0000950170-24-032207 | 10-K | XBRL Viewer

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Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Income Tax Disclosure [Abstract]
Ending balance at beginning of period	$ 3,933	$ 4,787	$ 6,340
Reduction for tax positions of prior years	(783)	(782)	(783)
Lapse of statute of limitations	(18)	(72)	(770)
Ending balance at beginning of period	$ 3,132	$ 3,933	$ 4,787

Derivative Instruments and Hedging Activities

12 Months Ended

Feb. 03, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

8. Derivative Instruments and Hedging Activities

The Company accounts for derivatives and hedging activities in accordance with ASC Topic No. 815 “Derivatives and Hedging” (Topic No. 815). Topic No. 815 provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (i) how and why an entity uses derivative instruments, (ii) how the entity accounts for derivative instruments and related hedged items, and (iii) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the Company’s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments.

As required by Topic No. 815, the Company records all derivatives on the balance sheet at fair value and adjusts them to market on a quarterly basis. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.

The Company has used interest rate swap contracts to add stability to interest expense and to manage its exposure to interest rate movements. The fair value of these contracts are determined using the market standard methodology of discounted future variable cash flows. The variable cash flows of the interest rate swap contract are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise or fall compared to current levels in conjunction with the fixed cash payments. The variable interest rates used in the calculation of projected receipts on the swap contracts are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. In addition, to comply with the provisions of Topic No. 820, credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, are incorporated in the fair values to account for potential nonperformance risk. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered any applicable credit enhancements such as collateral postings, thresholds, mutual puts, and guarantees.

In accordance with Topic No. 820, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. There is no impact of netting because the Company only has the one derivative mentioned above.

Although the Company has determined that the majority of the inputs used to value its derivative fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivative utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of February 3, 2024 and January 28, 2023, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustment is not significant to the overall valuation of its derivative portfolios. As a result, the Company classifies its derivative valuations in Level 2 of the fair value hierarchy.

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company uses derivative financial instruments to manage differences in the amount, timing, and duration of the Company’s known or expected cash payments principally related to the Company’s borrowings.

Cash Flow Hedges of Interest Rate Risk

On June 24, 2021, the Company terminated its previous interest rate swap, and entered into a new interest rate swap, which hedges $450 million of the variable rate exposure on the Term Loan Facility at a blended rate of 2.19%. This derivative contract was designated as a cash flow hedge.

During the second quarter of Fiscal 2023, the Company amended its interest rate swap to be based on SOFR rather than LIBOR, which resulted in an updated swap rate of 2.16%. This amendment was covered under the guidance in ASU 2020-04, Reference Rate Reform (“ASC 848”) and did not impact the hedge accounting relationship.

The amount of loss deferred for the previous interest rate swap was $26.9 million. The Company amortized this amount from accumulated other comprehensive income into interest expense over the original life of the previous interest rate swap, which had an original maturity date of December 29, 2023. The current interest rate swap had a liability fair value at inception of $26.9 million. The Company is accreting this amount into accumulated other comprehensive income as a benefit to interest expense over the life of the new interest rate swap, which has a maturity date of June 24, 2028.

During Fiscal 2023, the Company’s derivative was used to hedge the variable cash flows associated with existing variable-rate debt. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in the line item “Accumulated other comprehensive income” on the Company’s Consolidated Balance Sheets and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated other comprehensive income related to the Company’s derivative contracts will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. As of February 3, 2024, the Company estimates that $15.4 million will be reclassified as a reduction to interest expense during the next twelve months.

As of February 3, 2024, the Company had the following outstanding interest rate derivative that was designated as a cash flow hedge of interest rate risk:


Interest Rate Derivative	Number of Instruments	Notional Aggregate Principal Amount	Interest Swap Rate	Maturity Date
Interest rate swap contract	One	$450.0 million	2.16%	June 24, 2028

Tabular Disclosure

The tables below present the fair value of the Company’s derivative financial instruments on a gross basis, as well as their classification on the Company’s Consolidated Balance Sheets:

         
        (in thousands)

         
        Fair Values of Derivative Instruments

         
        February 3, 2024

        January 28, 2023

        Derivatives Designated as Hedging Instruments

        Balance
Sheet
Location

        Fair
Value

        Balance
Sheet
Location

        Fair
Value

Interest rate swap contracts

Other assets

29,075

Other assets

29,152

The following table presents the unrealized gains deferred to accumulated other comprehensive income resulting from the Company’s derivative instruments designated as cash flow hedging instruments for each of the reporting periods.


	(in thousands)
	Fiscal Year Ended
Interest Rate Derivatives:	February 3, 2024			January 28, 2023			January 29, 2022
Unrealized gains, before taxes	$	14,243		$	37,864		$	10,914
Income tax expense		(3,783	)		(10,138	)		(2,983	)
Unrealized gains, net of taxes	$	10,460		$	27,726		$	7,931

The following table presents information about the reclassification of losses from accumulated other comprehensive income into earnings related to the Company’s derivative instruments designated as cash flow hedging instruments for each of the reporting periods.


	(in thousands)
	Fiscal Year Ended
Component of Earnings:	February 3, 2024			January 28, 2023			January 29, 2022
Interest (benefit) expense	$	(7,749	)	$	7,479		$	14,608
Income tax expense (benefit)		2,074			(2,016	)		(3,965	)
Net reclassification into earnings	$	(5,675	)	$	5,463		$	10,643

Stock Option Transactions (Parenthetical) (Detail) $ in Millions	12 Months Ended
	Feb. 03, 2024 USD ($)
Share-Based Payment Arrangement [Abstract]
Share based compensation option exercised total intrinsic value	$ 11.7

Intangible Assets (Tables)

12 Months Ended

Feb. 03, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets at February 3, 2024 and January 28, 2023 consist primarily of tradenames.


	(in thousands)
	February 3, 2024						January 28, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Amount		Gross Carrying Amount		Accumulated Amortization		Net Amount
Tradenames	$	238,000	$	—	$	238,000	$	238,000	$	—	$	238,000

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
REVENUES:
Net sales	$ 9,708,973	$ 8,684,545	$ 9,306,549
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Other revenue	$ 18,494	$ 18,059	$ 15,707
Total revenue	9,727,467	8,702,604	9,322,256
COSTS AND EXPENSES:
Cost of sales	5,584,060	5,171,715	5,436,155
Selling, general and administrative expenses	3,288,315	2,877,356	2,868,527
Costs related to debt amendments	97		3,419
Depreciation and amortization	307,064	270,398	249,217
Impairment charges - long-lived assets	6,367	21,402	7,748
Other income - net	(40,882)	(26,907)	(11,630)
Loss on extinguishment of debt	38,274	14,657	156,020
Interest expense	78,399	66,474	67,502
Total costs and expenses	9,261,694	8,395,095	8,776,958
Income before income tax expense	465,773	307,509	545,298
Income tax expense	126,124	77,386	136,459
Net income	$ 339,649	$ 230,123	$ 408,839
Net income per common stock - basic	$ 5.25	$ 3.51	$ 6.14
Net income per common stock - diluted	$ 5.23	$ 3.49	$ 6
Weighted average number of common stock - basic	64,672	65,637	66,588
Weighted average number of common stock - diluted	64,917	65,901	68,126

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Feb. 03, 2024

Jan. 28, 2023

Jan. 29, 2022

OPERATING ACTIVITIES

Net income

$ 339,649

$ 230,123

$ 408,839

Adjustments to reconcile net income to net cash provided by operating activities

Depreciation and amortization

307,064

270,398

249,217

Impairment charges - long-lived assets

6,367

21,402

7,748

Amortization of deferred financing costs

3,193

3,633

5,323

Accretion of long term debt instruments

958

949

889

Deferred income taxes

20,663

(25,431)

51,952

Loss on extinguishment of debt

38,274

14,657

156,020

Non-cash stock compensation expense

^[1]

83,948

67,480

58,546

Non-cash lease expense

(7,724)

(523)

(10,294)

Cash received from landlord allowances

14,585

23,137

34,051

Changes in assets and liabilities:

Accounts receivable

(4,464)

(13,012)

10,186

Merchandise inventories

94,141

(160,974)

(280,220)

Prepaid and other current assets

(84,473)

244,852

(56,363)

Accounts payable

(21,953)

(125,006)

214,792

Other current liabilities

80,774

44,830

(33,129)

Other long term assets and long term liabilities

3,651

(360)

(2,782)

Other operating activities

(5,918)

230

18,384

Net cash provided by operating activities

868,735

596,385

833,159

INVESTING ACTIVITIES

Cash paid for property and equipment

(492,644)

(447,393)

(352,467)

Lease acquisition costs

(24,640)

(3,710)

(576)

Proceeds from sale of property and equipment and assets held for sale

13,539

27,961

8,654

Net cash used in investing activities

(503,745)

(423,142)

(344,389)

FINANCING ACTIVITIES

Proceeds from long term debt- 2027 Convertible Notes

297,069

Principal payment on long term debt- 2025 Convertible Notes

(386,519)

(78,240)

(201,695)

Principal payments on long term debt-Secured Notes

(323,905)

Purchase of treasury shares

(243,188)

(316,896)

(266,628)

Proceeds from stock option exercises

18,783

20,592

39,887

Deferred financing costs

(2,143)

Other financing activities

4,633

(7,553)

(13,857)

Net cash used in financing activities

(318,836)

(391,711)

(777,955)

(Decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents

46,154

(218,468)

(289,185)

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period

879,205

1,097,673

1,386,858

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period

925,359

879,205

1,097,673

Supplemental disclosure of cash flow information:

Interest paid

88,148

51,445

52,671

Income tax payments (refund) - net

86,237

(208,333)

$ 130,247

Non-cash investing and financing activities:

Shares issued to repurchase Convertible Notes

151,206

Finance lease modification

(6,042)

Accrued purchases of property and equipment

110,475

66,007

$ 63,296

Exchange of noncash assets

7,300

Senior Secured Term B-6 Loans

FINANCING ACTIVITIES

Proceeds from long term debt

956,608

Principal payments on long term debt

$ (9,614)

(4,807)

Senior Secured Term B-5 Loans

FINANCING ACTIVITIES

Principal payments on long term debt

$ (961,415)

[1]	The amounts presented in the table above exclude the effect of income taxes. The tax benefit related to the Company’s non-cash stock compensation was $15.5 million, $12.5 million and $10.3 million during Fiscal 2023, Fiscal 2022 and Fiscal 2021, respectively.

