Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Mar. 21, 2024 | Jul. 29, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Feb. 03, 2024 | ||
Current Fiscal Year End Date | --02-03 | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 467.1 | ||
Entity Common Stock, Shares Outstanding | 11,796,675 | ||
Documents Incorporated by Reference | Portions of the Registrant’s Proxy Statement for the 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2024 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001017480 |
Audit Information
Audit Information | 12 Months Ended |
Feb. 03, 2024 | |
Audit Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | Birmingham, Alabama |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 03, 2024 | Jan. 28, 2023 |
Current Assets: | ||
Cash and cash equivalents | $ 21,230 | $ 16,015 |
Receivables, net | 16,743 | 12,850 |
Inventories, net | 344,294 | 420,839 |
Prepaid expenses | 15,358 | 16,089 |
Other current assets | 9,090 | 7,262 |
Total current assets | 406,715 | 473,055 |
Property and equipment, net | 183,949 | 169,476 |
Operating right-of-use assets | 280,755 | 263,391 |
Finance right-of-use assets, net | 1,837 | 2,279 |
Tradename intangible asset | 23,500 | 23,500 |
Deferred income taxes, net | 3,024 | 3,025 |
Other assets, net | 9,442 | 4,434 |
Total Assets | 909,222 | 939,160 |
Current Liabilities: | ||
Accounts payable | 96,431 | 190,648 |
Operating lease obligations | 71,448 | 72,544 |
Credit facility | 45,296 | 36,264 |
Finance lease obligations | 538 | 1,132 |
Accrued payroll expenses | 8,488 | 11,361 |
Other accrued expenses | 14,013 | 15,803 |
Total current liabilities | 236,214 | 327,752 |
Operating lease obligations | 245,649 | 229,388 |
Finance lease obligations | 1,423 | 1,305 |
Unrecognized tax benefits | 213 | 368 |
Other liabilities | 6,698 | 4,116 |
Total liabilities | 490,197 | 562,929 |
Stockholders’ Investment: | ||
Preferred stock, $0.01 par value, 1,000,000 shares authorized, no shares issued | 0 | 0 |
Common stock, $0.01 par value, 160,000,000 shares authorized at February 3, 2024 and January 28, 2023; 40,170,315 and 39,916,593 shares issued at February 3, 2024 and January 28, 2023, respectively | 402 | 399 |
Paid-in capital | 221,668 | 213,182 |
Retained earnings | 1,228,257 | 1,137,481 |
Treasury stock, at cost, 28,376,218 and 27,166,538 shares repurchased at February 3, 2024 and January 28, 2023, respectively | (1,031,302) | (974,831) |
Total stockholders’ investment | 419,025 | 376,231 |
Total Liabilities and Stockholders’ Investment | $ 909,222 | $ 939,160 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Feb. 03, 2024 | Jan. 28, 2023 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 160,000,000 | 160,000,000 |
Common stock, issued (in shares) | 40,170,315 | 39,916,593 |
Treasury stock (in shares) | 28,376,218 | 27,166,538 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Income Statement [Abstract] | |||
Net sales | $ 1,728,887 | $ 1,708,316 | $ 1,691,184 |
Cost of goods sold | 1,145,184 | 1,106,415 | 1,044,777 |
Gross margin | 583,703 | 601,901 | 646,407 |
Store operating, selling and administrative expenses | 397,674 | 389,563 | 382,414 |
Depreciation and amortization | 49,008 | 43,919 | 35,827 |
Operating income | 137,021 | 168,419 | 228,166 |
Interest income | 364 | 124 | 43 |
Interest expense | (5,736) | (1,579) | (317) |
Interest income (expense), net | (5,372) | (1,455) | (274) |
Income before provision for income taxes | 131,649 | 166,964 | 227,892 |
Provision for income taxes | 28,491 | 38,907 | 53,579 |
Net income | $ 103,158 | $ 128,057 | $ 174,313 |
Basic earnings per share (in dollars per share) | $ 8.34 | $ 9.89 | $ 11.63 |
Diluted earnings per share (in dollars per share) | $ 8.17 | $ 9.62 | $ 11.19 |
Weighted average shares outstanding: | |||
Basic (in shares) | 12,364 | 12,951 | 14,993 |
Diluted (in shares) | 12,633 | 13,315 | 15,582 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Cash Flows From Operating Activities: | |||
Net income | $ 103,158 | $ 128,057 | $ 174,313 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 49,008 | 43,919 | 35,827 |
Contingent earnout, net | 0 | 0 | (13,761) |
Impairment charges | 1,521 | 617 | 2,915 |
Deferred income taxes and unrecognized income tax benefit, net | 2,490 | 6,146 | 7,259 |
Gain on disposal of assets, net | (1,441) | (505) | (1,501) |
Stock-based compensation | 5,709 | 6,811 | 5,540 |
Changes in operating assets and liabilities: | |||
Receivables, net | (5,722) | 7,103 | (1,694) |
Inventories, net | 76,545 | (199,619) | (19,181) |
Prepaid expenses and other assets | (6,729) | (3,279) | (986) |
Accounts payable | (101,017) | 100,925 | (25,580) |
Accrued expenses and other | (4,823) | (13,132) | (3,663) |
Net cash provided by operating activities | 118,699 | 77,043 | 159,488 |
Cash Flows From Investing Activities: | |||
Capital expenditures | (57,886) | (62,828) | (71,153) |
Proceeds from sale of property and equipment | 2,363 | 337 | 1,147 |
Other | 153 | (679) | (155) |
Net cash used in investing activities | (55,370) | (63,170) | (70,161) |
Cash Flows From Financing Activities: | |||
Proceeds under credit facilities | 913,965 | 982,968 | 38,259 |
Repayments under credit facilities | (904,933) | (946,704) | (38,259) |
Stock repurchases | (53,211) | (38,458) | (267,826) |
Payment of cash dividends | (12,370) | (12,881) | (10,939) |
Payment of contingent earnout | 0 | 0 | (1,239) |
Payments of finance lease obligations | (1,084) | (1,036) | (960) |
Settlement of net share equity awards | (2,849) | (2,446) | (3,257) |
Proceeds from options exercised and purchase of shares under the employee stock purchase plan | 2,779 | 3,645 | 2,658 |
Excise tax on stock repurchases | (411) | 0 | 0 |
Net cash used in financing activities | (58,114) | (14,912) | (281,563) |
Net increase (decrease) in cash and cash equivalents | 5,215 | (1,039) | (192,236) |
Cash and cash equivalents, beginning of year | 16,015 | 17,054 | 209,290 |
Cash and cash equivalents, end of year | 21,230 | 16,015 | 17,054 |
Supplemental Disclosures of Cash Flow Information: | |||
Interest | 5,319 | 1,532 | 243 |
Income taxes, net of refunds | 28,207 | 26,414 | 52,899 |
Operating cash flows from operating leases | 88,762 | 83,073 | 76,400 |
Operating cash flows from finance leases | 102 | 116 | 136 |
Financing cash flows from finance leases | 1,084 | 1,036 | 960 |
Supplemental Schedule of Non-Cash Activities: | |||
Non-cash accruals for capital expenditures | 6,799 | 4,075 | 4,012 |
Operating leases obtained in exchange for lease liabilities, net | 96,674 | 87,717 | 91,325 |
Finance leases obtained in exchange for lease liabilities, net | $ 718 | $ 1,086 | $ (407) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders’ Investment - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance - beginning of period (in shares) | 39,916,593 | ||
Balance-beginning of period | $ 376,231 | $ 291,515 | $ 391,036 |
Balance - beginning of period (in shares) | 27,166,538 | ||
Net income | $ 103,158 | 128,057 | 174,313 |
Issuance of shares through the Company’s equity plans | 2,779 | 3,645 | 2,658 |
Declaration of dividends ($0.25 per common share) | (12,382) | (12,893) | (10,949) |
Purchase of shares under the stock repurchase program | (53,211) | (38,458) | (267,826) |
Settlement of net share equity awards | (2,849) | (2,446) | (3,257) |
Excise tax on stock repurchases | (411) | ||
Stock-based compensation | $ 5,709 | $ 6,811 | 5,540 |
Balance - ending of period (in shares) | 40,170,315 | 39,916,593 | |
Balance-end of period | $ 419,025 | $ 376,231 | $ 291,515 |
Balance - end of period (in shares) | 28,376,218 | 27,166,538 | |
Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance - beginning of period (in shares) | 39,917,000 | 39,611,000 | 39,380,000 |
Balance-beginning of period | $ 399 | $ 396 | $ 394 |
Issuance of shares through the Company’s equity plans (in shares) | 254,000 | 306,000 | 231,000 |
Issuance of shares through the Company’s equity plans | $ 3 | $ 3 | $ 2 |
Balance - ending of period (in shares) | 40,170,000 | 39,917,000 | 39,611,000 |
Balance-end of period | $ 402 | $ 399 | $ 396 |
Paid-In Capital | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance-beginning of period | 213,182 | 202,729 | 194,534 |
Issuance of shares through the Company’s equity plans | 2,776 | 3,642 | 2,656 |
Stock-based compensation | 5,709 | 6,811 | 5,540 |
Balance-end of period | 221,668 | 213,182 | 202,729 |
Retained Earnings | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance-beginning of period | 1,137,481 | 1,022,317 | 858,951 |
Net income | 103,158 | 128,057 | 174,313 |
Declaration of dividends ($0.25 per common share) | (12,382) | (12,893) | (10,949) |
Balance-end of period | 1,228,257 | 1,137,481 | 1,022,317 |
Treasury Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance-beginning of period | $ (974,831) | $ (933,927) | $ (662,843) |
Balance - beginning of period (in shares) | 27,167,000 | 26,318,000 | 22,901,000 |
Purchase of shares under the stock repurchase program (in shares) | 1,162,000 | 797,000 | 3,371,000 |
Purchase of shares under the stock repurchase program | $ (53,211) | $ (38,458) | $ (267,826) |
Settlement of net share equity awards (in shares) | 48,000 | 52,000 | 46,000 |
Settlement of net share equity awards | $ (2,849) | $ (2,446) | $ (3,257) |
Excise tax on stock repurchases | (411) | ||
Balance-end of period | $ (1,031,302) | $ (974,831) | $ (933,927) |
Balance - end of period (in shares) | 28,376,000 | 27,167,000 | 26,318,000 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders’ Investment (Parenthetical) - $ / shares | 3 Months Ended | |||||||||||
Feb. 03, 2024 | Oct. 28, 2023 | Jul. 29, 2023 | Apr. 29, 2023 | Jan. 28, 2023 | Oct. 29, 2022 | Jul. 30, 2022 | Apr. 30, 2022 | Jan. 29, 2022 | Oct. 30, 2021 | Jul. 31, 2021 | May 01, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||||||||||
Declaration of dividends (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Critical and Significant Accounting Policies | 12 Months Ended |
Feb. 03, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Critical and Significant Accounting Policies | BASIS OF PRESENTATION AND SUMMARY OF CRITICAL AND SIGNIFICANT ACCOUNTING POLICIES Business Hibbett, Inc. is a leading athletic-inspired fashion retailer with an omni-channel platform and over 1,150 stores under the Hibbett, City Gear and Sports Additions banners, primarily located in underserved communities. References to “we,” “our,” “us,” “Hibbett” and the “Company” refer to Hibbett, Inc. and its subsidiaries as well as its predecessors. Our fiscal year ends on the Saturday closest to January 31 of each year. The consolidated statements of operations for Fiscal 2024 includes 53-weeks of operations, while Fiscal 2023 and Fiscal 2022 both include 52-weeks of operations. Our merchandise assortment features a core selection of brand name merchandise emphasizing athletic footwear, athletic and fashion apparel, related accessories and team sports equipment. We complement this core assortment with a selection of localized footwear, apparel and accessories designed to appeal to customers within each community we serve. Principles of Consolidation The consolidated financial statements of our Company include its accounts and the accounts of all wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Occasionally, certain reclassifications are made to conform previously reported data to the current presentation. Such reclassifications have no impact on total assets, total liabilities, net income or stockholders’ investment in any of the years presented. Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (U.S. GAAP) requires management to make certain estimates and assumptions that affect the reported amount of assets and liabilities, revenues and expenses, and the disclosure of intangible assets and contingent liabilities at the date of the financial statements. We believe our estimates are reasonable; however, the assumptions used by management could change significantly in future estimates due to changes in circumstances and actual results could differ materially from those estimates. Reportable Segments We identify our operating segments according to how our business activities are managed and evaluated by our chief executive officer, who is our chief operating decision maker. Our shopping channels primarily include store locations, website and mobile apps. Store sales are primarily filled from the store’s inventory but may also be shipped from a different store location or our logistics network if an item is not available at the original store. Direct-to-consumer orders are generally shipped to our customers from a store, our logistics network or some combination thereof, depending on the availability of the desired item. Given the economic similarity of the store formats, the products offered for sale, the type of customers, the methods of distribution and how our Company is managed, our operations constitute only one reportable segment. Vendor Arrangements We enter into arrangements with some of our vendors that entitle us to a partial refund of the cost of merchandise purchased during the year or reimbursement of certain costs we incur to advertise or otherwise promote their product. Volume-based rebates, supported by vendor agreements, are estimated throughout the year and reduce the cost of inventories and cost of goods sold during the year. This estimate is regularly monitored and adjusted for sales activity and current or anticipated changes in purchase levels. We also receive consideration from vendors through a variety of other programs, including markdown reimbursements, vendor compliance charges and defective merchandise credits. If the payment is a reimbursement for costs incurred, it is recognized as an offset against those related costs; otherwise, it is treated as a reduction to the cost of merchandise. Markdown reimbursements related to sold merchandise are negotiated by our merchandising teams and are credited directly to cost of goods sold in the period received. If vendor funds are received prior to merchandise being sold, they are recorded as a reduction of merchandise cost. Vendor compliance charges and defective merchandise credits reduce the cost of inventories. Marketing We expense marketing costs when incurred. We participate in various marketing cooperative programs with our vendors, who, under these programs, reimburse us for certain costs incurred. The following table presents the components of our marketing expense (in thousands): Fiscal Year Ended February 3, January 28, January 29, Gross marketing costs $ 32,424 $ 36,525 $ 32,964 Marketing reimbursements (6,985) (6,892) (4,525) Net marketing costs $ 25,439 $ 29,633 $ 28,439 Cost of Goods Sold We include merchandise costs, store occupancy costs, logistics-related occupancy and operating costs, and ship-to-home freight in cost of goods sold. Cash and Cash Equivalents We consider all short-term, highly liquid investments with original maturities of 90 days or less, including commercial paper and money market funds, to be cash equivalents. Amounts due from third-party credit card processors for the settlement of debit and credit card transactions are included as cash equivalents as they are generally collected within three Inventories Inventories are valued using the lower of weighted average cost or net realizable value method. Items are removed from inventory using the weighted average cost method. Lower of Cost and Net Realizable Value: We regularly review inventories to determine if the carrying value exceeds net realizable value, and we record an accrual to reduce the carrying value to net realizable value as necessary. We account for obsolescence as part of our lower of cost and net realizable value accrual based on historical trends and specific identification. As of February 3, 2024 and January 28, 2023, the accrual was $5.6 million and $5.6 million, respectively. A determination of net realizable value requires significant judgment. Shrink Reserves: We accrue for inventory shrinkage based on the actual historical results of our physical inventory counts. These estimates are compared to actual results as physical inventory counts are performed and reconciled to the general ledger. Physical inventory counts are performed on a cyclical basis. As of February 3, 2024 and January 28, 2023, the accrual was $1.0 million and $0.7 million, respectively. Inventory Purchase Concentration: Our business is dependent to a significant degree upon close relationships with our vendors. Our largest vendor, Nike, represented 73.7%, 69.9%, and 61.0% of our purchases for Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively. 