ULTA BEAUTY, INC., 10-Q filed on 9/6/2012
Quarterly Report
Document and Entity Information
6 Months Ended
Jul. 28, 2012
Aug. 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
Jul. 28, 2012 
 
Amendment Flag
false 
 
Document Fiscal Year Focus
2013 
 
Document Fiscal Period Focus
Q2 
 
Current Fiscal Year End Date
--02-02 
 
Entity Filer Category
Large Accelerated Filer 
 
Entity Common Stock, Shares Outstanding
 
63,247,830 
Balance Sheets (USD $)
In Thousands, unless otherwise specified
Jul. 28, 2012
Jan. 28, 2012
Jul. 30, 2011
Current assets:
 
 
 
Cash and cash equivalents
$ 197,401 
$ 253,738 
$ 142,545 
Receivables, net
32,279 
26,153 
19,939 
Merchandise inventories, net
316,734 
244,647 
258,752 
Prepaid expenses and other current assets
46,345 
43,430 
34,114 
Prepaid income taxes
12,690 
 
 
Deferred income taxes
12,257 
12,264 
8,922 
Total current assets
617,706 
580,232 
464,272 
Property and equipment, net
421,063 
376,985 
351,576 
Total assets
1,038,769 
957,217 
815,848 
Current liabilities:
 
 
 
Accounts payable
88,881 
86,442 
81,380 
Accrued liabilities
80,507 
74,411 
73,745 
Accrued income taxes
 
4,002 
483 
Total current liabilities
169,388 
164,855 
155,608 
Deferred rent
186,486 
163,463 
153,159 
Deferred income taxes
43,210 
44,195 
29,049 
Total liabilities
399,084 
372,513 
337,816 
Commitments and contingencies (note 3)
   
   
   
Stockholders' equity:
 
 
 
Common stock, $.01 par value, 400,000 shares authorized; 63,788, 62,764 and 61,693 shares issued; 63,232, 60,209 and 61,188 shares outstanding; at July 28, 2012 (unaudited), January 28, 2012 and July 30, 2011 (unaudited), respectively
638 
627 
617 
Treasury stock-common, at cost
(7,466)
(7,415)
(4,179)
Additional paid-in capital
452,335 
404,698 
367,863 
Retained earnings
194,178 
186,794 
113,731 
Total stockholders' equity
639,685 
584,704 
478,032 
Total liabilities and stockholders' equity
$ 1,038,769 
$ 957,217 
$ 815,848 
Balance Sheets (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified
Jul. 28, 2012
Jan. 28, 2012
Jul. 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
63,788 
62,764 
61,693 
Common stock, shares outstanding
63,232 
60,209 
61,188 
Statements of Income (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jul. 28, 2012
Jul. 30, 2011
Jul. 28, 2012
Jul. 30, 2011
Statements of Income (Unaudited) [Abstract]
 
 
 
 
Net sales
$ 481,683 
$ 394,567 
$ 955,781 
$ 780,573 
Cost of sales
314,058 
260,280 
617,244 
511,381 
Gross profit
167,625 
134,287 
338,537 
269,192 
Selling, general and administrative expenses
106,040 
90,811 
216,983 
185,426 
Pre-opening expenses
4,126 
3,816 
6,649 
5,046 
Operating income
57,459 
39,660 
114,905 
78,720 
Interest expense
104 
147 
125 
320 
Income before income taxes
57,355 
39,513 
114,780 
78,400 
Income tax expense
22,357 
15,608 
44,914 
31,199 
Net income
$ 34,998 
$ 23,905 
$ 69,866 
$ 47,201 
Net income per common share:
 
 
 
 
Basic
$ 0.55 
$ 0.39 
$ 1.11 
$ 0.78 
Diluted
$ 0.54 
$ 0.38 
$ 1.09 
$ 0.75 
Weighted average common shares outstanding:
 
 
 
