Cover
Cover - shares | 9 Months Ended | |
Oct. 28, 2023 | Nov. 30, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 28, 2023 | |
Document Transition Report | false | |
Entity File Number | 000-20969 | |
Entity Registrant Name | HIBBETT, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-8159608 | |
Entity Address, Address Line One | 2700 Milan Court | |
Entity Address, City or Town | Birmingham | |
Entity Address, State or Province | AL | |
Entity Address, Postal Zip Code | 35211 | |
City Area Code | 205 | |
Local Phone Number | 942-4292 | |
Title of 12(b) Security | Common Stock, $0.01 Par Value Per Share | |
Trading Symbol | HIBB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,771,751 | |
Entity Central Index Key | 0001017480 | |
Current Fiscal Year End Date | --02-03 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 28, 2023 | Jan. 28, 2023 | Oct. 29, 2022 |
Current assets: | |||
Cash and cash equivalents | $ 29,580 | $ 16,015 | $ 25,114 |
Receivables, net | 12,136 | 12,850 | 15,170 |
Inventories, net | 398,106 | 420,839 | 404,819 |
Other current assets | 28,408 | 23,351 | 29,577 |
Total current assets | 468,230 | 473,055 | 474,680 |
Property and equipment, net | 172,701 | 169,476 | 165,196 |
Operating right-of-use assets | 272,909 | 263,391 | 266,402 |
Finance right-of-use assets, net | 2,095 | 2,279 | 2,027 |
Tradename intangible asset | 23,500 | 23,500 | 23,500 |
Deferred income taxes, net | 3,044 | 3,025 | 2,484 |
Other assets, net | 8,414 | 4,434 | 3,081 |
Total assets | 950,893 | 939,160 | 937,370 |
Current liabilities: | |||
Accounts payable | 118,127 | 190,648 | 209,194 |
Operating lease obligations | 75,490 | 72,544 | 71,649 |
Credit facility | 96,916 | 36,264 | 51,657 |
Finance lease obligations | 663 | 1,132 | 1,057 |
Accrued payroll expenses | 9,573 | 11,361 | 11,550 |
Other accrued expenses | 16,003 | 15,803 | 16,820 |
Total current liabilities | 316,772 | 327,752 | 361,927 |
Operating lease obligations | 239,300 | 229,388 | 233,504 |
Finance lease obligations | 1,557 | 1,305 | 1,143 |
Other liabilities | 4,211 | 4,484 | 2,962 |
Total liabilities | 561,840 | 562,929 | 599,536 |
Stockholders' investment: | |||
Common stock - 40,147,969; 39,916,593; and 39,847,656 shares issued, respectively | 401 | 399 | 398 |
Paid-in capital | 219,653 | 213,182 | 209,659 |
Retained earnings | 1,200,320 | 1,137,481 | 1,102,243 |
Treasury stock, at cost - 28,376,218; 27,166,538; and 27,161,181 shares repurchased, respectively | (1,031,321) | (974,831) | (974,466) |
Total stockholders' investment | 389,053 | 376,231 | 337,834 |
Total liabilities and stockholders' investment | $ 950,893 | $ 939,160 | $ 937,370 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - shares | Oct. 28, 2023 | Jan. 28, 2023 | Oct. 29, 2022 |
Statement of Financial Position [Abstract] | |||
Common stock, shares issued (in shares) | 40,147,969 | 39,916,593 | 39,847,656 |
Treasury stock, shares at cost (in shares) | 28,376,218 | 27,166,538 | 27,161,181 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Income Statement [Abstract] | ||||
Net sales | $ 431,923 | $ 433,164 | $ 1,262,297 | $ 1,250,021 |
Cost of goods sold | $ 285,579 | $ 284,434 | $ 839,411 | $ 809,306 |
Cost of goods sold, as a percent to sales | 66.10% | 65.70% | 66.50% | 64.70% |
Gross margin | $ 146,344 | $ 148,730 | $ 422,886 | $ 440,715 |
Gross margin, as a percent to sales | 33.90% | 34.30% | 33.50% | 35.30% |
Store operating, selling and administrative expenses | $ 99,404 | $ 103,510 | $ 290,284 | $ 290,520 |
Store operating, selling and administrative expenses, as a percent to sales | 23% | 23.90% | 23% | 23.20% |
Depreciation and amortization | $ 12,457 | $ 11,019 | $ 36,189 | $ 32,463 |
Depreciation and amortization, as a percent to sales | 2.90% | 2.50% | 2.90% | 2.60% |
Operating income | $ 34,483 | $ 34,201 | $ 96,413 | $ 117,732 |
Operating income, as a percent to sales | 8% | 7.90% | 7.60% | 9.40% |
Interest expense, net | $ 1,106 | $ 467 | $ 4,323 | $ 900 |
Interest expense, net, as a percent to sales | 0.30% | 0.10% | 0.30% | 0.10% |
Income before provision for income taxes | $ 33,377 | $ 33,734 | $ 92,090 | $ 116,832 |
Income before provision for income taxes, as a percent to sales | 7.70% | 7.80% | 7.30% | 9.30% |
Provision for income taxes | $ 7,880 | $ 8,161 | $ 19,816 | $ 27,199 |
Provision for income taxes, as a percent to sales | 1.80% | 1.90% | 1.60% | 2.20% |
Net income | $ 25,497 | $ 25,573 | $ 72,274 | $ 89,633 |
Net income, as a percent to sales | 5.90% | 5.90% | 5.70% | 7.20% |
Basic earnings per share (in dollars per share) | $ 2.09 | $ 1.99 | $ 5.76 | $ 6.89 |
Diluted earnings per share (in dollars per share) | $ 2.05 | $ 1.94 | $ 5.66 | $ 6.71 |
Weighted-average shares: | ||||
Basic (in shares) | 12,224 | 12,837 | 12,554 | 13,004 |
Diluted (in shares) | 12,408 | 13,202 | 12,780 | 13,358 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 28, 2023 | Oct. 29, 2022 | |
Cash Flows From Operating Activities: | ||
Net income | $ 72,274 | $ 89,633 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 36,189 | 32,463 |
Stock-based compensation | 4,612 | 5,407 |
Impairment charges | 1,393 | 346 |
Other non-cash adjustments | (1,054) | 4,682 |
Changes in operating assets and liabilities: | ||
Inventories, net | 22,732 | (183,600) |
Receivables, net | (1,549) | (1,510) |
Accounts payable | (76,088) | 119,760 |
Income tax payable, net | 0 | 2,697 |
Other assets and liabilities | (6,157) | (17,478) |
Net cash provided by operating activities | 52,352 | 52,400 |
Cash Flows From Investing Activities: | ||
Capital expenditures | (37,163) | (47,463) |
Other, net | 2,604 | 938 |
Net cash used in investing activities | (34,559) | (46,525) |
Cash Flows From Financing Activities: | ||
Proceeds under credit facilities | 682,264 | 688,665 |
Repayments under credit facilities | (621,612) | (637,008) |
Stock repurchases | (53,212) | (38,458) |
Cash dividends paid to stockholders | (9,427) | (9,699) |
Payments of finance lease obligations | (824) | (759) |
Proceeds from options exercised and purchase of shares under the employee stock purchase plan | 1,861 | 1,525 |
Other, net | (3,278) | (2,081) |
Net cash (used in) provided by financing activities | (4,228) | 2,185 |
Net increase in cash and cash equivalents | 13,565 | 8,060 |
Cash and cash equivalents, beginning of period | 16,015 | 17,054 |
Cash and cash equivalents, end of period | $ 29,580 | $ 25,114 |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Stockholders' Investment - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance-beginning of period | $ 397,310 | $ 322,543 | $ 376,231 | $ 291,515 |
Balance - beginning of period (in shares) | 27,166,538 | |||
Net income | 25,497 | 25,573 | $ 72,274 | 89,633 |
Issuance of shares through the Company's equity plans | 437 | 617 | 1,861 | 1,525 |
Purchase of shares under the stock repurchase program | (31,999) | (9,049) | (53,212) | (38,458) |
