Cover
Cover - USD ($) | 12 Months Ended | ||
Feb. 03, 2024 | Mar. 20, 2024 | Jul. 28, 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 | 001-35600 | ||
Entity Registrant Name | Five Below, Inc. | ||
Entity Incorporation, State or Country Code | PA | ||
Entity Tax Identification Number | 75-3000378 | ||
Entity Address, Address Line One | 701 Market Street | ||
Entity Address, Address Line Two | Suite 300 | ||
Entity Address, City or Town | Philadelphia | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 19106 | ||
City Area Code | (215) | ||
Local Phone Number | 546-7909 | ||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Trading Symbol | FIVE | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 55,235,131 | ||
Entity Public Float | $ 11,334,179,492 | ||
Documents Incorporated by Reference | Portions of the registrant's Proxy Statement for the 2024 Annual Meeting of Shareholders (hereinafter referred to as the “Proxy Statement”) are incorporated by reference into Part III of this report. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001177609 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false |
Audit Information
Audit Information | 12 Months Ended |
Feb. 03, 2024 | |
Audit Information [Abstract] | |
Auditor Firm ID | 185 |
Auditor Name | KPMG LLP |
Auditor Location | Philadelphia, PA |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 03, 2024 | Jan. 28, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 179,749 | $ 332,324 |
Short-term investment securities | 280,339 | 66,845 |
Inventories | 584,627 | 527,720 |
Prepaid income taxes and tax receivable | 4,834 | 8,898 |
Prepaid expenses and other current assets | 153,993 | 130,592 |
Total current assets | 1,203,542 | 1,066,379 |
Property and equipment, net | 1,134,312 | 925,530 |
Operating lease assets | 1,509,416 | 1,319,132 |
Other assets | 16,976 | 13,870 |
Total assets | 3,872,037 | 3,324,911 |
Current liabilities: | ||
Line of credit | 0 | 0 |
Accounts payable | 256,275 | 221,120 |
Income taxes payable | 41,772 | 19,928 |
Accrued salaries and wages | 30,028 | 25,420 |
Other accrued expenses | 146,887 | 136,316 |
Operating lease liabilities | 240,964 | 199,776 |
Total current liabilities | 715,926 | 602,560 |
Other long-term liabilities | 6,826 | 4,296 |
Deferred income taxes | 66,743 | 59,151 |
Long-term operating lease liabilities | 1,497,586 | 1,296,975 |
Total liabilities | 2,287,081 | 1,962,982 |
Commitments and contingencies (note 6) | ||
Shareholders’ equity: | ||
Common stock, $0.01 par value. Authorized 120,000,000 shares; issued and outstanding 55,197,875 and 55,537,221 shares, respectively. | 551 | 555 |
Additional paid-in capital | 182,709 | 260,784 |
Retained earnings | 1,401,696 | 1,100,590 |
Total shareholders’ equity | 1,584,956 | 1,361,929 |
Total liabilities and shareholders' equity (deficit) | 3,872,037 | 3,324,911 |
Long-term Investments | $ 7,791 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Feb. 03, 2024 | Jan. 28, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (in shares) | 55,197,875 | 55,537,221 |
Common stock, shares outstanding (in shares) | 55,197,875 | 55,537,221 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Income Statement [Abstract] | |||
Net sales | $ 3,559,369 | $ 3,076,308 | $ 2,848,354 |
Cost of goods sold (exclusive of items shown separately below) | 2,285,544 | 1,980,817 | 1,817,910 |
Selling, general and administrative expenses | 757,507 | 644,831 | 565,733 |
Depreciation and amortization | 130,747 | 105,617 | 84,831 |
Operating income | 385,571 | 345,043 | 379,880 |
Interest income (expense) and other income (expense), net | (15,530) | (2,491) | 13,177 |
Income before income taxes | 401,101 | 347,534 | 366,703 |
Income tax expense | 99,995 | 86,006 | 87,893 |
Net income | $ 301,106 | $ 261,528 | $ 278,810 |
Basic income per common share (dollars per share) | $ 5.43 | $ 4.71 | $ 4.98 |
Diluted income per common share (dollars per share) | $ 5.41 | $ 4.69 | $ 4.95 |
Weighted average shares outstanding: | |||
Basic shares | 55,487,252 | 55,547,267 | 55,999,713 |
Diluted shares | 55,621,619 | 55,745,279 | 56,303,854 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Unrestricted stock [Member] | Common Stock [Member] | Common Stock [Member] Unrestricted stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] Unrestricted stock [Member] | Retained Earnings [Member] |
Balance at Jan. 30, 2021 | $ 881,886 | $ 559 | $ 321,075 | $ 560,252 | |||
Balance, common stock, shares (in shares) at Jan. 30, 2021 | 55,935,237 | ||||||
Issuance of unrestricted stock awards | 25,378 | $ 335 | 25,378 | $ 335 | |||
Exercise of options to purchase common stock | 389 | 389 | |||||
Exercise of options and warrants to purchase common stock (in shares) | 12,834 | ||||||
Vesting of restricted stock units and performance-based restricted stock units | 1 | $ 1 | |||||
Vesting of restricted stock units and performance-based restricted stock units (in shares) | (115,763) | (1,790) | |||||
Common Shares Withheld | (7,332) | (7,332) | |||||
Common shares withheld for taxes (in shares) | 38,342 | ||||||
Repurchase and retirement of common stock | (60,011) | $ (4) | (60,007) | ||||
Repurchase and retirement of stock (in shares) | (368,699) | ||||||
Issuance of common stock to employees under employee stock purchase plan | 828 | 828 | |||||
Issuance of common stock to employees under employee stock purchase plan (in shares) | 3,817 | ||||||
Net income | 278,810 | ||||||
Balance at Jan. 29, 2022 | 1,120,284 | $ 556 | 280,666 | 839,062 | |||
Balance, common stock, shares (in shares) at Jan. 29, 2022 | 55,662,400 | ||||||
Issuance of unrestricted stock awards | 22,981 | 523 | 22,981 | 523 | |||
Exercise of options to purchase common stock | 776 | 776 | |||||
Exercise of options and warrants to purchase common stock (in shares) | 21,737 | ||||||
Vesting of restricted stock units and performance-based restricted stock units | 1 | $ 1 | |||||
Vesting of restricted stock units and performance-based restricted stock units (in shares) | (122,349) | (3,349) | |||||
Common Shares Withheld | (4,981) | (4,981) | |||||
Common shares withheld for taxes (in shares) | 31,971 | ||||||
Repurchase and retirement of common stock | (40,007) | $ (2) | (40,005) | ||||
Repurchase and retirement of stock (in shares) | (247,132) | ||||||
Issuance of common stock to employees under employee stock purchase plan | 824 | 824 | |||||
Issuance of common stock to employees under employee stock purchase plan (in shares) | 6,489 | ||||||
Net income | 261,528 | ||||||
Balance at Jan. 28, 2023 | $ 1,361,929 | $ 555 | 260,784 | 1,100,590 | |||
Balance, common stock, shares (in shares) at Jan. 28, 2023 | 55,537,221 | 55,537,221 | |||||
Issuance of unrestricted stock awards | $ 17,307 | $ 473 | 17,307 | $ 473 | |||
Exercise of options to purchase common stock | 286 | 286 | |||||
Exercise of options and warrants to purchase common stock (in shares) | 7,800 | ||||||
Vesting of restricted stock units and performance-based restricted stock units | 2 | $ 2 | |||||
Vesting of restricted stock units and performance-based restricted stock units (in shares) | (235,460) | (2,539) | |||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 85,594 | ||||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | (16,586) | $ (1) | (16,585) | ||||
Common Shares Withheld | (16,600) | ||||||
Repurchase and retirement of common stock | (80,541) | $ (5) | (80,536) | ||||
Repurchase and retirement of stock (in shares) | (504,369) | ||||||
Issuance of common stock to employees under employee stock purchase plan | 980 | 980 | |||||
Issuance of common stock to employees under employee stock purchase plan (in shares) | 4,818 | ||||||
Net income | 301,106 | ||||||
Balance at Feb. 03, 2024 | $ 1,584,956 | $ 551 | $ 182,709 | $ 1,401,696 | |||
Balance, common stock, shares (in shares) at Feb. 03, 2024 | 55,197,875 | 55,197,875 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Operating activities: | |||
Net income | $ 301,106 | $ 261,528 | $ 278,810 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 130,747 | 105,617 | 84,831 |
Share-based compensation expense | 17,859 | 23,583 | 25,787 |
Deferred income tax expense | 7,592 | 22,995 | 7,245 |
Other non-cash expenses | 351 | 409 | 708 |
Changes in operating assets and liabilities: | |||
Inventories | (56,907) | (72,616) | (173,837) |
Prepaid income taxes and tax receivable | 4,064 | 2,427 | (4,975) |
Prepaid expenses and other assets | (26,651) | (39,379) | (26,287) |
Accounts payable | 35,133 | 24,891 | 61,559 |
Income taxes payable | 21,844 | (8,168) | 26,071 |
Accrued salaries and wages | 4,608 | (28,119) | 10,094 |
Operating leases | 51,515 | 30,022 | 13,131 |
Other accrued expenses | 8,358 | (8,264) | 24,775 |
Net cash provided by operating activities | 499,619 | 314,926 | 327,912 |
Investing activities: | |||
Purchases of investment securities and other investments | (416,649) | (56,459) | (477,082) |
Sales, maturities, and redemptions of investment securities | 195,364 | 304,473 | 299,652 |
Capital expenditures | (335,050) | (251,954) | (288,167) |
Net cash used in investing activities | (556,335) | (3,940) | (465,597) |
Financing activities: | |||
Cash paid for Revolving Credit Facility financing costs | 0 | (248) | 0 |
Net proceeds from issuance of common stock | 980 | 824 | 828 |
Repurchase and retirement of common stock | (80,541) | (40,007) | (60,011) |
Proceeds from exercise of options to purchase common stock and vesting of restricted and performance-based restricted stock units | 288 | 777 | 390 |
Common shares withheld for taxes | 16,586 | 4,981 | 7,332 |
Net cash used in financing activities | (95,859) | (43,635) | (66,125) |
Net (decrease) increase in cash and cash equivalents | (152,575) | 267,351 | (203,810) |
Cash and cash equivalents at end of year | 332,324 | 64,973 | 268,783 |
Cash and cash equivalents at end of year | 179,749 | 332,324 | 64,973 |
Supplemental disclosures of cash flow information: | |||
Interest paid | 496 | 537 | 590 |
Income taxes paid | 68,277 | 75,561 | 59,550 |
Increase in accounts payable and accrued purchases of property and equipment | $ 4,686 | $ 1,634 | $ 8,810 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Feb. 03, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Description of Business Five Below, Inc. (collectively referred to herein with its wholly-owned subsidiaries as the "Company") is a specialty value retailer offering merchandise targeted at the tween and teen demographic. The Company offers an edited assortment of products, with most priced at $5 and below. The Company’s edited assortment of products includes select brands and licensed merchandise. The Company believes its merchandise is readily available and that there are a number of potential vendors that could be utilized, if necessary, under approximately the same terms the Company is currently receiving; thus, it is not dependent on a single vendor or a group of vendors. The Company is incorporated in the Commonwealth of Pennsylvania and, as of February 3, 2024, operated in 43 states excluding Alaska, Hawaii, Idaho, Montana, Oregon, Washington and Wyoming. As of February 3, 2024 and January 28, 2023, the Company operated 1,544 stores and 1,340 stores, respectively, each operating under the name “Five Below.” The Company also sells its merchandise on the internet, through the Company's fivebelow.com e-commerce website, offering home delivery and the option to buy online and pick up in store. Additionally, the Company sells merchandise through on-demand third-party delivery service to enable our customers to shop online and receive convenient delivery. The Company's consolidated financial statements include the accounts of Five Below, Inc. and its subsidiaries (1616 Holdings, Inc., formerly known as Five Below Merchandising, Inc., 1616 Sourcing Holdco LLC and 1616 Holdings India Private Limited). All intercompany transactions and accounts are eliminated in the consolidation of the Company's and subsidiaries' financial statements. Fiscal Year The Company operates on a 52/53-week fiscal year ending on the Saturday closest to January 31. References to "fiscal year 2023" or "fiscal 2023" refer to the period from January 29, 2023 to February 3, 2024, which consists of a 53-week year. References to "fiscal year 2022" or "fiscal 2022" refer to the period from January 30, 2022 to January 28, 2023, which consists of a 52-week fiscal year. References to "fiscal year 2021" or "fiscal 2021" refer to the period from January 31, 2021 to January 29, 2022, which consists of a 52-week fiscal year. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with a maturity date of three months or less when purchased to be cash equivalents. Our cash equivalents consist of cash management solutions, credit and debit card receivables, money market funds, corporate bonds and municipal bonds with original maturities of 90 days or less, which are classified as cash and cash equivalents in the accompanying consolidated balance sheets. The cash management solutions relate to cash deposit products that provide credit generally processed the next business day for cash deposited in third-party tech-enabled solutions. For credit card and debit card receivables, the majority of payments due from banks for third-party credit card and debit card transactions resulting from customer purchases at the Company’s retail stores process within 24 to 48 hours, except for transactions occurring on a Friday, which are generally processed the following Monday. Amounts due from banks for these transactions classified as cash equivalents totaled $22.4 million and $17.4 million as of February 3, 2024 and January 28, 2023, respectively. Book overdrafts, which are outstanding checks in excess of funds on deposit, are recorded within accounts payable in the accompanying consolidated balance sheets and within operating activities in the accompanying consolidated statements of cash flows. As of February 3, 2024 and January 28, 2023, the Company had cash equivalents of $154.9 million and $313.2 million, respectively. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation at the measurement date: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Inputs, other than Level 1, that are either directly or indirectly observable. Level 3: Unobservable inputs developed using the Company’s estimates and assumptions which reflect those that market participants would use. The classification of fair value measurements within the hierarchy are based upon the lowest level of input that is significant to the measurement. The Company’s financial instruments consist primarily of cash equivalents, investment securities, accounts payable, borrowings, if any, under a line of credit (as defined in note 5), equity method investments, and notes receivable. The Company believes that: (1) the carrying value of cash equivalents and accounts payable are representative of their respective fair value due to the short-term nature of these instruments; and (2) the carrying value of the borrowings, if any, under the line of credit approximates fair value because the line of credit’s interest rates vary with market interest rates. Under the fair value hierarchy, the fair market values of cash equivalents and the investments in corporate bonds are Level 1 while the investments in municipal bonds are Level 2. The fair market values of Level 2 instruments are determined by management with the assistance of a third-party pricing service. Since quoted prices in active markets for identical assets are not available, these prices are determined by the third-party pricing service using observable market information such as quotes from less active markets and quoted prices of similar securities. As of February 3, 2024 and January 28, 2023, the Company's investment securities are classified as held-to-maturity since the Company has the intent and ability to hold the investments to maturity. Such securities are carried at amortized cost-plus accrued interest and consist of the following (in thousands): As of February 3, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Short-term: Corporate bonds $ 280,067 $ — $ 154 $ 279,913 Municipal bonds 272 — — 272 Total $ 280,339 $ — $ 154 $ 280,185 Long-term: Corporate bonds $ 7,791 $ — $ 8 $ 7,783 Total $ 7,791 $ — $ 8 $ 7,783 As of January 28, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Short-term: Corporate bonds $ 66,845 $ — $ 292 $ 66,553 Total $ 66,845 $ — $ 292 $ 66,553 Short-term investment securities as of February 3, 2024 and January 28, 2023 all mature in one year or less. Long-term investment securities as of February 3, 2024 all mature after one year but in less than two years. Inventories Inventories consist of finished goods purchased for resale, including freight and tariffs, and are stated at the lower of cost and net realizable value, at the individual product level. Cost is determined on a weighted average cost method. Management of the Company reviews inventory levels in order to identify slow-moving merchandise and uses markdowns to clear merchandise. Inventory cost is reduced when the selling price less costs of disposal is below cost. The Company accrues an estimate for inventory shrink for the period between the last physical count and the balance sheet date. The shrink estimate can be affected by changes in merchandise mix and changes in actual shrink trends. Prepaid Expenses and Other Current Assets Prepaid expenses in fiscal 2023 and fiscal 2022 were $30.5 million and $25.9 million, respectively. Other current assets in fiscal 2023 and fiscal 2022 were $123.5 million and $104.7 million, respectively. Property and Equipment Property and equipment are stated at cost. Additions and improvements are capitalized, while repairs and maintenance are charged to expense as incurred. Depreciation and amortization is recorded using the straight-line method over the shorter of the estimated useful lives of the assets or the terms of the respective leases, if applicable. The estimated useful lives are three Property and equipment, net, consists of the following (in thousands): February 3, 2024 January 28, 2023 Land $ 30,371 $ 30,371 Furniture and fixtures 544,054 433,517 Leasehold improvements 697,953 558,723 Computers and equipment 365,269 293,553 Construction in process 80,755 63,393 Property and equipment, gross 1,718,402 1,379,557 Less: Accumulated depreciation and amortization (584,090) (454,027) Property and equipment, net $ 1,134,312 $ 925,530 Impairment of Long-Lived Assets Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Assets are grouped and evaluated for impairment at the lowest level of which there are identifiable cash flows, which is generally at a store level. Assets are reviewed for impairment using factors including, but not limited to, the Company's future operating plans and projected cash flows. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated undiscounted future cash flows, then an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Fair value is based on discounted future cash flows of the asset using a discount rate commensurate with the risk. In the event of a store closure, the Company will record an impairment charge, if appropriate, or accelerate depreciation over the revised useful life of the asset. Based on the Company's analysis performed in fiscal 2023, fiscal 2022 and fiscal 2021, management believes that no impairment of long-lived assets exists for the periods ended February 3, 2024, January 28, 2023 and January 29, 2022. Deferred Financing Costs Deferred financing costs are amortized to interest expense over the term of the related credit agreement. As of February 3, 2024 and January 28, 2023, the Company had $0.5 million and $0.7 million remaining in the accompanying consolidated balance sheets within Other Assets. Operating Leases The Company leases store locations, shipcenters, the corporate headquarters and equipment used in its operations and evaluates and classifies its leases as operating or capital leases for financial reporting purposes. Any assets held under a finance lease are included in property and equipment, net. Leases are accounted for in accordance with the guidance in "Leases" (Topic 842). The Company is required to recognize an operating lease asset and an operating lease liability for its leases (other than leases that meet the definition of a short-term lease). The liability is equal to the present value of the lease payments using an estimated incremental borrowing rate, on a collateralized basis over similar term, that the Company would have incurred to borrow the funds necessary to purchase the leased asset. The asset is based on the liability, subject to certain adjustments, such as for initial direct costs. Operating leases result in straight-line expense while finance leases result in a front-loaded expense pattern. At the inception of a lease, the Company determines the lease term, which includes periods under the exercise of renewal options that are reasonably assured. Renewal options are exercised at the Company's sole discretion. In September 2016, the Company signed a 15-year lease for a new corporate headquarters location in Philadelphia, Pennsylvania. The Company currently occupies approximately 230,000 square feet of office space with multiple options to expand in the future. The lease agreement expires in early 2033 with three successive options to renew for additional terms up to approximately fifteen years. The shipcenter in Pedricktown, New Jersey is leased under a lease agreement expiring in 2025 with options to renew for three successive five-year periods. Generally, the Company’s store leases have expected lease terms of ten years, which are comprised of an initial term of ten years or an initial term of five years and one assumed five-year extension, resulting in a ten-year life. The expected lease term is used to determine whether a lease is finance or operating and to calculate straight-line rent expense. Substantially all of the Company's leases include options that allow the Company to renew or extend the lease term beyond the initial lease period, subject to terms and conditions agreed upon at the inception of the lease. Such terms and conditions include rental rates agreed upon at the inception of the lease that could represent below or above market rental rates later in the life of the lease, depending upon market conditions at the time of such renewal or extension. In addition, the Company's leases may include early termination options. Other accrued expenses include accrued capital expenditures of $48.3 million and $43.6 million in fiscal 2023 and fiscal 2022, respectively. Deferred Compensation The Company approved and adopted the Five Below, Inc. Nonqualified Deferred Compensation Plan (the "Deferred Comp Plan") and a related, irrevocable grantor trust (the "Trust") during fiscal 2021. The Deferred Comp Plan provides eligible key crew with the opportunity to elect to defer up to 80% of their eligible compensation. The Company may make discretionary contributions, at the discretion of the Board. Payments under the Deferred Comp Plan will be made from the general assets of the Company or from the assets of the Trust, funded by the Company. The related liability is recorded as deferred compensation and included in other long-term liabilities in the consolidated balance sheets. Equity Method Investments The Company uses the equity method to account for its investments in which the Company is deemed to have the ability to exercise significant influence over an investee’s operating and financial policies or in which the Company holds a significant partnership or limited liability company interest. Equity method investments are initially recorded at cost in other assets in the consolidated balance sheets. The cost is adjusted to recognize the Company's proportionate share of the investee’s net income or loss after the date of investment and is also adjusted for any impairments resulting from other-than-temporary declines in fair value that is less than its carrying value. During fiscal 2021, the Company recorded an other-than-temporary impairment utilizing the market and cost approach considering historical and projected financial results to calculate fair value. Also related to this investment, management recorded a reserve against outstanding debt owed to the Company based on management’s evaluation of collectability. The total amount of impairment and reserve was approximately $9.7 million and was recorded in interest income (expense) and other income (expense), net in the consolidated statements of operations. The Company measures the cost of crew services received in exchange for share-based compensation based on the grant date fair value of the employee stock award. The Company recognizes compensation expense generally on a straight-line basis over the crew's requisite service period (generally the vesting period of the equity grant) based on the estimated grant date fair value of restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs") except for PSUs that have a market condition based on its total shareholder return relative to a pre-defined peer group, which are subject to multi-year performance objectives with vesting periods of approximately three years from the date of grant (if the applicable performance objectives are achieved). The fair value of these PSUs are determined using a Monte Carlo simulation model, which utilizes multiple input variables such as (i) total shareholder return from the beginning of the performance cycle through the performance measurement date(s); (ii) volatility; (iii) risk-free interest rates; and (iv) the correlation of the pre-defined peer group's total shareholder return. The Company uses the Black-Scholes option-pricing model for grants of stock options. The fair value of restricted stock awards are based on the closing price of the Company's common stock on the grant date and the fair value of stock options are based on the Black-Scholes option-pricing model utilizing the closing price of the Company's common stock on the grant date as the fair value of common stock in the model. Future share-based compensation cost will increase when the Company grants additional equity awards. Modifications, cancellations or repurchases of awards after the grant date may require the Company to accelerate any remaining unearned share-based compensation cost or incur incremental compensation costs. Share-based compensation cost recognized and included in expenses for fiscal 2023, fiscal 2022 and fiscal 2021, was $17.9 million, $23.6 million and $25.8 million, respectively. Revenue Recognition Revenue from store operations is recognized at the point of sale when control of the product is transferred to the customer at such time. Internet sales, through the Company's fivebelow.com e-commerce website, are recognized when the customer receives the product as control transfers upon delivery. Returns subsequent to the period end are immaterial; accordingly, no significant reserve has been recorded. Gift card sales to customers are initially recorded as liabilities and recognized as sales upon redemption for merchandise or as breakage revenue in proportion to the pattern of redemption of the gift cards by the customer in net sales. The transaction price for the Company’s sales is based on the item’s stated price. To the extent that the Company charges customers for shipping and handling on e-commerce sales, the Company records such amounts in net sales. Shipping and handling costs, which include fulfillment and shipping costs related to the Company's e-commerce operations, are included in costs of goods sold. As permitted by applicable accounting guidance, ASU 2014-09 "Revenue from Contracts with Customers," the Company has elected to exclude all sales taxes collected from customers and remitted to governmental authorities from net sales in the accompanying consolidated statements of operations. Shipping and Handling Revenues and Costs The Company includes all shipping and handling revenue from e-commerce sales in net sales. Shipping and handling costs, which are included in cost of goods sold in the accompanying consolidated statements of operations, include fulfillment and shipping costs related to the Company's e-commerce operations. Cost of Goods Sold Cost of goods sold reflects the direct costs of purchased merchandise and inbound freight and tariffs, as well as store occupancy, distribution and buying expenses. Store occupancy costs include rent, common area maintenance, utilities and property taxes for all store locations. Distribution costs include costs for receiving, processing, warehousing and shipping of merchandise to or from the Company's shipcenters and between store locations. Buying costs include compensation expense for the Company's internal buying organization. Selling, General and Administrative Expenses (including Depreciation and Amortization) Selling, general and administrative expenses (including depreciation and amortization) include payroll and other compensation, marketing and advertising expense, depreciation and amortization expense, and other selling and administrative expenses. Vendor Allowances The Company receives various incentives in the form of allowances, free product and promotional funds from its vendors based on product purchases and advertising activities. The amounts received are subject to changes in market conditions, vendor marketing strategies and changes in the profitability or sell-through of the related merchandise for the Company. Merchandise allowances are recognized in the period the related merchandise is sold within cost of goods sold. Marketing allowances are recorded in selling, general and administrative expenses and are recognized in the period the related advertising occurs to the extent the allowance is a reimbursement that is specific and incremental, and identifiable costs have been incurred by the Company to sell the vendor’s products. To the extent these conditions are not met, these allowances are recorded as merchandise allowances. Store Pre-Opening Costs Costs incurred between completion of a new store location’s construction and its opening (pre-opening costs) are charged to expense as incurred. Pre-opening costs were $18.3 million, $10.7 million and $10.9 million in fiscal 2023, fiscal 2022, and fiscal 2021, respectively, and are recorded in the accompanying consolidated statements of operations based on the nature of the expense. Advertising Costs Advertising costs are charged to expense the first time the advertising takes place. Advertising expenses were $62.5 million, $54.1 million and $31.3 million in fiscal 2023, fiscal 2022 and fiscal 2021, respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of operations. Income Taxes Income taxes are accounted for under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records a valuation allowance to reduce its deferred tax assets when uncertainty regarding their realizability exists. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Use of Estimates The preparation of consolidated financial statements requires management of the Company to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the carrying amount of property and equipment, net realizable value for inventories, income taxes, share-based compensation expense, the incremental borrowing rate utilized in operating lease liabilities, equity method investments, and notes receivable. Recently Issued Accounting Standards In September 2022, the FASB issued ASU 2022-04, Liabilities-Supplier Finance Programs (Topic 405-50) - Disclosure of Supplier Finance Program Obligations, which requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. The amendments in this ASU are effective for the first quarter of 2023, except for the amendment on roll-forward information, which is effective for the first quarter of 2024, with early adoption permitted. The Company adopted this guidance on January 29, 2023, and the adoption did not impact the Company's disclosures on its consolidated financial statements. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 12 Months Ended |
Feb. 03, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Disaggregation of Revenue The following table provides information about disaggregated revenue by groups of products: leisure, fashion and home, and snack and seasonal (in thousands): Fiscal Year Fiscal Year Fiscal Year 2023 2022 2021 Amount Percentage of Net Sales Amount Percentage of Net Sales Amount Percentage of Net Sales Leisure $ 1,644,171 46.2 % $ 1,465,402 47.6 % $ 1,412,382 49.6 % Fashion and home 1,043,579 29.3 % 898,187 29.2 % 859,586 30.2 % Snack and seasonal 871,619 24.5 % 712,719 23.2 % 576,386 20.2 % Total $ 3,559,369 100.0 % $ 3,076,308 100.0 % $ 2,848,354 100.0 % |
Income Per Common Share
Income Per Common Share | 12 Months Ended |
Jan. 28, 2023 | |
Earnings Per Share [Abstract] | |
Income Per Common Share | Income Per Common Share Basic income per common share amounts are calculated using the weighted-average number of common shares outstanding for the period. Diluted income per common share amounts are calculated using the weighted-average number of common shares outstanding for the period and include the dilutive impact of exercised stock options as well as assumed vesting of restricted stock awards and shares currently available for purchase under the Company's Employee Stock Purchase Plan, using the treasury stock method. Performance-based restricted stock units are considered contingently issuable shares for diluted income per common share purposes and the dilutive impact, if any, is not included in the weighted-average shares until the performance conditions are met. The dilutive impact, if any, for performance-based restricted stock units, which are subject to market conditions based on the Company's total shareholder return relative to a pre-defined peer group, are included in the weighted average shares. The following table reconciles net income and the weighted average common shares outstanding used in the computations of basic and diluted income per common share (in thousands, except for share and per share data): Fiscal Year 2023 2022 2021 Numerator: Net income $ 301,106 $ 261,528 $ 278,810 Denominator: Weighted average common shares outstanding - basic 55,487,252 55,547,267 55,999,713 Dilutive impact of options, restricted stock units, and employee stock purchase plan 134,367 198,012 304,141 Weighted average common shares outstanding - diluted 55,621,619 55,745,279 56,303,854 Per common share: Basic income per common share $ 5.43 $ 4.71 $ 4.98 Diluted income per common share $ 5.41 $ 4.69 $ 4.95 The effects of the assumed vesting of restricted stock units outstanding as of February 3, 2024, January 28, 2023 and January 29, 2022 for 19,152, 72,043 and 9,781 shares of common stock, respectively, were excluded from the fiscal 2023, fiscal 2022 and fiscal 2021 calculation of diluted income per common share as their impact would have been anti-dilutive. |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Feb. 03, 2024 | |
Leases [Abstract] | |
Leases | Leases The Company determines if an arrangement contains a lease at the inception of a contract. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease assets and operating lease liabilities are recognized at the commencement date based on the present value of the remaining future minimum lease payments. As the rate implicit in the lease is not readily determinable for the Company's leases, the Company utilizes its incremental borrowing rate to determine the present value of future lease payments. The incremental borrowing rate represents a significant judgment and is determined based on an analysis of the Company's synthetic credit rating, prevailing financial market conditions, corporate bond yields, treasury bond yields, and the effect of collateralization. The operating lease assets also include lease payments made before commencement and exclude lease incentives. The Company’s real estate leases typically contain options that permit renewals for additional periods of up to five years. For real estate leases, except for renewals that generally take the lease to a ten-year term, the options to renew are not considered reasonably certain at lease commencement because the Company reevaluates each lease on a regular basis to consider the economic and strategic benefits of exercising the renewal options, and regularly opens, relocates or closes stores to align with its operating strategy. Therefore, generally, except for renewals that take the lease to a ten-year term, the renewal option periods are not included within the lease term and the associated payments are not included in the measurement of the operating lease asset and operating lease liability as the exercise of such options is not reasonably certain. The Company’s operating lease agreements, including assumed renewals, which are generally those that take the lease to a ten-year term, expire through fiscal 2037. Similarly, renewal options are not included in the lease term for non-real estate leases because they are not considered reasonably certain of being exercised at lease commencement. Leases with an initial term of 12 months or less are not recorded on the balance sheets and lease expense is recognized on a straight-line basis over the term of the short-term lease. For certain real estate leases, the Company accounts for lease components and non-lease components as a single lease component. Certain real estate leases require additional payments for reimbursement of real estate taxes, common area maintenance and insurance as well as payments based on sales volume, all of which are expensed as incurred as variable lease costs. Other real estate leases contain one fixed lease payment that includes real estate taxes, common area maintenance and insurance. These fixed payments are considered part of the lease payment and included in the operating lease assets and operating lease liabilities. All of the Company's leases are classified as operating leases and the associated assets and liabilities are presented as separate captions in the consolidated balance sheets. As of February 3, 2024 and January 28, 2023, the weighted average remaining lease term for the Company's operating leases was 7.5 years and 7.6 years, respectively, and the weighted average discount rate was 5.3% and 5.2%, respectively. The following table is a summary of the Company's components for net lease costs as of February 3, 2024 and January 28, 2023 (in thousands): Fiscal Year Ended Lease Cost February 3, 2024 January 28, 2023 Operating lease cost $ 268,096 $ 231,958 Variable lease cost 76,505 63,739 Net lease cost* $ 344,601 $ 295,697 * Excludes short-term lease cost, which is immaterial The following table summarizes the maturity of lease liabilities under operating leases as of February 3, 2024 (in thousands): Maturity of Lease Liabilities Operating Leases 2024 $ 305,635 2025 304,822 2026 286,595 2027 266,464 2028 240,866 After 2028 694,789 Total lease payments 2,099,171 Less: imputed interest 360,621 Present value of lease liabilities $ 1,738,550 The following table summarizes the supplemental cash flow disclosures related to leases as of February 3, 2024 and January 28, 2023 (in thousands): Fiscal Year Ended February 3, 2024 January 28, 2023 Cash paid for amounts included in the measurement of lease liabilities: Cash payments arising from operating lease liabilities (1) $ 229,491 $ 210,096 Supplemental non-cash information: Operating lease liabilities arising from obtaining right-of-use assets $ 358,383 $ 321,905 (1) Included within operating activities in the Company's Consolidated Statements of Cash Flows. As of February 3, 2024, the Company has entered into commitments for new stores for which the leases have not yet commenced that have future minimum lease payments of approximately $283.5 million. During the fifty-three weeks ended February 3, 2024, the Company committed to 291 new store leases with average terms of approximately ten years that have future minimum lease payments of approximately $543.1 million. |
Term Loan and Line of Credit
Term Loan and Line of Credit | 12 Months Ended |
Feb. 03, 2024 | |
Debt Disclosure [Abstract] | |
Term Loan and Line of Credit | Line of Credit On September 16, 2022, the Company entered into a Second Amendment to Credit Agreement (the "Second Amendment") which amended the Fifth Amended and Restated Credit Agreement, dated as of April 24, 2020, as previously amended by that certain First Amendment to Credit Agreement, dated as of January 27, 2021 (the "First Amendment"; the Fifth Amended and Restated Credit Agreement as amended by the First Amendment and the Second Amendment, the “Credit Agreement”), among the Company, 1616 Holdings, Inc., a wholly-owned subsidiary of the Company ("1616 Holdings" and together with the Company, the "Loan Parties"), Wells Fargo Bank, National Association as administrative agent (the "Agent"), and other lenders party thereto (the "Lenders"). The Credit Agreement provides for a secured asset-based revolving line of credit in the amount of up to $225 million (the "Revolving Credit Facility"). Advances under the Revolving Credit Facility are tied to a borrowing base consisting of eligible credit card receivables and inventory, as reduced by certain reserves in effect from time to time. Pursuant to the Credit Agreement, inventory appraisals and certain other diligence items are deferred, with reduced advance rates during the period that such appraisals have not been delivered. Pursuant to the Second Amendment, the Revolving Credit Facility expires on the earliest to occur of (i) September 16, 2027 or (ii) an event of default. The Second Amendment also replaced the existing LIBOR (the "London Interbank Offered Rate") provisions with SOFR (the "Secured Overnight Financing Rate") provisions which converted then outstanding LIBOR loans into SOFR loans and additionally makes a number of other revisions to other provisions of the Credit Agreement. Giving effect to the Second Amendment, outstanding borrowings under the Revolving Credit Facility would accrue interest at floating rates plus an applicable margin ranging from 1.12% to 1.50% for SOFR loans and 0.125% to 0.50% for base rate loans, and letter of credit fees range from 1.125% to 1.50%, in each case based on the average availability under the Revolving Credit Facility. The Revolving Credit Facility may be increased by up to an additional $150.0 million, subject to certain conditions, including obtaining commitments from one or more Lenders (the "Accordion"). Pursuant to the First Amendment, the Company obtained commitments from the Lenders that would allow the Company at its election (subject only to satisfaction of certain customary conditions such as the absence of any Event of Default), to increase the amount of the Revolving Credit Facility by an aggregate principal amount up to $50 million within the Accordion (the "Committed Increase"). The entire amount of the Revolving Credit Facility is available for the issuance of letters of credit and allows for swingline loans. The Credit Agreement contains customary covenants that limit, absent lender approval, the ability of the Company and certain of its affiliates to, among other things, pay cash dividends, incur debt, create liens and encumbrances, redeem or repurchase stock, enter into certain acquisition transactions with affiliates, merge, dissolve, repay certain indebtedness, change the nature of the Company’s business, enter sale or leaseback transactions, make investments or dispose of assets. In some cases, these restrictions are subject to certain negotiated exceptions or permit the Company to undertake otherwise restricted activities if it satisfies certain conditions. In addition, the Company will be required to maintain availability of not less than (i) 12.5% of the lesser of (x) aggregate commitments under the Revolving Credit Facility and (y) the borrowing base (the "loan cap") during the period that inventory appraisals have not been delivered as described above and (ii) at all other times 10.0% of the loan cap. If there exists an event of default or availability under the Revolving Credit Facility is less than 15% of the loan cap, amounts in any of the Loan Parties' or subsidiary guarantors' designated deposit accounts will be transferred daily into a blocked account held by the Agent and applied to reduce outstanding amounts under the Revolving Credit Facility (the "Cash Dominion Event"), so long as (i) such event of default has not been waived and/or (ii) until availability has exceeded 15% of the loan cap for sixty (60) consecutive calendar days (provided that such ability to discontinue the Cash Dominion Event shall be limited to two times during the term of the Credit Agreement). The Credit Agreement contains customary events of default including, among other things, failure to pay obligations when due, initiation of bankruptcy or insolvency proceedings, defaults on certain other indebtedness, change of control, incurrence of certain material judgments that are not stayed, satisfied, bonded or discharged within 30 days, certain ERISA events, invalidity of the credit documents, and violation of affirmative and negative covenants or breach of representations and warranties set forth in the Credit Agreement. Amounts under the Revolving Credit Facility may become due upon events of default (subject to any applicable grace or cure periods). All obligations under the Revolving Credit Facility are guaranteed by 1616 Holdings and secured by substantially all of the assets of the Company and 1616 Holdings. As of February 3, 2024 and January 28, 2023, the Company was in compliance with the covenants applicable to it under the Revolving Credit Facility. During fiscal 2023 and fiscal 2022, the Company had no borrowings or interest expense under the Revolving Credit Facility. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 03, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies Commitments Other Contractual Commitments The Company has an executive severance plan that is applicable to certain key crew that provide for, among other things, salary, bonus, severance, and change-in-control provisions. As of February 3, 2024, the Company has other purchase commitments of approximately $5.6 million consisting of purchase agreements for materials that will be used in the construction of new stores. Contingencies Legal Matters |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Feb. 03, 2024 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity As of February 3, 2024, the Company is authorized to issue 120 million shares of $0.01 par value common stock and 5 million shares of $0.01 par value preferred stock. The holders of the common stock are entitled to one vote per share of common stock and are entitled to receive dividends if declared by the Board of Directors. The preferred stock may be issued from time to time in series as designated by the Board of Directors. The designations, powers, preferences, voting rights, privileges, options, conversion rights, and other special rights of the shares of each such series and the qualifications, limitations and restrictions thereof shall be designated by the Board of Directors. Common Stock The Five Below, Inc. 2012 Employee Stock Purchase Plan (the “ESPP”) is intended to be qualified as an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code of 1986. The number of shares of common stock reserved for issuance, which is subject to other limitations, is 500,000 shares. The ESPP allows eligible crew the opportunity to purchase, subject to limitations, shares of the Company’s common stock through payroll deductions at a discount of 10% of the fair market value of such shares on the purchase date. In fiscal 2023, the Company issued 4,818 shares of common stock under the ESPP resulting in proceeds of $1.0 million and recorded share-based compensation expense of $96 thousand in connection with the ESPP related to the amount of the discount. In fiscal 2022, the Company issued 6,489 shares of common stock under the ESPP resulting in proceeds of $0.8 million and recorded share-based compensation expense of $78 thousand in connection with the ESPP related to the amount of the discount. In fiscal 2021, the Company issued 3,817 shares of common stock under the ESPP resulting in proceeds of $0.8 million and recorded share-based compensation expense of $74 thousand in connection with the ESPP related to the amount of the discount. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended | |
Feb. 03, 2024 | Jan. 28, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Share-Based Compensation | Share-Based Compensation Equity Incentive Plan Common Stock Options All stock options have a term not greater than ten years. Stock options vest and become exercisable in whole or in part, in accordance with vesting conditions set by the Company’s Board of Directors. Options granted to date generally vest over four years from the date of grant. Stock option activity under the Plan was as follows: Options Weighted Weighted Balance as of January 30, 2021 53,029 $ 33.22 3.2 Granted — — Forfeited (432) 4.28 Exercised (12,834) 30.29 Balance as of January 29, 2022 39,763 34.48 2.3 Granted — — Forfeited — — Exercised (21,737) 34.11 Balance as of January 28, 2023 18,026 34.92 1.8 Granted — — Forfeited (100) 41.67 Exercised (7,800) 36.70 Balance as of February 3, 2024 10,126 33.48 1.6 Exercisable as of February 3, 2024 10,126 $ 33.48 1.6 Restricted Stock Units and Performance-Based Restricted Stock Units All restricted stock units ("RSU") and performance-based restricted stock units ("PSU") vest in accordance with vesting conditions set by the compensation committee of the Company’s Board of Directors. RSUs granted to date have vesting periods ranging from less than one year to five years from the date of grant and the fair value of RSUs is the market price of the underlying common stock on the date of grant. PSUs granted to date have vesting periods ranging from less than one year to five years from the date of grant. PSUs that have a performance condition are subject to satisfaction of the applicable performance goals established for the respective grant. The Company periodically assesses the probability of achievement of the performance criteria and adjusts the amount of compensation expense accordingly. The fair value of these PSUs is the market price of the underlying common stock on the date of grant. Compensation is recognized over the vesting period and adjusted for the probability of achievement of the performance criteria. PSUs that have a market condition based on our total shareholder return relative to a pre-defined peer group are subject to multi-year performance objectives with vesting periods of approximately three years from the date of grant (if the applicable performance objectives are achieved). The fair value of these PSUs are determined using a Monte Carlo simulation model, which utilizes multiple input variables such as (i) total shareholder return from the beginning of the performance cycle through the performance measurement date(s); (ii) volatility; (iii) risk-free interest rates; and (iv) the correlation of the pre-defined peer group's total shareholder return. RSU and PSU activity under the Plan was as follows: Restricted Stock Units Performance-Based Restricted Stock Units Number Weighted-Average Grant Date Fair Value Number Weighted-Average Grant Date Fair Value Non-vested balance as of January 30, 2021 304,398 $ 99.94 259,776 $ 151.73 Granted 77,966 185.62 89,460 196.36 Vested (115,763) 95.79 — — Forfeited (12,306) 124.14 — — Non-vested balance as of January 29, 2022 254,295 126.93 349,236 163.16 Granted 123,661 142.37 127,598 165.90 Vested (122,349) 110.96 — — Forfeited (29,218) 140.85 (18,772) 172.01 Non-vested balance as of January 28, 2023 226,389 142.2 458,062 163.56 Granted 70,858 198.09 129,442 244.95 Vested (78,268) 135.48 (157,192) 151.73 Forfeited (22,670) 152.87 (130,918) 161.02 Non-vested balance as of February 3, 2024 196,309 $ 163.82 299,394 $ 206.07 In connection with the vesting of RSUs and PSUs during fiscal 2023, the Company withh eld 85,594 shares with an aggregate value of $16.6 million in satisfaction of minimum tax withholding obligations due upon vesting. In connection with the vesting of RSUs during fiscal 2022, the Company withheld 31,971 shares with an aggregate value of $5.0 million in satisfaction of minimum tax withholding obligations due upon vesting. In connection with the vesting of RSUs during fiscal 2021, the Company withheld 38,342 shares with an aggregate value of $7.3 million in satisfaction of minimum tax withholding obligations due upon vesting. As of February 3, 2024, there was $32.4 million of total unrecognized compensation costs related to non-vested share-based compensation arrangements (including stock options, RSUs and PSUs) granted under the Plan. The cost is expected to be recognized over a weighted average vesting period of 2.2 years. Share Repurchase Program On March 20, 2018, the Company's Board of Directors approved a share repurchase program authorizing the repurchase of up to $100 million of the Company's common stock through March 31, 2021, on the open market, in privately negotiated transactions, or otherwise. This program expired on March 31, 2021. On March 9, 2021, the Company's Board of Directors approved a new share repurchase program for up to $100 million of its common shares through March 31, 2024. In fiscal 2021, the Company repurchased 368,699 shares under this program at an aggregate cost of approximately $60.0 million, or an average price of $162.75 per share. In fiscal 2022, the Company repurchased 247,132 shares under this program at an aggregate cost of approximately $40.0 million, or an average price of $161.88 per share. The company has exhausted repurchases under this program. On June 14, 2022, the Company's Board of Directors approved a new share repurchase program for up to $100 million of our common stock through June 30, 2025. In fiscal 2023, the Company repurchased 504,369 shares under this program at an aggregate cost of approximately $80.0 million, or an average price of $158.63 per share. This program was retired on November 27, 2023. On November 27, 2023, the Company's Board of Directors approved a new share repurchase program for up to $100 million of the Company's common stock through November 27, 2026. As of February 3, 2024, the Company has not made any repurchases under this program. | The fair value of each option award granted to crew, including outside directors, is estimated on the date of grant using the Black-Scholes option-pricing model. The Company did not grant any stock options in fiscal 2023, fiscal 2022 and fiscal 2021. The Company uses the simplified method to estimate the expected term of the option. The expected volatility incorporates historical and implied volatility of similar entities whose share prices are publicly available. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The total intrinsic value of stock options exercised during fiscal 2023, fiscal 2022 and fiscal 2021 was $1.1 million , $3.1 million and $2.1 million, respectively. The aggre gate intrinsic value of stock options outstanding and exercisable was $1.5 million as of February 3, 2024. In fiscal 2023, fiscal 2022 and fiscal 2021, the Company received cash from the exercise of options of $0.3 million, $0.8 million and $0.4 million, respectively. Upon option exercise, the Company issued new shares of common stock. |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 03, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. As of February 3, 2024, there were no material valuation allowances that have been provided for net deferred tax assets as management believes that it is more likely than not that the Company will realize all material deferred tax assets before any expirations as of February 3, 2024. The components of the income tax expense are as follows (in thousands): Fiscal Year 2023 2022 2021 Current: Federal $ 70,615 $ 49,470 $ 68,224 State 21,788 13,541 12,424 92,403 63,011 80,648 Deferred: Federal 8,052 21,232 6,088 State (460) 1,763 1,157 7,592 22,995 7,245 Income tax expense $ 99,995 $ 86,006 $ 87,893 The reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows: Fiscal Year 2023 2022 2021 Statutory federal tax rate 21.0 % 21.0 % 21.0 % State taxes, net of federal benefit 3.8 3.5 2.9 Other (1) 0.1 0.2 0.1 24.9 % 24.7 % 24.0 % (1) Other line includes excess tax benefits relating to share-based payment accounting. The effective tax rate for fiscal 2023 compared to fiscal 2022 was primarily driven by changes in the mix of pretax income across state jurisdictions and non-deductible expenses, partially offset by discrete items, which includes the impact of ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting" with respect to the requirements to recognize excess income tax benefits or deficiencies as income tax benefit or expense in the consolidated statements of operations rather than as additional paid-in capital in the consolidated balance sheets. The effective tax rate for fiscal 2022 compared to fiscal 2021 was primarily driven by discrete items, which includes the impact of ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting." The tax effects of temporary differences that give rise to deferred tax assets and liabilities are (in thousands): February 3, 2024 January 28, 2023 Deferred tax assets: Net operating loss carryforwards $ 297 $ 230 Inventories 18,955 18,463 Deferred revenue 4,145 3,156 Accrued bonus 4,437 2,132 Operating lease liabilities 426,524 379,059 Other 9,190 9,758 Deferred tax assets 463,548 412,798 Valuation allowance (1,442) (1,442) Deferred tax assets, net of valuation allowance 462,106 411,356 Deferred tax liabilities: Property and equipment (139,348) (127,477) Operating lease assets (386,612) (340,298) Other (2,889) (2,732) Deferred tax liabilities (528,849) (470,507) $ (66,743) $ (59,151) The Company had no material accrual for uncertain tax positions or interest or penalties related to income taxes on the Company’s balance sheets as of February 3, 2024 and January 28, 2023, and has not recognized any material uncertain tax positions or interest and/or penalties related to income taxes in the consolidated statements of operations for fiscal 2023, fiscal 2022, or fiscal 2021. three |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Jan. 28, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | Employee Benefit Plan The Company has a 401(k) Retirement Savings Plan and crew can contribute up to the maximum amount allowed under law. The Company may make discretionary matching and profit-sharing contributions. During fiscal 2023, fiscal 2022 and fiscal 2021, the Company made matching contributions of $5.1 million, $5.0 million and $4.2 million, respectively. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Feb. 03, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company evaluates performance internally and manages the business on the basis of one operating segment; therefore, it has only one reportable segment. All of the Company’s identifiable assets are located in the United States. Set forth below is data for the following groups of products: leisure, fashion and home, and snack and seasonal. The percentage of net sales represented by each product group for each of the last three fiscal years was as follows: Percentage of Net Sales Fiscal Year 2023 2022 2021 Leisure 46.2 % 47.6 % 49.6 % Fashion and home 29.3 % 29.2 % 30.2 % Snack and seasonal 24.5 % 23.2 % 20.2 % Total 100.0 % 100.0 % 100.0 % Leisure includes items such as sporting goods, games, toys, tech, books, electronic accessories, arts and crafts, and party. Fashion and home includes items such as personal accessories, “attitude” t-shirts, beauty offerings, home goods and storage options. Snack and seasonal includes items such as seasonal goods, greeting cards, candy and other snacks, and beverages. |