 
Basic
63,070 
61,126 
62,782 
60,840 
Diluted
64,293 
63,241 
64,202 
63,013 
Dividends declared per common share
 
 
$ 1.00 
 
Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jul. 28, 2012
Jul. 30, 2011
Operating activities
 
 
Net income
$ 69,866 
$ 47,201 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
Depreciation and amortization
42,614 
36,400 
Deferred income taxes
(978)
(977)
Non-cash stock compensation charges
6,346 
5,196 
Excess tax benefits from stock-based compensation
(27,788)
(10,049)
Loss on disposal of property and equipment
447 
402 
Change in operating assets and liabilities:
 
 
Receivables
(6,126)
2,353 
Merchandise inventories
(72,087)
(40,236)
Prepaid expenses and other current assets
(2,915)
(1,324)
Income taxes
11,096 
21,216 
Accounts payable
2,439 
(5,713)
Accrued liabilities
(9,705)
(12,119)
Deferred rent
23,023 
18,587 
Net cash provided by operating activities
36,232 
60,937 
Investing activities
 
 
Purchases of property and equipment
(71,338)
(52,679)
Net cash used in investing activities
(71,338)
(52,679)
Financing activities
 
 
Dividends paid
(62,482)
 
Excess tax benefits from stock-based compensation
27,788 
10,049 
Stock options exercised
13,514 
13,053 
Common stock repurchased
(51)
 
Net cash (used in) provided by financing activities
(21,231)
23,102 
Net (decrease) increase in cash and cash equivalents
(56,337)
31,360 
Cash and cash equivalents at beginning of period
253,738 
111,185 
Cash and cash equivalents at end of period
197,401 
142,545 
Supplemental cash flow information
 
 
Cash paid for income taxes (net of refunds)
34,903 
10,960 
Noncash investing and financing activities:
 
 
Change in property and equipment included in accrued liabilities
$ 15,801 
$ 9,600 
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
13,514 
11 
 
13,503 
 
Stock options exercised and other awards, Shares
 
1,024 
 
 
 
Common stock repurchased
(51)
 
(51)
 
 
Common stock repurchased, shares
 
 
(1)
 
 
Net income for the 26 weeks ended July 28, 2012
69,866 
 
 
 
69,866 
Excess tax benefits from stock-based compensation
27,788 
 
 
27,788 
 
Stock compensation charge
6,346 
 
 
6,346 
 
Dividends paid
(62,482)
 
 
 
(62,482)
Ending Balance at Jul. 28, 2012
$ 639,685 
$ 638 
$ (7,466)
$ 452,335 
$ 194,178 
Ending Balance, Shares at Jul. 28, 2012
 
63,788 
(556)
 
 
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 July 28, 2012, the Company operated 489 stores in 45 states, as shown in the table below:

 

             

State

  Number of
stores
 

State

  Number of
stores

Alabama

  9   Montana   1

Arizona

  23   Nebraska   2

Arkansas

  3   Nevada   6

California

  46   New Hampshire   1

Colorado

  11   New Jersey   14

Connecticut

  3   New Mexico   1

Delaware

  1   New York   16

Florida

  33   North Carolina   17

Georgia

  20   North Dakota   1

Idaho

  3   Ohio   15

Illinois

  37   Oklahoma   8

Indiana

  9   Oregon   5

Iowa

  6   Pennsylvania   18

Kansas

  3   Rhode Island   1

Kentucky

  6   South Carolina   7

Louisiana

  6   Tennessee   7

Maine

  2   Texas   61

Maryland

  9   Utah   5

Massachusetts

  6   Virginia   11

Michigan

  20   Washington   8

Minnesota

  11   West Virginia   1

Mississippi

  4   Wisconsin   5
           

 

Missouri

  7   Total   489

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 and 26 weeks ended July 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 second quarters in fiscal 2012 and 2011 ended on July 28, 2012 and July 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:

 

                 
    26 Weeks Ended  
    July 28, 2012     July 30, 2011  

Volatility rate

    53.3     54.2

Average risk-free interest rate

    1.2     2.4

Average expected life (in years)

    6.3       6.3  

Dividend yield

    None       None  

The Company granted 183 and 124 stock options during the 26 weeks ended July 28, 2012 and July 30, 2011, respectively. The weighted-average grant date fair value of these options was $45.00 and $28.62, respectively.

