ULTA BEAUTY, INC., 10-Q filed on 9/12/2013
Quarterly Report
Document and Entity Information
6 Months Ended
Aug. 3, 2013
Sep. 4, 2013
Document And Entity Information [Abstract]
 
 
Document Type
10-Q 
 
Amendment Flag
false 
 
Document Period End Date
Aug. 03, 2013 
 
Document Fiscal Year Focus
2013 
 
Document Fiscal Period Focus
Q2 
 
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
 
63,924,139 
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Aug. 3, 2013
Feb. 2, 2013
Jul. 28, 2012
Current assets:
 
 
 
Cash and cash equivalents
$ 286,210 
$ 320,475 
$ 197,401 
Receivables, net
30,998 
41,515 
32,279 
Merchandise inventories, net
461,156 
361,125 
316,734 
Prepaid expenses and other current assets
51,992 
50,452 
46,345 
Prepaid income taxes
1,111 
 
12,690 
Deferred income taxes
15,320 
15,757 
12,257 
Total current assets
846,787 
789,324 
617,706 
Property and equipment, net
541,557 
483,059 
421,063 
Deferred compensation plan assets
3,648 
2,866 
 
Total assets
1,391,992 
1,275,249 
1,038,769 
Current liabilities:
 
 
 
Accounts payable
130,738 
118,886 
88,881 
Accrued liabilities
102,007 
92,127 
80,507 
Accrued income taxes
 
10,054 
 
Total current liabilities
232,745 
221,067 
169,388 
Deferred rent
239,179 
208,003 
186,486 
Deferred income taxes
55,492 
56,361 
43,210 
Other long-term liabilities
4,114 
2,876 
 
Total liabilities
531,530 
488,307 
399,084 
Commitments and contingencies (note 3)
   
   
   
Stockholders' equity:
 
 
 
Common stock, $.01 par value, 400,000 shares authorized; 64,472, 64,565 and 63,788 shares issued; 63,914, 64,009 and 63,232 shares outstanding; at August 3, 2013 (unaudited), February 2, 2013 and July 28, 2012 (unaudited), respectively
645 
645 
638 
Treasury stock-common, at cost
(7,619)
(7,494)
(7,466)
Additional paid-in capital
521,170 
496,930 
452,335 
Retained earnings
346,266 
296,861 
194,178 
Total stockholders' equity
860,462 
786,942 
639,685 
Total liabilities and stockholders' equity
$ 1,391,992 
$ 1,275,249 
$ 1,038,769 
Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified
Aug. 3, 2013
Feb. 2, 2013
Jul. 28, 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
64,472 
64,565 
63,788 
Common Stock, Shares Outstanding
63,914 
64,009 
63,232 
Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Aug. 3, 2013
Jul. 28, 2012
Aug. 3, 2013
Jul. 28, 2012
Income Statement [Abstract]
 
 
 
 
Net sales
$ 600,998 
$ 481,683 
$ 1,183,710 
$ 955,781 
Cost of sales
388,921 
314,058 
767,684 
617,244 
Gross profit
212,077 
167,625 
416,026 
338,537 
Selling, general and administrative expenses
134,400 
106,040 
267,448 
216,983 
Pre-opening expenses
4,809 
4,126 
8,015 
6,649 
Operating income
72,868 
57,459 
140,563 
114,905 
Interest (income) expense
(18)
104 
(42)
125 
Income before income taxes
72,886 
57,355 
140,605 
114,780 
Income tax expense
27,975 
22,357 
53,868 
44,914 
Net income
$ 44,911 
$ 34,998 
$ 86,737 
$ 69,866 
Net income per common share:
 
 
 
 
Basic
$ 0.70 
$ 0.55 
$ 1.36 
$ 1.11 
Diluted
$ 0.70 
$ 0.54 
$ 1.35 
$ 1.09 
Weighted average common shares outstanding:
 
 
 
 
Basic
63,834 
63,070 
63,838 
62,782 
Diluted
64,331 
64,293 
64,362 
64,202 
Dividends declared per common share
    
    
    
$ 1.00 
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Aug. 3, 2013
Jul. 28, 2012
Operating activities
 
 
Net income
$ 86,737 
$ 69,866 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
Depreciation and amortization
50,747 
42,614 
Deferred income taxes
(432)
(978)
Non-cash stock compensation charges
7,539 
6,346 
Excess tax benefits from stock-based compensation
(6,699)
(27,788)
Loss on disposal of property and equipment
2,030 
447 
Change in operating assets and liabilities:
 