Settlement of net share equity awards | (17) | (12) | (2,849) | (2,081) |
Excise tax on stock repurchases | (314) | (429) | ||
Cash dividends declared | (3,091) | (3,202) | (9,435) | (9,707) |
Stock-based compensation | 1,230 | 1,364 | 4,612 | 5,407 |
Balance-end of period | $ 389,053 | $ 337,834 | $ 389,053 | $ 337,834 |
Balance - end of period (in shares) | 28,376,218 | 27,161,181 | 28,376,218 | 27,161,181 |
Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance-beginning of period (in shares) | 40,132,000 | 39,830,000 | 39,917,000 | 39,611,000 |
Balance-beginning of period | $ 401 | $ 398 | $ 399 | $ 396 |
Issuance of shares through the Company's equity plans (in shares) | 16,000 | 18,000 | 231,000 | 236,000 |
Issuance of shares through the Company's equity plans | $ 2 | $ 2 | ||
Balance-end of period (in shares) | 40,148,000 | 39,848,000 | 40,148,000 | 39,848,000 |
Balance-end of period | $ 401 | $ 398 | $ 401 | $ 398 |
Paid-In Capital | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance-beginning of period | 217,986 | 207,678 | 213,182 | 202,729 |
Issuance of shares through the Company's equity plans | 437 | 617 | 1,859 | 1,523 |
Stock-based compensation | 1,230 | 1,364 | 4,612 | 5,407 |
Balance-end of period | 219,653 | 209,659 | 219,653 | 209,659 |
Retained Earnings | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance-beginning of period | 1,177,914 | 1,079,872 | 1,137,481 | 1,022,317 |
Net income | 25,497 | 25,573 | 72,274 | 89,633 |
Cash dividends declared | (3,091) | (3,202) | (9,435) | (9,707) |
Balance-end of period | 1,200,320 | 1,102,243 | 1,200,320 | 1,102,243 |
Treasury Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance-beginning of period | $ (998,991) | $ (965,405) | $ (974,831) | $ (933,927) |
Balance - beginning of period (in shares) | 27,668,000 | 27,000,000 | 27,167,000 | 26,318,000 |
Purchase of shares under the stock repurchase program (in shares) | 708,000 | 161,000 | 1,162,000 | 797,000 |
Purchase of shares under the stock repurchase program | $ (31,999) | $ (9,049) | $ (53,212) | $ (38,458) |
Settlement of net share equity awards (in shares) | 47,000 | 46,000 | ||
Settlement of net share equity awards | (17) | (12) | $ (2,849) | $ (2,081) |
Excise tax on stock repurchases | (314) | (429) | ||
Balance-end of period | $ (1,031,321) | $ (974,466) | $ (1,031,321) | $ (974,466) |
Balance - end of period (in shares) | 28,376,000 | 27,161,000 | 28,376,000 | 27,161,000 |
Unaudited Condensed Consolida_6
Unaudited Condensed Consolidated Statements of Stockholders' Investment (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends declared per share (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.75 | $ 0.75 |
Basis of Presentation and Criti
Basis of Presentation and Critical Accounting Policies | 9 Months Ended |
Oct. 28, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Critical Accounting Policies | Basis of Presentation and Critical Accounting Policies The accompanying unaudited condensed consolidated financial statements of Hibbett, Inc. and its wholly-owned subsidiaries (including the condensed consolidated balance sheet as of January 28, 2023, which has been derived from audited financial statements) have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") for interim financial information and are presented in accordance with the requirements of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. References to “Hibbett,” “we,” “our,” “us,” and the “Company” refer to Hibbett, Inc. and its subsidiaries, as well as its predecessors. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 28, 2023, filed on March 24, 2023 (the "2023 Annual Report"). The unaudited condensed consolidated financial statements have been prepared on a basis consistent in all material respects with the accounting policies described in the 2023 Annual Report and reflect all adjustments of a normal recurring nature that are, in management’s opinion, necessary for the fair presentation of the results of operations, financial position and cash flows for the periods presented. Occasionally, certain reclassifications are made to conform previously reported data to the current presentation. Unless otherwise specifically noted, such reclassifications have no impact on total assets, total liabilities, net income, cash flows or stockholders’ investment in any of the periods presented. Property and Equipment Property and equipment are recorded at cost. Finance lease assets are shown as right-of-use ("ROU") assets and are excluded from property and equipment (see Note 3 , Leases ). Property and equipment consist of the following (in thousands): October 28, January 28, October 29, Land $ 7,277 $ 7,277 $ 7,277 Buildings 22,643 22,529 22,395 Equipment 138,861 134,304 128,537 Furniture and fixtures 70,043 67,522 66,564 Leasehold improvements 191,285 170,773 162,747 Construction in progress 5,492 5,501 7,579 Total property and equipment 435,601 407,906 395,099 Less: accumulated depreciation and amortization 262,900 238,430 229,903 Total property and equipment, net $ 172,701 $ 169,476 $ 165,196 Revenue Recognition We recognize revenue in accordance with Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers, when control of the merchandise is transferred to our customer at delivery. Sales are recorded net of expected returns at the time the customer takes possession of the merchandise. Net sales exclude sales taxes because we are a pass-through conduit for collecting and remitting these taxes. Gift Cards and Customer Orders: The net deferred revenue liability for gift cards and customer orders at October 28, 2023, January 28, 2023, and October 29, 2022 was $10.3 million, $9.8 million, and $9.9 million, respectively, recognized in accounts payable on our unaudited condensed consolidated balance sheets. During the 13-weeks and 39-weeks ended October 28, 2023 and October 29, 2022, gift card deferred revenue realized from prior periods was immaterial. Loyalty Program : We offer the Hibbett/City Gear Rewards program whereby upon registration and in accordance with the terms of the program, customers earn points on certain purchases. Points convert into rewards at defined thresholds. The short-term future performance obligation liability is estimated at each reporting period based on historical conversion and redemption patterns. The liability is included in other accrued expenses on our unaudited condensed consolidated balance sheets and was $4.1 million, $4.1 million, and $3.8 million at October 28, 2023, January 28, 2023, and October 29, 2022, respectively. Revenues disaggregated by major product categories are as follows (in thousands): 13-Weeks Ended 39-Weeks Ended October 28, October 29, October 28, October 29, Footwear $ 306,868 $ 294,133 $ 884,230 $ 818,706 Apparel 72,277 93,125 231,177 298,405 Equipment 52,778 45,906 146,890 132,910 Total $ 431,923 $ 433,164 $ 1,262,297 $ 1,250,021 Indefinite-Lived Intangible Assets The City Gear tradename is an indefinite-lived asset which is not amortized, but rather tested for impairment at least annually, or on an interim basis if events and circumstances have occurred that indicate that it is more likely than not that an asset is impaired. No impairment related to the tradename intangible was recognized during the 13-weeks and 39-weeks ended October 28, 2023 and October 29, 2022. