net income
$ 49,953 
$ 41,826 
Denominator for basic net income per share - weighted-average common shares
64,273 
63,842 
Dilutive effect of stock options and non-vested stock
334 
653 
Denominator for diluted net income per share
64,607 
64,495 
Net income per common share:
 
 
Basic
$ 0.78 
$ 0.66 
Diluted
$ 0.77 
$ 0.65 
Net Income Per Common Share - Additional Information (Detail)
In Thousands, unless otherwise specified
3 Months Ended
May 3, 2014
May 4, 2013
Earnings Per Share [Abstract]
 
 
Antidilutive stock option excluded from computation of net income per common share
665 
562 
Stock Repurchase Program - Additional Information (Detail) (USD $)
3 Months Ended
May 3, 2014
May 4, 2013
Stock Repurchase Program [Line Items]
 
 
Repurchase of common stock
 
$ 37,337,000 
Stock Repurchase Program [Member]
 
 
Stock Repurchase Program [Line Items]
 
 
Repurchase of common stock, shares
500,500 
Repurchase of common stock
 
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