 
Receivables
10,517 
(6,126)
Merchandise inventories
(100,031)
(72,087)
Prepaid expenses and other current assets
(1,540)
(2,915)
Income taxes
(4,466)
11,096 
Accounts payable
11,852 
2,439 
Accrued liabilities
(3,366)
(9,705)
Deferred rent
31,176 
23,023 
Other assets and liabilities
456 
 
Net cash provided by operating activities
84,520 
36,232 
Investing activities
 
 
Purchases of property and equipment
(98,029)
(71,338)
Net cash used in investing activities
(98,029)
(71,338)
Financing activities
 
 
Repurchase of common shares
(37,337)
 
Dividends paid
 
(62,482)
Excess tax benefits from stock-based compensation
6,699 
27,788 
Stock options exercised
10,007 
13,514 
Purchase of treasury shares
(125)
(51)
Net cash used in financing activities
(20,756)
(21,231)
Net decrease in cash and cash equivalents
(34,265)
(56,337)
Cash and cash equivalents at beginning of period
320,475 
253,738 
Cash and cash equivalents at end of period
286,210 
197,401 
Supplemental cash flow information
 
 
Cash paid for income taxes (net of refunds)
58,412 
34,903 
Noncash investing and financing activities:
 
 
Change in property and equipment included in accrued liabilities
$ 13,246 
$ 15,801 
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
 
408,000 
 
 
 
Stock options exercised and other awards
10,007 
 
10,002 
 
Purchase of treasury shares, Shares
 
 
(2,000)
 
 
Purchase of treasury shares
(125)
 
(125)
 
 
Net income for the 26 weeks ended August 3, 2013
86,737 
 
 
 
86,737 
Excess tax benefits from stock-based compensation
6,699 
 
 
6,699 
 
Stock compensation charge
7,539 
 
 
7,539 
 
Repurchase of common shares, Shares
 
(501,000)
 
 
 
Repurchase of common shares
(37,337)
(5)
 
 
(37,332)
Balance at Aug. 03, 2013
$ 860,462 
$ 645 
$ (7,619)
$ 521,170 
$ 346,266 
Balance, Shares at Aug. 03, 2013
 
64,472,000 
(558,000)
 
 
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 August 3, 2013, the Company operated 609 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
    

State

   Number of
stores
 

Alabama

     11       Montana      3   

Arizona

     23       Nebraska      3   

Arkansas

     4       Nevada      7   

California

     64       New Hampshire      3   

Colorado

     12       New Jersey      16   

Connecticut

     5       New Mexico      2   

Delaware

     1       New York      19   

Florida

     43       North Carolina      20   

Georgia

     22       North Dakota      1   

Idaho

     4       Ohio      21   

Illinois

     40       Oklahoma      8   

Indiana

     11       Oregon      7   

Iowa

     6       Pennsylvania      22   

Kansas

     3       Rhode Island      1   

Kentucky

     7       South Carolina      12   

Louisiana

     9       South Dakota      1   

Maine

     3       Tennessee      9   

Maryland

     11       Texas      68   

Massachusetts

     8       Utah      6   

Michigan

     28       Virginia      17   

Minnesota

     11       Washington      10   

Mississippi

     4       West Virginia      2   

Missouri

     12       Wisconsin      9   
        

 

 

 
      Total      609   

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 subsidiaries.  All significant intercompany accounts, transactions and unrealized profit were eleminated 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 26 weeks ended August 3, 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 second quarters in fiscal 2013 and 2012 ended on August 3, 2013 and July 28, 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 assumptions for the periods indicated:

 

     26 Weeks Ended  
     August 3, 2013     July 28, 2012  

Volatility rate

     54.6     53.3

Average risk-free interest rate

     1.1     1.2

Average expected life (in years)

     5.8        6.3   

Dividend yield

     None        None   

The Company granted 267 and 183 stock options during the 26 weeks ended August 3, 2013 and July 28, 2012, respectively. The compensation cost that has been charged against operating income was $3,322 and $3,076 for the 13 weeks ended August 3, 2013 and July 28, 2012, respectively. The compensation cost that has been charged against operating income was $5,637 and $5,862 for the 26 weeks ended August 3, 2013 and July 28, 2012, respectively. The weighted-average grant date fair value of these options was $40.52 and $45.00, respectively. At August 3, 2013, there was approximately $26,875 of unrecognized compensation expense related to unvested options.