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Oct. 28, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Standards that were adopted None. Standards that are not yet adopted In November 2023, the Financial Accounting Standards Board issued ASU 2023-07, Segment Reporting (Topic 280 ). This update provides, among other things, enhanced segment disclosure requirements including disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We will adopt ASU 2023-07 upon the effective date and do not expect its adoption to have a material impact on our financial position, results of operations or cash flows. We continuously monitor and review all current accounting pronouncements and standards from the Financial Accounting Standards Board of U.S. GAAP for applicability to our operations and financial reporting. As of October 28, 2023, there were no new pronouncements or interpretations that had or were expected to have a significant impact on our financial reporting. |
Leases
Leases | 9 Months Ended |
Oct. 28, 2023 | |
Leases [Abstract] | |
Leases | Leases ROU lease assets are periodically reviewed for impairment losses. We use the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment - Overall , to determine when to evaluate assets and asset groups, including ROU assets, for impairment and to calculate any impairment loss to be recognized. Asset group impairment charges in the 13-weeks and 39-weeks ended October 28, 2023 and October 29, 2022, were immaterial. Lease costs are as follows (in thousands): 13-Weeks Ended 39-Weeks Ended October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Operating lease cost $ 20,479 $ 19,285 $ 60,737 $ 56,606 Finance lease cost: Amortization of assets 271 235 791 716 Interest on lease liabilities 25 27 79 84 Variable lease cost 4,862 4,771 14,554 13,536 $ 25,637 $ 24,318 $ 76,161 $ 70,942 Finance ROU assets on the unaudited condensed consolidated balance sheets at October 28, 2023, January 28, 2023, and October 29, 2022 are shown net of accumulated amortization of $4.1 million, $3.3 million, and $3.1 million, respectively. The following table provides ROU assets obtained in exchange for lease obligations (in thousands): 39-Weeks Ended October 28, 2023 October 29, 2022 ROU assets obtained in exchange for lease obligations, net: Operating leases $ 69,507 $ 73,797 Finance leases $ 718 $ 571 As of October 28, 2023, we have entered into approximately $5.5 million of operating lease obligations related to future store locations that have not yet commenced. |
Leases | Leases ROU lease assets are periodically reviewed for impairment losses. We use the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment - Overall , to determine when to evaluate assets and asset groups, including ROU assets, for impairment and to calculate any impairment loss to be recognized. Asset group impairment charges in the 13-weeks and 39-weeks ended October 28, 2023 and October 29, 2022, were immaterial. Lease costs are as follows (in thousands): 13-Weeks Ended 39-Weeks Ended October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Operating lease cost $ 20,479 $ 19,285 $ 60,737 $ 56,606 Finance lease cost: Amortization of assets 271 235 791 716 Interest on lease liabilities 25 27 79 84 Variable lease cost 4,862 4,771 14,554 13,536 $ 25,637 $ 24,318 $ 76,161 $ 70,942 Finance ROU assets on the unaudited condensed consolidated balance sheets at October 28, 2023, January 28, 2023, and October 29, 2022 are shown net of accumulated amortization of $4.1 million, $3.3 million, and $3.1 million, respectively. The following table provides ROU assets obtained in exchange for lease obligations (in thousands): 39-Weeks Ended October 28, 2023 October 29, 2022 ROU assets obtained in exchange for lease obligations, net: Operating leases $ 69,507 $ 73,797 Finance leases $ 718 $ 571 As of October 28, 2023, we have entered into approximately $5.5 million of operating lease obligations related to future store locations that have not yet commenced. |
Debt
Debt | 9 Months Ended |
Oct. 28, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt On July 9, 2021, we executed an unsecured Credit Agreement (the "2021 Credit Facility") between the Company and its subsidiaries and Regions Bank, which provided for an unsecured line of credit of up to $100 million. The 2021 Credit Facility was amended on April 7, 2022, to increase the unsecured line of credit to $125 million and replace the original benchmark interest rate of one-month LIBOR plus 1.0% to 1.8% with the Bloomberg Short-Term Bank Yield Index Rate (the “BSBY Rate”) plus 1.0% to 1.8% (depending on specified leverage levels). On February 28, 2023, we entered into a new unsecured Credit Agreement (the "2023 Credit Facility") with Regions Bank, as administrative agent for the lenders, swingline leader and issuing bank. The 2023 Credit Facility matures on February 28, 2028, and replaced the 2021 Credit Facility and amended certain of its terms and conditions, including the following: • increases the aggregate principal amount of commitments by $35 million, from $125 million to $160 million, which includes a $25 million sublimit for the issuance of standby letters of credit and $25 million sublimit for swingline loans; • permits us to increase the aggregate principal amount of commitments by up to an additional $50 million, subject to certain terms and conditions; • provides that borrowings bear interest at either (i) an annual rate equal to the BSBY Rate, plus an applicable margin ranging from 1.0% to 2.0% depending on specified leverage levels (the "Applicable Margin"), or (ii) at the Company's option, (x) a base rate as set forth in the 2023 Credit Facility plus the Applicable Margin or (y) the BSBY Rate plus the Applicable Margin; and • adjusts the annual commitment fee to an amount, dependent on the amount of debt outstanding, between 12.5 and 25 basis points of the unused portion of the 2023 Credit Facility, from an amount between 15 and 20 basis points of the unused portion of the 2021 Credit Facility. Except as described above, the 2023 Credit Facility did not make any material changes to the principal terms of the 2021 Credit Facility, including with respect to financial covenants. As a result, we are subject to certain financial covenants, which include: • advance limitation of 55% of the net