ULTA BEAUTY, INC., 10-Q filed on 11/29/2012
Quarterly Report
Document and Entity Information
9 Months Ended
Oct. 27, 2012
Nov. 20, 2012
Entity Information [Line Items]
 
 
Document Type
10-Q 
 
Amendment Flag
false 
 
Document Period End Date
Oct. 27, 2012 
 
Document Fiscal Year Focus
2013 
 
Document Fiscal Period Focus
Q3 
 
Entity Registrant Name
Ulta Salon, Cosmetics & Fragrance, Inc. 
 
Entity Central Index Key
0001403568 
 
Current Fiscal Year End Date
--02-02 
 
Entity Filer Category
Large Accelerated Filer 
 
Entity Common Stock, Shares Outstanding
 
63,773,520 
Balance Sheets (USD $)
In Thousands, unless otherwise specified
Oct. 27, 2012
Jan. 28, 2012
Oct. 29, 2011
Current assets:
 
 
 
Cash and cash equivalents
$ 191,724 
$ 253,738 
$ 130,657 
Receivables, net
36,649 
26,153 
21,080 
Merchandise inventories, net
462,833 
244,647 
354,891 
Prepaid expenses and other current assets
50,197 
43,430 
40,223 
Prepaid income taxes
13,417 
 
505 
Deferred income taxes
11,261 
12,264 
8,922 
Total current assets
766,081 
580,232 
556,278 
Property and equipment, net
467,165 
376,985 
373,794 
Total assets
1,233,246 
957,217 
930,072 
Current liabilities:
 
 
 
Accounts payable
185,177 
86,442 
134,043 
Accrued liabilities
90,354 
74,411 
81,116 
Accrued income taxes
 
4,002 
 
Total current liabilities
275,531 
164,855 
215,159 
Deferred rent
202,265 
163,463 
161,023 
Deferred income taxes
48,450 
44,195 
29,458 
Total liabilities
526,246 
372,513 
405,640 
Commitments and contingencies (note 3)
   
   
   
Stockholders' equity:
 
 
 
Common stock, $.01 par value, 400,000 shares authorized; 64,319, 62,764 and 62,277 shares issued; 63,765, 60,209 and 61,772 shares outstanding; at October 27, 2012 (unaudited), January 28, 2012 and October 29, 2011 (unaudited), respectively
643 
627 
623 
Treasury stock-common, at cost
(7,494)
(7,415)
(4,179)
Additional paid-in capital
481,522 
404,698 
387,489 
Retained earnings
232,329 
186,794 
140,499 
Total stockholders' equity
707,000 
584,704 
524,432 
Total liabilities and stockholders' equity
$ 1,233,246 
$ 957,217 
$ 930,072 
Balance Sheets (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified
Oct. 27, 2012
Jan. 28, 2012
Oct. 29, 2011
Common stock, par value
$ 0.01 
$ 0.01 
$ 0.01 
Common stock, shares authorized
400,000 
400,000 
400,000 
Common stock, shares issued
64,319 
62,764 
62,277 
Common stock, shares outstanding
63,765 
60,209 
61,772 
Statements of Income (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Oct. 27, 2012
Oct. 29, 2011
Oct. 27, 2012
Oct. 29, 2011
Net sales
$ 505,640 
$ 413,067 
$ 1,461,421 
$ 1,193,640 
Cost of sales
320,147 
263,884 
937,391 
775,265 
Gross profit
185,493 
149,183 
524,030 
418,375 
Selling, general and administrative expenses
117,934 
100,997 
334,917 
286,423 
Pre-opening expenses
6,252 
3,958 
12,901 
9,004 
Operating income
61,307 
44,228 
176,212 
122,948 
Interest expense
39 
176 
164 
496 
Income before income taxes
61,268 
44,052 
176,048 
122,452 
Income tax expense
23,117 
17,284 
68,031 
48,483 
Net income
$ 38,151 
$ 26,768 
$ 108,017 
$ 73,969 
Net income per common share:
 
 
 
 
Basic
$ 0.60 
$ 0.44 
$ 1.71 
$ 1.21 
Diluted
$ 0.59 
$ 0.42 
$ 1.68 
$ 1.17 
Weighted average common shares outstanding:
 
 
 
 
Basic
63,484 
61,451 
63,016 
61,044 
Diluted
64,483 
63,419 
64,285 
63,173 
Dividends declared per common share
 
 
$ 1.00 
 
Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Oct. 27, 2012
Oct. 29, 2011
Operating activities
 