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 consists of the following (in thousands): Estimated Service Lives February 3, January 28, Land $ 7,289 $ 7,277 Buildings 39 years 22,760 22,529 Equipment 3 – 7 years 141,989 134,304 Furniture and fixtures 7 years 72,460 67,522 Leasehold improvements 3 – 10 years 205,568 170,773 Construction in progress 6,089 5,501 Total property and equipment 456,155 407,906 Less: accumulated depreciation and amortization 272,206 238,430 Total property and equipment, net $ 183,949 $ 169,476 Depreciation on property and equipment utilizes the straight-line method generally over the above estimated service lives. For leasehold improvements, we calculate depreciation using the shorter of the term of the underlying leases or the estimated economic lives of the improvements. The term of the lease includes option periods when exercise of the option is reasonably certain. We continually reassess the remaining useful life of leasehold improvements in light of store closing plans. Construction in progress has historically been comprised primarily of property and equipment related to unopened stores and amounts associated with technology upgrades. Maintenance and repairs are charged to expense as incurred. The cost and accumulated depreciation of assets sold, retired or otherwise disposed of are removed from property and equipment and the related gain or loss is credited or charged to net income, net of proceeds received. Capitalized Cloud-Based Software Costs In accordance with ASC 350-40, Intangibles - Goodwill and Other - Internal-Use Software, we capitalize eligible costs related to the implementation of cloud-based software as a prepaid asset and amortize the balance beginning at the implementation date using the straight-line method over the remaining contractual term of the software-hosting arrangement. Implementation costs not meeting the criteria for capitalization are expensed as incurred. These costs were not material in Fiscal 2024, Fiscal 2023 or Fiscal 2022. Indefinite-Lived Intangible Assets The City Gear tradename is an indefinite-lived intangible 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. Such events or circumstances could include, but are not limited to, significant negative industry or economic trends, unanticipated changes in the competitive environment and a significant sustained decline in the market price of our stock. If an asset is impaired, the amount that the carrying value exceeds the fair value is recorded as an impairment charge to current income. Historically, we have performed a quantitative assessment utilizing the Relief from Royalty method which required assumptions related to future revenues, royalty rate, and discount rate in valuing the tradename intangible. No impairment related to the tradename was recognized during Fiscal 2024, Fiscal 2023 or Fiscal 2022. Long-Lived Assets Long-lived assets, including lease assets, are evaluated for impairment whenever events or circumstances indicate that the carrying value may not be recoverable. The evaluation for long-lived assets is performed at the lowest level of identifiable cash flows, which is generally the individual store level. When evaluating long-lived assets for impairment, we first compare the carrying value of the asset or asset group to its estimated undiscounted future cash flows. Our estimate of undiscounted future cash flows is based on historical operations and predictions of future profitability. Significant assumptions are required to estimate cash inflows and outflows directly resulting from the use of assets in operations, including margin on net sales, occupancy costs, payroll and related costs, and other costs to operate a store. If the estimated future cash flows are less than the carrying value of the related asset, we calculate an impairment loss. The impairment loss calculation compares the carrying value of the related asset or asset group to its estimated fair value, which may be based on an estimated future cash flow model, quoted market value or other valuation technique, as appropriate. We recognize an impairment loss if the amount of the asset’s carrying value exceeds the asset’s estimated fair value. If we recognize an impairment loss, the adjusted carrying amount of the asset becomes its new cost basis. For depreciable long-lived assets, the new cost basis will be depreciated (amortized) over the remaining estimated useful life of that asset. Impairment loss calculations require significant judgment to estimate future cash flows and asset fair values. 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 which is 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. The net deferred revenue liability for gift cards and customer orders at February 3, 2024 and January 28, 2023 was $7.1 million and $9.8 million, respectively, recognized in accounts payable on our consolidated balance sheets. We recognize revenue when a gift card is redeemed by the customer and recognize gift card breakage revenue in net sales in proportion to the redemption pattern of rights exercised by the customer. In Fiscal 2024, Fiscal 2023 and Fiscal 2022, gift card breakage income was immaterial. As part of our general accounting practices, we have established procedures to evaluate our accruals. For the fiscal year ended February 3, 2024, we noted a change in our gift card redemption pattern and adjusted our accrual for breakage to be more in line with current breakage patterns. As a result of this change in estimate, we recognized $3.5 million of additional gift card breakage revenue in the fourth quarter of Fiscal 2024. This change increased net income by $2.8 million or $0.22 per diluted share in Fiscal 2024. During the fiscal years ended February 3, 2024, January 28, 2023, and January 29, 2022, $1.7 million, $1.6 million and $1.4 million of gift card deferred revenue from prior periods was realized, respectively. Loyalty Program: We offer the Hibbett 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 consolidated balance sheets and was $4.2 million and $4.1 million at February 3, 2024 and January 28, 2023, respectively. Return Sales : The liability for return sales is estimated at each reporting period based on historical return patterns and is recognized at the transaction price. The liability is included in accounts payable on our consolidated balance sheets. The return asset and corresponding adjustment to cost of goods sold for our right to recover the merchandise returned by the customer is immaterial. Revenues disaggregated by major product categories are as follows (in thousands): Fiscal 2024 Fiscal 2023 Fiscal 2022 Footwear $ 1,214,717 $ 1,135,475 $ 1,044,191 Apparel 329,405 412,021 483,236 Equipment 184,765 160,820 163,757 $ 1,728,887 $ 1,708,316 $ 1,691,184 Store Opening and Closing Costs New store opening costs, including pre-opening costs, are charged to expense as incurred. Store opening costs primarily include payroll expenses, training costs and straight-line rent expenses. All pre-opening costs are included in store operating, selling and administrative expenses as a part of operating expenses. We generally consider individual store closings to be a normal part of operations and regularly review store performance against expectations. Costs associated with store closings are recognized at the time of closing or when a liability has been incurred. These costs were not material in Fiscal 2024, Fiscal 2023 or Fiscal 2022. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Feb. 03, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Standards that were adopted We adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2019-12, “ Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ,” on January 31, 2021. ASU 2019-12 removes certain exceptions to the general provisions of Topic 740 and provides simplification in other areas of Topic 740. The adoption of ASU 2019-12 had no material impact on our consolidated financial statements. Standards that are not yet adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , requires disclosures about significant segment expenses and additional interim disclosure requirements. This standard also requires a single reportable segment to provide all disclosures required by ASC 280. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Amendments should be applied retrospectively for all prior periods presented in the consolidated financial statements. We intend to adopt this standard in our Annual Report on Form 10-K for the year ending February 1, 2025. We are currently evaluating the potential impact of adopting this standard on our disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures . The ASU requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures of state versus federal income tax expense and taxes paid. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued. The amendments should be applied on a prospective basis although retrospective application is permitted. We are currently evaluating the potential impact of adopting this standard on our disclosures. We continuously monitor and review all current accounting pronouncements and standards from the FASB for applicability to our operations. As of February 3, 2024, there were no other new pronouncements or interpretations that had or were expected to have a significant impact on our operations. |
Leases
Leases | 12 Months Ended |
Feb. 03, 2024 | |
Leases [Abstract] | |
Leases | LEASES We lease our retail store locations, nearly all of which are operating leases. Store leases typically provide for initial terms of five • scheduled increases in rent payments over the lease term; • tenant inducements; • free rent periods; • contingent rent based on net sales in excess of stipulated amounts; • one or more renewal options at our discretion; and • payments for common area maintenance, insurance and real estate taxes, most of which are variable in nature. Most of our store leases contain provisions that allow for early termination between the third and fifth year of the term if predetermined sales levels are not met, or upon the occurrence of other specified contingent events. When we have the option to extend the lease term (including by not exercising an available termination option) or purchase the leased asset, and it is reasonably certain that we will do so, we consider these options in determining the classification and measurement of the lease. However, generally at lease commencement, it is not reasonably certain that we will exercise an extension or purchase option. For contingent termination provisions, we consider both the likelihood of the contingency occurring in addition to the economic factors we consider when assessing any other termination or renewal option. We also lease certain office, transportation and technology equipment under operating and finance leases. Generally, these leases have initial terms of two We determine whether an arrangement is a lease at inception. We have lease agreements that contain both lease and non-lease components. For store leases, we account for the lease components together with the non-lease components, such as common area maintenance. For office and transportation equipment leases, we separate the non-lease components from the lease components. Operating lease liabilities are recognized based on the present value of remaining fixed lease payments over the lease term. Operating lease ROU assets are recognized based on the calculated lease liability, adjusted for lease prepayments, initial direct costs and tenant inducements. Because the implicit rate is generally not readily determinable for our leases, we use our estimated incremental borrowing rate, on a collateralized basis over a similar term, as the discount rate to measure operating lease liabilities. Due to the absence of an independently published credit rating, our estimated incremental borrowing rate is determined based on a synthetic credit rating. We use a blend of a financial ratio analysis and a Z-spread analysis to calculate our synthetic credit rating. Our most recent debt instrument terms and interest rates are also considered. The collateralized synthetic credit rating is then used to determine the yield most consistent with the tenor of our portfolio lease term and is adjusted on an ongoing basis by the movement in the market rates. The collateralized synthetic credit rating is reevaluated periodically as needed based on company-specific and market conditions. Operating lease cost for fixed lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are generally expensed as incurred. 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 of approximately $1.5 million, $0.6 million and $2.9 million were recognized during Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively. Store operating lease cost and logistics-related transportation equipment operating lease cost are included in cost of goods sold in the consolidated statements of operations. Office equipment and other equipment operating lease cost is included in store operating, selling and administrative expenses in the consolidated statements of operations. February 3, January 28, January 29, Operating lease cost $ 81,957 $ 76,051 $ 68,359 Finance lease cost: Amortization of assets 1,049 977 849 Interest on lease liabilities 102 116 136 Variable lease cost (1) 19,926 18,188 18,379 $ 103,034 $ 95,332 $ 87,723 (1) Includes rent based on a percent of sales, common area maintenance, insurance and property tax. Short-term leases are not recorded on our consolidated balance sheet and short-term lease cost is immaterial. Finance right-of-use assets on the consolidated balance sheet at February 3, 2024 and January 28, 2023 are shown net of accumulated amortization of $4.4 million and $3.3 million, respectively. The following table provides supplemental balance sheet information related to leases: February 3, January 28, Weighted average remaining lease term (in years): Operating leases 5 5 Finance leases 4 3 Weighted average discount rate: Operating leases 4.2 % 3.5 % Finance leases 4.6 % 5.2 % Maturities of lease liabilities (in thousands): February 3, 2024 Operating Finance Total Fiscal 2025 $ 83,183 $ 615 $ 83,798 Fiscal 2026 79,916 535 80,451 Fiscal 2027 65,973 381 66,354 Fiscal 2028 49,688 362 50,050 Fiscal 2029 32,157 268 32,425 Thereafter 42,734 — 42,734 Total minimum lease payments 353,651 2,161 355,812 Less amount representing interest 36,554 200 36,754 $ 317,097 $ 1,961 $ 319,058 As of February 3, 2024, we have entered into operating leases of approximately $8.4 million related to future store locations that have not yet commenced. |