book value of the Company's inventory; • a Consolidated Lease-Adjusted Leverage Ratio comparing lease-adjusted funded debt (funded debt plus all lease liabilities) to EBITDAR (as defined in the 2021 Credit Facility) with a maximum of 3.5x; and • a Consolidated Fixed Coverage Charge Ratio comparing EBITDAR to fixed charges and certain current liabilities (as defined in the 2021 Credit Facility) with a minimum of 1.2x. As of October 28, 2023, we were in compliance with these covenants. Activity against our credit facilities during the periods indicated are as follows (dollars in millions): October 28, 2023 January 28, 2023 October 29, 2022 13-Weeks Ended 39-Weeks Ended 52-Weeks Ended 13-Weeks Ended 39-Weeks Ended Number of days borrowings incurred 91 273 307 91 236 Average borrowings $71.2 $95.2 $40.8 $50.6 $39.3 Maximum borrowings $110.2 $134.1 $110.5 $94.8 $110.0 Average interest rate 6.62% 6.26% 3.21% 3.57% 2.54% At October 28, 2023, we had a balance of $96.9 million and a total of $63.1 million available to us under the 2023 Credit Facility. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Oct. 28, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The stock-based compensation costs that have been charged against income were as follows (in thousands): 13-Weeks Ended 39-Weeks Ended October 28, October 29, October 28, October 29, Stock-based compensation expense by type: Stock options $ — $ — $ 220 $ 155 Restricted stock units 1,112 1,269 4,033 4,881 Employee stock purchases 92 69 280 304 Director deferred compensation 26 26 79 67 Total stock-based compensation expense 1,230 1,364 4,612 5,407 Income tax benefit recognized 245 321 1,022 1,247 Stock-based compensation expense, net of income tax $ 985 $ 1,043 $ 3,590 $ 4,160 Expense for restricted stock units is shown net of forfeitures, which were immaterial for the 13-weeks and 39-weeks ended October 28, 2023 and October 29, 2022. We granted the following equity awards: 13-Weeks Ended 39-Weeks Ended October 28, October 29, October 28, October 29, Stock options — — 8,188 7,212 Restricted stock unit awards 3,390 1,469 81,905 110,990 Performance-based restricted stock unit awards — — 39,567 49,978 Deferred stock units 553 510 1,708 1,447 At October 28, 2023, the total compensation cost not yet recognized related to unvested restricted stock unit awards was $6.7 million and the weighted-average period over which such awards are expected to be recognized was 1.8 years. There were no unrecognized compensation costs related to unvested stock options at October 28, 2023. Details of stock options granted, exercise price per share and the weighted-average grant date fair value were as follows: 13-Weeks Ended 39-Weeks Ended October 28, October 29, October 28, October 29, Total stock options granted — — 8,188 7,212 Exercise price $ — $ — $ 58.38 $ 46.22 Fair value of stock options $ — $ — $ 26.87 $ 21.46 Under the Hibbett, Inc. Amended and Restated Non-Employee Director Equity Plan, 10,469 shares of our common stock were subject to awards granted during the 39-weeks ended October 28, 2023 and 6,388 shares of our common stock were awarded during the 39-weeks ended October 29, 2022. The number of shares purchased, the average price per share and the weighted-average grant date fair value of shares purchased through our employee stock purchase plan were as follows: 13-Weeks Ended 39-Weeks Ended October 28, October 29, October 28, October 29, Shares purchased 10,753 6,408 27,484 28,033 Average price per share $ 30.85 $ 38.11 $ 35.78 $ 49.30 Weighted-average fair value at grant date $ 9.43 $ 11.41 $ 13.55 $ 14.58 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Oct. 28, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The computation of basic earnings per share ("EPS") is based on the weighted-average number of common shares outstanding during the period. The computation of diluted EPS is based on the weighted-average number of shares outstanding plus the incremental shares that would be outstanding assuming exercise of dilutive stock options and issuance of restricted stock. The number of incremental shares is calculated by applying the treasury stock method. The following table sets forth the weighted-average number of common shares outstanding (in thousands): 13-Weeks Ended 39-Weeks Ended October 28, October 29, October 28, October 29, Weighted-average shares used in basic computations 12,224 12,837 12,554 13,004 Dilutive equity awards 184 365 226 354 Weighted-average shares used in diluted computations 12,408 13,202 12,780 13,358 For the 13-weeks ended October 28, 2023, we excluded 42,452 options from the computations of diluted weighted-average common shares or common stock equivalents outstanding because of their anti-dilutive effect. For the 13-weeks ended October 29, 2022, 21,819 options were excluded from the computation of diluted weighted-average common shares or common share equivalents outstanding because of their anti-dilutive effect. For the 13-weeks ended October 28, 2023 and October 29, 2022, we also excluded 56,354 and 72,472 unvested stock awards granted to certain employees from the computations of diluted weighted-average common shares and common share equivalents outstanding because they are subject to certain performance-based annual vesting conditions which had not been achieved by October 28, 2023 and October 29, 2022, respectively. Assuming the performance criteria had been achieved as of October 28, 2023, the incremental dilutive impact would have been 36,700 shares. There would have been 14,411 dilutive impact on shares assuming the performance criteria had been achieved as of October 29, 2022. |
Stock Repurchase Program
Stock Repurchase Program | 9 Months Ended |
Oct. 28, 2023 | |
Equity [Abstract] | |
Stock Repurchase Program | Stock Repurchase Program Our Board of Directors (the "Board") has authorized a stock repurchase program (the "Repurchase Program") since August 2004; replacing, amending, renewing and extending the Repurchase Program periodically. In the most recent amendment in May 2021, the Board authorized an expansion of the Repurchase Program by $500.0 million to a total of $800.0 million to repurchase our common stock through February 1, 2025. The Repurchase Program authorizes repurchases of our common stock in open market or negotiated transactions, with the amount and timing of repurchases dependent on market conditions and at the discretion of our management. In addition to the Repurchase Program, we also acquire shares of our common stock from holders of restricted stock unit awards to satisfy withholding tax requirements due at vesting. Neither excise taxes nor the cost of shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements reduces the authorized amount of repurchases under the Repurchase Program. The number of shares repurchased under the Repurchase Program and acquired from holders of restricted stock unit awards to satisfy tax withholding requirements were as follows (dollars in thousands): 13-Weeks Ended 39-Weeks Ended October 28, October 29, October 28, October 29, Common stock repurchased under the Repurchase Program 707,621 160,637 1,162,130 797,033 Aggregate cost of repurchases under the Repurchase Program $ 31,999 $ 9,049 $ 53,211 $ 38,458 Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements 373 208 47,550 46,201 Tax withholding requirement from holders of restricted stock unit awards $ 17 $ 12 $ 2,849 $ 2,081 Excise tax on stock repurchases $ 314 $ — $ 429 $ — |