Quarterly Results of Operations
Quarterly Results of Operations and Seasonality (Unaudited) | 12 Months Ended |
Feb. 03, 2024 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations and Seasonality | Quarterly Results of Operations and Seasonality (Unaudited) Quarterly financial results for fiscal 2023 and fiscal 2022 were as follows (in thousands except for per share data): Fiscal Year 2023 (1) Fiscal Year 2022 (1) Fourth Third Second First Fourth Third Second First Net sales $ 1,337,736 $ 736,405 $ 758,981 $ 726,247 $ 1,122,751 $ 645,034 $ 668,927 $ 639,596 Operating income $ 268,442 $ 16,123 $ 58,594 $ 42,412 $ 225,769 $ 20,934 $ 56,011 $ 42,329 Net income $ 202,199 $ 14,594 $ 46,835 $ 37,478 $ 171,320 $ 16,146 $ 41,344 $ 32,718 Basic income per common share $ 3.66 $ 0.26 $ 0.84 $ 0.67 $ 3.09 $ 0.29 $ 0.74 $ 0.59 Diluted income per common share $ 3.65 $ 0.26 $ 0.84 $ 0.67 $ 3.07 $ 0.29 $ 0.74 $ 0.59 (1) The sum of the quarterly per share amounts may not equal per share amounts reported for the fiscal year due to rounding. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 03, 2024 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business Five Below, Inc. (collectively referred to herein with its wholly-owned subsidiaries as the "Company") is a specialty value retailer offering merchandise targeted at the tween and teen demographic. The Company offers an edited assortment of products, with most priced at $5 and below. The Company’s edited assortment of products includes select brands and licensed merchandise. The Company believes its merchandise is readily available and that there are a number of potential vendors that could be utilized, if necessary, under approximately the same terms the Company is currently receiving; thus, it is not dependent on a single vendor or a group of vendors. The Company is incorporated in the Commonwealth of Pennsylvania and, as of February 3, 2024, operated in 43 states excluding Alaska, Hawaii, Idaho, Montana, Oregon, Washington and Wyoming. As of February 3, 2024 and January 28, 2023, the Company operated 1,544 stores and 1,340 stores, respectively, each operating under the name “Five Below.” The Company also sells its merchandise on the internet, through the Company's fivebelow.com e-commerce website, offering home delivery and the option to buy online and pick up in store. Additionally, the Company sells merchandise through on-demand third-party delivery service to enable our customers to shop online and receive convenient delivery. The Company's consolidated financial statements include the accounts of Five Below, Inc. and its subsidiaries (1616 Holdings, Inc., formerly known as Five Below Merchandising, Inc., 1616 Sourcing Holdco LLC and 1616 Holdings India Private Limited). All intercompany transactions and accounts are eliminated in the consolidation of the Company's and subsidiaries' financial statements. |
Fiscal Year | Fiscal Year The Company operates on a 52/53-week fiscal year ending on the Saturday closest to January 31. References to "fiscal year 2023" or "fiscal 2023" refer to the period from January 29, 2023 to February 3, 2024, which consists of a 53-week year. References to "fiscal year 2022" or "fiscal 2022" refer to the period from January 30, 2022 to January 28, 2023, which consists of a 52-week fiscal year. References to "fiscal year 2021" or "fiscal 2021" refer to the period from January 31, 2021 to January 29, 2022, which consists of a 52-week fiscal year. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with a maturity date of three months or less when purchased to be cash equivalents. Our cash equivalents consist of cash management solutions, credit and debit card receivables, money market funds, corporate bonds and municipal bonds with original maturities of 90 days or less, which are classified as cash and cash equivalents in the accompanying consolidated balance sheets. The cash management solutions relate to cash deposit products that provide credit generally processed the next business day for cash deposited in third-party tech-enabled solutions. For credit card and debit card receivables, the majority of payments due from banks for third-party credit card and debit card transactions resulting from customer purchases at the Company’s retail stores process within 24 to 48 hours, except for transactions occurring on a Friday, which are generally processed the following Monday. Amounts due from banks for these transactions classified as cash equivalents totaled $22.4 million and $17.4 million as of February 3, 2024 and January 28, 2023, respectively. Book overdrafts, which are outstanding checks in excess of funds on deposit, are recorded within accounts payable in the accompanying consolidated balance sheets and within operating activities in the accompanying consolidated statements of cash flows. As of February 3, 2024 and January 28, 2023, the Company had cash equivalents of $154.9 million and $313.2 million, respectively. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation at the measurement date: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Inputs, other than Level 1, that are either directly or indirectly observable. Level 3: Unobservable inputs developed using the Company’s estimates and assumptions which reflect those that market participants would use. The classification of fair value measurements within the hierarchy are based upon the lowest level of input that is significant to the measurement. The Company’s financial instruments consist primarily of cash equivalents, investment securities, accounts payable, borrowings, if any, under a line of credit (as defined in note 5), equity method investments, and notes receivable. The Company believes that: (1) the carrying value of cash equivalents and accounts payable are representative of their respective fair value due to the short-term nature of these instruments; and (2) the carrying value of the borrowings, if any, under the line of credit approximates fair value because the line of credit’s interest rates vary with market interest rates. Under the fair value hierarchy, the fair market values of cash equivalents and the investments in corporate bonds are Level 1 while the investments in municipal bonds are Level 2. The fair market values of Level 2 instruments are determined by management with the assistance of a third-party pricing service. Since quoted prices in active markets for identical assets are not available, these prices are determined by the third-party pricing service using observable market information such as quotes from less active markets and quoted prices of similar securities. As of February 3, 2024 and January 28, 2023, the Company's investment securities are classified as held-to-maturity since the Company has the intent and ability to hold the investments to maturity. Such securities are carried at amortized cost-plus accrued interest and consist of the following (in thousands): As of February 3, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Short-term: Corporate bonds $ 280,067 $ — $ 154 $ 279,913 Municipal bonds 272 — — 272 Total $ 280,339 $ — $ 154 $ 280,185 Long-term: Corporate bonds $ 7,791 $ — $ 8 $ 7,783 Total $ 7,791 $ — $ 8 $ 7,783 As of January 28, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Short-term: Corporate bonds $ 66,845 $ — $ 292 $ 66,553 Total $ 66,845 $ — $ 292 $ 66,553 Short-term investment securities as of February 3, 2024 and January 28, 2023 all mature in one year or less. Long-term investment securities as of February 3, 2024 all mature after one year but in less than two years. |
Inventories | Inventories Inventories consist of finished goods purchased for resale, including freight and tariffs, and are stated at the lower of cost and net realizable value, at the individual product level. Cost is determined on a weighted average cost method. Management of the Company reviews inventory levels in order to identify slow-moving merchandise and uses markdowns to clear merchandise. Inventory cost is reduced when the selling price less costs of disposal is below cost. The Company accrues an estimate for inventory shrink for the period between the last physical count and the balance sheet date. The shrink estimate can be affected by changes in merchandise mix and changes in actual shrink trends. |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets |
Property and Equipment | Property and Equipment Property and equipment are stated at cost. Additions and improvements are capitalized, while repairs and maintenance are charged to expense as incurred. Depreciation and amortization is recorded using the straight-line method over the shorter of the estimated useful lives of the assets or the terms of the respective leases, if applicable. The estimated useful lives are three Property and equipment, net, consists of the following (in thousands): February 3, 2024 January 28, 2023 Land $ 30,371 $ 30,371 Furniture and fixtures 544,054 433,517 Leasehold improvements 697,953 558,723 Computers and equipment 365,269 293,553 Construction in process 80,755 63,393 Property and equipment, gross 1,718,402 1,379,557 Less: Accumulated depreciation and amortization (584,090) (454,027) Property and equipment, net $ 1,134,312 $ 925,530 |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Assets are grouped and evaluated for impairment at the lowest level of which there are identifiable cash flows, which is generally at a store level. Assets are reviewed for impairment using factors including, but not limited to, the Company's future operating plans and projected cash flows. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated undiscounted future cash flows, then an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Fair value is based on discounted future cash flows of the asset using a discount rate commensurate with the risk. In the event of a store closure, the Company will record an impairment charge, if appropriate, or accelerate depreciation over the revised useful life of the asset. Based on the Company's analysis performed in fiscal 2023, fiscal 2022 and fiscal 2021, management believes that no impairment of long-lived assets exists for the periods ended February 3, 2024, January 28, 2023 and January 29, 2022. |
Deferred Financing Costs | Deferred Financing Costs |
Operating Leases | Operating Leases The Company leases store locations, shipcenters, the corporate headquarters and equipment used in its operations and evaluates and classifies its leases as operating or capital leases for financial reporting purposes. Any assets held under a finance lease are included in property and equipment, net. Leases are accounted for in accordance with the guidance in "Leases" (Topic 842). The Company is required to recognize an operating lease asset and an operating lease liability for its leases (other than leases that meet the definition of a short-term lease). The liability is equal to the present value of the lease payments using an estimated incremental borrowing rate, on a collateralized basis over similar term, that the Company would have incurred to borrow the funds necessary to purchase the leased asset. The asset is based on the liability, subject to certain adjustments, such as for initial direct costs. Operating leases result in straight-line expense while finance leases result in a front-loaded expense pattern. At the inception of a lease, the Company determines the lease term, which includes periods under the exercise of renewal options that are reasonably assured. Renewal options are exercised at the Company's sole discretion. In September 2016, the Company signed a 15-year lease for a new corporate headquarters location in Philadelphia, Pennsylvania. The Company currently occupies approximately 230,000 square feet of office space with multiple options to expand in the future. The lease agreement expires in early 2033 with three successive options to renew for additional terms up to approximately fifteen years. The shipcenter in Pedricktown, New Jersey is leased under a lease agreement expiring in 2025 with options to renew for three successive five-year periods. Generally, the Company’s store leases have expected lease terms of ten years, which are comprised of an initial term of ten years or an initial term of five years and one assumed five-year extension, resulting in a ten-year life. The expected lease term is used to determine whether a lease is finance or operating and to calculate straight-line rent expense. Substantially all of the Company's leases include options that allow the Company to renew or extend the lease term beyond the initial lease period, subject to terms and conditions agreed upon at the inception of the lease. Such terms and conditions include rental rates agreed upon at the inception of the lease that could represent below or above market rental rates later in the life of the lease, depending upon market conditions at the time of such renewal or extension. In addition, the Company's leases may include early termination options. |