Leases | LEASES We lease our retail store locations, nearly all of which are operating leases. Store leases typically provide for initial terms of five • scheduled increases in rent payments over the lease term; • tenant inducements; • free rent periods; • contingent rent based on net sales in excess of stipulated amounts; • one or more renewal options at our discretion; and • payments for common area maintenance, insurance and real estate taxes, most of which are variable in nature. Most of our store leases contain provisions that allow for early termination between the third and fifth year of the term if predetermined sales levels are not met, or upon the occurrence of other specified contingent events. When we have the option to extend the lease term (including by not exercising an available termination option) or purchase the leased asset, and it is reasonably certain that we will do so, we consider these options in determining the classification and measurement of the lease. However, generally at lease commencement, it is not reasonably certain that we will exercise an extension or purchase option. For contingent termination provisions, we consider both the likelihood of the contingency occurring in addition to the economic factors we consider when assessing any other termination or renewal option. We also lease certain office, transportation and technology equipment under operating and finance leases. Generally, these leases have initial terms of two We determine whether an arrangement is a lease at inception. We have lease agreements that contain both lease and non-lease components. For store leases, we account for the lease components together with the non-lease components, such as common area maintenance. For office and transportation equipment leases, we separate the non-lease components from the lease components. Operating lease liabilities are recognized based on the present value of remaining fixed lease payments over the lease term. Operating lease ROU assets are recognized based on the calculated lease liability, adjusted for lease prepayments, initial direct costs and tenant inducements. Because the implicit rate is generally not readily determinable for our leases, we use our estimated incremental borrowing rate, on a collateralized basis over a similar term, as the discount rate to measure operating lease liabilities. Due to the absence of an independently published credit rating, our estimated incremental borrowing rate is determined based on a synthetic credit rating. We use a blend of a financial ratio analysis and a Z-spread analysis to calculate our synthetic credit rating. Our most recent debt instrument terms and interest rates are also considered. The collateralized synthetic credit rating is then used to determine the yield most consistent with the tenor of our portfolio lease term and is adjusted on an ongoing basis by the movement in the market rates. The collateralized synthetic credit rating is reevaluated periodically as needed based on company-specific and market conditions. Operating lease cost for fixed lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are generally expensed as incurred. 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 of approximately $1.5 million, $0.6 million and $2.9 million were recognized during Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively. Store operating lease cost and logistics-related transportation equipment operating lease cost are included in cost of goods sold in the consolidated statements of operations. Office equipment and other equipment operating lease cost is included in store operating, selling and administrative expenses in the consolidated statements of operations. February 3, January 28, January 29, Operating lease cost $ 81,957 $ 76,051 $ 68,359 Finance lease cost: Amortization of assets 1,049 977 849 Interest on lease liabilities 102 116 136 Variable lease cost (1) 19,926 18,188 18,379 $ 103,034 $ 95,332 $ 87,723 (1) Includes rent based on a percent of sales, common area maintenance, insurance and property tax. Short-term leases are not recorded on our consolidated balance sheet and short-term lease cost is immaterial. Finance right-of-use assets on the consolidated balance sheet at February 3, 2024 and January 28, 2023 are shown net of accumulated amortization of $4.4 million and $3.3 million, respectively. The following table provides supplemental balance sheet information related to leases: February 3, January 28, Weighted average remaining lease term (in years): Operating leases 5 5 Finance leases 4 3 Weighted average discount rate: Operating leases 4.2 % 3.5 % Finance leases 4.6 % 5.2 % Maturities of lease liabilities (in thousands): February 3, 2024 Operating Finance Total Fiscal 2025 $ 83,183 $ 615 $ 83,798 Fiscal 2026 79,916 535 80,451 Fiscal 2027 65,973 381 66,354 Fiscal 2028 49,688 362 50,050 Fiscal 2029 32,157 268 32,425 Thereafter 42,734 — 42,734 Total minimum lease payments 353,651 2,161 355,812 Less amount representing interest 36,554 200 36,754 $ 317,097 $ 1,961 $ 319,058 As of February 3, 2024, we have entered into operating leases of approximately $8.4 million related to future store locations that have not yet commenced. |
Debt
Debt | 12 Months Ended |
Feb. 03, 2024 | |
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 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 such amount under 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 February 3, 2024, we were in compliance with these covenants. Activity against our credit facilities during the periods indicated are as follows (dollars in millions): 53-Weeks Ended February 3, 2024 52-Weeks Ended January 28, 2023 Number of day borrowings incurred 359 307 Average borrowings $85.8 $40.8 Maximum borrowings $134.1 $110.5 Average interest rate 6.35% 3.21% At February 3, 2024, we had a balance of $45.3 million and a total of $114.7 million available to us under the 2023 Credit Facility. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Feb. 03, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION At February 3, 2024, we had four stock-based compensation plans: (a) The Amended and Restated 2015 Equity Incentive Plan (EIP) provides that the Board may grant equity awards to certain employees of the Company at its discretion. The EIP was adopted effective July 1, 2015 and subsequently amended and restated effective May 28, 2020. Including shares added in the amendment and restatement, the EIP authorizes grants of equity awards of up to 2,500,000 authorized but unissued shares of common stock. At February 3, 2024, there were 1,243,179 shares available for grant under the EIP. (b) The 2015 Employee Stock Purchase Plan (ESPP) allows for qualified employees to participate in the purchase of up to 300,000 authorized but unissued shares of our common stock at a price equal to 85% of the lower of the closing price at the beginning or end of each quarterly stock purchase period. The ESPP was adopted effective July 1, 2015. At February 3, 2024, there were 85,136 shares available for purchase under the ESPP. (c) The 2015 Director Deferred Compensation Plan (Deferred Plan) allows non-employee directors an election to defer all or a portion of their fees into stock units or stock options. The Deferred Plan was adopted effective July 1, 2015 and authorizes grants up to 150,000 authorized but unissued shares of common stock. At February 3, 2024, there were 117,324 shares available for grant under the Deferred Plan. (d) The Amended and Restated 2012 Non-Employee Director Equity Plan (DEP) provides for grants of equity awards to non-employee directors. The DEP was adopted effective May 24, 2012 and subsequently amended and restated effective May 25, 2022. The amendment and restatement reset the authorization of grants of equity awards of up to 500,000 authorized but unissued shares of common stock. At February 3, 2024, there were 476,316 shares available for grant under the DEP. Our plans allow for a variety of equity awards including stock options, restricted stock awards, stock appreciation rights and performance awards. As of February 3, 2024, we had granted awards in the form of stock options, restricted stock units (RSUs) and performance-based units (PSUs) to our employees. The annual grants made for Fiscal 2024, Fiscal 2023 and Fiscal 2022 to employees consisted solely of RSUs. We have also awarded PSUs to our Named Executive Officers (NEOs). As of February 3, 2024, we had granted awards in the form of stock, stock options and deferred stock units (DSUs) to our Board members. Under the DEP, Board members currently receive an annual value of $75,000 worth of equity in the form of stock options or RSUs upon election to the Board and a value of $110,000 worth of equity in any form allowed within the DEP, for each full year of service, pro-rated for Directors who have served less than one full year. The Chair of the Board receives an annual value of $135,000 of equity in any form allowed within the DEP. The terms and vesting schedules for stock-based awards vary by type of grant and generally vest upon time-based conditions. Under the DEP, Directors have the option with stock awards to set release dates. Upon exercise, stock-based compensation awards are settled with authorized but unissued Company stock. All of our awards are classified as equity awards. The compensation expense for these plans was as follows (in thousands): Fiscal Year Ended February 3, January 28, January 29, Stock-based compensation expense by type: Stock options $ 220 $ 155 $ 174 Restricted stock units 5,026 6,204 5,111 Employee stock purchases 358 358 199 Director deferred compensation 105 94 56 Total stock-based compensation expense 5,709 6,811 5,540 Income tax benefit recognized 1,183 1,562 1,316 Stock-based compensation expense, net of income tax $ 4,526 $ 5,249 $ 4,224 Stock-based and deferred stock compensation expenses are included in store operating, selling and administrative expenses. There is no capitalized stock-based compensation expense. The income tax benefit recognized in our consolidated financial statements, as disclosed above, is based on the amount of compensation expense recorded for book purposes. The actual income tax benefit realized in our income tax return is based on the intrinsic value, or the excess of the market value over the exercise or purchase price, of stock options exercised and restricted stock unit awards vested during the period. The actual income tax benefit realized for the deductions considered on our income tax returns for Fiscal 2024, Fiscal 2023 and Fiscal 2022 was from option exercises and restricted stock unit releases and totaled $3.0 million, $2.8 million and $3.2 million, respectively. Stock Options Stock options are granted with an exercise price equal to the closing market price of our common stock on the business day immediately preceding the date of grant. Vesting and expiration provisions vary between equity plans, but options granted to employees under the EIP have historically vested over a four eight ten ten Activity for our option plans during Fiscal 2024 was as follows: Number of Weighted Weighted Aggregate Options outstanding at January 28, 2023 100,951 $ 38.24 4.03 $ 2,859 Granted 8,188 58.38 Exercised (40,044) 37.87 Forfeited, cancelled or expired — — Options outstanding at February 3, 2024 69,095 $ 40.83 4.20 $ 2,003 Exercisable at February 3, 2024 69,095 $ 40.83 4.20 $ 2,003 We use the Black-Scholes pricing model to estimate the fair value of stock option on the date of grant. The Black-Scholes pricing model utilizes expected term, expected volatility, a risk-free interest rate and a dividend yield to estimate fair value. We calculate the expected term for our stock options based on the historical exercise behavior of our participants. The volatility used to value stock options is based on historical volatility. We calculate historical volatility using an average calculation methodology based on daily price intervals as measured over the expected term of the option. We have consistently applied this methodology since our adoption of the provisions of ASC Topic 718, Stock Compensation . In accordance with ASC Topic 718, we base the risk-free interest rate on the annual continuously compounded risk-free rate with a term equal to the option’s expected term. The dividend yield is based on dividend amounts over past time periods equal in length to the expected life of the options. Details of stock options granted and the assumptions used in