Dividends
Dividends | 9 Months Ended |
Oct. 28, 2023 | |
Equity [Abstract] | |
Dividends | Dividends In June 2021, the Board instituted a recurring quarterly cash dividend. Since inception, our quarterly dividend has been $0.25 per share. Cash dividends paid were as follows: 13-Weeks Ended 39-Weeks Ended October 28, October 29, October 28, October 29, Cash dividends paid (in millions) $3.1 $3.2 $9.4 $9.7 Total paid per share during period $0.25 $0.25 $0.75 $0.75 Subsequently, on November 20, 2023, the Board declared a cash dividend of $0.25 per common share, payable on December 19, 2023, to stockholders of record at the close of business on December 7, 2023. The estimated aggregate payment is expected to be approximately $2.9 million. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 28, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings and Contingencies. From time to time, the Company is a party to various legal matters in the ordinary course of its business, including actions by employees, consumers, suppliers, government agencies or others. The Company has recorded accruals with respect to these matters, where appropriate, which are reflected in the Company's unaudited condensed consolidated financial statements. For some matters, a liability is not probable or the amount cannot be reasonably estimated and therefore an accrual has not been made. The Company believes that its pending legal matters, both individually and in the aggregate, will be resolved without a material adverse effect on the Company's consolidated financial statements as a whole. However, litigation and other legal matters involve an element of uncertainty. Adverse decisions and settlements, including any required changes to the Company's business, or other developments in such matters could affect our operating results in future periods or result in a liability or other amounts material to the Company's annual consolidated financial statements. No material amounts were accrued at October 28, 2023, January 28, 2023, or October 29, 2022 pertaining to legal proceedings or other contingencies. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 28, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our effective tax rate is based on expected annual income, statutory tax rates, and tax planning opportunities available in the various jurisdictions in which we operate. For interim financial reporting, we estimate the annual effective tax rate based on expected taxable income or loss for the full year and record a quarterly income tax provision (benefit) in accordance with the anticipated annual effective rate and adjust for discrete items. We update the estimates of the taxable income or loss throughout the year as new information becomes available, including year-to-date financial results. This process often results in a change to our expected effective tax rate for the year. When this occurs, we adjust the income tax provision (benefit) during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected annual effective tax rate. We apply the provisions of ASC Subtopic 740-10 in accounting for uncertainty in income taxes. We recognize a tax benefit associated with an uncertain tax position when, in our judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. At October 28, 2023, January 28, 2023, and October 29, 2022, the liability associated with unrecognized tax benefits was immaterial. We file income tax returns in U.S. federal and various state jurisdictions. Generally, we are not subject to changes in income taxes by the U.S. federal taxing jurisdiction for years prior to Fiscal 2020 or by most state taxing jurisdictions for years prior to Fiscal 2019. |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Oct. 28, 2023 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions Preferred Growth Properties, LLC ("PGP") The Company leases one store under a lease arrangement with PGP, a wholly owned subsidiary of Books-A-Million, Inc. ("BAMM"). One of our directors is an executive officer of BAMM. Minimum annual lease payments are $0.1 million, if not in co-tenancy, and the lease termination date is February 28, 2027. Minimum lease payments remaining under the lease at October 28, 2023 and October 29, 2022 were immaterial. T.I.G. Management, LLC ("TIG") TIG performs certain new store and store remodel construction for the Company and is 70% owned by a close relative of the Company's President and CEO. For the 13-weeks ended October 28, 2023 and October 29, 2022, payments to TIG for its services were $1.6 million and $3.1 million, respectively. For the 39-weeks ended October 28, 2023 and October 29, 2022, payments to TIG for its services were $4.7 million and $8.3 million, respectively. The amount outstanding to TIG, included in accounts payable on our unaudited condensed consolidated balance sheets at October 28, 2023, January 28, 2023, and October 29, 2022, was immaterial. Retail Security Gates, LLC ("RSG") RSG provides specially manufactured store front security gates used in certain of our store locations and is 50% owned by a close relative of the Company's President and CEO. For the 13-weeks ended October 28, 2023 and October 29, 2022, payments to RSG were $0.1 million and $0.3 million, respectively. For the 39-weeks ended October 28, 2023 and October 29, 2022, payments to RSG were $0.5 million and $0.8 million, respectively. The amount outstanding to RSG, included in accounts payable on our unaudited condensed consolidated balance sheets at October 28, 2023, January 28, 2023 and October 29, 2022, was immaterial. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) Attributable to Parent | $ 25,497 | $ 25,573 | $ 72,274 | $ 89,633 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Oct. 28, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation and Cri_2
Basis of Presentation and Critical Accounting Policies (Policies) | 9 Months Ended |
Oct. 28, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Property and Equipment | Property and Equipment |