Intangible Assets (Detail) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Tradenames, Net Amount	$ 238,000	$ 238,000

Condensed Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
REVENUES:
Total revenue	$ 9,727,467	$ 8,702,604	$ 9,322,256
COSTS AND EXPENSES:
Interest expense, net	(78,399)	(66,474)	(67,502)
Total costs and expenses	9,261,694	8,395,095	8,776,958
Provision for income tax	126,124	77,386	136,459
Net income	339,649	230,123	408,839
Interest rate derivative contracts:
Net unrealized gain arising during the period	10,460	27,726	7,931
Net reclassification into earnings during the period	(5,675)	5,463	10,643
Total comprehensive income	344,434	263,312	427,413
Parent Company
REVENUES:
Total revenue	0	0	0
COSTS AND EXPENSES:
Interest expense, net	0	0	0
Total costs and expenses	0	0	0
Total income (loss) before income taxes	0	0	0
Provision for income tax	0	0	0
Earnings from equity investment, net of income taxes	339,649	230,123	408,839
Net income	339,649	230,123	408,839
Interest rate derivative contracts:
Net unrealized gain arising during the period	10,460	27,726	7,931
Net reclassification into earnings during the period	(5,675)	5,463	10,643
Total comprehensive income	$ 344,434	$ 263,312	$ 427,413

Capital Stock

12 Months Ended

Feb. 03, 2024

Capital Stock [Abstract]

Capital Stock

9. Capital Stock

Common Stock

As of February 3, 2024, the total amount of the Company’s authorized capital stock consisted of 500,000,000 shares of common stock, par value $0.0001 per share, and 50,000,000 shares of undesignated preferred stock, par value of $0.0001 per share.

The Company’s common stock is not entitled to preemptive or other similar subscription rights to purchase any of the Company’s securities. The Company’s common stock is neither convertible nor redeemable. Unless the Company’s Board of Directors determines otherwise, the Company will issue all of the Company’s capital stock in uncertificated form.

Preferred Stock

The Company does not have any shares of preferred stock issued or outstanding. The Company’s Board of Directors has the authority to issue shares of preferred stock from time to time on terms it may determine, to divide shares of preferred stock into one or more series and to fix the designations, preferences, privileges, and restrictions of preferred stock, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preference, sinking fund terms, and the number of shares constituting

any series or the designation of any series to the fullest extent permitted by the General Corporation Law of the State of Delaware. The issuance of the Company’s preferred stock could have the effect of decreasing the trading price of the Company’s common stock, restricting dividends on the Company’s capital stock, diluting the voting power of the Company’s common stock, impairing the liquidation rights of the Company’s capital stock, or delaying or preventing a change in control of the Company.

Dividend Rights

Each holder of shares of the Company’s capital stock will be entitled to receive such dividends and other distributions in cash, stock or property as may be declared by the Company’s Board of Directors from time to time out of the Company’s assets or funds legally available for dividends or other distributions. These rights are subject to the preferential rights of any other class or series of the Company’s preferred stock.

Treasury Stock

The Company accounts for treasury stock under the cost method.

During Fiscal 2023, the Company acquired 62,894 shares of common stock from employees for approximately $11.3 million to satisfy their minimum statutory tax withholdings related to the vesting of restricted stock awards, which was recorded in the line item “Treasury stock” on the Company’s Consolidated Balance Sheets, and the line item “Purchase of treasury shares” on the Company’s Consolidated Statements of Cash Flows.

Share Repurchase Program

On February 16, 2022, the Company's Board of Directors authorized the repurchase of up to $500.0 million of common stock, which was authorized to be executed through February 2024. As of the end of Fiscal 2023, the Company had $115.4 million remaining under this share repurchase authorization.

On August 15, 2023, the Company's Board of Directors authorized the repurchase of up to an additional $500.0 million of common stock, which is authorized to be executed through August 2025. As of the end of Fiscal 2023, the Company had $500.0 million remaining under this share repurchase authorization.

These repurchase programs are funded using the Company’s available cash and borrowings under the ABL Line of Credit.

During Fiscal 2023, the Company repurchased 1,354,031 shares of common stock for $231.9 million under its share repurchase program.

Tax Rate Reconciliations (Detail)	12 Months Ended
Tax Rate Reconciliations (Detail)	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Income Tax Disclosure [Abstract]
Tax at statutory rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	4.50%	5.30%	4.00%
Excess tax benefit from stock compensation	0.20%	(0.20%)	(4.80%)
Tax credits	(1.20%)	(2.20%)	(1.60%)
Non-deductible expenses	1.70%	2.10%	2.00%
Loss from extinguishment of convertible debt	1.80%	0.90%	4.40%
Other	(0.90%)	(1.70%)
Effective tax rate	27.10%	25.20%	25.00%

Exercise Price of Service-Based Stock Options Granted (Detail) - $ / shares	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Share-Based Payment Arrangement [Abstract]
Options granted, exercise price lower range	$ 118.58	$ 115.65	$ 219.08
Options granted, exercise price upper range	$ 234.15	$ 236.93	$ 342.03

Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
OPERATING ACTIVITIES:
Net cash provided by operating activities	$ 868,735	$ 596,385	$ 833,159
INVESTING ACTIVITIES:
Net cash used in investing activities	(503,745)	(423,142)	(344,389)
FINANCING ACTIVITIES:
Proceeds from long term debt- 2027 Convertible Notes	297,069
Purchase of treasury shares	(243,188)	(316,896)	(266,628)
Proceeds from stock option exercises	18,783	20,592	39,887
Deferred financing costs			(2,143)
Net cash used in financing activities	(318,836)	(391,711)	(777,955)
(Decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents	46,154	(218,468)	(289,185)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	879,205	1,097,673	1,386,858
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	925,359	879,205	1,097,673
Parent Company
OPERATING ACTIVITIES:
Net cash provided by operating activities	0	0	0
INVESTING ACTIVITIES:
Net contribution from subsidiaries	313,713	374,233	428,888
Net cash used in investing activities	313,713	374,233	428,888
FINANCING ACTIVITIES:
Proceeds from long term debt- 2027 Convertible Notes	297,069	0	0
Principal payment on long term debt- 2025 Convertible Notes	(386,519)	(78,240)	(201,695)
Purchase of treasury shares	(243,188)	(316,896)	(266,628)
Proceeds from stock option exercises	18,783	20,592	39,887
Net cash used in financing activities	(313,855)	(374,544)	(428,436)
(Decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents	(142)	(311)	452
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	192	503	51
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$ 50	$ 192	$ 503

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding	1,356,258	1,218,101
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding	1,356,258
Unearned non-cash stock-based option compensation	$ 37.3
Unearned non-cash stock-based compensation expected to recognize as expense over period	2 years 7 months 6 days
Service-based awards, service period	The awards are expensed on a straight-line basis over the requisite service period.
Restricted Stock Issuances
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unearned non-cash stock-based option compensation	$ 74.8
Unearned non-cash stock-based compensation expected to recognize as expense over period	2 years 4 months 24 days
Percentage of shares vested if change in control	100.00%
Awards granted subsequent to offering vesting percentage on each of the first four anniversaries of the grant date	100.00%	100.00%
Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unearned non-cash stock-based option compensation	$ 32.9
Unearned non-cash stock-based compensation expected to recognize as expense over period	1 year 10 months 24 days
Restricted stock, outstanding	226,917	196,300
Service-based awards, service period	3 years
Service-based awards, vesting period	3 years
Minimum \| Restricted Stock Issuances
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Service-based awards, service period	2 years
Maximum \| Restricted Stock Issuances
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Service-based awards, service period	4 years
Maximum \| Performance Share Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target award threshold range	200.00%
2006 Plan \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unexercised vested options, exercisable period	60 days
2006 Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unexercised vested options, exercisable period	180 days
2022 Omnibus Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant equity awards	5,214,963

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 339,649	$ 230,123	$ 408,839

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Long-Term Debt (Detail) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Debt Instrument [Line Items]
Long Term Debt	$ 1,390,603
Finance lease obligations	$ 29,069	$ 33,447
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Long term debt and capital lease obligations current and noncurrent	Long term debt and capital lease obligations current and noncurrent	Long term debt and capital lease obligations current and noncurrent
Unamortized deferred financing costs	$ (7,003)	$ (7,440)
Total debt	1,408,645	1,475,706
Less: current maturities	(13,703)	(13,634)
Long term debt, net of current maturities	1,394,942	1,462,072
Senior Secured Term B-6 Loans
Debt Instrument [Line Items]
Long Term Debt	933,355	942,012
Convertible Senior Notes 2.25% Due April 15 2025
Debt Instrument [Line Items]
Long Term Debt	156,155	$ 507,687
Convertible Senior Notes 1.25% Due December 15 2027
Debt Instrument [Line Items]
Long Term Debt	$ 297,069

Maturities of Long-Term Debt Obligations (Detail) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023
Debt Disclosure [Abstract]
2024	$ 9,614
2025	165,769
2026	9,614
2027	306,683
2028	898,923
Net carrying amount	1,390,603
Less: unamortized discount	(4,024)
Less: unamortized deferred financing costs	(7,003)	$ (7,440)
Finance lease liabilities	29,069	33,447
Total debt	$ 1,408,645	$ 1,475,706

Net Income Per Share (Tables)

12 Months Ended

Feb. 03, 2024

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Income per Share

Basic net income per share is calculated by dividing net income by the weighted-average number of common shares outstanding. Dilutive net income per share is calculated by dividing net income by the weighted-average number of common shares and potentially dilutive securities outstanding during the period using the treasury stock method for the Company’s stock option,

restricted stock and restricted stock unit awards, and the if-converted method for the 2025 Convertible Notes and 2027 Convertible Notes.


	(in thousands, except per share data)
	Fiscal Year Ended

	February 3,		January 28,		January 29,
	2024		2023		2022
Basic net income per share
Net income	$	339,649	$	230,123	$	408,839
Weighted average number of common shares – basic		64,672		65,637		66,588
Net income per common share – basic	$	5.25	$	3.51	$	6.14
Diluted net income per share
Net income	$	339,649	$	230,123	$	408,839
Shares for basic and diluted net income per share:
Weighted average number of common shares – basic		64,672		65,637		66,588
Assumed exercise of stock options and vesting of restricted stock		245		264		685
Assumed conversion of convertible debt		—		—		853
Weighted average number of common shares – diluted		64,917		65,901		68,126
Net income per common share – diluted	$	5.23	$	3.49	$	6.00

Schedule I-Condensed Financial Information of Registrant

12 Months Ended

Feb. 03, 2024

Condensed Financial Information Disclosure [Abstract]

Schedule I-Condensed Financial Information of Registrant

Schedule I

CONDENSED FINANCIAL INFORMATION

OF REGISTRANT

Parent Company Information

Burlington Stores, Inc.

Condensed Statements of Income and Comprehensive Income


	Fiscal Years Ended
	February 3, 2024			January 28, 2023		January 29, 2022
	(in thousands)
REVENUES:
Total revenue	$	—		$	—	$	—
COSTS AND EXPENSES:
Interest expense, net		—			—		—
Total costs and expenses		—			—		—
Income before provision for income tax		—			—		—
Provision for income tax		—			—		—
Earnings from equity investment, net of income taxes	$	339,649		$	230,123	$	408,839
Net income	$	339,649		$	230,123	$	408,839
Other comprehensive income, net of tax:
Interest rate derivative contracts:
Net unrealized gains arising during the period		10,460			27,726		7,931
Net reclassification into earnings during the period		(5,675	)		5,463		10,643
Total comprehensive income	$	344,434		$	263,312	$	427,413

See Notes to Condensed Financial Statements

CONDENSED FINANCIAL INFORMATION

OF REGISTRANT

Parent Company Information

Burlington Stores, Inc.