 
Net income
$ 108,017 
$ 73,969 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
Depreciation and amortization
64,832 
55,625 
Deferred income taxes
5,258 
(568)
Non-cash stock compensation charges
9,721 
8,223 
Excess tax benefits from stock-based compensation
(41,343)
(18,127)
Loss on disposal of property and equipment
430 
612 
Change in operating assets and liabilities:
 
 
Receivables
(10,496)
1,212 
Merchandise inventories
(218,186)
(136,375)
Prepaid expenses and other current assets
(6,767)
(7,433)
Income taxes
23,924 
28,306 
Accounts payable
98,735 
46,950 
Accrued liabilities
4,531 
(1,385)
Deferred rent
38,802 
26,451 
Net cash provided by operating activities
77,458 
77,460 
Investing activities
 
 
Purchases of property and equipment
(144,030)
(97,695)
Net cash used in investing activities
(144,030)
(97,695)
Financing activities
 
 
Dividends paid
(62,482)
 
Excess tax benefits from stock-based compensation
41,343 
18,127 
Stock options exercised
25,776 
21,580 
Common stock repurchased
(79)
 
Net cash provided by financing activities
4,558 
39,707 
Net (decrease) increase in cash and cash equivalents
(62,014)
19,472 
Cash and cash equivalents at beginning of period
253,738 
111,185 
Cash and cash equivalents at end of period
191,724 
130,657 
Supplemental cash flow information
 
 
Cash paid for income taxes (net of refunds)
38,955 
20,745 
Noncash investing and financing activities:
 
 
Change in property and equipment included in accrued liabilities
$ 11,412 
$ 6,237 
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 Jan. 28, 2012
$ 584,704 
$ 627 
$ (7,415)
$ 404,698 
$ 186,794 
Balance, Shares at Jan. 28, 2012
 
62,764 
(555)
 
 
Stock options exercised and other awards, Shares
 
1,555 
 
 
 
Stock options exercised and other awards
25,776 
16 
 
25,760 
 
Common stock repurchased, Shares
 
 
 
 
Common stock repurchased
(79)
 
(79)
 
 
Net income for the 39 weeks ended October 27, 2012
108,017 
 
 
 
108,017 
Excess tax benefits from stock-based compensation
41,343 
 
 
41,343 
 
Stock compensation charge
9,721 
 
 
9,721 
 
Dividends paid
(62,482)
 
 
 
(62,482)
Balance at Oct. 27, 2012
$ 707,000 
$ 643 
$ (7,494)
$ 481,522 
$ 232,329 
Balance, Shares at Oct. 27, 2012
 
64,319 
(554)
 
 
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 October 27, 2012, the Company operated 537 stores in 45 states, as shown in the table below:

 

State

   Number of
stores
       

State

   Number of
stores

Alabama

   10       Montana    1

Arizona

   23       Nebraska    3

Arkansas

   4       Nevada    6

California

   53       New Hampshire    1

Colorado

   12       New Jersey    14

Connecticut

   4       New Mexico    1

Delaware

   1       New York    18

Florida

   38       North Carolina    17

Georgia

   21       North Dakota    1

Idaho

   3       Ohio    18

Illinois

   38       Oklahoma    8

Indiana

   10       Oregon    6

Iowa

   6       Pennsylvania    20

Kansas

   3       Rhode Island    1

Kentucky

   6       South Carolina    10

Louisiana

   8       Tennessee    8

Maine

   2       Texas    65

Maryland

   9       Utah    6

Massachusetts

   7       Virginia    12

Michigan

   23       Washington    9

Minnesota

   11       West Virginia    1

Mississippi

   4       Wisconsin    7
           

 

Missouri

   8       Total    537

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 39 weeks ended October 27, 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 fiscal 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 fiscal 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 third quarters in fiscal 2012 and 2011 ended on October 27, 2012 and October 29, 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:

 

     39 Weeks Ended
     October 27, 2012   October 29, 2011

Volatility rate

   53.4%   54.0%

Average risk-free interest rate

   1.2%   1.5%

Average expected life (in years)

   6.3   6.3

Dividend yield

   None   None

The Company granted 213 and 595 stock options during the 39 weeks ended October 27, 2012 and October 29, 2011, respectively. The weighted-average grant date fair value of these options was $45.84 and $34.74, respectively.