Other Accrued Expenses | Other Accrued ExpensesOther accrued expenses include accrued capital expenditures of $48.3 million and $43.6 million in fiscal 2023 and fiscal 2022, respectively. |
Deferred Compensation | Deferred Compensation The Company approved and adopted the Five Below, Inc. Nonqualified Deferred Compensation Plan (the "Deferred Comp Plan") and a related, irrevocable grantor trust (the "Trust") during fiscal 2021. The Deferred Comp Plan provides eligible key crew with the opportunity to elect to defer up to 80% of their eligible compensation. The Company may make discretionary contributions, at the discretion of the Board. Payments under the Deferred Comp Plan will be made from the general assets of the Company or from the assets of the Trust, funded by the Company. The related liability is recorded as deferred compensation and included in other long-term liabilities in the consolidated balance sheets. |
Equity Method Investments | Equity Method Investments The Company uses the equity method to account for its investments in which the Company is deemed to have the ability to exercise significant influence over an investee’s operating and financial policies or in which the Company holds a significant partnership or limited liability company interest. Equity method investments are initially recorded at cost in other assets in the consolidated balance sheets. The cost is adjusted to recognize the Company's proportionate share of the investee’s net income or loss after the date of investment and is also adjusted for any impairments resulting from other-than-temporary declines in fair value that is less than its carrying value. During fiscal 2021, the Company recorded an other-than-temporary impairment utilizing the market and cost approach considering historical and projected financial results to calculate fair value. Also related to this investment, management recorded a reserve against outstanding debt owed to the Company based on management’s evaluation of collectability. The total amount of impairment and reserve was approximately $9.7 million and was recorded in interest income (expense) and other income (expense), net in the consolidated statements of operations. |
Share-based Compensation | Share-Based Compensation The Company measures the cost of crew services received in exchange for share-based compensation based on the grant date fair value of the employee stock award. The Company recognizes compensation expense generally on a straight-line basis over the crew's requisite service period (generally the vesting period of the equity grant) based on the estimated grant date fair value of restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs") except for PSUs that have a market condition based on its total shareholder return relative to a pre-defined peer group, which are subject to multi-year performance objectives with vesting periods of approximately three years from the date of grant (if the applicable performance objectives are achieved). The fair value of these PSUs are determined using a Monte Carlo simulation model, which utilizes multiple input variables such as (i) total shareholder return from the beginning of the performance cycle through the performance measurement date(s); (ii) volatility; (iii) risk-free interest rates; and (iv) the correlation of the pre-defined peer group's total shareholder return. The Company uses the Black-Scholes option-pricing model for grants of stock options. |
Revenue Recognition | Revenue Recognition Revenue from store operations is recognized at the point of sale when control of the product is transferred to the customer at such time. Internet sales, through the Company's fivebelow.com e-commerce website, are recognized when the customer receives the product as control transfers upon delivery. Returns subsequent to the period end are immaterial; accordingly, no significant reserve has been recorded. Gift card sales to customers are initially recorded as liabilities and recognized as sales upon redemption for merchandise or as breakage revenue in proportion to the pattern of redemption of the gift cards by the customer in net sales. The transaction price for the Company’s sales is based on the item’s stated price. To the extent that the Company charges customers for shipping and handling on e-commerce sales, the Company records such amounts in net sales. Shipping and handling costs, which include fulfillment and shipping costs related to the Company's e-commerce operations, are included in costs of goods sold. As permitted by applicable accounting guidance, ASU 2014-09 "Revenue from Contracts with Customers," the Company has elected to exclude all sales taxes collected from customers and remitted to governmental authorities from net sales in the accompanying consolidated statements of operations. |
Shipping and Handling Revenues and Costs | Shipping and Handling Revenues and Costs The Company includes all shipping and handling revenue from e-commerce sales in net sales. Shipping and handling costs, which are included in cost of goods sold in the accompanying consolidated statements of operations, include fulfillment and shipping costs related to the Company's e-commerce operations. |
Cost of Goods Sold | Cost of Goods Sold Cost of goods sold reflects the direct costs of purchased merchandise and inbound freight and tariffs, as well as store occupancy, distribution and buying expenses. Store occupancy costs include rent, common area maintenance, utilities and property taxes for all store locations. Distribution costs include costs for receiving, processing, warehousing and shipping of merchandise to or from the Company's shipcenters and between store locations. Buying costs include compensation expense for the Company's internal buying organization. |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses (including Depreciation and Amortization) |
Vendor Allowances | Vendor Allowances The Company receives various incentives in the form of allowances, free product and promotional funds from its vendors based on product purchases and advertising activities. The amounts received are subject to changes in market conditions, vendor marketing strategies and changes in the profitability or sell-through of the related merchandise for the Company. Merchandise allowances are recognized in the period the related merchandise is sold within cost of goods sold. Marketing allowances are recorded in selling, general and administrative expenses and are recognized in the period the related advertising occurs to the extent the allowance is a reimbursement that is specific and incremental, and identifiable costs have been incurred by the Company to sell the vendor’s products. To the extent these conditions are not met, these allowances are recorded as merchandise allowances. |
Store Pre-Opening Costs | Store Pre-Opening Costs Costs incurred between completion of a new store location’s construction and its opening (pre-opening costs) are charged to expense as incurred. Pre-opening costs were $18.3 million, $10.7 million and $10.9 million in fiscal 2023, fiscal 2022, and fiscal 2021, respectively, and are recorded in the accompanying consolidated statements of operations based on the nature of the expense. |
Advertising Costs | Advertising Costs Advertising costs are charged to expense the first time the advertising takes place. Advertising expenses were $62.5 million, $54.1 million and $31.3 million in fiscal 2023, fiscal 2022 and fiscal 2021, respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of operations. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records a valuation allowance to reduce its deferred tax assets when uncertainty regarding their realizability exists. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. |
Commitments and Contingencies | Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements requires management of the Company to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the carrying amount of property and equipment, net realizable value for inventories, income taxes, share-based compensation expense, the incremental borrowing rate utilized in operating lease liabilities, equity method investments, and notes receivable. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In September 2022, the FASB issued ASU 2022-04, Liabilities-Supplier Finance Programs (Topic 405-50) - Disclosure of Supplier Finance Program Obligations, which requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. The amendments in this ASU are effective for the first quarter of 2023, except for the amendment on roll-forward information, which is effective for the first quarter of 2024, with early adoption permitted. The Company adopted this guidance on January 29, 2023, and the adoption did not impact the Company's disclosures on its consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Accounting Policies [Abstract] | |
Held-to-maturity Securities | Such securities are carried at amortized cost-plus accrued interest and consist of the following (in thousands): As of February 3, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Short-term: Corporate bonds $ 280,067 $ — $ 154 $ 279,913 Municipal bonds 272 — — 272 Total $ 280,339 $ — $ 154 $ 280,185 Long-term: Corporate bonds $ 7,791 $ — $ 8 $ 7,783 Total $ 7,791 $ — $ 8 $ 7,783 As of January 28, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Short-term: Corporate bonds $ 66,845 $ — $ 292 $ 66,553 Total $ 66,845 $ — $ 292 $ 66,553 |
Property and Equipment, Net | Property and equipment, net, consists of the following (in thousands): February 3, 2024 January 28, 2023 Land $ 30,371 $ 30,371 Furniture and fixtures 544,054 433,517 Leasehold improvements 697,953 558,723 Computers and equipment 365,269 293,553 Construction in process 80,755 63,393 Property and equipment, gross 1,718,402 1,379,557 Less: Accumulated depreciation and amortization (584,090) (454,027) Property and equipment, net $ 1,134,312 $ 925,530 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table provides information about disaggregated revenue by groups of products: leisure, fashion and home, and snack and seasonal (in thousands): Fiscal Year Fiscal Year Fiscal Year 2023 2022 2021 Amount Percentage of Net Sales Amount Percentage of Net Sales Amount Percentage of Net Sales Leisure $ 1,644,171 46.2 % $ 1,465,402 47.6 % $ 1,412,382 49.6 % Fashion and home 1,043,579 29.3 % 898,187 29.2 % 859,586 30.2 % Snack and seasonal 871,619 24.5 % 712,719 23.2 % 576,386 20.2 % Total $ 3,559,369 100.0 % $ 3,076,308 100.0 % $ 2,848,354 100.0 % |
Income Per Common Share (Tables
Income Per Common Share (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Earnings Per Share [Abstract] | |
Computations Of Basic And Diluted Income (Loss) Per Share | The following table reconciles net income and the weighted average common shares outstanding used in the computations of basic and diluted income per common share (in thousands, except for share and per share data): Fiscal Year 2023 2022 2021 Numerator: Net income $ 301,106 $ 261,528 $ 278,810 Denominator: Weighted average common shares outstanding - basic 55,487,252 55,547,267 55,999,713 Dilutive impact of options, restricted stock units, and employee stock purchase plan 134,367 198,012 304,141 Weighted average common shares outstanding - diluted 55,621,619 55,745,279 56,303,854 Per common share: Basic income per common share $ 5.43 $ 4.71 $ 4.98 Diluted income per common share $ 5.41 $ 4.69 $ 4.95 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Leases [Abstract] | |
Lease, Cost | The following table is a summary of the Company's components for net lease costs as of February 3, 2024 and January 28, 2023 (in thousands): Fiscal Year Ended Lease Cost February 3, 2024 January 28, 2023 Operating lease cost $ 268,096 $ 231,958 Variable lease cost 76,505 63,739 Net lease cost* $ 344,601 $ 295,697 * Excludes short-term lease cost, which is immaterial The following table summarizes the supplemental cash flow disclosures related to leases as of February 3, 2024 and January 28, 2023 (in thousands): Fiscal Year Ended February 3, 2024 January 28, 2023 Cash paid for amounts included in the measurement of lease liabilities: Cash payments arising from operating lease liabilities (1) $ 229,491 $ 210,096 Supplemental non-cash information: Operating lease liabilities arising from obtaining right-of-use assets $ 358,383 $ 321,905 |
Lessee, Operating Lease, Liability, Maturity | The following table summarizes the maturity of lease liabilities under operating leases as of February 3, 2024 (in thousands): Maturity of Lease Liabilities Operating Leases 2024 $ 305,635 2025 304,822 2026 286,595 2027 266,464 2028 240,866 After 2028 694,789 Total lease payments 2,099,171 Less: imputed interest 360,621 Present value of lease liabilities $ 1,738,550 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended | |
Feb. 03, 2024 | Jan. 28, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Schedule Of Stock Option Activity Under Plan | Stock option activity under the Plan was as follows: Options Weighted Weighted Balance as of January 30, 2021 53,029 $ 33.22 3.2 Granted — — Forfeited (432) 4.28 Exercised (12,834) 30.29 Balance as of January 29, 2022 39,763 34.48 2.3 Granted — — Forfeited — — Exercised (21,737) 34.11 Balance as of January 28, 2023 18,026 34.92 1.8 Granted — — Forfeited (100) 41.67 Exercised (7,800) 36.70 Balance as of February 3, 2024 10,126 33.48 1.6 Exercisable as of February 3, 2024 10,126 $ 33.48 1.6 | |
Schedule Of Fair Value Of Option Award Granted Weighted Average Assumptions | The fair value of each option award granted to crew, including outside directors, is estimated on the date of grant using the Black-Scholes option-pricing model. The Company did not grant any stock options in fiscal 2023, fiscal 2022 and fiscal 2021. The Company uses the simplified method to estimate the expected term of the option. The expected volatility incorporates historical and implied volatility of similar entities whose share prices are publicly available. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The total intrinsic value of stock options exercised during fiscal 2023, fiscal 2022 and fiscal 2021 was $1.1 million , $3.1 million and $2.1 million, respectively. The aggre gate intrinsic value of stock options outstanding and exercisable was $1.5 million as of February 3, 2024. In fiscal 2023, fiscal 2022 and fiscal 2021, the Company received cash from the exercise of options of $0.3 million, $0.8 million and $0.4 million, respectively. Upon option exercise, the Company issued new shares of common stock. | |