Condensed Balance Sheets


	As of
	February 3, 2024		January 28, 2023
	(in thousands)
ASSETS:
Cash and cash equivalents	$	50	$	192
Total current assets		50		192
Investment in subsidiaries		1,444,273		1,296,408
Total assets	$	1,444,323	$	1,296,600
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Current liabilities	$	—	$	—
Long term debt		447,391		501,695
Commitments and contingencies
Total stockholders’ equity		996,932		794,905
Total liabilities and stockholders’ equity	$	1,444,323	$	1,296,600

See Notes to Condensed Financial Statements

CONDENSED FINANCIAL INFORMATION

OF REGISTRANT

Parent Company Information

Burlington Stores, Inc.

Condensed Statements of Cash Flows


	Fiscal Years Ended
	February 3, 2024			January 28, 2023			January 29, 2022
	(in thousands)
OPERATING ACTIVITIES:
Net cash provided by operating activities	$	—		$	—		$	—
INVESTING ACTIVITIES:
Net contribution from subsidiaries		313,713			374,233			428,888
Net cash provided by investing activities		313,713			374,233			428,888
FINANCING ACTIVITIES:
Proceeds from long term debt - 2027 Convertible Notes		297,069			—			—
Principal payment on long term debt— 2025 Convertible Notes		(386,519	)		(78,240	)		(201,695	)
Purchase of treasury shares		(243,188	)		(316,896	)		(266,628	)
Proceeds from stock option exercises		18,783			20,592			39,887
Net cash used in financing activities		(313,855	)		(374,544	)		(428,436	)
(Decrease) increase in cash and cash equivalents		(142	)		(311	)		452
Cash and cash equivalents at beginning of period		192			503			51
Cash and cash equivalents at end of period	$	50		$	192		$	503

See Notes to Condensed Financial Statements

CONDENSED FINANCIAL INFORMATION

OF REGISTRANT

Parent Company Information

Burlington Stores, Inc.

Note 1. Basis of Presentation

Burlington Stores, Inc. (the Parent Company) is a holding company that conducts substantially all of its business operations through its subsidiaries. Capitalized terms not otherwise defined in this Schedule I shall have the meanings ascribed to them in the Notes to Consolidated Financial Statements. The Parent Company’s ability to pay dividends on Parent Company’s common stock will be limited by restrictions on the ability of Parent Company's subsidiaries to pay dividends or make distributions under the terms of current and future agreements governing the indebtedness of Parent Company’s subsidiaries. In addition to other baskets under the agreements governing its indebtedness, the Parent Company and its subsidiaries are permitted to make dividends and distributions under the Term Loan Facility so long as there is no event of default and the consolidated leverage ratio of the Parent Company and its subsidiaries does not exceed 3.50 to 1.00, and under the ABL Line of Credit as long as certain restricted payment conditions are satisfied.

The accompanying Condensed Financial Statements include the accounts of the Parent Company and, on an equity basis, its consolidated subsidiaries and affiliates. Accordingly, these Condensed Financial Statements have been presented on a “parent-only” basis. Under a parent-only presentation, the Parent Company’s investments in its consolidated subsidiaries are presented under the equity method of accounting. Other than debt related costs, the Parent Company incurs certain corporate costs which are borne by the Parent Company’s subsidiaries. Such costs are not significant. These parent-only financials statements are not the general-purpose financial statements of Burlington Stores, Inc., and they should be read in conjunction with Burlington Stores, Inc.’s audited Consolidated Financial Statements included elsewhere herein.

Note 2. Dividends

As discussed above, the terms of current and future agreements governing the indebtedness of the Parent Company and its subsidiaries include, or may include, limitations on the ability of such subsidiaries and the Parent Company to pay dividends, subject to certain exceptions set forth in such agreements.

Note 3. Stock-Based Compensation

Non-cash stock compensation expense of $83.9 million, $67.5 million and $58.5 million has been pushed down to Parent Company’s subsidiaries for Fiscal 2023, Fiscal 2022 and Fiscal 2021, respectively.

Note 4. Long Term Debt

On April 16, 2020, the Parent Company issued $805.0 million of 2025 Convertible Notes. The 2025 Convertible Notes have an initial conversion rate of 4.5418 shares per $1,000 principal amount of 2025 Convertible Notes (equivalent to an initial conversion price of approximately $220.18 per share of the Company’s common stock), subject to adjustment if certain events occur. The 2025 Convertible Notes are general unsecured obligations of the Parent Company.

The 2025 Convertible Notes bear interest at a rate of 2.25% per year, payable semi-annually in cash, in arrears on April 15 and October 15 of each year, beginning on October 15, 2020. The 2025 Convertible Notes will mature on April 15, 2025, unless earlier converted, redeemed or repurchased.

During the second half of Fiscal 2021, the Parent Company entered into separate, privately negotiated exchange agreements with certain holders of the 2025 Convertible Notes. Under the terms of the exchange agreements, the holders exchanged $232.7 million in aggregate principal amount of 2025 Convertible Notes held by them for a combination of an aggregate of $199.8 million in cash and 513,991 shares of the Company's common stock. These exchanges resulted in aggregate pre-tax debt extinguishment charges of $124.6 million.

During the first quarter of Fiscal 2022, the Parent Company entered into separate, privately negotiated exchange agreements with certain holders of the 2025 Convertible Notes. Under the terms of the exchange agreements, the holders exchanged $64.6 million in aggregate principal amount of 2025 Convertible Notes held by them for $78.2 million in cash. These exchanges resulted in aggregate pre-tax debt extinguishment charges of $14.7 million.

During the first quarter of Fiscal 2023, the Parent Company entered into separate, privately negotiated exchange agreements with certain holders of the 2025 Convertible Notes. Under the terms of the exchange agreements, the holders exchanged $110.3 million in aggregate principal amount of 2025 Convertible Notes held by them for $133.3 million in cash. These exchanges resulted in aggregate pre-tax debt extinguishment charges of $24.6 million.

On September 12, 2023, the Parent Company closed the issuance of approximately $297.1 million aggregate principal amount of our 2027 Convertible Notes pursuant to separate, privately negotiated exchange and subscription agreements with a limited number of holders of our 2025 Convertible Notes and certain investors, in each case pursuant to exemptions from registration under the Securities Act of 1933. The Parent Company exchanged approximately $241.2 million in aggregate principal amount of the 2025 Convertible Notes for approximately $255.0 million in aggregate principal amount of the 2027 Convertible Notes. The Parent Company also issued approximately $42.1 million in aggregate principal amount of 2027 Convertible Notes in a private placement to certain investors. An aggregate of up to 1,422,568 shares of common stock may be issued upon conversion of the 2027 Convertible Notes, which number is subject to adjustment up to an aggregate of 1,911,372 shares following certain corporate events that occur prior to the maturity date or if we issue a notice of redemption, and which is also subject to certain anti-dilution adjustments.

The 2027 Convertible Notes bear interest at a rate of 1.25% per year, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2023. The 2027 Convertible Notes will mature on December 15, 2027, unless earlier converted, redeemed or repurchased.

BCFWC and Burlington Merchandising Corporation, a Delaware corporation, wholly owned subsidiaries of the Company, have entered into a promissory note, in which they jointly and severally have promised to pay to the Parent an amount equal to the principal of the 2025 Convertible Notes and 2027 Convertible Notes. In connection with the promissory note, there was a $453.2 million and $507.7 million intercompany note receivable as of February 3, 2024 and January 28, 2023, respectively, related to the cash transferred to Parent subsidiaries for the Convertible Notes, which is included in the line item "Investment in subsidiaries" in the Condensed Balance Sheets. The interest rate and repayment terms of the intercompany note receivable are consistent with that of the 2025 Convertible Notes and 2027 Convertible Notes.

Included in the Condensed Statements of Income and Comprehensive Income is the following for each of the periods indicated:


	(in thousands)
	Fiscal Year Ended
	February 3, 2024			January 28, 2023			January 29, 2022
Convertible notes interest expense	$	(10,875	)	$	(14,281	)	$	(20,055	)
Intercompany note receivable interest expense		10,875			14,281			20,055
Loss on extinguishment of convertible notes		(38,274	)		(14,657	)		(124,639	)
Gain on extinguishment of intercompany note receivable		38,274			14,657			124,639
Interest expense, net	$	—		$	—		$	—

Refer also to Note 7 to the Consolidated financial statements.

Note 5. Capital Stock

Treasury Stock

The Parent Company accounts for treasury stock under the cost method.

During Fiscal 2023, the Parent Company acquired 62,894 shares of common stock from employees for approximately $11.3 million to satisfy their minimum statutory tax withholdings related to the vesting of restricted stock awards, which was recorded in the line item “Purchase of treasury shares” on the Parent Company’s Condensed Statements of Cash Flows.

Share Repurchase Program

On February 16, 2022, the Parent Company's Board of Directors authorized the repurchase of up to an additional $500.0 million of common stock, which was authorized to be executed through February 2024. As of the end of Fiscal 2023, the Parent Company had $115.4 million remaining under this share repurchase authorization.

On August 15, 2023, the Parent Company's Board of Directors authorized the repurchase of up to an additional $500 million of common stock, which is authorized to be executed through August 2025. As of the end of Fiscal 2023, the Parent Company had $500.0 million remaining under this share repurchase authorization.

During Fiscal 2023, the Parent Company repurchased 1,354,031 shares of common stock for $231.9 million under its share repurchase program.

Condensed Financial Information Registrant - Additional Information (Detail)

3 Months Ended

6 Months Ended

12 Months Ended

Sep. 12, 2023

USD ($)

$ / shares

Apr. 16, 2020

USD ($)

$ / shares

Aug. 13, 2014

Apr. 29, 2023

USD ($)

Apr. 30, 2022

USD ($)

Jan. 29, 2022

USD ($)

Feb. 03, 2024

USD ($)

Jan. 28, 2023

USD ($)

Jan. 29, 2022

USD ($)

Aug. 15, 2023

USD ($)

Feb. 16, 2022

USD ($)

Condensed Financial Statements Captions [Line Items]

Non-cash stock compensation expense

^[1]

$ 83,948,000

$ 67,480,000

$ 58,546,000

Loss from extinguishment of convertible debt

(38,274,000)

(14,657,000)

$ (156,020,000)

Long term debt

1,390,603,000

Assumed conversion of convertible debt | shares

853,000

Intercompany note receivable

^[2]

1,390,603,000

1,454,681,000

Shares Used for Tax Withholdings

$ 11,255,000

$ 14,238,000

$ 16,612,000

Debt conversion, converted in to shares of common stock | shares

151,206

2021 Stock Repurchase Program

Condensed Financial Statements Captions [Line Items]

Stock repurchase programs, authorized amount

$ 500,000,000

Common stock repurchased, shares | shares

1,354,031

Common stock repurchased, value

$ 231,900,000

2021 Stock Repurchase Program | Share Repurchase Program Authorized on February 16, 2022

Condensed Financial Statements Captions [Line Items]

Remaining authorized repurchase amount

115,400,000

2021 Stock Repurchase Program | Share Repurchase Program Authorized on August 15, 2023

Condensed Financial Statements Captions [Line Items]