the option pricing model were as follows: Fiscal Year Ended February 3, January 28, January 29, Stock option grants 2 1 1 Stock option grant date March 31, 2023 March 30, 2022 March 22, 2021 Total stock options granted 8,188 7,212 4,384 Exercise price $58.38 $46.22 $76.04 Fair value of stock options $26.87 $21.46 $39.73 Expected term 5.73 years 4.59 years 4.63 years Expected volatility 53.76% 65.05% 64.75% Risk-free interest rate 3.57% 2.44% 0.77% Dividend yield 1.71% 2.28% 0.00% Intrinsic value of stock options exercised (in millions) $1.1 $1.1 $2.7 Total cash received by participants from stock options exercised (in millions) $2.6 $3.5 $4.7 Unamortized compensation expense at fiscal period end $— $— $— Restricted Stock and Performance-Based Units RSUs and PSUs are granted with a fair value equal to the closing market price of our common stock on the business day immediately preceding the grant date. All PSUs have been awarded in the form of restricted stock units. An award may vest completely at a point in time (cliff-vest) or in increments over time (graded-vest). The majority of awards, including PSUs, are subject to cliff-vest provisions. Generally, RSUs vest over two PSUs provide for awards based on achievement of certain predetermined corporate performance goals and typically cliff-vest in three years from the date of grant after achievement of stated performance criterion and upon meeting stated service conditions. The following table summarizes the restricted stock unit awards activity under all our plans during Fiscal 2024: RSUs PSUs Totals Number of Weighted Number of Weighted Number of Weighted Nonvested at January 28, 2023 464,833 $ 28.62 72,470 $ 55.48 537,303 $ 32.24 Granted 92,374 57.86 39,567 58.38 131,941 58.02 Vested (178,193) 21.00 — — (178,193) 21.00 Forfeited, cancelled or expired (37,788) 33.69 — — (37,788) 33.69 Nonvested at February 3, 2024 341,226 $ 39.95 112,037 $ 56.50 453,263 $ 44.04 Compensation expense is recognized on a straight-line basis over the vesting period for cliff-vest awards and, in the case of PSUs, at the estimated percentage of achievement. For graded-vest awards, the award is divided into vesting tranches and the compensation expense is recognized on a straight-line basis for each tranche separately. Details of RSUs granted and vested were as follows: Fiscal Year Ended February 3, January 28, January 29, Intrinsic value of vested awards (in millions) $10.5 $7.3 $10.5 Intrinsic value of outstanding and unvested awards (in millions) $31.5 $35.5 $35.2 Unrecognized compensation expense at fiscal period end (in millions) $4.9 $7.5 $7.0 Estimated weighted average period unrecognized compensation expense expected to be recognized 1.7 years 1.7 years 2.0 years Employee Stock Purchase Plan The Company’s ESPP allows eligible employees the right to purchase shares of our common stock, subject to certain limitations, at 85% of the lesser of the market value at the end of each calendar quarter (purchase date) or the beginning of each calendar quarter. Our employee purchases of common stock and the average price per share through the ESPP, as well as the assumptions used in the option pricing model were as follows: Fiscal Year Ended February 3, January 28, January 29, Shares purchased 34,405 32,586 14,447 Average price per share $36.70 $48.33 $50.01 Weighted average fair value at date of grant $13.32 $14.33 $14.33 Expected life (years) 0.25 0.25 0.25 Average expected volatility 54.5% 52.1% 52.1% Average risk-free interest rate 9.16% 3.55% 0.28% Average dividend yield 2.06% 1.86% 1.26% The expense related to the ESPP was determined using the Black-Scholes option pricing model and the provisions of ASC Topic 718 as it relates to accounting for certain employee stock purchase plans with a look-back option. Director Deferred Compensation Under the Deferred Plan, non-employee directors can elect to defer all or a portion of their Board and Board Committee fees into cash, stock options or deferred stock units. Those fees deferred into stock options are subject to the same provisions as provided for in the DEP and are expensed and accounted for accordingly. Director fees deferred into stock units are calculated and expensed each calendar quarter by taking deferred fees earned during the calendar quarter and dividing by the closing price of our common stock on the last day of the calendar quarter, rounded to the nearest whole share. Director fees deferred into stock units are calculated and expensed each calendar quarter by taking deferred fees earned during the calendar quarter and dividing by the closing price of our common stock on the business day immediately preceding the last day of the calendar quarter, rounded to the nearest whole share. The total annual retainer, Board and Board Committee fees for non-employee directors that are not deferred into stock options, but which includes amounts deferred into stock units under the Deferred Plan, are expensed as incurred in all periods presented. The number of Directors who participated in the Deferred Plan as well as the number of shares deferred each year were as follows: Fiscal Year Ended February 3, January 28, January 29, Number of directors that deferred all or a portion of their fees 1 1 2 Shares deferred under the Deferred Plan 2,073 1,832 729 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Feb. 03, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The computation of basic earnings per share ("EPS") is based on the number of weighted average 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 computation of basic and diluted earnings per share in thousands: Fiscal Year Ended February 3, January 28, January 29, Net income $ 103,158 $ 128,057 $ 174,313 Weighted average number of common shares outstanding 12,364 12,951 14,993 Dilutive stock options 46 298 130 Dilutive restricted stock units 223 66 459 Weighted average number of common shares outstanding and dilutive shares 12,633 13,315 15,582 Basic earnings per share $ 8.34 $ 9.89 $ 11.63 Diluted earnings per share $ 8.17 $ 9.62 $ 11.19 In calculating diluted earnings per share, 4,384 options to purchase shares of common stock outstanding were excluded due to their anti-dilutive effect in Fiscal 2024. In calculating diluted earnings per share, no options to purchase shares of common stock outstanding were excluded due to their anti-dilutive effect in Fiscal 2023 and Fiscal 2022. |
Stock Repurchase Program
Stock Repurchase Program | 12 Months Ended |
Feb. 03, 2024 | |
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 and extension of the Repurchase Program by $500.0 million to a total of $800.0 million to repurchase our common stock in the periods of November 2015 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. Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements do not reduce the authorized amounts 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): Fiscal Year Ended February 3, January 28, January 29, Common stock repurchased under the Repurchase Program 1,162,130 797,033 3,370,751 Aggregate cost of repurchases under the Repurchase Program $ 53,211 $ 38,458 $ 267,826 Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements 47,550 51,558 46,095 Tax withholding requirements from holders of restricted stock unit awards $ 2,849 $ 2,446 $ 3,257 Excise tax on stock repurchases $ 411 $ — $ — Historically, under all stock repurchase authorizations and including shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements, we have repurchased a total of 28.4 million shares of our common stock at an approximate cost of $1.03 billion as of February 3, 2024 and had approximately $276.9 million remaining under the Repurchase Program authorization. |
Dividends
Dividends | 12 Months Ended |
Feb. 03, 2024 | |
Equity [Abstract] | |
Dividends | DIVIDENDS In June 2021, the Board instituted a recurring quarterly cash dividend. Since this program's inception, our quarterly dividend has been $0.25 per share. The number of declarations and cash dividends paid were as follows: Fiscal Year Ended February 3, 2024 January 28, 2023 January 29, 2022 Number of declarations 4 4 3 Cash dividends paid (in millions) $12.4 $12.9 $10.9 Total paid per share during fiscal year $1.00 $1.00 $0.75 Subsequent to February 3, 2024, on March 6, 2024, the Board declared a cash dividend of $0.25 per common share, payable on April 2, 2024, to stockholders of record at the close of business on March 21, 2024. The estimated payment is expected to be $2.9 million. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 03, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Annual Bonuses and Equity Incentive Awards Specified officers and corporate employees of our Company are entitled to annual bonuses, primarily based on measures of Company operating performance. At February 3, 2024, annual bonus-related expense included in accrued payroll expenses was immaterial. At January 28, 2023, there was no annual bonus-related expense included in accrued payroll expenses. The Compensation Committee (the "Committee") of the Board places performance criteria on awards of PSUs made in the form of RSUs to our NEOs under the EIP. The performance criteria are tied to performance targets with respect to defined financial performance over a specified period of time. These PSUs are expensed under the provisions of ASC Topic 718 and are evaluated each quarter to determine the probability that the performance conditions set within will be met. Legal Proceedings and Other Contingencies We are a party to various legal proceedings incidental to our business. Where we are able to reasonably estimate an amount of probable loss in these matters based on known facts, we have accrued that amount as a current liability on our balance sheet. We are not able to reasonably estimate the possible loss or range of loss in excess of the amount accrued for these proceedings based on the information currently available to us, including, among others, (i) uncertainties as to the outcome of pending proceedings (including motions and appeals) and (ii) uncertainties as to the likelihood of settlement and the outcome of any negotiations with respect thereto. We do not believe that any of these matters will, individually or in the aggregate, have a material effect on our business or financial condition. We cannot give assurance, however, that one or more of these proceedings will not have a material effect on our results of operations for the period in which they are resolved. At February 3, 2024 and January 28, 2023, the estimated liability is immaterial. The estimates of our liability for pending and unasserted potential claims do not include litigation costs. It is our policy to accrue legal fees when it is probable that we will have to defend against known claims or allegations and we can reasonably estimate the amount of the anticipated expense. From time to time, we enter into certain types of agreements that require us to indemnify parties against third-party claims under certain circumstances. Generally, these agreements relate to: (a) agreements with vendors and suppliers under which we may provide customary indemnification to our vendors and suppliers in respect to actions they take at our request or otherwise on our behalf; (b) agreements to indemnify vendors against trademark and copyright infringement claims concerning merchandise manufactured specifically for or on behalf of the Company; (c) real estate leases, under which we may agree to indemnify the lessors from claims arising from our use of the property; and (d) agreements with our directors, officers and employees, under which we may agree to indemnify such persons for liabilities arising out of their relationship with us. We have director and officer liability insurance, which, subject to the policy’s conditions, provides coverage for indemnification amounts payable by us with respect to our directors and officers up to specified limits and subject to certain deductibles. If we believe that a loss is both probable and estimable for a particular matter, the loss is accrued in accordance with the requirements of ASC Topic 450, Contingencies . With respect to any matter, we could change our belief as to whether a loss is probable or estimable, or its estimate of loss, at any time. |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 03, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES A summary of the components of the provision for income taxes is as follows (in thousands): Fiscal Year Ended February 3, January 28, January 29, Federal: Current $ 21,780 $ 26,256 $ 37,013 Deferred 2,644 5,888 7,142 24,424 32,144 44,155 State: Current 4,066 6,326 9,128 Deferred 1 437 296 4,067 6,763 9,424 Provision for income taxes $ 28,491 $ 38,907 $ 53,579 A reconciliation of the statutory federal income tax rate to the effective tax rate as a percentage of income before provision for income taxes is as follows: Fiscal Year Ended February 3, January 28, January 29, Tax provision computed at the federal statutory rate 21.00 % 21.00 % 21.00 % Effect of state income taxes, net of federal benefits 2.89 3.33 3.50 Excess tax benefits from stock-based compensation (1.21) (0.77) (0.97) Other, net (1.07) (0.26) (0.02) 21.61 % 23.30 % 23.51 % Deferred income taxes on the consolidated balance sheets result from temporary differences between the amount of assets and liabilities recognized for financial reporting and income tax purposes. The components of the deferred income taxes, net, are as follows (in thousands): February 3, January 28, Rent $ 83,966 $ 75,044 Inventories 3,065 3,581 Accruals 4,302 5,676 Stock-based compensation 2,804 2,595 Other 290 136 Total deferred tax assets 94,427 87,032 Rent (80,352) (70,418) Accumulated depreciation and amortization (13,052) (13,067) Prepaid expenses (2,797) (2,680) Other (9) (5) Total deferred tax liabilities (96,210) (86,170) Deferred income taxes, net $ (1,783) $ 862 Deferred tax assets represent items that will be used as a tax deduction or credit in future tax returns or are items of income that have not been recognized for financial statement purposes but were included in the current or prior tax returns for which we have already properly recorded the tax benefit in the consolidated statements of operations. At least quarterly, we assess the likelihood that the deferred tax assets balance will be recovered. We take into account such factors as prior earnings history, expected future earnings, carryback and carryforward periods and tax strategies that could potentially enhance the likelihood of a realization of a deferred tax asset. To the extent