Share-based Payment Arrangement, Restricted Stock Unit, Activity | RSU and PSU activity under the Plan was as follows: Restricted Stock Units Performance-Based Restricted Stock Units Number Weighted-Average Grant Date Fair Value Number Weighted-Average Grant Date Fair Value Non-vested balance as of January 30, 2021 304,398 $ 99.94 259,776 $ 151.73 Granted 77,966 185.62 89,460 196.36 Vested (115,763) 95.79 — — Forfeited (12,306) 124.14 — — Non-vested balance as of January 29, 2022 254,295 126.93 349,236 163.16 Granted 123,661 142.37 127,598 165.90 Vested (122,349) 110.96 — — Forfeited (29,218) 140.85 (18,772) 172.01 Non-vested balance as of January 28, 2023 226,389 142.2 458,062 163.56 Granted 70,858 198.09 129,442 244.95 Vested (78,268) 135.48 (157,192) 151.73 Forfeited (22,670) 152.87 (130,918) 161.02 Non-vested balance as of February 3, 2024 196,309 $ 163.82 299,394 $ 206.07 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax (Benefit) Expense | The components of the income tax expense are as follows (in thousands): Fiscal Year 2023 2022 2021 Current: Federal $ 70,615 $ 49,470 $ 68,224 State 21,788 13,541 12,424 92,403 63,011 80,648 Deferred: Federal 8,052 21,232 6,088 State (460) 1,763 1,157 7,592 22,995 7,245 Income tax expense $ 99,995 $ 86,006 $ 87,893 |
Reconciliation of Statutory Federal Income Tax Rate to Effective Income Tax Rate | The reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows: Fiscal Year 2023 2022 2021 Statutory federal tax rate 21.0 % 21.0 % 21.0 % State taxes, net of federal benefit 3.8 3.5 2.9 Other (1) 0.1 0.2 0.1 24.9 % 24.7 % 24.0 % |
Significant Components of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to deferred tax assets and liabilities are (in thousands): February 3, 2024 January 28, 2023 Deferred tax assets: Net operating loss carryforwards $ 297 $ 230 Inventories 18,955 18,463 Deferred revenue 4,145 3,156 Accrued bonus 4,437 2,132 Operating lease liabilities 426,524 379,059 Other 9,190 9,758 Deferred tax assets 463,548 412,798 Valuation allowance (1,442) (1,442) Deferred tax assets, net of valuation allowance 462,106 411,356 Deferred tax liabilities: Property and equipment (139,348) (127,477) Operating lease assets (386,612) (340,298) Other (2,889) (2,732) Deferred tax liabilities (528,849) (470,507) $ (66,743) $ (59,151) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Segment Reporting [Abstract] | |
Percentage of Net Sales Represented by Each Product Group | Set forth below is data for the following groups of products: leisure, fashion and home, and snack and seasonal. The percentage of net sales represented by each product group for each of the last three fiscal years was as follows: Percentage of Net Sales Fiscal Year 2023 2022 2021 Leisure 46.2 % 47.6 % 49.6 % Fashion and home 29.3 % 29.2 % 30.2 % Snack and seasonal 24.5 % 23.2 % 20.2 % Total 100.0 % 100.0 % 100.0 % |
Quarterly Results of Operatio_2
Quarterly Results of Operations and Seasonality (Unaudited) (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Results of Operations | Quarterly financial results for fiscal 2023 and fiscal 2022 were as follows (in thousands except for per share data): Fiscal Year 2023 (1) Fiscal Year 2022 (1) Fourth Third Second First Fourth Third Second First Net sales $ 1,337,736 $ 736,405 $ 758,981 $ 726,247 $ 1,122,751 $ 645,034 $ 668,927 $ 639,596 Operating income $ 268,442 $ 16,123 $ 58,594 $ 42,412 $ 225,769 $ 20,934 $ 56,011 $ 42,329 Net income $ 202,199 $ 14,594 $ 46,835 $ 37,478 $ 171,320 $ 16,146 $ 41,344 $ 32,718 Basic income per common share $ 3.66 $ 0.26 $ 0.84 $ 0.67 $ 3.09 $ 0.29 $ 0.74 $ 0.59 Diluted income per common share $ 3.65 $ 0.26 $ 0.84 $ 0.67 $ 3.07 $ 0.29 $ 0.74 $ 0.59 (1) The sum of the quarterly per share amounts may not equal per share amounts reported for the fiscal year due to rounding. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Description of Business) (Details) | Feb. 03, 2024 USD ($) Stores | Jan. 28, 2023 Stores |
Accounting Policies [Abstract] | ||
Products offering price, maximum price | $ | $ 5 | |
Number of States in which Entity Operates | 43 | |
Number of operated stores | Stores | 1,544 | 1,340 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Fiscal Year) (Details) | 12 Months Ended | |||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | Feb. 01, 2020 | |
Accounting Policies [Abstract] | ||||
Fiscal year period | 364 days | 371 days | 364 days | 364 days |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Feb. 03, 2024 | Jan. 28, 2023 | |
Significant Accounting Policies [Line Items] | ||
Cash Equivalents | $ 154.9 | $ 313.2 |
Cash and Cash Equivalents [Member] | ||
Significant Accounting Policies [Line Items] | ||
Cash Equivalents | $ 22.4 | $ 17.4 |
Minimum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Debit and credit card transaction processing period (hours) | 24 hours | |
Maximum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Debit and credit card transaction processing period (hours) | 48 hours |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Feb. 03, 2024 | Jan. 28, 2023 |
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Amortized Cost | $ 280,067 | $ 66,845 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 154 | 292 |
Fair Market Value | 279,913 | 66,553 |
Municipal Bonds [Member] | ||
Significant Accounting Policies [Line Items] | ||
Amortized Cost | 280,339 | 66,845 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 154 | 292 |
Fair Market Value | 280,185 | $ 66,553 |
Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Amortized Cost | 272 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Market Value | 272 | |
Other Long-term Investments [Member] | ||
Significant Accounting Policies [Line Items] | ||
Amortized Cost | 7,791 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 8 | |
Fair Market Value | 7,783 | |
Other Long-term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Amortized Cost | 7,791 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 8 | |
Corporate Bond Securities - Long Term [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Fair Market Value | $ 7,783 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Property and Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 130,747 | $ 105,617 | $ 84,831 |
Property and equipment, gross | 1,718,402 | 1,379,557 | |
Less: Accumulated depreciation and amortization | (584,090) | (454,027) | |
Property and equipment, net | 1,134,312 | 925,530 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 30,371 | 30,371 | |
Furniture and fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 544,054 | 433,517 | |
Leasehold improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 10 years | ||
Property and equipment, gross | $ 697,953 | 558,723 | |
Computer and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 365,269 | 293,553 | |
Construction in process [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 80,755 | $ 63,393 | |
Minimum [Member] | Furniture and fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 3 years | ||
Maximum [Member] | Furniture and fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 10 years |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Deferred Financing Costs) (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 |
Other Assets [Member] | ||
Debt Instrument [Line Items] | ||
Deferred financing costs | $ 0.5 | $ 0.7 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies (Leases) (Details) | 12 Months Ended |
Feb. 03, 2024 period | |
Accounting Policies [Abstract] | |
Operating lease period (years) | 10 years |
Lease renewal period, minimum (years) | 5 years |
Number of lease extension periods | 1 |
Operating lease agreement extension term (years) | 10 years |
Summary of Significant Accou_11
Summary of Significant Accounting Policies (Deferred Rent) (Details) - USD ($) $ in Thousands | Feb. 03, 2024 | Jan. 28, 2023 |
Liabilities, Noncurrent [Abstract] | ||
Other Liabilities, Noncurrent | $ 6,826 | $ 4,296 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies (Share-Based Compensation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Accounting Policies [Abstract] | |||
Compensation expense | $ 17.9 | $ 23.6 | $ 25.8 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies (Store Pre-Opening Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Accounting Policies [Abstract] | |||
Pre-opening costs | $ 18.3 | $ 10.7 | $ 10.9 |
Summary of Significant Accou_14
Summary of Significant Accounting Policies (Advertising Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Accounting Policies [Abstract] | |||
Advertising expenses | $ 62.5 | $ 54.1 | $ 31.3 |
Summary of Significant Accou_15
Summary of Significant Accounting Policies Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Current prepaid expenses | $ 30.5 | $ 25.9 |
Current other assets | $ 123.5 | $ 104.7 |
Summary of Significant Accou_16
Summary of Significant Accounting Policies Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Income Tax [Line Items] | |||
Deferred Federal Income Tax Expense (Benefit) | $ 8,052 | $ 21,232 | $ 6,088 |
Deferred Income Tax Expense (Benefit) | $ 7,592 | $ 22,995 | $ 7,245 |
Effective Income Tax Rate Reconciliation, Percent | 24.90% | 24.70% | 24% |
Deferred Tax Assets, Deferred Income | $ 4,145 | $ 3,156 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Summary of Significant Accou_17
Summary of Significant Accounting Policies Other Accrued Expenses (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 |
Payables and Accruals [Abstract] | ||
Capital Expenditures Incurred but Not yet Paid | $ 48.3 | $ 43.6 |
Summary of Significant Accou_18
Summary of Significant Accounting Policies (Equity Method Investments) (Details) $ in Millions | 12 Months Ended |
Jan. 29, 2022 USD ($) | |
Accounting Policies [Abstract] | |
Equity Method Investment, Other than Temporary Impairment | $ 9.7 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 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 | Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 1,337,736 | $ 736,405 | $ 758,981 | $ 726,247 | $ 1,122,751 | $ 645,034 | $ 668,927 | $ 639,596 | $ 3,559,369 | $ 3,076,308 | $ 2,848,354 |
Retail | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 3,559,369 | $ 3,076,308 | $ 2,848,354 | ||||||||
Percentage of Net Sales | 100% | 100% | 100% | ||||||||
Retail | Leisure [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 1,644,171 | $ 1,465,402 | $ 1,412,382 | ||||||||
Percentage of Net Sales | 46.20% | 47.60% | 49.60% | ||||||||
Retail | Fashion And Home [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 1,043,579 | $ 898,187 | $ 859,586 | ||||||||
Percentage of Net Sales | 29.30% | 29.20% | 30.20% | ||||||||
Retail | Party And Snack [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 871,619 | $ 712,719 | $ 576,386 | ||||||||
Percentage of Net Sales | 24.50% | 23.20% | 20.20% |
Income Per Common Share (Comput
Income Per Common Share (Computations Of Basic And Diluted Income (Loss) Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 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 | Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Numerator: | |||||||||||
Net income | $ 202,199 | $ 14,594 | $ 46,835 | $ 37,478 | $ 171,320 | $ 16,146 | $ 41,344 | $ 32,718 | $ 301,106 | $ 261,528 | $ 278,810 |
Denominator: | |||||||||||
Weighted-average common shares outstanding - basic (shares) | 55,487,252 | 55,547,267 | 55,999,713 | ||||||||
Dilutive impact of options and warrants (shares) | 134,367 | 198,012 | 304,141 | ||||||||
Weighted average common share outstanding - diluted (shares) | 55,621,619 | 55,745,279 | 56,303,854 | ||||||||
Per common share: | |||||||||||
Basic income (loss) per common share (dollars per share) | $ 3.66 | $ 0.26 | $ 0.84 | $ 0.67 | $ 3.09 | $ 0.29 | $ 0.74 | $ 0.59 | $ 5.43 | $ 4.71 | $ 4.98 |
Diluted income per common share (dollars per share) | $ 3.65 | $ 0.26 | $ 0.84 | $ 0.67 | $ 3.07 | $ 0.29 | $ 0.74 | $ 0.59 | $ 5.41 | $ 4.69 | $ 4.95 |
Income Per Common Share (Narrat
Income Per Common Share (Narrative) (Details) - shares | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Lessee, Operating Lease, Renewal Term | 5 years | ||
Maximum [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Lessee, Operating Lease, Renewal Term | 10 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock not included in the computations of diluted earnings per share (in shares) | 19,152 | 72,043 | 9,781 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Thousands | 2 Months Ended | 12 Months Ended | ||
Mar. 21, 2024 USD ($) lease | Feb. 03, 2024 USD ($) lease | Jan. 28, 2023 USD ($) | Jan. 29, 2022 USD ($) | |
Lessee, Lease, Description [Line Items] | ||||
Weighted Average Remaining Lease Term | 7 years 6 months | 7 years 7 months 6 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 5.30% | 5.20% | ||
Cash payments arising from operating lease liabilities | $ 229,491 | $ 210,096 | ||
Operating leases | 51,515 | $ 30,022 | $ 13,131 | |
Lessor, Operating Lease, Lease Not yet Commenced, Assumption and Judgment, Value of Underlying Asset, Amount | $ 283,500 | |||
Number Of Leases | lease | 291 | |||
Lessee, Operating Lease, Renewal Term | 5 years | |||
Long-term Purchase Commitment, Amount | $ 543,100 | |||
Present value of lease liabilities | $ 1,738,550 | |||
Subsequent Event [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Number Of Leases | lease | 25 | |||
Average Lease Term Period | 10 years | |||
Present value of lease liabilities | $ 52,200 | |||
Minimum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Renewal Term | 10 years | |||
Maximum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Renewal Term | 10 years |
Leases (Schedule of Lease Cost)
Leases (Schedule of Lease Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 03, 2024 | Jan. 28, 2023 | |
Commitments and Contingencies [Line Items] | ||
Operating Lease, Cost | $ 268,096 | $ 231,958 |
Variable Lease, Cost | 76,505 | 63,739 |
Lease, Cost | $ 344,601 | $ 295,697 |
Leases (Schedule of Lease Matur
Leases (Schedule of Lease Maturity - Current Year) (Details) $ in Thousands | Feb. 03, 2024 USD ($) |
Leases [Abstract] | |
2024 | $ 305,635 |
2025 | 304,822 |
2026 | 286,595 |
2027 | 266,464 |
2028 | 240,866 |
After 2028 | 694,789 |
Total lease payments | 2,099,171 |
Less: imputed interest | 360,621 |
Present value of lease liabilities | $ 1,738,550 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 03, 2024 | Jan. 28, 2023 | |
Leases [Abstract] | ||
Cash payments arising from operating lease liabilities | $ 229,491 | $ 210,096 |