Remaining authorized repurchase amount

$ 500,000,000

Treasury Stock

Condensed Financial Statements Captions [Line Items]

Shares Used for Tax Withholdings (in shares) | shares

62,894

75,710

53,783

Shares Used for Tax Withholdings

$ 11,255,000

$ 14,238,000

$ 16,612,000

Common stock repurchased, shares | shares

1,354,031

1,756,811

856,855

Convertible Senior Notes

Condensed Financial Statements Captions [Line Items]

Long-Term Debt, face amount

$ 805,000,000

Debt instrument, conversion ratio

4.5418

Debt instrument, principal amount for conversion

$ 1,000,000

Debt instrument, conversion price | $ / shares

$ 220.18

Long-Term Debt, interest rate

2.25%

Debt instrument frequency of periodic payments

semi-annually

Debt conversion, aggregate principal amount of convertible debt

$ 241,200,000

$ 110,300,000

$ 64,600,000

$ 232,700,000

Debt Conversion, Converted Instrument, in Cash

133,300,000

78,200,000

199,800,000

Loss from extinguishment of convertible debt

24,600,000

14,700,000

$ 124,600,000

Intercompany note receivable

$ 156,155,000

$ 507,687,000

Debt conversion, converted in to shares of common stock | shares

513,991

2027 Convertible Notes

Condensed Financial Statements Captions [Line Items]

Debt instrument, conversion ratio

4.856

Debt instrument, principal amount for conversion

$ 1,000,000

Debt instrument, conversion price | $ / shares

$ 205.93

Long-Term Debt, interest rate

1.25%

Debt instrument frequency of periodic payments

semi-annually

Debt conversion, aggregate principal amount of convertible debt

$ 255,000,000

Loss from extinguishment of convertible debt

13,600,000

Long term debt

$ 297,100,000

Assumed conversion of convertible debt | shares

1,422,568

Conversion of convertible securities contingent conditions | shares

1,911,372

Intercompany note receivable

$ 297,069,000

2027 Convertible Notes | Private Placement

Condensed Financial Statements Captions [Line Items]

Long term debt

$ 42,100,000

Parent Company

Condensed Financial Statements Captions [Line Items]

Line of Credit Facility, maximum consolidated leverage ratio

350.00%

Non-cash stock compensation expense

$ 83,900,000

67,500,000

58,500,000

Parent Company | 2021 Stock Repurchase Program

Condensed Financial Statements Captions [Line Items]

Stock repurchase programs, authorized amount

$ 500,000,000

Common stock repurchased, shares | shares

1,354,031

Common stock repurchased, value

$ 231,900,000

Parent Company | 2021 Stock Repurchase Program | Share Repurchase Program Authorized on February 16, 2022

Condensed Financial Statements Captions [Line Items]

Remaining authorized repurchase amount

115,400,000

Parent Company | 2021 Stock Repurchase Program | Share Repurchase Program Authorized on August 15, 2023

Condensed Financial Statements Captions [Line Items]

Remaining authorized repurchase amount

$ 500,000,000

Parent Company | Treasury Stock

Condensed Financial Statements Captions [Line Items]

Shares Used for Tax Withholdings (in shares) | shares

62,894

Shares Used for Tax Withholdings

$ 11,300,000

Parent Company | Convertible Senior Notes

Condensed Financial Statements Captions [Line Items]

Long-Term Debt, face amount

$ 805,000,000

Debt instrument, conversion ratio

4.5418

Debt instrument, principal amount for conversion

$ 1,000,000

Debt instrument, conversion price | $ / shares

$ 220.18

Long-Term Debt, interest rate

2.25%

Debt instrument frequency of periodic payments

April 15, 2025

Debt instrument, date of first required payment

Oct. 15, 2020

Debt conversion, aggregate principal amount of convertible debt

$ 241,200,000

110,300,000

64,600,000

$ 232,700,000

Debt Conversion, Converted Instrument, in Cash

133,300,000

78,200,000

199,800,000

Loss from extinguishment of convertible debt

$ 24,600,000

$ 14,700,000

$ 124,600,000

Intercompany note receivable

$ 453,200,000

$ 507,700,000

Debt conversion, converted in to shares of common stock | shares

513,991

Parent Company | 2027 Convertible Notes

Condensed Financial Statements Captions [Line Items]

Long-Term Debt, interest rate

1.25%

Debt instrument frequency of periodic payments

December 15, 2027

Debt instrument, date of first required payment

Dec. 15, 2023

Debt conversion, aggregate principal amount of convertible debt

$ 255,000,000

Long term debt

297,100,000

Parent Company | 2027 Convertible Notes | Private Placement

Condensed Financial Statements Captions [Line Items]

Long term debt

$ 42,100,000

[1]	The amounts presented in the table above exclude the effect of income taxes. The tax benefit related to the Company’s non-cash stock compensation was $15.5 million, $12.5 million and $10.3 million during Fiscal 2023, Fiscal 2022 and Fiscal 2021, respectively.
[2]	The table above excludes finance lease obligations, debt discount and deferred debt costs.

Other Revenue (Detail) - USD ($) $ in Thousands	12 Months Ended
Other Revenue (Detail) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Revenue Recognition [Line Items]
Other Revenue	$ 9,708,973	$ 8,684,545	$ 9,306,549
PLCC
Revenue Recognition [Line Items]
Other Revenue	5,012	4,484	3,000
Other Revenue
Revenue Recognition [Line Items]
Other Revenue	18,494	18,059	15,707
Other Revenue \| Service Fees
Revenue Recognition [Line Items]
Other Revenue	4,165	4,131	3,178
Other Revenue \| Subleased Rental Income and Other
Revenue Recognition [Line Items]
Other Revenue	$ 9,317	$ 9,444	$ 9,529

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Performance Share Unit Transactions (Detail) - Performance Share Units

12 Months Ended

Feb. 03, 2024

$ / shares

Number of Shares

Non-Vested Awards Outstanding at Beginning of Period | shares

196,300

Awards Granted | shares

116,080

Awards Vested | shares

(29,017)

^[1]

Awards Forfeited | shares

(56,446)

Non-Vested Awards Outstanding at End of Period | shares

226,917

Weighted Average Grant Date Fair Value Per Award

Non-Vested Awards Outstanding at Beginning of Period | $ / shares

$ 226.05

Awards Granted | $ / shares

185.27

Awards Vested | $ / shares

186.5

^[1]

Awards Forfeited | $ / shares

197.72

Non-Vested Awards Outstanding at End of Period | $ / shares

$ 217.29

[1]	Performance-based stock awards vested during Fiscal 2023 had a total intrinsic value of $5.9 million.

Valuation and Qualifying Accounts and Reserves (Detail) - USD ($)
$ in Thousands

12 Months Ended

Feb. 03, 2024

Jan. 28, 2023

Jan. 29, 2022

Allowance for Doubtful Accounts

Valuation and Qualifying Accounts Disclosure [Line Items]

Balance at Beginning of Period

$ 1,252

$ 3,305

$ 4,855

Charged to Costs & Expenses

1,209

291

185

Accounts Written Off or Deductions

^[1]

148

2,344

1,735

Balance at End of Period

2,313

1,252

3,305

Valuation allowances on deferred tax assets

Valuation and Qualifying Accounts Disclosure [Line Items]

Balance at Beginning of Period

13,060

12,864

12,957

Charged to Other Accounts

^[2]

(1,635)

196

(93)

Balance at End of Period

$ 11,425

$ 13,060

$ 12,864

[1]	Actual allowances.
[2]	Amounts related to valuation allowances on deferred taxes are charged to income tax expense.

Fair Values of Financial Assets and Hierarchy of Level of Inputs (Detail) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023
Fair Value, Inputs, Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents (including restricted cash equivalents)	$ 657,292	$ 548,986

Income Taxes

12 Months Ended

Feb. 03, 2024

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

Income before income taxes was as follows for Fiscal 2023, Fiscal 2022 and Fiscal 2021:


	(in thousands)
	Year Ended
	February 3 2024		January 28, 2023		January 29, 2022
Domestic	$	454,491	$	297,440	$	533,906
Foreign		11,282		10,069		11,392
Total income (loss) before income taxes	$	465,773	$	307,509	$	545,298

Income tax expense (benefit) was as follows for Fiscal 2023, Fiscal 2022 and Fiscal 2021:


	(in thousands)
	Year Ended
	February 3 2024		January 28, 2023			January 29, 2022
Current:
Federal	$	85,834	$	86,299		$	69,146
State		16,150		13,494			11,546
Foreign		3,477		3,024			3,815
Subtotal		105,461		102,817			84,507
Deferred:
Federal		12,583		(28,980	)		32,217
State		7,311		2,796			19,272
Foreign		769		753			463
Subtotal		20,663		(25,431	)		51,952
Total income tax expense (benefit)	$	126,124	$	77,386		$	136,459

The tax rate reconciliations were as follows for Fiscal 2023, Fiscal 2022 and Fiscal 2021:


	Fiscal Year Ended
	February 3 2024			January 28, 2023			January 29, 2022
Tax at statutory rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal benefit		4.5			5.3			4.0
Excess tax benefit from stock compensation		0.2			(0.2	)		(4.8	)
Tax credits		(1.2	)		(2.2	)		(1.6	)
Non-deductible expenses		1.7			2.1			2.0
Loss from extinguishment of convertible debt		1.8			0.9			4.4
Other		(0.9	)		(1.7	)		—
Effective tax rate		27.1	%		25.2	%		25.0	%

The tax effects of temporary differences are included in deferred tax accounts as follows:


	(in thousands)
	February 3, 2024					January 28, 2023
	Tax Assets			Tax Liabilities		Tax Assets			Tax Liabilities
Non-current deferred tax assets and liabilities:
Property and equipment basis adjustments	$	—		$	236,711	$	—		$	231,426
Operating lease liability		872,903			—		830,029			—
Operating lease asset		—			805,610		—			764,446
Intangibles—indefinite-lived		—			63,892		—			63,871
Employee benefit compensation		27,194			—		21,303			—
State net operating losses (net of federal benefit)		5,726			—		11,323			—
Tax credits		10,774			—		11,132			—
Other		—			24,116		—			3,770
Valuation allowance		(11,425	)		—		(13,060	)		—
Total non-current deferred tax assets and liabilities	$	905,172		$	1,130,329	$	860,727		$	1,063,513
Net deferred tax liability				$	225,157				$	202,786

As of February 3, 2024, the Company has a deferred tax asset related to net operating losses of $5.7 million, inclusive of $5.4 million of state net operating losses which will expire at various dates between 2024 and 2041 and $0.3 million of deferred tax assets recorded for Puerto Rico net operating loss carry-forwards that will expire in 2025. As of February 3, 2024, the Company had tax credit carry-forwards of $10.8 million, inclusive of state tax credit carry-forwards of $10.4 million that will begin to expire in 2024 and $0.4 million of Puerto Rico alternative minimum tax (AMT) credits that have an indefinite life.