Revenue Recognition | Revenue Recognition We recognize revenue in accordance with Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers, when control of the merchandise is transferred to our customer at delivery. Sales are recorded net of expected returns at the time the customer takes possession of the merchandise. Net sales exclude sales taxes because we are a pass-through conduit for collecting and remitting these taxes. Gift Cards and Customer Orders: The net deferred revenue liability for gift cards and customer orders at October 28, 2023, January 28, 2023, and October 29, 2022 was $10.3 million, $9.8 million, and $9.9 million, respectively, recognized in accounts payable on our unaudited condensed consolidated balance sheets. During the 13-weeks and 39-weeks ended October 28, 2023 and October 29, 2022, gift card deferred revenue realized from prior periods was immaterial. Loyalty Program |
Indefinite-Lived Intangible Assets | Indefinite-Lived Intangible Assets |
Recent Accounting Pronouncements | Standards that were adopted None. Standards that are not yet adopted In November 2023, the Financial Accounting Standards Board issued ASU 2023-07, Segment Reporting (Topic 280 ). This update provides, among other things, enhanced segment disclosure requirements including disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We will adopt ASU 2023-07 upon the effective date and do not expect its adoption to have a material impact on our financial position, results of operations or cash flows. We continuously monitor and review all current accounting pronouncements and standards from the Financial Accounting Standards Board of U.S. GAAP for applicability to our operations and financial reporting. As of October 28, 2023, there were no new pronouncements or interpretations that had or were expected to have a significant impact on our financial reporting. |
Basis of Presentation and Cri_3
Basis of Presentation and Critical Accounting Policies (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Property and Equipment | Property and equipment consist of the following (in thousands): October 28, January 28, October 29, Land $ 7,277 $ 7,277 $ 7,277 Buildings 22,643 22,529 22,395 Equipment 138,861 134,304 128,537 Furniture and fixtures 70,043 67,522 66,564 Leasehold improvements 191,285 170,773 162,747 Construction in progress 5,492 5,501 7,579 Total property and equipment 435,601 407,906 395,099 Less: accumulated depreciation and amortization 262,900 238,430 229,903 Total property and equipment, net $ 172,701 $ 169,476 $ 165,196 |
Schedule of Revenue Recognition | Revenues disaggregated by major product categories are as follows (in thousands): 13-Weeks Ended 39-Weeks Ended October 28, October 29, October 28, October 29, Footwear $ 306,868 $ 294,133 $ 884,230 $ 818,706 Apparel 72,277 93,125 231,177 298,405 Equipment 52,778 45,906 146,890 132,910 Total $ 431,923 $ 433,164 $ 1,262,297 $ 1,250,021 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Leases [Abstract] | |
Schedule of Lease Cost | Lease costs are as follows (in thousands): 13-Weeks Ended 39-Weeks Ended October 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Operating lease cost $ 20,479 $ 19,285 $ 60,737 $ 56,606 Finance lease cost: Amortization of assets 271 235 791 716 Interest on lease liabilities 25 27 79 84 Variable lease cost 4,862 4,771 14,554 13,536 $ 25,637 $ 24,318 $ 76,161 $ 70,942 |
Schedule of Supplemental Information Related to Leases | The following table provides ROU assets obtained in exchange for lease obligations (in thousands): 39-Weeks Ended October 28, 2023 October 29, 2022 ROU assets obtained in exchange for lease obligations, net: Operating leases $ 69,507 $ 73,797 Finance leases $ 718 $ 571 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | Activity against our credit facilities during the periods indicated are as follows (dollars in millions): October 28, 2023 January 28, 2023 October 29, 2022 13-Weeks Ended 39-Weeks Ended 52-Weeks Ended 13-Weeks Ended 39-Weeks Ended Number of days borrowings incurred 91 273 307 91 236 Average borrowings $71.2 $95.2 $40.8 $50.6 $39.3 Maximum borrowings $110.2 $134.1 $110.5 $94.8 $110.0 Average interest rate 6.62% 6.26% 3.21% 3.57% 2.54% |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Compensation Costs | The stock-based compensation costs that have been charged against income were as follows (in thousands): 13-Weeks Ended 39-Weeks Ended October 28, October 29, October 28, October 29, Stock-based compensation expense by type: Stock options $ — $ — $ 220 $ 155 Restricted stock units 1,112 1,269 4,033 4,881 Employee stock purchases 92 69 280 304 Director deferred compensation 26 26 79 67 Total stock-based compensation expense 1,230 1,364 4,612 5,407 Income tax benefit recognized 245 321 1,022 1,247 Stock-based compensation expense, net of income tax $ 985 $ 1,043 $ 3,590 $ 4,160 |
Schedule of Equity Awards Granted | We granted the following equity awards: 13-Weeks Ended 39-Weeks Ended October 28, October 29, October 28, October 29, Stock options — — 8,188 7,212 Restricted stock unit awards 3,390 1,469 81,905 110,990 Performance-based restricted stock unit awards — — 39,567 49,978 Deferred stock units 553 510 1,708 1,447 |
Schedule of Stock Options Granted, Exercise Price Per Share and Weighted-average Grant Date Fair Value | Details of stock options granted, exercise price per share and the weighted-average grant date fair value were as follows: 13-Weeks Ended 39-Weeks Ended October 28, October 29, October 28, October 29, Total stock options granted — — 8,188 7,212 Exercise price $ — $ — $ 58.38 $ 46.22 Fair value of stock options $ — $ — $ 26.87 $ 21.46 |
Schedule of Shares Purchased | The number of shares purchased, the average price per share and the weighted-average grant date fair value of shares purchased through our employee stock purchase plan were as follows: 13-Weeks Ended 39-Weeks Ended October 28, October 29, October 28, October 29, Shares purchased 10,753 6,408 27,484 28,033 Average price per share $ 30.85 $ 38.11 $ 35.78 $ 49.30 Weighted-average fair value at grant date $ 9.43 $ 11.41 $ 13.55 $ 14.58 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares | The following table sets forth the weighted-average number of common shares outstanding (in thousands): 13-Weeks Ended 39-Weeks Ended October 28, October 29, October 28, October 29, Weighted-average shares used in basic computations 12,224 12,837 12,554 13,004 Dilutive equity awards 184 365 226 354 Weighted-average shares used in diluted computations 12,408 13,202 12,780 13,358 |
Stock Repurchase Program (Table
Stock Repurchase Program (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Equity [Abstract] | |
Schedule of Shares Repurchased | The number of shares repurchased under the Repurchase Program and acquired from holders of restricted stock unit awards to satisfy tax withholding requirements were as follows (dollars in thousands): 13-Weeks Ended 39-Weeks Ended October 28, October 29, October 28, October 29, Common stock repurchased under the Repurchase Program 707,621 160,637 1,162,130 797,033 Aggregate cost of repurchases under the Repurchase Program $ 31,999 $ 9,049 $ 53,211 $ 38,458 Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements 373 208 47,550 46,201 Tax withholding requirement from holders of restricted stock unit awards $ 17 $ 12 $ 2,849 $ 2,081 Excise tax on stock repurchases $ 314 $ — $ 429 $ — |