Operating lease liabilities arising from obtaining right-of-use assets | $ 358,383 | $ 321,905 |
Term Loan and Line of Credit (F
Term Loan and Line of Credit (Financing Transactions) (Details) - USD ($) | 12 Months Ended | ||
Sep. 16, 2022 | Feb. 03, 2024 | Jan. 28, 2023 | |
Amended Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Borrowed and Repaid During Period | $ 0 | ||
Amended Revolving Credit Facility [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Remaining Borrowing Capacity | 216,000,000 | $ 192,000,000 | |
The First Amendement [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Election To Increase Borrowing Capacity | $ 50,000,000 | ||
Line of Credit Facility, Current Borrowing Capacity | $ 225,000,000 | ||
The First Amendement [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Minimum Availability Of Loan Cap During Diligence Deferral Period | 12.50% | ||
Minimum Availability Of Loan Cap Outside Of Diligence Deferral Period | 10% | ||
The First Amendement [Member] | Line of Credit [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 1.125% | ||
The First Amendement [Member] | Line of Credit [Member] | Minimum [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on borrowings (percent) | 0.125% | ||
The First Amendement [Member] | Line of Credit [Member] | Minimum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||
Debt Instrument [Line Items] | |||
Interest rate on borrowings (percent) | 1.12% | ||
The First Amendement [Member] | Line of Credit [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 1.50% | ||
The First Amendement [Member] | Line of Credit [Member] | Maximum [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on borrowings (percent) | 0.50% | ||
The First Amendement [Member] | Line of Credit [Member] | Maximum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||
Debt Instrument [Line Items] | |||
Interest rate on borrowings (percent) | 1.50% |
Term Loan and Line of Credit (L
Term Loan and Line of Credit (Line of Credit) (Details) - USD ($) | 12 Months Ended | |
Sep. 16, 2022 | Feb. 03, 2024 | |
The First Amendement [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Election To Increase Borrowing Capacity | $ 50,000,000 | |
Line of Credit Facility, Current Borrowing Capacity | $ 225,000,000 | |
Amended Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Borrowed and Repaid During Period | $ 0 | |
Line of Credit [Member] | The First Amendement [Member] | ||
Debt Instrument [Line Items] | ||
Minimum Availability Of Loan Cap During Diligence Deferral Period | 12.50% | |
Minimum Availability Of Loan Cap Outside Of Diligence Deferral Period | 10% | |
Line of Credit [Member] | The First Amendement [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 1.125% | |
Line of Credit [Member] | The First Amendement [Member] | Minimum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Debt Instrument [Line Items] | ||
Interest rate on borrowings (percent) | 1.12% | |
Line of Credit [Member] | The First Amendement [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 1.50% | |
Line of Credit [Member] | The First Amendement [Member] | Maximum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Debt Instrument [Line Items] | ||
Interest rate on borrowings (percent) | 1.50% |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Millions | Feb. 03, 2024 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 5.6 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) | Feb. 03, 2024 votes $ / shares shares | Jan. 28, 2023 $ / shares shares |
Equity [Abstract] | ||
Common stock, shares authorized (in shares) | shares | 120,000,000 | 120,000,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | shares | 5,000,000 | |
Preferred stock, par value | $ / shares | $ 0.01 | |
Voting right per common stock share (vote) | votes | 1 |
Shareholders' Equity (Common St
Shareholders' Equity (Common Stock) (Details) - USD ($) | 12 Months Ended | |||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | Sep. 27, 2012 | |
Class of Stock [Line Items] | ||||
Number of shares of common stock reserved for issuance (shares) | 500,000 | |||
Discount on common stock fair value for employee purchases (percent) | 10% | |||
Percentage of shares vested (percent) | 33% | 33% | 33% | |
Compensation expense | $ 17,900,000 | $ 23,600,000 | $ 25,800,000 | |
Employee stock purchase plan | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 4,818 | 6,489 | 3,817 | |
Compensation expense | $ 96,000 | $ 78,000 | $ 74 | |
Proceeds from Issuance of Common Stock | $ 1,000,000 | $ 800,000 | $ 800,000 |
Share-Based Compensation (2002
Share-Based Compensation (2002 Equity Incentive Plan) (Details) - shares | Feb. 03, 2024 | Jun. 14, 2022 |
2002 Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options and restricted shares available for grant (shares) | 3,400,000 | |
2022 Equity Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for issuance (shares) | 4,300,000 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule Of Stock Option Activity Under Plan) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||||
Stock Option Maximum Term | 10 years | |||
Stock option vesting period | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Options outstanding, Balance (shares) | 18,026 | 39,763 | 53,029 | |
Options outstanding, Granted (shares) | 0 | 0 | 0 | |
Options outstanding, Forfeited (shares) | (100) | 0 | (432) | |
Options outstanding, Exercised (shares) | (7,800) | (21,737) | (12,834) | |
Options outstanding, Balance (shares) | 10,126 | 18,026 | 39,763 | 53,029 |
Options outstanding, Exercisable (in shares) | 10,126 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Weighted average exercise price, Balance (dollars per share) | $ 34.92 | $ 34.48 | $ 33.22 | |
Weighted average exercise price, Granted (dollars per share) | 0 | 0 | 0 | |
Weighted average exercise price, Forfeited (dollars per share) | 41.67 | 0 | 4.28 | |
Weighted average exercise price, Exercised (dollars per share) | 36.70 | 34.11 | 30.29 | |
Weighted average exercise price, Balance (dollars per share) | $ 33.48 | $ 34.92 | $ 34.48 | $ 33.22 |
Weighted average remaining contractual term | 1 year 7 months 6 days | 1 year 9 months 18 days | 2 years 3 months 18 days | 3 years 2 months 12 days |
Weighted average remaining contractual term, Exercisable | 1 year 7 months 6 days | |||
Weighted average exercise price, Exercised (dollars per share) | $ 33.48 | |||
Proceeds from exercise of options to purchase common stock and vesting of restricted and performance-based restricted stock units | $ 288 | $ 777 | $ 390 |
Share-Based Compensation (Stock
Share-Based Compensation (Stock-Based Compensation Expense) (Details) - USD ($) | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of stock options exercised | $ 1,100,000 | $ 3,100,000 | $ 2,100,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 1,500,000 | ||
Proceeds from Stock Options Exercised | 288,000 | 777,000 | 390,000 |
Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Proceeds from Stock Options Exercised | $ 300,000 | $ 800,000 | $ 400,000 |
Share-Based Compensation (Activ
Share-Based Compensation (Activity Related to Restricted Stock Units) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Shares Withheld | $ (4,981) | $ (7,332) | ||
Stock Repurchased and Retired During Period, Shares | 504,369 | 247,132 | 368,699 | |
Repurchase and retirement of common stock | $ 80,541 | $ 40,007 | $ 60,011 | |
Unrecognized compensation costs related to non-vested share-based compensation | $ 32,400 | |||
Unrecognized compensation costs related to nonvested share-based compensation, recognized period (years) | 2 years 2 months 12 days | |||
Additional Paid-in Capital [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Shares Withheld | $ (16,600) | (4,981) | (7,332) | |
Repurchase and retirement of common stock | 80,536 | $ 40,005 | $ 60,007 | |
Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common shares withheld for taxes (in shares) | 31,971 | 38,342 | ||
Repurchase and retirement of common stock | $ 5 | $ 2 | $ 4 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 196,309 | 226,389 | 254,295 | 304,398 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 70,858 | 123,661 | 77,966 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (78,268) | (122,349) | (115,763) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (22,670) | (29,218) | (12,306) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 163.82 | $ 142.2 | $ 126.93 | $ 99.94 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 198.09 | 142.37 | 185.62 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 135.48 | 110.96 | 95.79 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 152.87 | $ 140.85 | $ 124.14 | |
performance restricted stock units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 299,394 | 458,062 | 349,236 | 259,776 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 129,442 | 127,598 | 89,460 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (157,192) | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (130,918) | (18,772) | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 206.07 | $ 163.56 | $ 163.16 | $ 151.73 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 244.95 | 165.90 | 196.36 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 151.73 | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 161.02 | $ 172.01 | $ 0 |
Share-Based Compensation (Share
Share-Based Compensation (Share Repurchase Program) (Details) - USD ($) | 12 Months Ended | 71 Months Ended | ||||||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | Feb. 03, 2024 | Nov. 27, 2023 | Jun. 14, 2022 | May 01, 2021 | Mar. 09, 2021 | |
Equity, Class of Treasury Stock [Line Items] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | ||||
Stock Repurchased and Retired During Period, Shares | 504,369 | 247,132 | 368,699 | |||||
Repurchase and retirement of common stock | $ 80,541,000 | $ 40,007,000 | $ 60,011,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ 158.63 | $ 161.88 | $ 162.75 | $ 158.63 | ||||
Stock Repurchased and Retired To Date, Valu | 1,600,000 | |||||||
Stock Repurchased And Retired To Date, Value | $ 232,000,000 | |||||||
2022 Equity Incentive Plan | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Repurchase and retirement of common stock | $ 80,000,000 |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Tax Components) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Current: | |||
Federal | $ 70,615 | $ 49,470 | $ 68,224 |
State | 21,788 | 13,541 | 12,424 |
Current income tax expense (benefit) | 92,403 | 63,011 | 80,648 |
Deferred: | |||
Federal | 8,052 | 21,232 | 6,088 |
State | (460) | 1,763 | 1,157 |
Deferred income tax expense (benefit) | 7,592 | 22,995 | 7,245 |
Income tax expense | $ 99,995 | $ 86,006 | $ 87,893 |
Income Taxes (Schedule Of Inc_2
Income Taxes (Schedule Of Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal tax rate | 21% | 21% | 21% |
State taxes, net of federal benefit | 3.80% | 3.50% | 2.90% |
Other (1) | 0.10% | 0.20% | 0.10% |
Effective tax rate | 24.90% | 24.70% | 24% |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Feb. 03, 2024 | Jan. 28, 2023 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 297 | $ 230 |
Inventories | 18,955 | 18,463 |
Deferred revenue | 4,145 | 3,156 |
Accrued bonus | 4,437 | 2,132 |
Operating lease liabilities | 426,524 | 379,059 |
Other | 9,190 | 9,758 |
Deferred tax assets | 463,548 | 412,798 |
Valuation allowance | (1,442) | (1,442) |
Deferred tax assets | 462,106 | 411,356 |
Deferred tax liabilities: | ||
Property and equipment | (139,348) | (127,477) |
Operating lease assets | (386,612) | (340,298) |
Other | (2,889) | (2,732) |
Deferred tax liabilities | (528,849) | (470,507) |
Deferred tax liabilities | $ (66,743) | $ (59,151) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Income Tax Disclosure [Abstract] | |||
Accrual for uncertain tax, interest or penalties | $ 0 | ||
Income Tax [Line Items] | |||
Effective Income Tax Rate Reconciliation, Percent | 24.90% | 24.70% | 24% |
Deferred Income Tax Expense (Benefit) | $ 7,592,000 | $ 22,995,000 | $ 7,245,000 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Deferred Tax Assets, Deferred Income | $ 4,145,000 | $ 3,156,000 | |
Deferred Federal Income Tax Expense (Benefit) | $ 8,052,000 | $ 21,232,000 | $ 6,088,000 |
Minimum [Member] | |||
Income Tax [Line Items] | |||
State income taxes, statute of limitations period (years) | 3 years | ||
Maximum [Member] | |||
Income Tax [Line Items] | |||
State income taxes, statute of limitations period (years) | 4 years |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Retirement Benefits [Abstract] | |||
Employer discretionary contribution amount | $ 5.1 | $ 5 | $ 4.2 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended |
Feb. 03, 2024 segment | |
Segment Reporting [Abstract] | |
Operating segment | 1 |
Reportable segment | 1 |
Segment Reporting (Percentage o
Segment Reporting (Percentage of Net Sales Represented by Each Product Group) (Details) | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Revenue from External Customer [Line Items] | |||
Percentage of sales by product group (percent) | 100% | 100% | 100% |
Leisure [Member] | |||
Revenue from External Customer [Line Items] | |||
Percentage of sales by product group (percent) | 46.20% | 47.60% | 49.60% |
Fashion And Home [Member] | |||
Revenue from External Customer [Line Items] | |||
Percentage of sales by product group (percent) | 29.30% | 29.20% | 30.20% |
Party And Snack [Member] | |||
Revenue from External Customer [Line Items] | |||
Percentage of sales by product group (percent) | 24.50% | 23.20% | 20.20% |
Quarterly Results of Operatio_3
Quarterly Results of Operations and Seasonality (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 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 | Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 1,337,736 | $ 736,405 | $ 758,981 | $ 726,247 | $ 1,122,751 | $ 645,034 | $ 668,927 | $ 639,596 | $ 3,559,369 | $ 3,076,308 | $ 2,848,354 |
Operating Income (Loss) | 268,442 | 16,123 | 58,594 | 42,412 | 225,769 | 20,934 | 56,011 | 42,329 | 385,571 | 345,043 | 379,880 |
Net income | $ 202,199 | $ 14,594 | $ 46,835 | $ 37,478 | $ 171,320 | $ 16,146 | $ 41,344 | $ 32,718 | $ 301,106 | $ 261,528 | $ 278,810 |
Basic income per common share (dollars per share) | $ 3.66 | $ 0.26 | $ 0.84 | $ 0.67 | $ 3.09 | $ 0.29 | $ 0.74 | $ 0.59 | $ 5.43 | $ 4.71 | $ 4.98 |
Diluted income per common share (dollars per share) | $ 3.65 | $ 0.26 | $ 0.84 | $ 0.67 | $ 3.07 | $ 0.29 | $ 0.74 | $ 0.59 | $ 5.41 | $ 4.69 | $ 4.95 |