The Company recorded stock compensation expense of $3,375 and $3,027 for the 13 weeks ended October 27, 2012 and October 29, 2011, respectively. The Company recorded stock compensation expense of $9,721 and $8,223 for the 39 weeks ended October 27, 2012 and October 29, 2011, respectively. At October 27, 2012, there was approximately $32,340 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 39 weeks ended October 27, 2012 and October 29, 2011. Total rent expense under operating leases was $29,708 and $24,713 for the 13 weeks ended October 27, 2012 and October 29, 2011, respectively. Total rent expense under operating leases was $83,415 and $69,697 for the 39 weeks ended October 27, 2012 and October 29, 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 Amended and Restated Loan and Security Agreement (the Amendment) with the 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, covenants or maturity date under terms of the Loan Agreement.

As of October 27, 2012, January 28, 2012 and October 29, 2011, the Company had no borrowings outstanding under its 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 new 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 October 27, 2012, the Company held financial liabilities of $2,727 related to its non-qualified deferred compensation plan. The liabilities have been categorized as Level 2 as they are based on third-party reported net asset values which are based primarily on quoted market prices of underlying assets of the funds within the plan.

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

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

 

     13 Weeks Ended      39 Weeks Ended  
     October 27,
2012
     October 29,
2011
     October 27,
2012
     October 29,
2011
 

Net income

   $ 38,151       $ 26,768       $ 108,017       $ 73,969   

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

     63,484         61,451         63,016         61,044   

Dilutive effect of stock options and non-vested stock

     999         1,968         1,269         2,129   
  

 

 

    

 

 

    

 

 

    

 

 

 

Denominator for diluted net income per share

     64,483         63,419         64,285         63,173   

Net income per common share:

           

Basic

   $ 0.60       $ 0.44       $ 1.71       $ 1.21   

Diluted

   $ 0.59       $ 0.42       $ 1.68       $ 1.17   

The denominators for diluted net income per common share for the 13 weeks ended October 27, 2012 and October 29, 2011 exclude 522 and 595 employee stock options, respectively, due to their anti-dilutive effects.

The denominators for diluted net income per common share for the 39 weeks ended October 27, 2012 and October 29, 2011 exclude 596 and 703 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 third quarters in fiscal 2012 and 2011 ended on October 27, 2012 and October 29, 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

As of October 27, 2012, the Company operated 537 stores in 45 states, as shown in the table below:

 

State

   Number of
stores
       

State

   Number of
stores

Alabama

   10       Montana    1

Arizona

   23       Nebraska    3

Arkansas

   4       Nevada    6

California

   53       New Hampshire    1

Colorado

   12       New Jersey    14

Connecticut

   4       New Mexico    1

Delaware

   1       New York    18

Florida

   38       North Carolina    17

Georgia

   21       North Dakota    1

Idaho

   3       Ohio    18

Illinois

   38       Oklahoma    8

Indiana

   10       Oregon    6

Iowa

   6       Pennsylvania    20

Kansas

   3       Rhode Island    1

Kentucky

   6       South Carolina    10

Louisiana

   8       Tennessee    8

Maine

   2       Texas    65

Maryland

   9       Utah    6

Massachusetts

   7       Virginia    12

Michigan

   23       Washington    9

Minnesota

   11       West Virginia    1

Mississippi

   4       Wisconsin    7
           

 

Missouri

   8       Total    537
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:

 

     39 Weeks Ended
     October 27, 2012   October 29, 2011

Volatility rate

   53.4%   54.0%

Average risk-free interest rate

   1.2%   1.5%

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

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

 

     13 Weeks Ended      39 Weeks Ended  
     October 27,
2012
     October 29,
2011
     October 27,
2012
     October 29,
2011
 

Net income

   $ 38,151       $ 26,768       $ 108,017       $ 73,969   

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

     63,484         61,451         63,016         61,044   

Dilutive effect of stock options and non-vested stock

     999         1,968         1,269         2,129   
  

 

 

    

 

 

    

 

 

    

 

 

 

Denominator for diluted net income per share

     64,483         63,419         64,285         63,173   

Net income per common share:

           

Basic

   $ 0.60       $ 0.44       $ 1.71       $ 1.21   

Diluted

   $ 0.59       $ 0.42       $ 1.68       $ 1.17   
Business and basis of presentation - Additional Information (Detail)
Oct. 27, 2012
State
Store
Business And Basis Of Presentation [Line Items]
 
Number of stores
537 
Number of states in which entity operates
45 
Business and basis of presentation - Details of Company Operated Stores in Following States (Detail)
Oct. 27, 2012
Store
Business And Basis Of Presentation [Line Items]
 