recovery is not more likely than not, a valuation allowance is established against the deferred tax asset, increasing our income tax expense in the year such determination is made. We have determined that no such allowance is required in any period presented. We apply the provisions of ASC Subtopic 740-10 in accounting for uncertainty in income taxes. In accordance with ASC Subtopic 740-10, we recognize a tax benefit associated with an uncertain tax position when, in our judgment based on technical merits, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, we initially and subsequently measure the tax benefit as the largest amount that we judge to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. Our liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. Our effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. We file income tax returns in the U.S. federal and various state jurisdictions. A number of years may elapse before a particular matter for which we have recorded a liability related to an unrecognized tax benefit is audited and finally resolved. Generally, we are not subject to changes in income taxes by the U.S. federal taxing jurisdiction for years prior to Fiscal 2021 or by most state taxing jurisdictions for years prior to Fiscal 2020. While it is often difficult to predict the final outcome or the timing of resolution of any particular tax matter, we believe our liability for unrecognized tax benefits is adequate. Favorable settlement of an unrecognized tax benefit could be recognized as a reduction in our effective tax rate in the period of resolution. Unfavorable settlement of an unrecognized tax benefit could increase the effective tax rate and may require the use of cash in the period of resolution. Our liability for unrecognized tax benefits is generally presented as non-current. However, if we anticipate paying cash within one year to settle an uncertain tax position, the liability is presented as current. A reconciliation of the unrecognized tax benefit, excluding estimated interest and penalties, under ASC Subtopic 740-10 follows (in thousands): February 3, January 28, Unrecognized tax benefits - beginning of year $ 372 $ 455 Gross increases - tax positions in prior period 281 76 Gross decreases - tax positions in prior period (23) (48) Lapse of statute of limitations (114) (111) Unrecognized tax benefits - end of year $ 516 $ 372 We classify interest and penalties recognized on unrecognized tax benefits as income tax expense. We have accrued interest and penalties in the amount of $0.1 million, $0.1 million and $0.1 million as of February 3, 2024, January 28, 2023 and January 29, 2022, respectively. During Fiscal 2024, Fiscal 2023 and Fiscal 2022, we recorded an expense of $4,000, and a benefit of $15,000 and $18,000, respectively, for the accrual of interest and penalties in the consolidated statement of operations. Of the unrecognized tax benefits as of February 3, 2024 and January 28, 2023, $0.4 million and $0.3 million, respectively, if recognized, would affect our effective income tax rate. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Feb. 03, 2024 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | RELATED-PARTY TRANSACTIONS Active related parties at February 3, 2024 Preferred Growth Properties, LLC ("PGP") The Company leases one store under a lease arrangement with PGP (formerly AL Florence Realty Holdings 2010, LLC), a wholly owned subsidiary of Books-A-Million, Inc. ("BAMM"). One of our Directors, Terrance G. Finley, 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 this lease at February 3, 2024 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. In Fiscal 2024, Fiscal 2023 and Fiscal 2022, payments to TIG for their services were $6.8 million, $10.2 million and $6.7 million, respectively. The amounts outstanding to TIG included in accounts payable on our consolidated balance sheets at February 3, 2024 and January 28, 2023 were immaterial. Retail Security Gates, LLC ("RSG") RSG provides specially manufactured store front security gates and is 50% owned by a close relative of the Company's President and CEO. In Fiscal 2024, Fiscal 2023 and Fiscal 2022, payments to RSG for their services were $0.9 million, $1.0 million and $0.3 million, respectively. The amounts outstanding to RSG included in accounts payable on our consolidated balance sheets at February 3, 2024 and January 28, 2023 were immaterial. Inactive related parties at February 3, 2024 Contingent Earnout ("Earnout") Our President and CEO had a membership interest in an Earnout related to the acquisition of City Gear based on City Gear's achievement of an EBITDA threshold for the 52-weeks ended January 30, 2021. Pursuant to the Membership Interest and Warrant Purchase Agreement dated October 29, 2018, and based on Fiscal 2021 financial results, the former members and warrant holders of City Gear were entitled to and were paid the Earnout payment of $15.0 million in April 2021. The share of the Earnout payment made to our President and CEO was approximately 22.8%, or approximately $3.4 million. |
Defined Contribution Benefit Pl
Defined Contribution Benefit Plans | 12 Months Ended |
Feb. 03, 2024 | |
Retirement Benefits [Abstract] | |
Defined Contribution Benefit Plans | DEFINED CONTRIBUTION BENEFIT PLANS We maintain the Hibbett, Inc. 401(k) Plan (the "401(k) Plan") for the benefit of our employees. The 401(k) Plan covers all employees who have completed one year of service. Participants of the 401(k) Plan may voluntarily contribute from 1% to 100% of their compensation subject to certain yearly dollar limitations as allowed by law. These elective contributions are made under the provisions of Section 401(k) of the Internal Revenue Code, which allows deferral of income taxes on the amount contributed to the 401(k) Plan and which operates under the Safe Harbor provisions. For Fiscal 2024, Fiscal 2023 and Fiscal 2022, we matched 100% of the first 3% of eligible compensation and 50% of the next 3% of eligible compensation for a total possible match of 4.5% of the first 6% of eligible compensation. Contribution expense incurred under the 401(k) Plan for Fiscal 2024, Fiscal 2023 and Fiscal 2022 was $2.1 million, $1.9 million and $2.0 million, respectively. We maintain the Hibbett, Inc. Supplemental 401(k) Plan (the "Supplemental Plan") which makes available salary deferral opportunities to highly compensated employees whose ability to defer salary under the 401(k) Plan was limited because of certain restrictions applicable to qualified plans. The non-qualified deferred compensation Supplemental Plan allows participants to defer up to 40% of their compensation. Contributions to the Supplemental Plan are not subject to matching provisions and no contributions were made to the Supplemental Plan for Fiscal 2024, Fiscal 2023 or Fiscal 2022. The Supplemental Plan is intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) Attributable to Parent | $ 103,158 | $ 128,057 | $ 174,313 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Feb. 03, 2024 | |
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 Sum_2
Basis of Presentation and Summary of Critical and Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 03, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements of our Company include its accounts and the accounts of all wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Occasionally, certain reclassifications are made to conform previously reported data to the current presentation. Such reclassifications have no impact on total assets, total liabilities, net income or stockholders’ investment in any of the years presented. |
Use of Estimates in the Preparation of Consolidated Financial Statements | Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (U.S. GAAP) requires management to make certain estimates and assumptions that affect the reported amount of assets and liabilities, revenues and expenses, and the disclosure of intangible assets and contingent liabilities at the date of the financial statements. We believe our estimates are reasonable; however, the assumptions used by management could change significantly in future estimates due to changes in circumstances and actual results could differ materially from those estimates. |
Reportable Segments | Reportable Segments We identify our operating segments according to how our business activities are managed and evaluated by our chief executive officer, who is our chief operating decision maker. Our shopping channels primarily include store locations, website and mobile apps. Store sales are primarily filled from the store’s inventory but may also be shipped from a different store location or our logistics network if an item is not available at the original store. Direct-to-consumer orders are generally shipped to our customers from a store, our logistics network or some combination thereof, depending on the availability of the desired item. Given the economic similarity of the store formats, the products offered for sale, the type of customers, the methods of distribution and how our Company is managed, our operations constitute only one reportable segment. |
Vendor Arrangements | Vendor Arrangements We enter into arrangements with some of our vendors that entitle us to a partial refund of the cost of merchandise purchased during the year or reimbursement of certain costs we incur to advertise or otherwise promote their product. Volume-based rebates, supported by vendor agreements, are estimated throughout the year and reduce the cost of inventories and cost of goods sold during the year. This estimate is regularly monitored and adjusted for sales activity and current or anticipated changes in purchase levels. We also receive consideration from vendors through a variety of other programs, including markdown reimbursements, vendor compliance charges and defective merchandise credits. If the payment is a reimbursement for costs incurred, it is recognized as an offset against those related costs; otherwise, it is treated as a reduction to the cost of merchandise. Markdown reimbursements related to sold merchandise are negotiated by our merchandising teams and are credited directly to cost of goods sold in the period received. If vendor funds are received prior to merchandise being sold, they are recorded as a reduction of merchandise cost. Vendor compliance charges and defective merchandise credits reduce the cost of inventories. |
Marketing | Marketing We expense marketing costs when incurred. We participate in various marketing cooperative programs with our vendors, who, under these programs, reimburse us for certain costs incurred. |
Cost of Goods Sold | Cost of Goods Sold We include merchandise costs, store occupancy costs, logistics-related occupancy and operating costs, and ship-to-home freight in cost of goods sold. |
Cash and Cash Equivalents | Cash and Cash Equivalents three |
Inventories | Inventories Inventories are valued using the lower of weighted average cost or net realizable value method. Items are removed from inventory using the weighted average cost method. Lower of Cost and Net Realizable Value: We regularly review inventories to determine if the carrying value exceeds net realizable value, and we record an accrual to reduce the carrying value to net realizable value as necessary. We account for obsolescence as part of our lower of cost and net realizable value accrual based on historical trends and specific identification. As of February 3, 2024 and January 28, 2023, the accrual was $5.6 million and $5.6 million, respectively. A determination of net realizable value requires significant judgment. Shrink Reserves: We accrue for inventory shrinkage based on the actual historical results of our physical inventory counts. These estimates are compared to actual results as physical inventory counts are performed and reconciled to the general ledger. Physical inventory counts are performed on a cyclical basis. As of February 3, 2024 and January 28, 2023, the accrual was $1.0 million and $0.7 million, respectively. Inventory Purchase Concentration: |
Property and Equipment | 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 consists of the following (in thousands): Estimated Service Lives February 3, January 28, Land $ 7,289 $ 7,277 Buildings 39 years 22,760 22,529 Equipment 3 – 7 years 141,989 134,304 Furniture and fixtures 7 years 72,460 67,522 Leasehold improvements 3 – 10 years 205,568 170,773 Construction in progress 6,089 5,501 Total property and equipment 456,155 407,906 Less: accumulated depreciation and amortization 272,206 238,430 Total property and equipment, net $ 183,949 $ 169,476 Depreciation on property and equipment utilizes the straight-line method generally over the above estimated service lives. For leasehold improvements, we calculate depreciation using the shorter of the term of the underlying leases or the estimated economic lives of the improvements. The term of the lease includes option periods when exercise of the option is reasonably certain. We continually reassess the remaining useful life of leasehold improvements in light of store closing plans. Construction in progress has historically been comprised primarily of property and equipment related to unopened stores and amounts associated with technology upgrades. Maintenance and repairs are charged to expense as incurred. The cost and accumulated depreciation of assets sold, retired or otherwise disposed of are removed from property and equipment and the related gain or loss is credited or charged to net income, net of proceeds received. |
Capitalized Cloud-Based Software Costs | Capitalized Cloud-Based Software Costs In accordance with ASC 350-40, Intangibles - Goodwill and Other - Internal-Use Software, we capitalize eligible costs related to the implementation of cloud-based software as a prepaid asset and amortize the balance beginning at the implementation date using the straight-line method over the remaining contractual term of the software-hosting arrangement. Implementation costs not meeting the criteria for capitalization are expensed as incurred. These costs were not material in Fiscal 2024, Fiscal 2023 or Fiscal 2022. |
Indefinite-Lived Intangible Assets | Indefinite-Lived Intangible Assets The City Gear tradename is an indefinite-lived intangible 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. Such events or circumstances could include, but are not limited to, significant negative industry or economic trends, unanticipated changes in the competitive environment and a significant sustained decline in the market price of our stock. If an asset is impaired, the amount that the carrying value exceeds the fair value is recorded as an impairment charge to current income. |