Dividends (Tables)
Dividends (Tables) | 9 Months Ended |
Oct. 28, 2023 | |
Equity [Abstract] | |
Schedule of Number of Declarations and Cash Dividends Paid | Cash dividends paid were as follows: 13-Weeks Ended 39-Weeks Ended October 28, October 29, October 28, October 29, Cash dividends paid (in millions) $3.1 $3.2 $9.4 $9.7 Total paid per share during period $0.25 $0.25 $0.75 $0.75 |
Basis of Presentation and Cri_4
Basis of Presentation and Critical Accounting Policies -Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Oct. 28, 2023 | Jan. 28, 2023 | Oct. 29, 2022 |
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 435,601 | $ 407,906 | $ 395,099 |
Less: accumulated depreciation and amortization | 262,900 | 238,430 | 229,903 |
Total property and equipment, net | 172,701 | 169,476 | 165,196 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 7,277 | 7,277 | 7,277 |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 22,643 | 22,529 | 22,395 |
Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 138,861 | 134,304 | 128,537 |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 70,043 | 67,522 | 66,564 |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 191,285 | 170,773 | 162,747 |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 5,492 | $ 5,501 | $ 7,579 |
Basis of Presentation and Cri_5
Basis of Presentation and Critical Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | Jan. 28, 2023 | |
Disaggregation of Revenue [Line Items] | |||||
Liability included in other accrued expenses | $ 4,100,000 | $ 3,800,000 | $ 4,100,000 | $ 3,800,000 | $ 4,100,000 |
Intangible asset impairment | 0 | 0 | 0 | 0 | |
Gift cards, customer orders and layaways | |||||
Disaggregation of Revenue [Line Items] | |||||
Net deferred revenue liability | $ 10,300,000 | $ 9,900,000 | $ 10,300,000 | $ 9,900,000 | $ 9,800,000 |
Basis of Presentation and Cri_6
Basis of Presentation and Critical Accounting Policies - Schedule of Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 431,923 | $ 433,164 | $ 1,262,297 | $ 1,250,021 |
Footwear | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 306,868 | 294,133 | 884,230 | 818,706 |
Apparel | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 72,277 | 93,125 | 231,177 | 298,405 |
Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 52,778 | $ 45,906 | $ 146,890 | $ 132,910 |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Leases [Abstract] | ||||
Operating lease cost | $ 20,479 | $ 19,285 | $ 60,737 | $ 56,606 |
Finance lease cost: | ||||
Amortization of assets | 271 | 235 | 791 | 716 |
Interest on lease liabilities | 25 | 27 | 79 | 84 |
Variable lease cost | 4,862 | 4,771 | 14,554 | 13,536 |
Lease cost | $ 25,637 | $ 24,318 | $ 76,161 | $ 70,942 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | Oct. 28, 2023 | Jan. 28, 2023 | Oct. 29, 2022 |
Leases [Abstract] | |||
Accumulated amortization | $ 4.1 | $ 3.3 | $ 3.1 |
Lease not yet commenced, amount | $ 5.5 |
Leases - Schedule of ROU Assets
Leases - Schedule of ROU Assets Obtained in Exchange for Lease Obligations (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 28, 2023 | Oct. 29, 2022 | |
ROU assets obtained in exchange for lease obligations, net: | ||
Operating leases | $ 69,507 | $ 73,797 |
Finance leases | $ 718 | $ 571 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | Feb. 28, 2023 | Apr. 07, 2022 | Jul. 09, 2021 | Oct. 28, 2023 | Jan. 28, 2023 | Oct. 29, 2022 |
Line of Credit Facility [Line Items] | ||||||
Net borrowings under credit facility | $ 96,916,000 | $ 36,264,000 | $ 51,657,000 | |||
2021 Credit Facility | Revolving Credit Facility | Unsecured Debt | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 125,000,000 | $ 100,000,000 | ||||
Advance limitation, percentage | 55% | |||||
Leverage ratio | 3.5 | |||||
Fixed coverage charge | 1.2 | |||||
2021 Credit Facility | Revolving Credit Facility | Unsecured Debt | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Annual commitment fee | 0.0015 | |||||
2021 Credit Facility | Revolving Credit Facility | Unsecured Debt | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Annual commitment fee | 0.0020 | |||||
2021 Credit Facility | Revolving Credit Facility | Unsecured Debt | London Interbank Offered Rate (LIBOR) | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1% | |||||
2021 Credit Facility | Revolving Credit Facility | Unsecured Debt | London Interbank Offered Rate (LIBOR) | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1.80% | |||||
2021 Credit Facility | Revolving Credit Facility | Unsecured Debt | Bloomberg Short-Term Bank Yield (BSBY) | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1% | |||||
2021 Credit Facility | Revolving Credit Facility | Unsecured Debt | Bloomberg Short-Term Bank Yield (BSBY) | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1.80% | |||||
2023 Credit Facility | Revolving Credit Facility | Unsecured Debt | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 160,000,000 | |||||
Increase in aggregate principal amount | 35,000,000 | |||||
Line of credit facility increase in principal amount | $ 50,000,000 | |||||
Advance limitation, percentage | 55% | |||||
Leverage ratio | 3.5 | |||||
Fixed coverage charge | 1.2 | |||||
Net borrowings under credit facility | 96,900,000 | |||||
Remaining borrowing capacity | $ 63,100,000 | |||||
2023 Credit Facility | Revolving Credit Facility | Unsecured Debt | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Annual commitment fee | 0.00125 | |||||
2023 Credit Facility | Revolving Credit Facility | Unsecured Debt | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Annual commitment fee | 0.0025 | |||||
2023 Credit Facility | Revolving Credit Facility | Unsecured Debt | Bloomberg Short-Term Bank Yield (BSBY) | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1% | |||||
2023 Credit Facility | Revolving Credit Facility | Unsecured Debt | Bloomberg Short-Term Bank Yield (BSBY) | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 2% | |||||
2023 Credit Facility | Letter of Credit | Unsecured Debt | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 25,000,000 | |||||
2023 Credit Facility | Bridge Loan | Unsecured Debt | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 25,000,000 |
Debt - Schedule of Line of Cred
Debt - Schedule of Line of Credit Facilities (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Oct. 28, 2023 USD ($) day | Oct. 29, 2022 USD ($) day | Oct. 28, 2023 USD ($) day | Oct. 29, 2022 USD ($) day | Jan. 28, 2023 USD ($) day | |