The Company issued 120 and 46 restricted stock awards during 26 weeks ended August 3, 2013 and July 28, 2012, respectively. The compensation cost that has been charged against operating income was $1,169 and $377 for the 13 weeks ended August 3, 2013 and July 28, 2012, respectively. The compensation cost that has been charged against operating income was $1,902 and $484 for the 26 weeks ended August 3, 2013 and July 28, 2012, respectively. At August 3, 2013, there was approximately $11,373 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 26 weeks ended August 3, 2013 and July 28, 2012. Total rent expense under operating leases was $33,930 and $27,640 for 13 weeks ended August 3, 2013 and July 28, 2012, respectively. Total rent expense under operating leases was $65,940 and $53,708 for 26 weeks ended August 3, 2013 and July 28, 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. 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 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 August 3, 2013, February 2, 2013 and July 28, 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 August 3, 2013, the Company held financial liabilities of $3,695 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      26 Weeks Ended  
     August 3,      July 28,      August 3,      July 28,  
     2013      2012      2013      2012  

Net income

   $ 44,911       $ 34,998       $ 86,737       $ 69,866   

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

     63,834         63,070         63,838         62,782   

Dilutive effect of stock options and non-vested stock

     497         1,223         524         1,420   
  

 

 

    

 

 

    

 

 

    

 

 

 

Denominator for diluted net income per share

     64,331         64,293         64,362         64,202   

Net income per common share:

           

Basic

   $ 0.70       $ 0.55       $ 1.36       $ 1.11   

Diluted

   $ 0.70       $ 0.54       $ 1.35       $ 1.09   

The denominators for diluted net income per common share for the 13 weeks ended August 3, 2013 and July 28, 2012 exclude 498 and 653 employee stock options, respectively, due to their anti-dilutive effects.

The denominators for diluted net income per common share for the 26 weeks ended August 3, 2013 and July 28, 2012 exclude 869 and 653 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 twenty six weeks August 3, 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 second quarters in fiscal 2013 and 2012 ended on August 3, 2013 and July 28, 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 in Following States

As of August 3, 2013, the Company operated 609 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
    

State

   Number of
stores
 

Alabama

     11       Montana      3   

Arizona

     23       Nebraska      3   

Arkansas

     4       Nevada      7   

California

     64       New Hampshire      3   

Colorado

     12       New Jersey      16   

Connecticut

     5       New Mexico      2   

Delaware

     1       New York      19   

Florida

     43       North Carolina      20   

Georgia

     22       North Dakota      1   

Idaho

     4       Ohio      21   

Illinois

     40       Oklahoma      8   

Indiana

     11       Oregon      7   

Iowa

     6       Pennsylvania      22   

Kansas

     3       Rhode Island      1   

Kentucky

     7       South Carolina      12   

Louisiana

     9       South Dakota      1   

Maine

     3       Tennessee      9   

Maryland

     11       Texas      68   

Massachusetts

     8       Utah      6   

Michigan

     28       Virginia      17   

Minnesota

     11       Washington      10   

Mississippi

     4       West Virginia      2   

Missouri

     12       Wisconsin      9   
        

 

 

 
      Total      609   
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 assumptions for the periods indicated:

 

     26 Weeks Ended  
     August 3, 2013     July 28, 2012  

Volatility rate

     54.6     53.3

Average risk-free interest rate

     1.1     1.2

Average expected life (in years)

     5.8        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      26 Weeks Ended  
     August 3,      July 28,      August 3,      July 28,  
     2013      2012      2013      2012  

Net income

   $ 44,911       $ 34,998       $ 86,737       $ 69,866   

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

     63,834         63,070         63,838         62,782   

Dilutive effect of stock options and non-vested stock

     497         1,223         524         1,420   
  

 

 

    

 

 

    

 

 

    

 

 

 

Denominator for diluted net income per share

     64,331         64,293         64,362         64,202   

Net income per common share:

           

Basic

   $ 0.70       $ 0.55       $ 1.36       $ 1.11   

Diluted

   $ 0.70       $ 0.54       $ 1.35       $ 1.09   
Business and basis of presentation - Additional Information (Detail)
Aug. 3, 2013
State
Store
Organization Consolidation And Presentation Of Financial Statements [Abstract]
 