As of January 28, 2023, the Company had a deferred tax asset related to net operating losses of $11.3 million, inclusive of $11.0 million of state net operating losses, and $0.3 million of deferred tax assets recorded for Puerto Rico net operating loss carry-forwards. As of January 28, 2023, the Company had tax credit carry-forwards of $11.1 million, inclusive of state tax credit carry-forwards of $10.4 million, and $0.7 million of Puerto Rico AMT credits.

The Company believes that it is more likely than not that the benefit from certain state net operating loss carry forwards and credits will not be realized. In recognition of this risk, the Company has provided a valuation allowance of $1.3 million on state net operating losses and $9.8 million on state tax credit carry forwards. In addition, the Company believes that it is more likely than not that the benefit from Puerto Rico net operating loss carry-forwards will not be realized. As a result, it has provided for a full valuation allowance of $0.3 million. If the Company's assumptions change and it determines it will be able to realize these net operating losses or credits, the tax benefits relating to any reversal of the valuation allowance on deferred tax assets as of February 3, 2024 will be recorded to the Company’s Consolidated Statement of Income. As of January 28, 2023, the Company provided a total valuation allowance of $13.1 million, inclusive of $3.3 million of valuation allowance related to state net operating losses, $9.5 million related to tax credit carry-forwards and $0.3 million related to Puerto Rico.

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (exclusive of interest and penalties) is as follows:


	(in thousands)
	Gross Unrecognized Tax Benefits, Exclusive of Interest and Penalties
Balance at January 30, 2021	$	6,340
Additions for tax positions of the current year		—
Additions for tax positions of prior years		—
Reduction for tax positions of prior years		(783	)
Settlements		—
Lapse of statute of limitations		(770	)
Balance at January 29, 2022		4,787
Additions for tax positions of the current year		—
Additions for tax positions of prior years		—
Reduction for tax positions of prior years		(782	)
Settlements		—
Lapse of statute of limitations		(72	)
Balance at January 28, 2023		3,933
Additions for tax positions of the current year		—
Additions for tax positions of prior years		—
Reduction for tax positions of prior years		(783	)
Settlements		—
Lapse of statute of limitations		(18	)
Balance at February 3, 2024	$	3,132

As of February 3, 2024, the Company reported total unrecognized benefits of $3.1 million, of which $2.5 million would affect the Company’s effective tax rate if recognized. As a result of previous positions taken and current period activity, the Company recorded a net benefit of $0.8 million of interest and penalties during Fiscal 2023 in the line item “Income tax expense” in the Company’s Consolidated Statements of Income. Cumulative interest and penalties of $7.0 million are recorded in the line item “Other liabilities” in the Company’s Consolidated Balance Sheet as of February 3, 2024. The Company recognizes interest and penalties related to unrecognized tax benefits as part of income taxes. Within the next twelve months, the Company does not expect any significant changes in its unrecognized tax benefits.

As of January 28, 2023, the Company reported total unrecognized benefits of $3.9 million, of which $3.1 million would affect the Company’s effective tax rate if recognized. As a result of previous positions taken, the Company recorded a net benefit of $0.9 million of interest and penalties during Fiscal 2022 in the line item “Income tax expense” in the Company’s Consolidated Statements of Income. Cumulative interest and penalties of $8.0 million are recorded in the line item “Other liabilities” in the Company’s Consolidated Balance Sheets as of January 28, 2023.

The Company files tax returns in the U.S. federal jurisdiction, Puerto Rico, and various state jurisdictions. The Company is open to examination by the IRS under the applicable statutes of limitations for Fiscal Years 2020 through 2023. The Company or its

subsidiaries’ state and Puerto Rico income tax returns are open to audit for Fiscal Years 2019 through 2023 with a few exceptions, under the applicable statutes of limitations. There are ongoing state audits in several jurisdictions, and the Company has accrued for possible exposures as required under Topic No. 740. The Company does not expect the settlement of these audits to have a material impact to its financial results.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Lease Commitments - Additional Information (Detail) $ in Millions	12 Months Ended
	Feb. 03, 2024 USD ($) Store
Future Minimum Payments Receivable [Line Items]
Operating and finance leases, expiration period	30 years
Leases renewal option	5 years
Accrued lease liability \| $	$ 696.3
Number of store committed to open or relocate but has not yet taken possession \| Store	84

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Feb. 03, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Performance Share Unit Transactions (Parenthetical) (Details) $ in Millions	12 Months Ended
	Feb. 03, 2024 USD ($)
Performance Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation awards vested total intrinsic value	$ 5.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)(2)(i)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)(2)(ii)
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 2
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Fair Value of Financial Instruments (Tables)

12 Months Ended

Feb. 03, 2024

Fair Value Disclosures [Abstract]

Fair Values of Financial Assets and Hierarchy of Level of Inputs

The fair values of the Company’s financial assets and the hierarchy of the level of inputs as of February 3, 2024 and January 28, 2023 are summarized below:


	(in thousands)
	Fair Value Measurements at
	February 3,		January 28,
	2024		2023
Level 1
Cash equivalents (including restricted cash equivalents)	$	657,292	$	548,986

Fair Values of Financial Liabilities

The fair values of the Company’s financial liabilities are summarized below:


	(in thousands)
	February 3, 2024				January 28, 2023
	Principal Amount		Fair Value		Principal Amount		Fair Value
Term B-6 Loans	$	937,379	$	934,450	$	946,994	$	938,708
2025 Convertible Notes		156,155		169,384		507,687		619,409
2027 Convertible Notes		297,069		342,384		—		—
ABL Line of Credit (a)		—		—		—		—
Total debt (b)	$	1,390,603	$	1,446,218	$	1,454,681	$	1,558,117

(a)

To the extent the Company has any outstanding borrowings under the ABL Line of Credit, the fair value would approximate its reported value, because the interest rate is variable and reflects current market rates, due to its short term nature.

(b)

The table above excludes finance lease obligations, debt discount and deferred debt costs.

Condensed Balance Sheets (Detail) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022	Jan. 30, 2021
ASSETS:
Cash and cash equivalents	$ 925,359	$ 872,623
Total current assets	2,327,024	2,283,792
Total assets	7,706,840	7,269,597
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities	2,028,786	1,911,951
Long term debt	1,394,942	1,462,072
Commitments and contingencies
Total stockholders' equity	996,932	794,905	$ 760,417	$ 464,754
Total liabilities and stockholders’ equity	7,706,840	7,269,597
Parent Company
ASSETS:
Cash and cash equivalents	50	192
Total current assets	50	192
Investment in subsidiaries	1,444,273	1,296,408
Total assets	1,444,323	1,296,600
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities	0	0
Long term debt	447,391	501,695
Commitments and contingencies
Total stockholders' equity	996,932	794,905
Total liabilities and stockholders’ equity	$ 1,444,323	$ 1,296,600

Amortization Expense Related to Deferred Financing Fees (Detail) - Deferred Financing Costs $ in Thousands	Feb. 03, 2024 USD ($)
Debt Instrument [Line Items]
2024	$ 3,034
2025	2,387
2026	2,160
2027	1,384
2028	105
Total	$ 9,070

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Property and Equipment (Detail) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023
Property Plant And Equipment [Line Items]
Total property and equipment at cost	$ 3,833,275	$ 3,385,895
Less: accumulated depreciation and amortization	(1,952,950)	(1,717,890)
Total property and equipment, net of accumulated depreciation and amortization	1,880,325	1,668,005
Land
Property Plant And Equipment [Line Items]
Total property and equipment at cost	105,645	112,513
Buildings
Property Plant And Equipment [Line Items]
Total property and equipment at cost	413,634	394,798
Store fixtures and equipment
Property Plant And Equipment [Line Items]
Total property and equipment at cost	1,575,798	1,414,220
Software
Property Plant And Equipment [Line Items]
Total property and equipment at cost	$ 365,899	$ 332,509
Leasehold improvements
Property Plant And Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Total property and equipment at cost	$ 996,994	$ 881,695
Construction in Progress
Property Plant And Equipment [Line Items]
Total property and equipment at cost	$ 375,305	$ 250,160
Minimum \| Buildings
Property Plant And Equipment [Line Items]
Property and equipment, Useful Lives	20 years
Minimum \| Store fixtures and equipment
Property Plant And Equipment [Line Items]
Property and equipment, Useful Lives	3 years
Minimum \| Software
Property Plant And Equipment [Line Items]
Property and equipment, Useful Lives	3 years
Maximum \| Buildings
Property Plant And Equipment [Line Items]
Property and equipment, Useful Lives	40 years
Maximum \| Store fixtures and equipment
Property Plant And Equipment [Line Items]
Property and equipment, Useful Lives	15 years
Maximum \| Software
Property Plant And Equipment [Line Items]
Property and equipment, Useful Lives	10 years