Debt Disclosure [Abstract] | |||||
Number of days borrowings incurred | day | 91 | 91 | 273 | 236 | 307 |
Average borrowings | $ 71.2 | $ 50.6 | $ 95.2 | $ 39.3 | $ 40.8 |
Maximum borrowings | $ 110.2 | $ 94.8 | $ 134.1 | $ 110 | $ 110.5 |
Average interest rate | 6.62% | 3.57% | 6.26% | 2.54% | 3.21% |
Stock-based Compensation -Sched
Stock-based Compensation -Schedule of Components of Compensation Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||||
Stock options | $ 0 | $ 0 | $ 220 | $ 155 |
Restricted stock units | 1,112 | 1,269 | 4,033 | 4,881 |
Employee stock purchases | 92 | 69 | 280 | 304 |
Director deferred compensation | 26 | 26 | 79 | 67 |
Total stock-based compensation expense | 1,230 | 1,364 | 4,612 | 5,407 |
Income tax benefit recognized | 245 | 321 | 1,022 | 1,247 |
Stock-based compensation expense, net of income tax | $ 985 | $ 1,043 | $ 3,590 | $ 4,160 |
Stock-Based Compensation -Sch_2
Stock-Based Compensation -Schedule of Equity Awards Granted (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options (in shares) | 0 | 0 | 8,188 | 7,212 |
Restricted stock unit awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock unit awards / performance-based restricted stock unit awards (in shares) | 3,390 | 1,469 | 81,905 | 110,990 |
Performance-based restricted stock unit awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock unit awards / performance-based restricted stock unit awards (in shares) | 0 | 0 | 39,567 | 49,978 |
Deferred stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Deferred stock units (in shares) | 553 | 510 | 1,708 | 1,447 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 9 Months Ended | |
Oct. 28, 2023 | Oct. 29, 2022 | |
Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares issued (in shares) | 10,469 | 6,388 |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation costs not yet recognized | $ 6,700,000 | |
Weighted-average period for recognition | 1 year 9 months 18 days | |
Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation costs not yet recognized | $ 0 |
Stock-Based Compensation -Sch_3
Stock-Based Compensation -Schedule of Stock Options Granted, Exercise Price Per Share and Weighted-average Grant Date Fair Value (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock options granted (in shares) | 0 | 0 | 8,188 | 7,212 |
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock options granted (in shares) | 0 | 0 | 8,188 | 7,212 |
Exercise price (in dollars per share) | $ 0 | $ 0 | $ 58.38 | $ 46.22 |
Fair value of stock options (in dollars per share) | $ 0 | $ 0 | $ 26.87 | $ 21.46 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Shares Purchased (Details) - Employee Stock - Employee Stock Purchase Plan - $ / shares | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares purchased (in shares) | 10,753 | 6,408 | 27,484 | 28,033 |
Average price per share (in dollars per share) | $ 30.85 | $ 38.11 | $ 35.78 | $ 49.30 |
Weighted-average fair value at grant date (in dollars per share) | $ 9.43 | $ 11.41 | $ 13.55 | $ 14.58 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted-average shares used in basic computations (in shares) | 12,224,000 | 12,837,000 | 12,554,000 | 13,004,000 |
Dilutive equity awards (in shares) | 184,000 | 365,000 | 226,000 | 354,000 |
Weighted-average shares used in diluted computations (in shares) | 12,408,000 | 13,202,000 | 12,780,000 | 13,358,000 |
Employee Stock Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded in computation of earnings per share (in shares) | 42,452 | 21,819 | ||
Performance-based restricted stock unit awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded in computation of earnings per share (in shares) | 56,354 | 72,472 | ||
Incremental common shares (in shares) | 36,700 | 14,411 |
Stock Repurchase Program - Addi
Stock Repurchase Program - Additional Information (Details) - Repurchase Program - USD ($) | Oct. 28, 2023 | May 31, 2021 |
Equity, Class of Treasury Stock [Line Items] | ||
Additional authorized amount | $ 500,000,000 | |
Authorized repurchased amount | $ 800,000,000 | |
Remaining authorized repurchase amount | $ 276,900,000 |
Stock Repurchase Program - Sche
Stock Repurchase Program - Schedule of Shares Repurchased (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Aggregate cost of repurchases under the Repurchase Program | $ 31,999 | $ 9,049 | $ 53,212 | $ 38,458 |
Excise tax on stock repurchases | $ 314 | $ 429 | ||
Repurchase Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Common stock repurchased under the Repurchase Program (in shares) | 707,621 | 160,637 | 1,162,130 | 797,033 |
Aggregate cost of repurchases under the Repurchase Program | $ 31,999 | $ 9,049 | $ 53,211 | $ 38,458 |
Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements (in shares) | 373 | 208 | 47,550 | 46,201 |
Tax withholding requirement from holders of restricted stock unit awards | $ 17 | $ 12 | $ 2,849 | $ 2,081 |
Excise tax on stock repurchases | $ 314 | $ 0 | $ 429 | $ 0 |
Dividends - Additional Informat
Dividends - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Nov. 20, 2023 | Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Class of Stock [Line Items] | |||||
Cash dividends paid per share (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.75 | ||
Cash dividends declared per share (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.75 | $ 0.75 | |
Cash dividends declared | $ 3,091 | $ 3,202 | $ 9,435 | $ 9,707 | |
Subsequent Event | |||||
Class of Stock [Line Items] | |||||
Cash dividends declared per share (in dollars per share) | $ 0.25 | ||||
Cash dividends declared | $ 2,900 |
Dividends - Schedule of Number
Dividends - Schedule of Number of Declarations and Cash Dividends Paid (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 | Oct. 29, 2022 | Oct. 28, 2023 | Oct. 29, 2022 | |
Equity [Abstract] | ||||
Cash dividends paid | $ 3,100 | $ 3,200 | $ 9,427 | $ 9,699 |
Dividends paid (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.75 |
Related-Party Transactions (Det
Related-Party Transactions (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2023 USD ($) store | Oct. 29, 2022 USD ($) | Oct. 28, 2023 USD ($) store | Oct. 29, 2022 USD ($) | |
T.I.G. Management, LLC | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage | 70% | 70% | ||
Retail Security Gates, LLC | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage | 50% | 50% | ||
Lease Arrangement with PGP | ||||
Related Party Transaction [Line Items] | ||||
Number of store leases under lease arrangement | store | 1 | 1 | ||
Minimum annual lease payments | $ 0.1 | |||
New Store and Remodel Construction | ||||
Related Party Transaction [Line Items] | ||||
Payments to related party | $ 1.6 | $ 3.1 | 4.7 | $ 8.3 |
Store Front Security Gates | ||||
Related Party Transaction [Line Items] | ||||
Payments to related party | $ 0.1 | $ 0.3 | $ 0.5 | $ 0.8 |