Number of stores
609 
Number of states in which entity operates
46 
Business and basis of presentation - Details of Company Operated Stores (Detail)
Aug. 3, 2013
Store
Product Information [Line Items]
 
Number of stores
609 
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
64 
Colorado [Member]
 
Product Information [Line Items]
 
Number of stores
12 
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
22 
Idaho [Member]
 
Product Information [Line Items]
 
Number of stores
Illinois [Member]
 
Product Information [Line Items]
 
Number of stores
40 
Indiana [Member]
 
Product Information [Line Items]
 
Number of stores
11 
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
Maine [Member]
 
Product Information [Line Items]
 
Number of stores
Maryland [Member]
 
Product Information [Line Items]
 
Number of stores
11 
Massachusetts [Member]
 
Product Information [Line Items]
 
Number of stores
Michigan [Member]
 
Product Information [Line Items]
 
Number of stores
28 
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
12 
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
19 
North Carolina [Member]
 
Product Information [Line Items]
 
Number of stores
20 
North Dakota [Member]
 
Product Information [Line Items]
 
Number of stores
Ohio [Member]
 
Product Information [Line Items]
 
Number of stores
21 
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
22 
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
Texas [Member]
 
Product Information [Line Items]
 
Number of stores
68 
Utah [Member]
 
Product Information [Line Items]
 
Number of stores
Virginia [Member]
 
Product Information [Line Items]
 
Number of stores
17 
Washington [Member]
 
Product Information [Line Items]
 
Number of stores
10 
West Virginia [Member]
 
Product Information [Line Items]
 
Number of stores
Wisconsin [Member]
 
Product Information [Line Items]
 
Number of stores
Summary of significant accounting policies - Estimated Grant Date Fair Value of Stock Options Weighted-Average Assumptions (Detail)
6 Months Ended
Aug. 3, 2013
Jul. 28, 2012
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
 
 
Volatility rate
54.60% 
53.30% 
Average risk-free interest rate
1.10% 
1.20% 
Average expected life (in years)
5 years 9 months 18 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 6 Months Ended
Aug. 3, 2013
Jul. 28, 2012
Aug. 3, 2013
Jul. 28, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Stock compensation expenses
 
 
$ 7,539 
$ 6,346 
Stock Options [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Number of shares granted
 
 
267 
183 
Weighted average fair value of stock option
 
 
$ 40.52 
$ 45.00 
Stock compensation expenses
3,322 
3,076 
5,637 
5,862 
Unrecognized compensation expense related to unvested stock awards
26,875 
 
26,875 
 
Restricted Stock [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Number of shares granted
 
 
120 
46 
Stock compensation expenses
1,169 
377 
1,902 
484 
Unrecognized compensation expense related to unvested stock awards
$ 11,373 
 
$ 11,373 
 
Commitments and Contingencies - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Aug. 3, 2013
Jul. 28, 2012
Aug. 3, 2013
Jul. 28, 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
$ 33,930 
$ 27,640 
$ 65,940 
$ 53,708 
Notes payable - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Aug. 3, 2013
Feb. 2, 2013
Jul. 28, 2012
Line Of Credit Facility Covenant Compliance [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 Covenant Compliance [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
Aug. 3, 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
$ 3,695 
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 6 Months Ended
Aug. 3, 2013
Jul. 28, 2012
Aug. 3, 2013
Jul. 28, 2012
Earnings Per Share [Abstract]
 
 
 
 
Net income
$ 44,911 
$ 34,998 
$ 86,737 
$ 69,866 
Denominator for basic net income per share - weighted-average common shares
63,834 
63,070 
63,838 
62,782 
Dilutive effect of stock options and non-vested stock
497 
1,223 
524 
1,420 
Denominator for diluted net income per share
64,331 
64,293 
64,362 
64,202 
Net income per common share:
 
 
 
 
Basic
$ 0.70 
$ 0.55 
$ 1.36 
$ 1.11 
Diluted
$ 0.70 
$ 0.54 
$ 1.35 
$ 1.09 
Net income per common share - Additional Information (Detail)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Aug. 3, 2013
Jul. 28, 2012
Aug. 3, 2013
Jul. 28, 2012
Earnings Per Share [Abstract]
 
 
 
 
Antidilutive stock option excluded from computation of net income per common share
498 
653 
869 
653 
Stock Repurchase Program - Additional Information (Detail) (USD $)
6 Months Ended
Aug. 3, 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