Long-Term Debt - Additional Information (Detail)								3 Months Ended		6 Months Ended	12 Months Ended
Long-Term Debt - Additional Information (Detail)	Sep. 12, 2023 USD ($) $ / shares shares	May 11, 2023	Jul. 20, 2022 USD ($)	Jun. 24, 2021 USD ($)	Jun. 23, 2021	Jun. 11, 2021 USD ($)	Apr. 16, 2020 USD ($) $ / shares	Apr. 29, 2023 USD ($)	Apr. 30, 2022 USD ($)	Jan. 29, 2022 USD ($) shares	Feb. 03, 2024 USD ($)	Jan. 28, 2023 USD ($)	Jan. 29, 2022 USD ($) shares	Jun. 26, 2023 USD ($)	Jun. 25, 2023 USD ($)	Jul. 19, 2022 USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt											$ (38,274,000)	$ (14,657,000)	$ (156,020,000)
Costs related to debt amendments											97,000		$ 3,419,000
Long Term Debt											1,390,603,000
Assumed conversion of convertible debt \| shares													853,000
Debt conversion, converted in to shares of common stock \| shares													151,206
Deferred financing costs											7,003,000	7,440,000
Letters of credit, outstanding amount											75,800,000	51,100,000
Amortization of deferred financing costs											$ 3,193,000	$ 3,633,000	$ 5,323,000
Deferred financing costs, weighted average amortization period											3 years 4 months 24 days
Senior Secured Term Loan Facilities
Debt Instrument [Line Items]
Costs related to debt issuances and amendments											$ 100,000
Borrowing, interest rate											7.40%	6.40%
Convertible Senior Notes
Debt Instrument [Line Items]
Debt instrument frequency of periodic payments											semi-annually
Loss on extinguishment of debt								$ 24,600,000	$ 14,700,000	$ 124,600,000
Borrowing, interest rate							2.80%
Long-Term Debt, face amount							$ 805,000,000
Long-Term Debt, interest rate							2.25%
Debt instrument maturity date							Apr. 15, 2025
Debt conversion, aggregate principal amount of convertible debt	$ 241,200,000							110,300,000	64,600,000	232,700,000			232,700,000
Debt conversion, converted instrument, in cash								$ 133,300,000	$ 78,200,000	$ 199,800,000
Debt conversion, converted in to shares of common stock \| shares										513,991
Debt instrument, conversion ratio							4.5418
Debt instrument, principal amount for conversion							$ 1,000,000
Debt instrument, conversion price \| $ / shares							$ 220.18
Debt instrument, conversion premium							32.50%
Share price \| $ / shares							$ 166.17
Debt instrument, convertible, stock price trigger							130.00%
Debt instrument, redemption price, percentage							100.00%
Debt instrument repurchase percentage on conditional basis							100.00%
New Convertible Senior Notes
Debt Instrument [Line Items]
Debt instrument frequency of periodic payments											semi-annually
Loss on extinguishment of debt	$ 13,600,000
Borrowing, interest rate	1.70%
Long Term Debt	$ 297,100,000
Assumed conversion of convertible debt \| shares	1,422,568
Conversion of convertible securities contingent conditions \| shares	1,911,372
Long-Term Debt, interest rate	1.25%
Debt conversion, aggregate principal amount of convertible debt	$ 255,000,000
Debt instrument, conversion ratio	4.856
Debt instrument, principal amount for conversion	$ 1,000,000
Debt instrument, conversion price \| $ / shares	$ 205.93
Debt instrument, conversion premium	32.50%
Share price \| $ / shares	$ 155.42
Debt instrument, convertible, stock price trigger	130.00%
Debt instrument, redemption price, percentage	100.00%
Debt instrument repurchase percentage on conditional basis	100.00%
New Convertible Senior Notes \| Private Placement
Debt Instrument [Line Items]
Long Term Debt	$ 42,100,000
Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument frequency of periodic payments							semiannually
Loss on extinguishment of debt													30,200,000
Long-Term Debt, face amount						$ 300,000,000	$ 300,000,000
Long-Term Debt, interest rate							6.25%
Debt instrument, date of first required payment							Oct. 15, 2020
Debt instrument, redemption price						$ 323,700,000
ABL senior secured revolving facility
Debt Instrument [Line Items]
Debt instrument maturity date											Dec. 22, 2026	Dec. 22, 2026
Deferred financing costs											$ 2,100,000	$ 2,800,000
Line of Credit Facility, maximum borrowing capacity			$ 900,000,000								900,000,000					$ 650,000,000
Line of Credit Facility, amount available											708,800,000	795,700,000
Letters of credit, outstanding amount														$ 250,000,000	$ 150,000,000
Line of Credit Facility, amount outstanding during period											0
ABL senior secured revolving facility \| On April 1, 2024
Debt Instrument [Line Items]
Letters of credit, outstanding amount														237,500,000
ABL senior secured revolving facility \| On July 1, 2024
Debt Instrument [Line Items]
Letters of credit, outstanding amount														225,000,000
ABL senior secured revolving facility \| On October 1, 2024
Debt Instrument [Line Items]
Letters of credit, outstanding amount														212,500,000
ABL senior secured revolving facility \| On January 1, 2025
Debt Instrument [Line Items]
Letters of credit, outstanding amount														200,000,000
ABL senior secured revolving facility \| No Later than January 1, 2025
Debt Instrument [Line Items]
Letters of credit, outstanding amount														$ 200,000,000
Amended ABL senior secured revolving facility
Debt Instrument [Line Items]
Line of Credit Facility, maximum borrowing capacity											$ 1,200,000,000
Line of Credit Facility, interest rate description											The Amendment increased the aggregate principal amount of the commitments of its current asset-based lending facility (the ABL Line of Credit) from $650.0 million to $900.0 million and replaced the LIBOR-based interest rate benchmark provisions with interest rate benchmark provisions based on a term secured overnight financing rate (SOFR) or a daily SOFR rate (in the case of daily SOFR, available for borrowings up to $100 million, or up to the full amount of the commitments if the term SOFR rate is not available).
One Month Adjusted Secured Overnight Financing Rate \| Senior Secured Term Loan Facilities
Debt Instrument [Line Items]
Line of Credit Facility, interest rate		0.11%
Three Month Adjusted Secured Overnight Financing Rate \| Senior Secured Term Loan Facilities
Debt Instrument [Line Items]
Line of Credit Facility, interest rate		0.26%
Six Month Adjusted Secured Overnight Financing Rate \| Senior Secured Term Loan Facilities
Debt Instrument [Line Items]
Line of Credit Facility, interest rate		0.43%
Federal Funds Rate \| Senior Secured Term Loan Facilities
Debt Instrument [Line Items]
Line of Credit Facility, interest rate											0.50%
One Month Adjusted London Interbank Offered Rate \| Senior Secured Term Loan Facilities
Debt Instrument [Line Items]
Line of Credit Facility, interest rate											1.00%
Long-term Debt
Debt Instrument [Line Items]
Deferred financing costs											$ 7,000,000	7,400,000
Amortization of deferred financing costs											$ 3,200,000	$ 3,600,000	$ 5,300,000
Prime Rate \| Amended ABL senior secured revolving facility \| Minimum
Debt Instrument [Line Items]
Line of Credit Facility, interest rate											0.125%
Prime Rate \| Amended ABL senior secured revolving facility \| Maximum
Debt Instrument [Line Items]
Line of Credit Facility, interest rate											0.375%
Secured Overnight Financing Rate (SOFR) \| Amended ABL senior secured revolving facility
Debt Instrument [Line Items]
Line of Credit Facility, interest rate			0.10%
credit spread adjustment											0.10%
Secured Overnight Financing Rate (SOFR) \| Amended ABL senior secured revolving facility \| Minimum
Debt Instrument [Line Items]
Line of Credit Facility, interest rate											1.125%
Secured Overnight Financing Rate (SOFR) \| Amended ABL senior secured revolving facility \| Maximum
Debt Instrument [Line Items]
Line of Credit Facility, interest rate											1.375%
Line of Credit Facility, amount available			$ 100,000,000
Secured Overnight Financing Rate Floor \| Senior Secured Term Loan Facilities
Debt Instrument [Line Items]
Line of Credit Facility, interest rate		0.00%
Term Loan Facility
Debt Instrument [Line Items]
Quarterly principal payments				$ 2,400,000
Costs related to debt issuances and amendments				$ 3,300,000
Debt instrument maturity date				Jun. 24, 2028	Nov. 17, 2024
Term Loan Facility \| Write Off Deferred Financing Costs
Debt Instrument [Line Items]
Loss on extinguishment of debt				$ (1,200,000)
Term Loan Facility \| Prime Rate
Debt Instrument [Line Items]
Line of Credit Facility, interest rate				1.00%	0.75%
Term Loan Facility \| LIBOR
Debt Instrument [Line Items]
Line of Credit Facility, interest rate				2.00%	1.75%
Term Loan Facility \| London Interbank Offered Rate Floor
Debt Instrument [Line Items]
Line of Credit Facility, interest rate				0.00%

Employee Retirement Plans

12 Months Ended

Feb. 03, 2024

Postemployment Benefits [Abstract]

Employee Retirement Plans

13. Employee Retirement Plans

The Company maintains separate defined contribution 401(k) retirement savings and profit-sharing plans covering employees in the United States and Puerto Rico who meet specified age and service requirements. The discretionary profit-sharing component (which the Company has not utilized since 2005 and has no current plans to utilize) is entirely funded by the Company, and the Company also makes additional matching contributions to the 401(k) component of the plans. Participating employees can voluntarily elect to contribute a percentage of their earnings to the 401(k) component of the plans (up to certain prescribed limits) through a cash or deferred (salary deferral) feature qualifying under Section 401(k) of the Internal Revenue Code (401(k) Plan).

The Company recorded $15.6 million, $15.6 million and $11.4 million of 401(k) Plan match expense during Fiscal 2023, Fiscal 2022 and Fiscal 2021 respectively, which is included in the line item “Selling, general and administrative expenses” on the Company’s Consolidated Statements of Income.

Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Current:
Federal	$ 85,834	$ 86,299	$ 69,146
State	16,150	13,494	11,546
Foreign	3,477	3,024	3,815
Subtotal	105,461	102,817	84,507
Deferred:
Federal	12,583	(28,980)	32,217
State	7,311	2,796	19,272
Foreign	769	753	463
Subtotal	20,663	(25,431)	51,952
Total income tax expense (benefit)	$ 126,124	$ 77,386	$ 136,459

Net Income Per Share - Additional Information (Detail) - shares	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Stock Option, Restricted Stock and Restricted Stock Unit Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from diluted net income per share	1,524,000	1,068,000	177,000

Consolidated Statements of Stockholder's Equity - USD ($)
$ in Thousands

Total

Cumulative-effect Adjustment

Common Stock

Additional Paid-in Capital

Cumulative-effect Adjustment

Accumulated Deficit

Cumulative-effect Adjustment

Accumulated Other Comprehensive Loss (Income)

Treasury Stock

Balance at beginning of period at Jan. 30, 2021

$ 464,754

$ 7

$ 1,809,831

$ (11,702)

$ (23,015)

$ (1,310,367)

Balance at beginning of period (in shares) at Jan. 30, 2021

80,661,453

(14,275,122)

Net Income (Loss)

408,839

Stock options exercised

39,887

Stock options exercised (in shares)

418,173

Shares used for tax withholding

(16,612)

$ (16,612)

Shares used for tax withholding (in shares)

(53,783)

Shares purchased as part of publicly announced programs

$ (250,016)

Shares purchased as part of publicly announced programs, (in shares)

(856,855)

Vesting of restricted shares, net of forfeitures of restricted shares

685,000

83,698

Stock based compensation

$ 58,546

58,546

Shares issued to redeem convertible notes

$ 151,206

151,206

Shares issued to redeem convertible notes (in shares)

853,000

513,991

Unrealized gains (losses) on interest rate derivative contracts, net of related taxes

$ 7,931

7,931

Amount reclassified into earnings, net of related taxes

10,643

Balance at end of period at Jan. 29, 2022

760,417

$ 7

1,927,554

414,292

(4,441)

$ (1,576,995)

Balance at end of period (ASU 2020-06) at Jan. 29, 2022

$ (114,761)

$ (131,916)

$ 17,155

Balance at end of period (in shares) at Jan. 29, 2022

81,677,315

(15,185,760)

Net Income (Loss)

230,123

Stock options exercised

20,592

$ 1

20,591

Stock options exercised (in shares)

168,720

Shares used for tax withholding

(14,238)

$ (14,238)

Shares used for tax withholding (in shares)

(75,710)

Shares purchased as part of publicly announced programs

$ (302,658)

Shares purchased as part of publicly announced programs, (in shares)

(1,756,811)

Vesting of restricted shares, net of forfeitures of restricted shares

264,000

191,959

Stock based compensation

$ 67,480

67,480

Unrealized gains (losses) on interest rate derivative contracts, net of related taxes

27,726

Amount reclassified into earnings, net of related taxes

5,463

Balance at end of period at Jan. 28, 2023

794,905

$ 8

2,015,625

644,415

28,748

$ (1,893,891)

Balance at end of period (in shares) at Jan. 28, 2023

82,037,994

(17,018,281)

Net Income (Loss)

339,649

Stock options exercised

$ 18,783

18,783

Stock options exercised (in shares)

157,003

^[1]

157,003

Shares used for tax withholding

$ (11,255)

Shares used for tax withholding (in shares)

(62,894)

Shares purchased as part of publicly announced programs

$ (233,883)

Shares purchased as part of publicly announced programs, (in shares)

(1,354,031)

Vesting of restricted shares, net of forfeitures of restricted shares

245,000

204,580

Stock based compensation

$ 83,948

83,948

Unrealized gains (losses) on interest rate derivative contracts, net of related taxes

10,460

Amount reclassified into earnings, net of related taxes

(5,675)

Balance at end of period at Feb. 03, 2024

$ 996,932

$ 8

$ 2,118,356

$ 984,064

$ 33,533

$ (2,139,029)

Balance at end of period (in shares) at Feb. 03, 2024

82,399,577

(18,435,206)

[1]	Options exercised during Fiscal 2023 had a total intrinsic value of $11.7 million.