The Company recorded stock compensation expense of $3,454 and $2,388 for the 13 weeks ended July 28, 2012 and July 30, 2011, respectively. The Company recorded stock compensation expense of $6,346 and $5,196 for the 26 weeks ended July 28, 2012 and July 30, 2011, respectively. At July 28, 2012, there was approximately $36,616 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 and 26 weeks ended July 28, 2012 and July 30, 2011. Total rent expense under operating leases was $27,640 and $23,127 for 13 weeks ended July 28, 2012 and July 30, 2011, respectively. Total rent expense under operating leases was $53,708 and $44,984 for 26 weeks ended July 28, 2012 and July 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 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 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%.

On September 5, 2012, the Company entered into Amendment No. 1 to its Amended and Restated Loan and Security Agreement (the Amendment) with its lender group. The Amendment updates 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 or maturity date under terms of the Loan Agreement.

As of July 28, 2012, January 28, 2012 and July 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 July 28, 2012, the Company held financial liabilities of $2,497 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  
    July 28,
2012
    July 30,
2011
    July 28,
2012
    July 30,
2011
 

Net income

  $ 34,998     $ 23,905     $ 69,866     $ 47,201  
         

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

    63,070       61,126       62,782       60,840  

Dilutive effect of stock options and non-vested stock

    1,223       2,115       1,420       2,173  
   

 

 

   

 

 

   

 

 

   

 

 

 

Denominator for diluted net income per share

    64,293       63,241       64,202       63,013  
         

Net income per common share:

                               

Basic

  $ 0.55     $ 0.39     $ 1.11     $ 0.78  

Diluted

  $ 0.54     $ 0.38     $ 1.09     $ 0.75  

The denominators for diluted net income per common share for the 13 weeks ended July 28, 2012 and July 30, 2011 exclude 653 and 124 employee stock options, respectively, due to their anti-dilutive effects.

The denominators for diluted net income per common share for the 26 weeks ended July 28, 2012 and July 30, 2011 exclude 653 and 252 employee stock options, respectively, due to their anti-dilutive effects.

Summary of Significant Accounting Policies (Policies)

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 2012 and 2011 ended on July 28, 2012 and July 30, 2011, 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
             

State

  Number of
stores
 

State

  Number of
stores

Alabama

  9   Montana   1

Arizona

  23   Nebraska   2

Arkansas

  3   Nevada   6

California

  46   New Hampshire   1

Colorado

  11   New Jersey   14

Connecticut

  3   New Mexico   1

Delaware

  1   New York   16

Florida

  33   North Carolina   17

Georgia

  20   North Dakota   1

Idaho

  3   Ohio   15

Illinois

  37   Oklahoma   8

Indiana

  9   Oregon   5

Iowa

  6   Pennsylvania   18

Kansas

  3   Rhode Island   1

Kentucky

  6   South Carolina   7

Louisiana

  6   Tennessee   7

Maine

  2   Texas   61

Maryland

  9   Utah   5

Massachusetts

  6   Virginia   11

Michigan

  20   Washington   8

Minnesota

  11   West Virginia   1

Mississippi

  4   Wisconsin   5
           

 

Missouri

  7   Total   489
Summary of Significant Accounting Policies (Tables)
Estimated grant date fair value of stock options weighted-average assumptions
                 
    26 Weeks Ended  
    July 28, 2012     July 30, 2011  

Volatility rate

    53.3     54.2

Average risk-free interest rate

    1.2     2.4

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     26 Weeks Ended  
    July 28,
2012
    July 30,
2011
    July 28,
2012
    July 30,
2011
 