Number of stores
537 
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
18 
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
18 
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
20 
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
10 
Tennessee [Member]
 
Business And Basis Of Presentation [Line Items]
 
Number of stores
Texas [Member]
 
Business And Basis Of Presentation [Line Items]
 
Number of stores
65 
Utah [Member]
 
Business And Basis Of Presentation [Line Items]
 
Number of stores
Virginia [Member]
 
Business And Basis Of Presentation [Line Items]
 
Number of stores
12 
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
Alabama [Member]
 
Business And Basis Of Presentation [Line Items]
 
Number of stores
10 
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
53 
Colorado [Member]
 
Business And Basis Of Presentation [Line Items]
 
Number of stores
12 
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
38 
Georgia [Member]
 
Business And Basis Of Presentation [Line Items]
 
Number of stores
21 
Idaho [Member]
 
Business And Basis Of Presentation [Line Items]
 
Number of stores
Illinois [Member]
 
Business And Basis Of Presentation [Line Items]
 
Number of stores
38 
Indiana [Member]
 
Business And Basis Of Presentation [Line Items]
 
Number of stores
10 
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
23 
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
Summary of significant accounting policies - Estimated Grant Date Fair Value of Stock Options Weighted-Average Assumptions (Detail)
9 Months Ended
Oct. 27, 2012
Oct. 29, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Volatility rate
53.40% 
54.00% 
Average risk-free interest rate
1.20% 
1.50% 
Average expected life (in years)
6.3 
6.3 
Dividend yield
   
   
Summary of significant accounting policies - Additional Information (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Oct. 27, 2012
Oct. 29, 2011
Oct. 27, 2012
Oct. 29, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Number of shares granted in stock option
 
 
213 
595 
Weighted average fair value of stock option
 
 
$ 45.84 
$ 34.74 
Stock compensation expenses
$ 3,375 
$ 3,027 
$ 9,721 
$ 8,223 
Unrecognized compensation expense related to unvested stock awards
$ 32,340 
 
$ 32,340 
 
Commitments and contingencies - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Oct. 27, 2012
Oct. 29, 2011
Oct. 27, 2012
Oct. 29, 2011
Commitment And Contingencies [Line Items]
 
 
 
 
Non-cancelable operating lease terms, minimum
 
 
3 years 
 
Non-cancelable operating lease terms, maximum
 
 
10 years 
 
Total rent expense under operating leases
$ 29,708 
$ 24,713 
$ 83,415 
$ 69,697 
Notes payable - Additional Information (Detail) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Oct. 27, 2012
Jan. 28, 2012
Oct. 29, 2011
Line of Credit Facility [Line Items]
 
 
 
Letters of credit sub facility, maximum borrowing capacity
$ 200,000 
 
 
Additional credit available under the revolving facility with consent by each lender and other conditions
50,000 
 
 
Percentage of unused line of credit facility fee
0.225% 
 
 
Interest rate on outstanding borrowing under facility
Libor plus 1.50% 
 
 
Borrowings outstanding
   
   
   
Standby Letters of Credit [Member]
 
 
 
Line of Credit Facility [Line Items]
 
 
 
Letters of credit sub facility, maximum borrowing capacity
$ 10,000 
 
 
Fair Value Measurements - Additional Information (Detail) (Fair Value Inputs Level 2 [Member], USD $)
In Thousands, unless otherwise specified
Oct. 27, 2012
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
$ 2,727 
Net income per common share - Net Income Per Basic and Diluted Share (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Oct. 27, 2012
Oct. 29, 2011
Oct. 27, 2012
Oct. 29, 2011
Earnings Per Share [Line Items]
 
 
 
 
Net income
$ 38,151 
$ 26,768 
$ 108,017 
$ 73,969 
Denominator for basic net income per share - weighted-average common shares
63,484 
61,451 
63,016 
61,044 
Dilutive effect of stock options and non-vested stock
999 
1,968 
1,269 
2,129 
Denominator for diluted net income per share
64,483 
63,419 
64,285 
63,173 
Net income per common share:
 
 
 
 
Basic
$ 0.60 
$ 0.44 
$ 1.71 
$ 1.21 
Diluted
$ 0.59 
$ 0.42 
$ 1.68 
$ 1.17 
Net income per common share - Additional Information (Detail)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Oct. 27, 2012
Oct. 29, 2011
Oct. 27, 2012
Oct. 29, 2011
Earnings Per Share [Line Items]
 
 
 
 
Antidilutive stock option excluded from computation of net income per common share
522 
595 
596 
703