Long-Lived Assets | Long-Lived Assets Long-lived assets, including lease assets, are evaluated for impairment whenever events or circumstances indicate that the carrying value may not be recoverable. The evaluation for long-lived assets is performed at the lowest level of identifiable cash flows, which is generally the individual store level. When evaluating long-lived assets for impairment, we first compare the carrying value of the asset or asset group to its estimated undiscounted future cash flows. Our estimate of undiscounted future cash flows is based on historical operations and predictions of future profitability. Significant assumptions are required to estimate cash inflows and outflows directly resulting from the use of assets in operations, including margin on net sales, occupancy costs, payroll and related costs, and other costs to operate a store. If the estimated future cash flows are less than the carrying value of the related asset, we calculate an impairment loss. The impairment loss calculation compares the carrying value of the related asset or asset group to its estimated fair value, which may be based on an estimated future cash flow model, quoted market value or other valuation technique, as appropriate. We recognize an impairment loss if the amount of the asset’s carrying value exceeds the asset’s estimated fair value. If we recognize an impairment loss, the adjusted carrying amount of the asset becomes its new cost basis. For depreciable long-lived assets, the new cost basis will be depreciated (amortized) over the remaining estimated useful life of that asset. Impairment loss calculations require significant judgment to estimate future cash flows and asset fair values. |
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 which is 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. The net deferred revenue liability for gift cards and customer orders at February 3, 2024 and January 28, 2023 was $7.1 million and $9.8 million, respectively, recognized in accounts payable on our consolidated balance sheets. We recognize revenue when a gift card is redeemed by the customer and recognize gift card breakage revenue in net sales in proportion to the redemption pattern of rights exercised by the customer. In Fiscal 2024, Fiscal 2023 and Fiscal 2022, gift card breakage income was immaterial. As part of our general accounting practices, we have established procedures to evaluate our accruals. For the fiscal year ended February 3, 2024, we noted a change in our gift card redemption pattern and adjusted our accrual for breakage to be more in line with current breakage patterns. As a result of this change in estimate, we recognized $3.5 million of additional gift card breakage revenue in the fourth quarter of Fiscal 2024. This change increased net income by $2.8 million or $0.22 per diluted share in Fiscal 2024. During the fiscal years ended February 3, 2024, January 28, 2023, and January 29, 2022, $1.7 million, $1.6 million and $1.4 million of gift card deferred revenue from prior periods was realized, respectively. Loyalty Program: We offer the Hibbett 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 consolidated balance sheets and was $4.2 million and $4.1 million at February 3, 2024 and January 28, 2023, respectively. Return Sales : The liability for return sales is estimated at each reporting period based on historical return patterns and is recognized at the transaction price. The liability is included in accounts payable on our consolidated balance sheets. The return asset and corresponding adjustment to cost of goods sold for our right to recover the merchandise returned by the customer is immaterial. |
Store Opening and Closing Costs | Store Opening and Closing Costs New store opening costs, including pre-opening costs, are charged to expense as incurred. Store opening costs primarily include payroll expenses, training costs and straight-line rent expenses. All pre-opening costs are included in store operating, selling and administrative expenses as a part of operating expenses. |
Recent Accounting Pronouncements | Standards that were adopted We adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2019-12, “ Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ,” on January 31, 2021. ASU 2019-12 removes certain exceptions to the general provisions of Topic 740 and provides simplification in other areas of Topic 740. The adoption of ASU 2019-12 had no material impact on our consolidated financial statements. Standards that are not yet adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , requires disclosures about significant segment expenses and additional interim disclosure requirements. This standard also requires a single reportable segment to provide all disclosures required by ASC 280. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Amendments should be applied retrospectively for all prior periods presented in the consolidated financial statements. We intend to adopt this standard in our Annual Report on Form 10-K for the year ending February 1, 2025. We are currently evaluating the potential impact of adopting this standard on our disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures . The ASU requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures of state versus federal income tax expense and taxes paid. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued. The amendments should be applied on a prospective basis although retrospective application is permitted. We are currently evaluating the potential impact of adopting this standard on our disclosures. We continuously monitor and review all current accounting pronouncements and standards from the FASB for applicability to our operations. As of February 3, 2024, there were no other new pronouncements or interpretations that had or were expected to have a significant impact on our operations. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Critical and Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Marketing Expense | The following table presents the components of our marketing expense (in thousands): Fiscal Year Ended February 3, January 28, January 29, Gross marketing costs $ 32,424 $ 36,525 $ 32,964 Marketing reimbursements (6,985) (6,892) (4,525) Net marketing costs $ 25,439 $ 29,633 $ 28,439 |
Schedule of Property and Equipment | Property and equipment consists of the following (in thousands): Estimated Service Lives February 3, January 28, Land $ 7,289 $ 7,277 Buildings 39 years 22,760 22,529 Equipment 3 – 7 years 141,989 134,304 Furniture and fixtures 7 years 72,460 67,522 Leasehold improvements 3 – 10 years 205,568 170,773 Construction in progress 6,089 5,501 Total property and equipment 456,155 407,906 Less: accumulated depreciation and amortization 272,206 238,430 Total property and equipment, net $ 183,949 $ 169,476 |
Schedule of Disaggregation of Revenue | Revenues disaggregated by major product categories are as follows (in thousands): Fiscal 2024 Fiscal 2023 Fiscal 2022 Footwear $ 1,214,717 $ 1,135,475 $ 1,044,191 Apparel 329,405 412,021 483,236 Equipment 184,765 160,820 163,757 $ 1,728,887 $ 1,708,316 $ 1,691,184 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Leases [Abstract] | |
Schedule of Lease Cost | Office equipment and other equipment operating lease cost is included in store operating, selling and administrative expenses in the consolidated statements of operations. February 3, January 28, January 29, Operating lease cost $ 81,957 $ 76,051 $ 68,359 Finance lease cost: Amortization of assets 1,049 977 849 Interest on lease liabilities 102 116 136 Variable lease cost (1) 19,926 18,188 18,379 $ 103,034 $ 95,332 $ 87,723 (1) Includes rent based on a percent of sales, common area maintenance, insurance and property tax. |
Schedule of Supplemental Information Related to Leases | The following table provides supplemental balance sheet information related to leases: February 3, January 28, Weighted average remaining lease term (in years): Operating leases 5 5 Finance leases 4 3 Weighted average discount rate: Operating leases 4.2 % 3.5 % Finance leases 4.6 % 5.2 % |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities (in thousands): February 3, 2024 Operating Finance Total Fiscal 2025 $ 83,183 $ 615 $ 83,798 Fiscal 2026 79,916 535 80,451 Fiscal 2027 65,973 381 66,354 Fiscal 2028 49,688 362 50,050 Fiscal 2029 32,157 268 32,425 Thereafter 42,734 — 42,734 Total minimum lease payments 353,651 2,161 355,812 Less amount representing interest 36,554 200 36,754 $ 317,097 $ 1,961 $ 319,058 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | Activity against our credit facilities during the periods indicated are as follows (dollars in millions): 53-Weeks Ended February 3, 2024 52-Weeks Ended January 28, 2023 Number of day borrowings incurred 359 307 Average borrowings $85.8 $40.8 Maximum borrowings $134.1 $110.5 Average interest rate 6.35% 3.21% |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The compensation expense for these plans was as follows (in thousands): Fiscal Year Ended February 3, January 28, January 29, Stock-based compensation expense by type: Stock options $ 220 $ 155 $ 174 Restricted stock units 5,026 6,204 5,111 Employee stock purchases 358 358 199 Director deferred compensation 105 94 56 Total stock-based compensation expense 5,709 6,811 5,540 Income tax benefit recognized 1,183 1,562 1,316 Stock-based compensation expense, net of income tax $ 4,526 $ 5,249 $ 4,224 |
Share-based Compensation, Stock Options, Activity | Activity for our option plans during Fiscal 2024 was as follows: Number of Weighted Weighted Aggregate Options outstanding at January 28, 2023 100,951 $ 38.24 4.03 $ 2,859 Granted 8,188 58.38 Exercised (40,044) 37.87 Forfeited, cancelled or expired — — Options outstanding at February 3, 2024 69,095 $ 40.83 4.20 $ 2,003 Exercisable at February 3, 2024 69,095 $ 40.83 4.20 $ 2,003 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Details of stock options granted and the assumptions used in the option pricing model were as follows: Fiscal Year Ended February 3, January 28, January 29, Stock option grants 2 1 1 Stock option grant date March 31, 2023 March 30, 2022 March 22, 2021 Total stock options granted 8,188 7,212 4,384 Exercise price $58.38 $46.22 $76.04 Fair value of stock options $26.87 $21.46 $39.73 Expected term 5.73 years 4.59 years 4.63 years Expected volatility 53.76% 65.05% 64.75% Risk-free interest rate 3.57% 2.44% 0.77% Dividend yield 1.71% 2.28% 0.00% Intrinsic value of stock options exercised (in millions) $1.1 $1.1 $2.7 Total cash received by participants from stock options exercised (in millions) $2.6 $3.5 $4.7 Unamortized compensation expense at fiscal period end $— $— $— |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table summarizes the restricted stock unit awards activity under all our plans during Fiscal 2024: RSUs PSUs Totals Number of Weighted Number of Weighted Number of Weighted Nonvested at January 28, 2023 464,833 $ 28.62 72,470 $ 55.48 537,303 $ 32.24 Granted 92,374 57.86 39,567 58.38 131,941 58.02 Vested (178,193) 21.00 — — (178,193) 21.00 Forfeited, cancelled or expired (37,788) 33.69 — — (37,788) 33.69 Nonvested at February 3, 2024 341,226 $ 39.95 112,037 $ 56.50 453,263 $ 44.04 Details of RSUs granted and vested were as follows: Fiscal Year Ended February 3, January 28, January 29, Intrinsic value of vested awards (in millions) $10.5 $7.3 $10.5 Intrinsic value of outstanding and unvested awards (in millions) $31.5 $35.5 $35.2 Unrecognized compensation expense at fiscal period end (in millions) $4.9 $7.5 $7.0 Estimated weighted average period unrecognized compensation expense expected to be recognized 1.7 years 1.7 years 2.0 years |
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity | Our employee purchases of common stock and the average price per share through the ESPP, as well as the assumptions used in the option pricing model were as follows: Fiscal Year Ended February 3, January 28, January 29, Shares purchased 34,405 32,586 14,447 Average price per share $36.70 $48.33 $50.01 Weighted average fair value at date of grant $13.32 $14.33 $14.33 Expected life (years) 0.25 0.25 0.25 Average expected volatility 54.5% 52.1% 52.1% Average risk-free interest rate 9.16% 3.55% 0.28% Average dividend yield 2.06% 1.86% 1.26% |
Schedule of Number of Directors in Deferred Plan | The number of Directors who participated in the Deferred Plan as well as the number of shares deferred each year were as follows: Fiscal Year Ended February 3, January 28, January 29, Number of directors that deferred all or a portion of their fees 1 1 2 Shares deferred under the Deferred Plan 2,073 1,832 729 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted earnings per share in thousands: Fiscal Year Ended February 3, January 28, January 29, Net income $ 103,158 $ 128,057 $ 174,313 Weighted average number of common shares outstanding 12,364 12,951 14,993 Dilutive stock options 46 298 130 Dilutive restricted stock units 223 66 459 Weighted average number of common shares outstanding and dilutive shares 12,633 13,315 15,582 Basic earnings per share $ 8.34 $ 9.89 $ 11.63 Diluted earnings per share $ 8.17 $ 9.62 $ 11.19 |
Stock Repurchase Program (Table
Stock Repurchase Program (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
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): Fiscal Year Ended February 3, January 28, January 29, Common stock repurchased under the Repurchase Program 1,162,130 797,033 3,370,751 Aggregate cost of repurchases under the Repurchase Program $ 53,211 $ 38,458 $ 267,826 Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements 47,550 51,558 46,095 Tax withholding requirements from holders of restricted stock unit awards $ 2,849 $ 2,446 $ 3,257 Excise tax on stock repurchases $ 411 $ — $ — |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Equity [Abstract] | |