Restricted Cash and Cash Equivalents - Additional Information (Detail) - USD ($)	Feb. 03, 2024	Jan. 28, 2023
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents	$ 0	$ 6,582,000
Collateral for Certain Insurance Contracts
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and cash equivalents		$ 6,600,000

Employee Retirement Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Retirement Benefits [Abstract]
401(k) Plan Match Expense	$ 15.6	$ 15.6	$ 11.4

Derivative Instruments and Hedging Activities (Detail) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023
Interest Rate Swap Contracts \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Designated as Hedging Instruments Interest Rate Cap Contracts, Liability at Fair Value	$ 29,075	$ 29,152

Schedule of Net Lease Costs (Detail) - USD ($)
$ in Thousands

12 Months Ended

Feb. 03, 2024

Jan. 28, 2023

Jan. 29, 2022

Finance lease cost:

Amortization of finance lease asset

^[1]

$ 3,506

$ 4,210

$ 4,554

Interest on lease liabilities

^[2]

1,858

2,561

3,111

Operating lease cost

^[3]

587,214

523,980

468,349

Variable lease cost

^[3]

235,223

205,876

188,035

Total lease cost

827,801

736,627

664,049

Less all rental income

^[4]

(5,733)

(5,650)

(5,771)

Total net rent expense

^[5]

$ 822,068

$ 730,977

$ 658,278

[1]	Included in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of Income.
[2]	Included in the line item “Interest expense” in the Company’s Consolidated Statements of Income.
[3]	Includes real estate taxes, common area maintenance, insurance and percentage rent. Included in the line item “Selling, general and administrative expenses” in the Company’s Consolidated Statements of Income.
[4]	Included in the line item “Other revenue” in the Company’s Consolidated Statements of Income.
[5]	Excludes an immaterial amount of short-term lease cost.

Derivative Instruments And Hedging Activities - Additional Information (Detail) $ in Millions			12 Months Ended
	Jun. 24, 2021 USD ($)	Dec. 17, 2018 USD ($)	Feb. 03, 2024 USD ($) Derivative	Jul. 29, 2023
Interest Rate Cap Contracts
Derivative [Line Items]
Interest rate cap contracts, number \| Derivative			1
Amounts reported in Accumulated Other Comprehensive Income to be reclassified to interest expense, during the next twelve months			$ 15.4
Interest Rate Swap Contract \| Derivatives Designated as Hedging Instruments \| Secured Overnight Financing Rate (SOFR)
Derivative [Line Items]
Interest swap rate				2.16%
Interest Rate Swap Contract \| Cash Flow Hedging \| Derivatives Designated as Hedging Instruments
Derivative [Line Items]
Notional aggregate principal amount	$ 450.0		$ 450.0
Interest swap rate	2.19%		2.16%
Amount of loss deferred for previous interest rate swap		$ 26.9
Maturity date	Jun. 24, 2028	Dec. 29, 2023	Jun. 24, 2028
Interest rate swap liability fair value	$ 26.9

Summary of Significant Accounting Policies

12 Months Ended

Feb. 03, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

Business

As of February 3, 2024, Burlington Stores, Inc., a Delaware corporation (collectively with its subsidiaries, the Company), has expanded its store base to 1007 retail stores in 46 states, Washington D.C. and Puerto Rico. The Company sells in-season, fashion-focused merchandise at up to 60% off other retailers’ prices, including: women’s ready-to-wear apparel, menswear, youth apparel, baby, beauty, footwear, accessories, home, toys, gifts and coats. As of February 3, 2024, the Company operated stores under the names “Burlington Stores” (1,006 stores), and “Cohoes Fashions” (1 store). Cohoes Fashions offers products similar to those offered by Burlington Stores.

Basis of Consolidation and Presentation

The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The Consolidated Financial Statements include the accounts of Burlington Stores, Inc. and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation.

Fiscal Years

The Company defines its fiscal year as the 52 or 53-week period ending on the Saturday closest to January 31. The fiscal year ended February 3, 2024 (Fiscal 2023) consisted of 53 weeks, and the fiscal years ended January 28, 2023 (Fiscal 2022) and January 29, 2022 (Fiscal 2021) each consisted of 52 weeks.

Use of Estimates

Certain amounts included in the Consolidated Financial Statements are estimated based on historical experience, currently available information and management’s judgment as to the expected outcome of future conditions and circumstances. While every effort is made to ensure the integrity of such estimates, actual results could differ from these estimates, and such differences could have a material impact on the Company’s Consolidated Financial Statements.

Cash and Cash Equivalents

Cash and cash equivalents represent cash and short-term, highly liquid investments with maturities of three months or less at the time of purchase. Book cash overdrafts are included in the line item “Accounts payable” on the Company’s Consolidated Balance Sheets.

Accounts Receivable

Accounts receivable consist of credit card receivables, interest receivables, and other receivables. Accounts receivable are recorded at net realizable value, which approximates fair value. The Company provides an allowance for doubtful accounts for amounts deemed uncollectible.

Inventories

Merchandise inventories are valued at the lower of cost or market, as determined by the retail inventory method. Under the retail inventory method, the valuation of inventories at cost and the resulting gross margins are calculated by applying a calculated cost to retail ratio to the retail value of inventories. The Company regularly records a provision for estimated shortage, thereby reducing the carrying value of merchandise inventory. Complete physical inventories of all of the Company’s stores and warehouses are performed no less frequently than annually, with the recorded amount of merchandise inventory being adjusted to coincide with these physical counts.

The Company records its cost of merchandise (net of purchase discounts and certain vendor allowances), certain merchandise acquisition costs (primarily commissions and import fees), inbound freight, outbound freight from distribution centers, and freight on internally transferred merchandise in the line item “Cost of sales” in the Company’s Consolidated Statements of Income.

Costs associated with the Company’s distribution, buying, and store receiving functions (product sourcing costs) are included in the line items “Selling, general and administrative expenses” and “Depreciation and amortization” in the Company’s Consolidated Statements of Income. Product sourcing costs included within the line item “Selling, general and administrative expenses” amounted to $780.3 million, $677.6 million and $618.3 million during Fiscal 2023, Fiscal 2022 and Fiscal 2021, respectively. Depreciation and amortization related to the distribution and purchasing functions for the same periods amounted to $68.8 million, $56.3 million and $45.0 million, respectively.

Property and Equipment

Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from 20 to 40 years for buildings, depending upon the expected useful life of the facility, and 3 to 15 years for store fixtures and equipment. Leasehold improvements are amortized over the lease term, including any reasonably assured renewal options or the expected economic life of the improvement, whichever is less. Repairs and maintenance expenditures are expensed as incurred. Renewals and betterments, which significantly extend the useful lives of existing property and equipment, are capitalized. Assets recorded under capital leases are recorded at the present value of minimum lease payments and are amortized over the lease term. Amortization of assets recorded as capital leases is included in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of Income. The carrying value of all long-lived assets is reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable, in accordance with ASC Topic No. 360 “Property, Plant, and Equipment” (Topic No. 360). Refer to Note 6, “Impairment Charges,” for further discussion of the Company’s measurement of impairment of long-lived assets.

Impairment of Long-Lived Assets

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets held and used is measured by a comparison of the carrying amount of an asset to undiscounted pre-tax future net cash flows expected to be generated by that asset. If the undiscounted future cash flows are not adequate to recover the carrying value of the asset, an impairment charge is recognized for the amount by which the carrying amount of the assets exceeds the fair value of such assets. Refer to Note 6, “Impairment Charges,” for further discussion of the Company’s measurement of impairment of long-lived assets.

Capitalized Computer Software Costs

The Company accounts for capitalized software in accordance with ASC Topic No. 350 “Intangibles—Goodwill and Other” (Topic No. 350) which requires the capitalization of certain costs incurred in connection with developing or obtaining software for internal use. The Company capitalized $33.9 million, $26.1 million, and $25.3 million relating to these costs during Fiscal 2023, Fiscal 2022, and Fiscal 2021, respectively.

Intangible Assets

The Company accounts for intangible assets in accordance with Topic No. 350. The Company’s intangible assets represent tradenames. The tradename asset “Burlington” is expected to generate cash flows indefinitely and, therefore, is accounted for as an indefinite-lived asset not subject to amortization. The Company evaluates its intangible assets for possible impairment as follows:

The Company tests identifiable intangible assets with an indefinite life for impairment on an annual basis, or when a triggering event occurs, relying on a number of factors that include operating results, business plans and projected future cash flows. The impairment test consists of a comparison of the fair value of the indefinite-lived intangible asset with its carrying amount. The Company determines fair value through the relief of royalty method which is a widely accepted valuation technique. On the first business day of the second quarter, the Company’s annual assessment date, the Company performed a quantitative analysis and determined that the fair values of each of the Company’s identifiable intangible assets are greater than their respective carrying values. There were no impairment charges recorded during Fiscal 2023, Fiscal 2022 or Fiscal 2021 related to indefinite-lived intangible assets.

Goodwill

Goodwill represents the excess of the acquisition cost over the estimated fair value of tangible assets and other identifiable intangible assets acquired less liabilities assumed. Topic No. 350 requires a comparison, at least annually, of the carrying value of the assets and liabilities associated with a reporting unit, including goodwill, with the fair value of the reporting unit. The Company determines fair value through multiple widely accepted valuation techniques. These techniques use a variety of assumptions including projected market conditions, discount rates and future cash flows. If the carrying value of the assets and liabilities exceeds the fair

value of the reporting unit, the Company would calculate the implied fair value of its reporting unit goodwill as compared with the carrying value of its reporting unit goodwill to determine the appropriate impairment charge. On the first business day of the second fiscal quarter, the Company’s annual assessment date, the Company performed a quantitative analysis and determined that the fair value of the Company’s reporting unit was greater than its carrying value. There were no impairment charges related to goodwill during Fiscal 2023, Fiscal 2022 or Fiscal 2021.

Other Assets

Other assets consist primarily of landlord-owned store assets that the Company has paid for as part of its lease, deferred financing costs associated with the Company’s senior secured asset-based revolving credit facility (the ABL Line of Credit), and the fair value of derivative contracts. Landlord-owned assets represent leasehold improvements at certain stores for which the Company has paid and derives a benefit, but the landlord has retained title. These assets are amortized over the lease term inclusive of reasonably assured renewal options, and are included in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of Income. Deferred financing costs are amortized over the life of the ABL Line of Credit using the interest method of amortization. Amortization of deferred financing costs is recorded in the line item “Interest expense” in the Company’s Consolidated Statements of Income.