Net income

  $ 34,998     $ 23,905     $ 69,866     $ 47,201  
         

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

    63,070       61,126       62,782       60,840  

Dilutive effect of stock options and non-vested stock

    1,223       2,115       1,420       2,173  
   

 

 

   

 

 

   

 

 

   

 

 

 

Denominator for diluted net income per share

    64,293       63,241       64,202       63,013  
         

Net income per common share:

                               

Basic

  $ 0.55     $ 0.39     $ 1.11     $ 0.78  

Diluted

  $ 0.54     $ 0.38     $ 1.09     $ 0.75  
Business and Basis of Presentation (Details)
Jul. 28, 2012
Store
Business and Basis of Presentation [Line Items]
 
Number of stores
489 
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
46 
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
33 
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
20 
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
14 
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
61 
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
West Virginia [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)
Jul. 28, 2012
State
Store
Business and Basis of Presentation (Textual) [Abstract]
 
Number of stores
489 
Number of states in which entity operates
45 
Summary of Significant Accounting Policies (Details)
6 Months Ended
Jul. 28, 2012
Jul. 30, 2011
Estimated the grant date fair value of stock options weighted-average assumptions
 
 
Volatility rate
53.30% 
54.20% 
Average risk-free interest rate
1.20% 
2.40% 
Average expected life (in years)
6 years 3 months 18 days 
6 years 3 months 18 days 
Dividend yield
   
   
Summary of Significant Accounting Policies (Details Textual) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jul. 28, 2012
Jul. 30, 2011
Jul. 28, 2012
Jul. 30, 2011
Summary of Significant Accounting Policies (Textual) [Abstract]
 
 
 
 
Number of shares granted in stock option
 
 
183 
124 
Weighted average fair value of stock option
 
 
$ 45.00 
$ 28.62 
Stock compensation expenses
$ 3,454 
$ 2,388 
$ 6,346 
$ 5,196 
Unrecognized compensation expense related to unvested stock awards
$ 36,616 
 
$ 36,616 
 
Commitments and Contingencies (Details Textual) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jul. 28, 2012
Jul. 30, 2011
Jul. 28, 2012
Jul. 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
$ 27,640 
$ 23,127 
$ 53,708 
$ 44,984 
Notes Payable (Details Textual) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jul. 28, 2012
Jan. 28, 2012
Jul. 30, 2011
Notes Payable (Additional Textual) [Abstract]
 
 
 
Letters of credit sub facility, maximum borrowing capacity
$ 200,000 
 
 
Notes Payable (Textual) [Abstract]
 
 
 
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 
 
 
Fair Value Measurements (Details Textual) (Fair Value Inputs Level 2 [Member], USD $)
In Thousands, unless otherwise specified
Jul. 28, 2012
Fair Value Inputs Level 2 [Member]
 
Fair Value Measurements (Textual) (Abstract)
 
Financial liabilities related to non-qualified deferred compensation plan
$ 2,497 
Net Income Per Common Share (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jul. 28, 2012
Jul. 30, 2011
Jul. 28, 2012
Jul. 30, 2011
Net income per common share reconciliation
 
 
 
 
Net income
$ 34,998 
$ 23,905 
$ 69,866 
$ 47,201 
Denominator for basic net income per share - weighted-average common shares
63,070 
61,126 
62,782 
60,840 
Dilutive effect of stock options and non-vested stock
1,223 
2,115 
1,420 
2,173 
Denominator for diluted net income per share
64,293 
63,241 
64,202 
63,013 
Net income per common share:
 
 
 
 
Basic
$ 0.55 
$ 0.39 
$ 1.11 
$ 0.78 
Diluted
$ 0.54 
$ 0.38 
$ 1.09 
$ 0.75 
Net income per common share (Textual) [Abstract]
 
 
 
 
Antidilutive stock option excluded from computation of net income per common share
653 
124 
653 
252