Summary of Number of Declarations and Cash Dividends Paid | The number of declarations and cash dividends paid were as follows: Fiscal Year Ended February 3, 2024 January 28, 2023 January 29, 2022 Number of declarations 4 4 3 Cash dividends paid (in millions) $12.4 $12.9 $10.9 Total paid per share during fiscal year $1.00 $1.00 $0.75 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | A summary of the components of the provision for income taxes is as follows (in thousands): Fiscal Year Ended February 3, January 28, January 29, Federal: Current $ 21,780 $ 26,256 $ 37,013 Deferred 2,644 5,888 7,142 24,424 32,144 44,155 State: Current 4,066 6,326 9,128 Deferred 1 437 296 4,067 6,763 9,424 Provision for income taxes $ 28,491 $ 38,907 $ 53,579 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory federal income tax rate to the effective tax rate as a percentage of income before provision for income taxes is as follows: Fiscal Year Ended February 3, January 28, January 29, Tax provision computed at the federal statutory rate 21.00 % 21.00 % 21.00 % Effect of state income taxes, net of federal benefits 2.89 3.33 3.50 Excess tax benefits from stock-based compensation (1.21) (0.77) (0.97) Other, net (1.07) (0.26) (0.02) 21.61 % 23.30 % 23.51 % |
Schedule of Deferred Tax Assets and Liabilities | Deferred income taxes on the consolidated balance sheets result from temporary differences between the amount of assets and liabilities recognized for financial reporting and income tax purposes. The components of the deferred income taxes, net, are as follows (in thousands): February 3, January 28, Rent $ 83,966 $ 75,044 Inventories 3,065 3,581 Accruals 4,302 5,676 Stock-based compensation 2,804 2,595 Other 290 136 Total deferred tax assets 94,427 87,032 Rent (80,352) (70,418) Accumulated depreciation and amortization (13,052) (13,067) Prepaid expenses (2,797) (2,680) Other (9) (5) Total deferred tax liabilities (96,210) (86,170) Deferred income taxes, net $ (1,783) $ 862 |
Schedule of Unrecognized Tax Benefits | A reconciliation of the unrecognized tax benefit, excluding estimated interest and penalties, under ASC Subtopic 740-10 follows (in thousands): February 3, January 28, Unrecognized tax benefits - beginning of year $ 372 $ 455 Gross increases - tax positions in prior period 281 76 Gross decreases - tax positions in prior period (23) (48) Lapse of statute of limitations (114) (111) Unrecognized tax benefits - end of year $ 516 $ 372 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Critical and Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | 12 Months Ended | ||
Feb. 03, 2024 USD ($) store $ / shares | Feb. 03, 2024 USD ($) segment store $ / shares | Jan. 28, 2023 USD ($) | Jan. 29, 2022 USD ($) | |
Disaggregation of Revenue [Line Items] | ||||
Number of stores | store | 1,150 | 1,150 | ||
Number of reportable segments | segment | 1 | |||
Days to collect debit and credit card transactions | 3 days | |||
Credit and debit card receivables | $ 8,400,000 | $ 8,400,000 | $ 7,400,000 | |
Inventory valuation reserves | 5,600,000 | 5,600,000 | 5,600,000 | |
Accrual for inventory shrinkage | 1,000,000 | 1,000,000 | 700,000 | |
Intangible asset impairment | 0 | 0 | $ 0 | |
Contract with customer, liability, current | 4,200,000 | 4,200,000 | 4,100,000 | |
Gift Cards | ||||
Disaggregation of Revenue [Line Items] | ||||
Liability, gift card revenue | 7,100,000 | 7,100,000 | 9,800,000 | |
Additional gift card breakage revenue recognized | $ 3,500,000 | |||
Net income increase | $ 2,800,000 | |||
Net income per diluted share (in dollars per share) | $ / shares | $ 0.22 | $ 0.22 | ||
Revenue recognized from contract liability | $ 1,700,000 | $ 1,600,000 | $ 1,400,000 | |
Cost of Goods, Total | Supplier Concentration Risk | Nike | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of purchases from supplier | 73.70% | 69.90% | 61% |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Critical and Significant Accounting Policies - Marketing Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Gross marketing costs | $ 32,424 | $ 36,525 | $ 32,964 |
Marketing reimbursements | (6,985) | (6,892) | (4,525) |
Net marketing costs | $ 25,439 | $ 29,633 | $ 28,439 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Critical and Significant Accounting Policies - Components of Property and Equipment (Details) - USD ($) $ in Thousands | Feb. 03, 2024 | Jan. 28, 2023 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 456,155 | $ 407,906 |
Less: accumulated depreciation and amortization | 272,206 | 238,430 |
Total property and equipment, net | 183,949 | 169,476 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 7,289 | 7,277 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Service Lives | 39 years | |
Total property and equipment | $ 22,760 | 22,529 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 141,989 | 134,304 |
Equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Service Lives | 3 years | |
Equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Service Lives | 7 years | |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Service Lives | 7 years | |
Total property and equipment | $ 72,460 | 67,522 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 205,568 | 170,773 |
Leasehold improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Service Lives | 3 years | |
Leasehold improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Service Lives | 10 years | |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 6,089 | $ 5,501 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Critical and Significant Accounting Policies - Disaggregation of Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 1,728,887 | $ 1,708,316 | $ 1,691,184 |
Footwear | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,214,717 | 1,135,475 | 1,044,191 |
Apparel | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 329,405 | 412,021 | 483,236 |
Equipment | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 184,765 | $ 160,820 | $ 163,757 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 USD ($) renewal_option | Jan. 28, 2023 USD ($) | Jan. 29, 2022 USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Number of renewal options | renewal_option | 1 | ||
Impairment loss | $ 1.5 | $ 0.6 | $ 2.9 |
Accumulated amortization | 4.4 | $ 3.3 | |
Lease not yet commenced, amount | $ 8.4 | ||
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Term of contract | 5 years | ||
Minimum | Office Equipment | |||
Lessee, Lease, Description [Line Items] | |||
Term of contract | 2 years | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Term of contract | 10 years | ||
Maximum | Office Equipment | |||
Lessee, Lease, Description [Line Items] | |||
Term of contract | 6 years |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Leases [Abstract] | |||
Operating lease cost | $ 81,957 | $ 76,051 | $ 68,359 |
Finance lease cost: | |||
Amortization of assets | 1,049 | 977 | 849 |
Interest on lease liabilities | 102 | 116 | 136 |
Variable lease cost | 19,926 | 18,188 | 18,379 |
Lease cost | $ 103,034 | $ 95,332 | $ 87,723 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Balance Sheet Information (Details) | Feb. 03, 2024 | Jan. 28, 2023 |
Weighted average remaining lease term (in years): | ||
Operating leases | 5 years | 5 years |
Finance leases | 4 years | 3 years |
Weighted average discount rate: | ||
Operating leases | 4.20% | 3.50% |
Finance leases | 4.60% | 5.20% |
Leases - Summary of Maturities
Leases - Summary of Maturities of Lease Liabilities (Details) $ in Thousands | Feb. 03, 2024 USD ($) |
Operating | |
Fiscal 2025 | $ 83,183 |
Fiscal 2026 | 79,916 |
Fiscal 2027 | 65,973 |
Fiscal 2028 | 49,688 |
Fiscal 2029 | 32,157 |
Thereafter | 42,734 |
Total minimum lease payments | 353,651 |
Less amount representing interest | 36,554 |
Operating lease obligations | 317,097 |
Finance | |
Fiscal 2025 | 615 |
Fiscal 2026 | 535 |
Fiscal 2027 | 381 |
Fiscal 2028 | 362 |
Fiscal 2029 | 268 |
Thereafter | 0 |
Total minimum lease payments | 2,161 |
Less amount representing interest | 200 |
Finance lease obligations | 1,961 |
Total | |
Fiscal 2025 | 83,798 |
Fiscal 2026 | 80,451 |
Fiscal 2027 | 66,354 |
Fiscal 2028 | 50,050 |
Fiscal 2029 | 32,425 |
Thereafter | 42,734 |
Total minimum lease payments | 355,812 |
Less amount representing interest | 36,754 |
Lease obligations | $ 319,058 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | Feb. 28, 2023 | Apr. 07, 2022 | Jul. 09, 2021 | Feb. 03, 2024 | Jan. 28, 2023 |
Line of Credit Facility [Line Items] | |||||
Credit facility | $ 45,296,000 | $ 36,264,000 | |||
Revolving Credit Facility | 2021 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 | ||||
Revolving Credit Facility | 2021 Credit Facility | Unsecured Debt | Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Annual commitment fee | 0.0015 | ||||
Revolving Credit Facility | 2021 Credit Facility | Unsecured Debt | Minimum | LIBOR | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1% | ||||
Revolving Credit Facility | 2021 Credit Facility | Unsecured Debt | Minimum | Bloomberg Short-Term Bank Yield Index | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1% | ||||
Revolving Credit Facility | 2021 Credit Facility | Unsecured Debt | Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Annual commitment fee | 0.0020 | ||||
Revolving Credit Facility | 2021 Credit Facility | Unsecured Debt | Maximum | LIBOR | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.80% | ||||
Revolving Credit Facility | 2021 Credit Facility | Unsecured Debt | Maximum | Bloomberg Short-Term Bank Yield Index | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.80% | ||||
Revolving Credit Facility | 2023 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 | ||||
Credit facility | 45,300,000 | ||||
Remaining borrowing capacity | $ 114,700,000 | ||||
Revolving Credit Facility | 2023 Credit Facility | Unsecured Debt | Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Annual commitment fee | 0.00125 | ||||
Revolving Credit Facility | 2023 Credit Facility | Unsecured Debt | Minimum | Bloomberg Short-Term Bank Yield Index | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1% | ||||
Revolving Credit Facility | 2023 Credit Facility | Unsecured Debt | Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Annual commitment fee | 0.0025 | ||||
Revolving Credit Facility | 2023 Credit Facility | Unsecured Debt | Maximum | Bloomberg Short-Term Bank Yield Index | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 2% | ||||
Letter of Credit | 2023 Credit Facility | Unsecured Debt | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 25,000,000 | ||||
Bridge Loan | 2023 Credit Facility | 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 | 12 Months Ended | |
Feb. 03, 2024 USD ($) day | Jan. 28, 2023 USD ($) day | |
Debt Disclosure [Abstract] | ||
Number of day borrowings incurred | day | 359 | 307 |
Average borrowings | $ 85.8 | $ 40.8 |
Maximum borrowings | $ 134.1 | $ 110.5 |
Average interest rate | 6.35% | 3.21% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) | 12 Months Ended | ||
Feb. 03, 2024 USD ($) plan shares | Jan. 28, 2023 USD ($) | Jan. 29, 2022 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of stock-based compensation plans | plan | 4 | ||
Amount capitalized | $ | $ 0 | $ 0 | $ 0 |
Income tax effects allocated directly to equity, other | $ | $ 3,000,000 | $ 2,800,000 | $ 3,200,000 |
Service-based Restricted Stock Units | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 2 years | ||
Service-based Restricted Stock Units | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
PSUs | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (in shares) | 2,500,000 | ||
Number of shares available for grant (in shares) | 1,243,179 | ||
Equity Incentive Plan | Employee Stock Option | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
Expiration period | 8 years | ||
Equity Incentive Plan | Employee Stock Option | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 5 years | ||
Expiration period | 10 years | ||
Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (in shares) | 300,000 | ||
Number of shares available for grant (in shares) | 85,136 | ||
Discount from market price, offering date | 85% | ||
Employee Stock Purchase Plan | Employee Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Discount from market price, offering date | 85% | ||
Director Deferred Compensation Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (in shares) | 150,000 | ||
Number of shares available for grant (in shares) | 117,324 | ||
Director Deferred Compensation Plan | Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 10 years | ||
Non-Employee Director Equity Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (in shares) | 500,000 | ||
Number of shares available for grant (in shares) | 476,316 | ||
Non-Employee Director Equity Plan | Board of Directors Chairman | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options, vested in period, fair value | $ | $ 135,000 | ||
Non-Employee Director Equity Plan | Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options, vested in period, fair value | $ | 75,000 | ||
Non-Employee Director Equity Plan | RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options, vested in period, fair value | $ | $ 110,000 |
Stock-based Compensation - Comp
Stock-based Compensation - Components of Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Share-Based Payment Arrangement [Abstract] | |||
Stock options | $ 220 | $ 155 | $ 174 |
Restricted stock units | 5,026 | 6,204 | 5,111 |
Employee stock purchases | 358 | 358 | 199 |
Director deferred compensation | 105 | 94 | 56 |
Total stock-based compensation expense | 5,709 | 6,811 | 5,540 |
Income tax benefit recognized | 1,183 | 1,562 | 1,316 |
Stock-based compensation expense, net of income tax | $ 4,526 | $ 5,249 | $ 4,224 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Details) - Employee Stock Option - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Number of Shares | |||
Outstanding at beginning of period (in shares) | 100,951 | ||
Granted (in shares) | 8,188 | 7,212 | 4,384 |
Exercised (in shares) | (40,044) | ||
Forfeited, cancelled or expired (in shares) | 0 | ||
Outstanding at end of period (in shares) | 69,095 | 100,951 | |
Exercisable (in shares) | 69,095 | ||
Weighted Average Exercise Price | |||
Outstanding at beginning of period (in dollars per share) | $ 38.24 | ||
Granted (in dollars per share) | 58.38 | $ 46.22 | $ 76.04 |
Exercised (in dollars per share) | 37.87 | ||
Forfeited, cancelled or expired (in dollars per share) | 0 | ||
Outstanding at end of period (in dollars per share) | 40.83 | $ 38.24 | |
Exercisable (in dollars per share) | $ 40.83 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Outstanding, weighted average remaining contractual term | 4 years 2 months 12 days | 4 years 10 days | |
Exercisable, weighted average remaining contractual term | 4 years 2 months 12 days | ||
Outstanding, aggregate intrinsic value | $ 2,003 | $ 2,859 | |
Exercisable, aggregate intrinsic value | $ 2,003 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock Options Granted and Assumptions of Price Model (Details) - Employee Stock Option | 12 Months Ended | ||
Feb. 03, 2024 USD ($) grant $ / shares shares | Jan. 28, 2023 USD ($) grant $ / shares shares | Jan. 29, 2022 USD ($) grant $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of option granted (in shares) | grant | 2 | 1 | 1 |
Total stock options granted (in shares) | shares | 8,188 | 7,212 | 4,384 |
Exercise price (in dollars per share) | $ / shares | $ 58.38 | $ 46.22 | $ 76.04 |
Fair value of stock options | $ / shares | $ 26.87 | $ 21.46 | $ 39.73 |
Expected term | 5 years 8 months 23 days | 4 years 7 months 2 days | 4 years 7 months 17 days |
Expected volatility | 53.76% | 65.05% | 64.75% |
Risk-free interest rate | 3.57% | 2.44% | 0.77% |
Dividend yield | 1.71% | 2.28% | 0% |
Intrinsic value of stock options exercised | $ 1,100,000 | $ 1,100,000 | $ 2,700,000 |
Total cash received by participants from stock options exercised | 2,600,000 | 3,500,000 | 4,700,000 |
Unamortized compensation expense at fiscal period end | $ 0 | $ 0 | $ 0 |
Stock-Based Compensation - Acti
Stock-Based Compensation - Activity in Restricted Stock and Performance-Based Units (Details) | 12 Months Ended |
Feb. 03, 2024 $ / shares shares | |
RSUs including PSUs | |
Number of Awards | |
Outstanding at beginning of period (in shares) | shares | 537,303 |
Grants in period (in shares) | shares | 131,941 |
Vested (in shares) | shares | (178,193) |
Forfeited, cancelled or expired (in shares) | shares | (37,788) |
Outstanding at end of period (in shares) | shares | 453,263 |
Weighted Average Grant-Date Fair Value | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 32.24 |
Grants in period, weighted average grant date fair value (in dollars per share) | $ / shares | 58.02 |
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares | 21 |
Forfeited, cancelled or expired, weighted average grant-date fair value (in dollars per share) | $ / shares | 33.69 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 44.04 |
RSUs | |
Number of Awards | |
Outstanding at beginning of period (in shares) | shares | 464,833 |
Grants in period (in shares) | shares | 92,374 |
Vested (in shares) | shares | (178,193) |
Forfeited, cancelled or expired (in shares) | shares | (37,788) |
Outstanding at end of period (in shares) | shares | 341,226 |
Weighted Average Grant-Date Fair Value | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 28.62 |
Grants in period, weighted average grant date fair value (in dollars per share) | $ / shares | 57.86 |
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares | 21 |
Forfeited, cancelled or expired, weighted average grant-date fair value (in dollars per share) | $ / shares | 33.69 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 39.95 |
PSUs | |
Number of Awards | |
Outstanding at beginning of period (in shares) | shares | 72,470 |
Grants in period (in shares) | shares | 39,567 |
Vested (in shares) | shares | 0 |
Forfeited, cancelled or expired (in shares) | shares | 0 |
Outstanding at end of period (in shares) | shares | 112,037 |
Weighted Average Grant-Date Fair Value | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 55.48 |
Grants in period, weighted average grant date fair value (in dollars per share) | $ / shares | 58.38 |
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares | 0 |
Forfeited, cancelled or expired, weighted average grant-date fair value (in dollars per share) | $ / shares | 0 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 56.50 |
Stock-Based Compensation - Ac_2
Stock-Based Compensation - Activity in Restricted Stock and Performance-Based Units Granted and Vested (Details) - RSUs including PSUs - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of vested awards | $ 10.5 | $ 7.3 | $ 10.5 |
Intrinsic value of outstanding and unvested awards | 31.5 | 35.5 | 35.2 |
Unrecognized compensation expense at fiscal period end (in millions) | $ 4.9 | $ 7.5 | $ 7 |
Estimated weighted average period unrecognized compensation expense expected to be recognized | 1 year 8 months 12 days | 1 year 8 months 12 days | 2 years |
Stock-Based Compensation - Empl
Stock-Based Compensation - Employee Stock Purchase Plan Assumption (Details) - Employee Stock - Employee Stock Purchase Plan - $ / shares | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares purchased (in shares) | 34,405 | 32,586 | 14,447 |
Average price per share (in dollars per share) | $ 36.70 | $ 48.33 | $ 50.01 |
Weighted average fair value at grant date (in dollars per share) | $ 13.32 | $ 14.33 | $ 14.33 |
Expected life (years) | 3 months | 3 months | 3 months |
Average expected volatility | 54.50% | 52.10% | 52.10% |
Average risk-free interest rate | 9.16% | 3.55% | 0.28% |
Average dividend yield | 2.06% | 1.86% | 1.26% |
Stock-Based Compensation - Numb
Stock-Based Compensation - Number of Director Participated (Details) - Deferred Compensation, Share-based Payments | 12 Months Ended | ||
Feb. 03, 2024 director shares | Jan. 28, 2023 director shares | Jan. 29, 2022 director shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of directors that deferred all or a portion of their fees | director | 1 | 1 | 2 |
Shares issued to individual (in shares) | shares | 2,073 | 1,832 | 729 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Net income | $ 103,158 | $ 128,057 | $ 174,313 |
Weighted average number of common shares outstanding (in shares) | 12,364,000 | 12,951,000 | 14,993,000 |
Weighted average number of common shares outstanding and dilutive shares (in shares) | 12,633,000 | 13,315,000 | 15,582,000 |
Basic earnings per share (in dollars per share) | $ 8.34 | $ 9.89 | $ 11.63 |
Diluted earnings per share (in dollars per share) | $ 8.17 | $ 9.62 | $ 11.19 |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Dilutive equity awards (in shares) | 46,000 | 298,000 | 130,000 |
Antidilutive securities excluded in computation of earnings per share (in shares) | 4,384 | 0 | 0 |
RSUs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Dilutive equity awards (in shares) | 223,000 | 66,000 | 459,000 |
Stock Compensation Plan | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded in computation of earnings per share (in shares) | 0 |
Stock Repurchase Program - Addi
Stock Repurchase Program - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | 234 Months Ended | |||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | Feb. 03, 2024 | May 31, 2021 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Aggregate cost of repurchases under the Repurchase Program | $ 53,211 | $ 38,458 | $ 267,826 | ||
Stock Repurchase Program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Additional authorized amount | $ 500,000 | ||||
Authorized repurchase amount | $ 800,000 | ||||
Common stock repurchased under the Repurchase Program (in shares) | 1,162,130 | 797,033 | 3,370,751 | 28,400,000 | |
Aggregate cost of repurchases under the Repurchase Program | $ 53,211 | $ 38,458 | $ 267,826 | $ 1,030,000 | |
Remaining amount available under stock repurchase program | $ 276,900 | $ 276,900 |
Stock Repurchase Program - Shar
Stock Repurchase Program - Shares Repurchased (Details) - USD ($) $ in Thousands | 12 Months Ended | 234 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | Feb. 03, 2024 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Aggregate cost of repurchases under the Repurchase Program | $ 53,211 | $ 38,458 | $ 267,826 | |
Excise tax on stock repurchases | $ 411 | |||
Stock Repurchase Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Common stock repurchased under the Repurchase Program (in shares) | 1,162,130 | 797,033 | 3,370,751 | 28,400,000 |
Aggregate cost of repurchases under the Repurchase Program | $ 53,211 | $ 38,458 | $ 267,826 | $ 1,030,000 |
Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements (in shares) | 47,550 | 51,558 | 46,095 | |
Tax withholding requirements from holders of restricted stock unit awards | $ 2,849 | $ 2,446 | $ 3,257 | |
Excise tax on stock repurchases | $ 411 | $ 0 | $ 0 |
Dividends - Additional Informat
Dividends - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 06, 2024 | Feb. 03, 2024 | Oct. 28, 2023 | Jul. 29, 2023 | Apr. 29, 2023 | Jan. 28, 2023 | Oct. 29, 2022 | Jul. 30, 2022 | Apr. 30, 2022 | Jan. 29, 2022 | Oct. 30, 2021 | Jul. 31, 2021 | May 01, 2021 | Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Class of Stock [Line Items] | ||||||||||||||||
Dividends paid (in dollars per share) | $ 0.25 | $ 1 | $ 1 | $ 0.75 | ||||||||||||
Declaration of dividends (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | ||||
Declaration of dividends (four quarterly $0.25 per common share) | $ 12,382 | $ 12,893 | $ 10,949 | |||||||||||||
Subsequent Event | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Declaration of dividends (in dollars per share) | $ 0.25 | |||||||||||||||
Declaration of dividends (four quarterly $0.25 per common share) | $ 2,900 |
Dividends - Number of Declarati
Dividends - Number of Declarations and Cash Dividends Paid (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Feb. 03, 2024 $ / shares | Feb. 03, 2024 USD ($) declaration $ / shares | Jan. 28, 2023 USD ($) declaration $ / shares | Jan. 29, 2022 USD ($) declaration $ / shares | |
Equity [Abstract] | ||||
Number of declarations | declaration | 4 | 4 | 3 | |
Cash dividends paid (in millions) | $ | $ 12,370 | $ 12,881 | $ 10,939 | |
Dividends paid (in dollars per share) | $ / shares | $ 0.25 | $ 1 | $ 1 | $ 0.75 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Feb. 03, 2024 | Jan. 28, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Accrued payroll expenses | $ 0 | $ 0 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Federal: | |||
Current | $ 21,780 | $ 26,256 | $ 37,013 |
Deferred | 2,644 | 5,888 | 7,142 |
Total federal | 24,424 | 32,144 | 44,155 |
State: | |||
Current | 4,066 | 6,326 | 9,128 |
Deferred | 1 | 437 | 296 |
Total state | 4,067 | 6,763 | 9,424 |
Provision for income taxes | $ 28,491 | $ 38,907 | $ 53,579 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Effective Tax Rate (Details) | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Income Tax Disclosure [Abstract] | |||
Tax provision computed at the federal statutory rate | 21% | 21% | 21% |
Effect of state income taxes, net of federal benefits | 2.89% | 3.33% | 3.50% |
Excess tax benefits from stock-based compensation | (1.21%) | (0.77%) | (0.97%) |
Other, net | (1.07%) | (0.26%) | (0.02%) |
Tax provision at effective rate | 21.61% | 23.30% | 23.51% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Income Taxes (Details) - USD ($) $ in Thousands | Feb. 03, 2024 | Jan. 28, 2023 |
Income Tax Disclosure [Abstract] | ||
Rent | $ 83,966 | $ 75,044 |
Inventories | 3,065 | 3,581 |
Accruals | 4,302 | 5,676 |
Stock-based compensation | 2,804 | 2,595 |
Other | 290 | 136 |
Total deferred tax assets | 94,427 | 87,032 |
Rent | (80,352) | (70,418) |
Accumulated depreciation and amortization | (13,052) | (13,067) |
Prepaid expenses | (2,797) | (2,680) |
Other | (9) | (5) |
Total deferred tax liabilities | (96,210) | (86,170) |
Deferred income taxes, net | $ (1,783) | |
Deferred income taxes, net | $ 862 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 03, 2024 | Jan. 28, 2023 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Unrecognized tax benefits - beginning of year | $ 372 | $ 455 |
Gross increases - tax positions in prior period | 281 | 76 |
Gross decreases - tax positions in prior period | (23) | (48) |
Lapse of statute of limitations | (114) | (111) |
Unrecognized tax benefits - end of year | $ 516 | $ 372 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Income Tax Disclosure [Abstract] | |||
Income tax penalties and interest accrued | $ 100 | $ 100 | $ 100 |
Income tax expense (benefit) from penalties and interest expense | 4 | (15) | $ (18) |
Unrecognized tax benefits that would impact effective tax rate | $ 400 | $ 300 |
Related-Party Transactions (Det
Related-Party Transactions (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2021 USD ($) | Feb. 03, 2024 USD ($) store | Jan. 28, 2023 USD ($) | Jan. 29, 2022 USD ($) | |
Related Party Transaction [Line Items] | ||||
Operating cash flows from operating leases | $ 88,762 | $ 83,073 | $ 76,400 | |
Earnout payment | 0 | 0 | 1,239 | |
New Store And Remodel Construction, TIG | ||||
Related Party Transaction [Line Items] | ||||
Payments to related party | 6,800 | 10,200 | 6,700 | |
Store Front Security Gates, RSG | ||||
Related Party Transaction [Line Items] | ||||
Payments to related party | $ 900 | $ 1,000 | $ 300 | |
City Gear | ||||
Related Party Transaction [Line Items] | ||||
Earnout payment | $ 15,000 | |||
T.I.G. Management, LLC | ||||
Related Party Transaction [Line Items] | ||||
Equity method investment, ownership percentage | 70% | |||
Retail Security Gates, LLC | ||||
Related Party Transaction [Line Items] | ||||
Equity method investment, ownership percentage | 50% | |||
Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Number of store leases under lease arrangement | store | 1 | |||
Operating cash flows from operating leases | $ 100 | |||
Chief Executive Officer | City Gear | ||||
Related Party Transaction [Line Items] | ||||
Earnout payment | $ 3,400 | |||
Earnout percent to related party | 22.80% |
Defined Contribution Benefit _2
Defined Contribution Benefit Plans (Details) - USD ($) | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Defined Contribution Benefit Plans [Line Items] | |||
Maximum annual contributions per employee, percent | 6% | 6% | 6% |
Employer matching contribution, percent of match | 4.50% | 4.50% | 4.50% |
First Eligible Compensation | |||
Defined Contribution Benefit Plans [Line Items] | |||
Maximum annual contributions per employee, percent | 3% | 3% | 3% |
Employer matching contribution, percent of match | 100% | 100% | 100% |
Next Eligible Compensation | |||
Defined Contribution Benefit Plans [Line Items] | |||
Maximum annual contributions per employee, percent | 3% | 3% | 3% |
Employer matching contribution, percent of match | 50% | 50% | 50% |
401(k) Plan | |||
Defined Contribution Benefit Plans [Line Items] | |||
Minimum number of years of service for plan eligibility | 1 year | ||
Contribution expense | $ 2,100,000 | $ 1,900,000 | $ 2,000,000 |
401(k) Plan | Minimum | |||
Defined Contribution Benefit Plans [Line Items] | |||
Maximum annual contributions per employee, percent | 1% | ||
401(k) Plan | Maximum | |||
Defined Contribution Benefit Plans [Line Items] | |||
Maximum annual contributions per employee, percent | 100% | ||
Supplemental 401(k) Plan | |||
Defined Contribution Benefit Plans [Line Items] | |||
Contribution expense | $ 0 | $ 0 | $ 0 |
Percentage of deferred compensation | 40% |