Other Current Liabilities

Other current liabilities primarily consist of accrued payroll costs, self-insurance reserves, customer liabilities, accrued operating expenses, sales tax payable, payroll taxes payable and other miscellaneous items. Customer liabilities totaled $37.0 million and $36.0 million as of February 3, 2024 and January 28, 2023, respectively.

The Company has risk participation agreements with insurance carriers with respect to workers’ compensation, general liability insurance and health insurance. Pursuant to these arrangements, the Company is responsible for paying individual claims up to designated dollar limits. The amounts related to these claims are estimated and can vary based on changes in assumptions or claims experience included in the associated insurance programs. An increase in workers’ compensation claims, health insurance claims or general liability claims may result in a corresponding increase in costs related to these claims. Self-insurance reserves as of February 3, 2024 and January 28, 2023 were:


	(in thousands)
	February 3, 2024		January 28, 2023
Short-term self-insurance reserve	$	38,295	$	35,808
Long-term self-insurance reserve		56,530		50,368
Total	$	94,825	$	86,176

Other Liabilities

Other liabilities primarily consist of the long term portion of self-insurance reserves and tax liabilities associated with the uncertain tax positions recognized by the Company in accordance with ASC Topic No. 740 “Income Taxes” (Topic No. 740).

Revenue Recognition

The Company records revenue at the time control of the goods are transferred to the customer, which the Company determines to be at point of sale and delivery of merchandise, net of allowances for estimated future returns, which is estimated based on historical return rates. The Company presents sales, net of sales taxes, in its Consolidated Statements of Income. The Company accounts for layaway sales in compliance with ASC Topic No. 606 “Revenue from Contracts with Customers” (Topic No. 606). Layaway sales are recognized upon delivery of merchandise to the customer. The amount of cash received upon initiation of the layaway is recorded as a deposit liability in the line item “Other current liabilities” in the Company’s Consolidated Balance Sheets. Stored value cards (gift cards and store credits issued for merchandise returns) are recorded as a liability at the time of issuance, and the related sale is recorded upon redemption.

The Company determines an estimated stored value card breakage rate by continuously evaluating historical redemption data. Breakage income is recognized monthly in proportion to the historical redemption patterns for those stored value cards for which the likelihood of redemption is remote.

The Company has a private label credit card program, in which customers earn reward points for purchases made using the card. The Company reduces net sales for the dollar value of any points earned at the time of the initial transaction, and subsequently recognizes net sales at the time the points are redeemed or expired. The Company receives royalty revenue based on a percentage of all purchases made on the card, which is recognized within net sales at the time of the initial transaction.

Other Revenue

Other revenue consists of service fees (layaway and other miscellaneous service charges), subleased rental income and revenue from the Company's private label credit card (PLCC) as shown in the table below:


	(in thousands)
	Fiscal Years Ended
	February 3, 2024		January 28, 2023		January 29, 2022
Service fees	$	4,165	$	4,131	$	3,178
Subleased rental income and other		9,317		9,444		9,529
PLCC		5,012		4,484		3,000
Total	$	18,494	$	18,059	$	15,707

Advertising Costs

The Company’s advertising costs consist primarily of video, audio and digital marketing. Advertising costs are expensed the first time the advertising takes place, and are included in the line item “Selling, general and administrative expenses” on the Company’s Consolidated Statements of Income. During Fiscal 2023, Fiscal 2022 and Fiscal 2021, advertising costs were $36.5 million, $33.8 million and $48.5 million, respectively.

Income Taxes

The Company accounts for income taxes in accordance with ASC Topic No. 740, “Income Taxes ” (Topic No. 740). Deferred income taxes reflect the impact of temporary differences between amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws. A valuation allowance against the Company’s deferred tax assets is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining the need for a valuation allowance, management is required to make assumptions and to apply judgment, including forecasting future earnings, taxable income, and the mix of earnings in the jurisdictions in which the Company operates. Management periodically assesses the need for a valuation allowance based on the Company’s current and anticipated results of operations. The need for and the amount of a valuation allowance can change in the near term if operating results and projections change significantly.

Topic No. 740 requires the recognition in the Company’s Consolidated Financial Statements of the impact of a tax position taken or expected to be taken in a tax return, if that position is “more likely than not” to be sustained upon examination by the relevant taxing authority, based on the technical merits of the position. The tax benefits recognized in the Company’s Consolidated Financial Statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. The Company records interest and penalties related to unrecognized tax benefits as part of income taxes.

Other Income, Net

Other income, net, consists of interest income, gains and losses on insurance proceeds, net gains and losses on disposition of assets, gift card breakage, and other miscellaneous items. The Company recognized $3.0 million and $1.5 million of gain on insurance recoveries during Fiscal 2022 and Fiscal 2021, respectively, and none during Fiscal 2023. The Company also recognized $5.0 million and $3.7 million during Fiscal 2023 and Fiscal 2021, respectively, related to the sale of certain state tax credits. There were no sales of tax credits during Fiscal 2022.

Comprehensive Income

Comprehensive income is comprised of net income and the effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges, less amounts reclassified into earnings.

Lease Accounting

The Company leases store locations, distribution centers and office space used in its operations. The Company accounts for these types of leases in accordance with ASC Topic No. 842, “Leases” (Topic No. 842), which requires that leases be evaluated and classified as operating or finance leases for financial reporting purposes. The lease liability is calculated as the present value of the remaining future lease payments over the lease term, including reasonably assured renewal options. The discount rates used in valuing the Company’s leases are not readily determinable, and are based on the Company’s incremental borrowing rate on a fully

collateralized basis. In calculating its incremental borrowing rate, the Company uses a retail industry yield curve, adjusted for the Company’s credit profile. The right-of-use asset for operating leases is based on the lease liability plus initial direct costs and prepaid lease payments, less landlord incentives received.

The Company’s operating lease cost, included in the line item “Selling, general and administrative expenses” on its Consolidated Statements of Income, includes amortization of right-of-use assets, interest on lease liabilities, as well as any variable and short-term lease cost. The Company commences recording operating lease cost when the underlying asset is made available for use.

Assets held under finance leases are included in the line item “Property and equipment—net of accumulated depreciation and amortization” in the Company’s Consolidated Balance Sheets.

Stock-Based Compensation

The Company accounts for stock-based compensation in accordance with ASC Topic No. 718, “Stock Compensation” (Topic No. 718), which requires companies to record stock compensation expense for all non-vested and new awards beginning as of the grant date and through the end of the vesting period. Refer to Note 11, “Stock-Based Compensation,” for further details.

Net Income Per Share

Net income per share is calculated using the treasury stock method. Refer to Note 10, “Net Income Per Share,” for further details.

Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and investments. The Company manages the credit risk associated with cash equivalents and investments by investing with high-quality institutions and, by policy, limiting investments only to those which meet prescribed investment guidelines. The Company maintains cash accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses from maintaining cash accounts in excess of such limits. Management believes that it is not exposed to any significant risks on its cash and cash equivalent accounts.

Segment Information

The Company reports segment information in accordance with ASC Topic No. 280 “Segment Reporting.” The Company has one reportable segment. The Company is an off-price retailer that offers customers a complete line of value-priced apparel, including: women’s ready-to-wear apparel, menswear, youth apparel, baby, beauty, footwear, accessories, home, toys, gifts and coats. Sales percentage by major product category is as follows:


Category	Fiscal 2023			Fiscal 2022			Fiscal 2021
Ladies apparel		21	%		22	%		23	%
Accessories and shoes		27	%		24	%		23	%
Home		20	%		21	%		20	%
Mens apparel		17	%		17	%		16	%
Kids apparel and baby		12	%		12	%		14	%
Outerwear		3	%		4	%		4	%

Long Term Debt (Tables)

12 Months Ended

Feb. 03, 2024

Debt Disclosure [Abstract]

Long Term Debt

Long term debt consists of:


	(in thousands)
	February 3,			January 28,
	2024			2023
Senior secured term loan facility (Term B-6 Loans), adjusted SOFR (with a floor of 0.00%) plus 2.00%, matures on June 24, 2028	$	933,355		$	942,012
Convertible senior notes, 2.25%, mature on April 15, 2025		156,155			507,687
Convertible senior notes, 1.25%, mature on December 15, 2027		297,069			—
ABL senior secured revolving facility, SOFR plus spread based on average outstanding balance, matures on December 22, 2026		—			—
Finance lease obligations		29,069			33,447
Unamortized deferred financing costs		(7,003	)		(7,440	)
Total debt		1,408,645			1,475,706
Less: current maturities		(13,703	)		(13,634	)
Long term debt, net of current maturities	$	1,394,942		$	1,462,072

Amortization Expense Related to Deferred Financing Fees

Amortization expense related to deferred financing costs as of February 3, 2024 for each of the next five fiscal years and thereafter is estimated to be as follows:


Fiscal Years	(in thousands)
2024	$	3,034
2025		2,387
2026		2,160
2027		1,384
2028		105
Thereafter		—
Total	$	9,070

Maturities of Long-Term Debt Obligations

Scheduled maturities of the Company’s long term debt obligations, as they exist as of February 3, 2024, in each of the next five fiscal years and thereafter are as follows:


	(in thousands)
	Total Debt
Fiscal Years:
2024	$	9,614
2025		165,769
2026		9,614
2027		306,683
2028		898,923
Thereafter		—
Total		1,390,603
Less: unamortized discount		(4,024	)
Less: unamortized deferred financing costs		(7,003	)
Finance lease liabilities		29,069
Total debt	$	1,408,645

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

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-Subparagraph (SX 210.5-02.22)
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+ Details

Property and Equipment (Tables)

12 Months Ended

Feb. 03, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consist of:


		(in thousands)
	Useful Lives	February 3, 2024			January 28, 2023
Land	N/A	$	105,645		$	112,513
Buildings	20 to 40 Years		413,634			394,798
Store fixtures and equipment	3 to 15 Years		1,575,798			1,414,220
Software	3 to 10 Years		365,899			332,509
Leasehold improvements	Shorter of lease term or useful life		996,994			881,695
Construction in progress	N/A		375,305			250,160
Total property and equipment at cost			3,833,275			3,385,895
Less: accumulated depreciation and amortization			(1,952,950	)		(1,717,890	)
Total property and equipment, net of accumulated depreciation and amortization		$	1,880,325		$	1,668,005

Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Property Plant And Equipment [Line Items]
Finance leases, accumulated amortization	$ 17,100	$ 13,600
Finance leases, net of accumulated amortization	21,800	25,300
Total amount of depreciation expense	273,500	237,800	$ 218,100
Depreciation and Amortization	$ 307,064	$ 270,398	$ 249,217
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment Charges	Impairment Charges	Impairment Charges
Property and Equipment
Property Plant And Equipment [Line Items]
Impairment Charges - Property and equipment	$ 3,700	$ 20,100	$ 7,500
Software Development
Property Plant And Equipment [Line Items]
Depreciation and Amortization	$ 23,000	21,200	18,900
Software Development \| Minimum
Property Plant And Equipment [Line Items]
Internally developed software, amortization period	3 years
Software Development \| Maximum
Property Plant And Equipment [Line Items]
Internally developed software, amortization period	10 years
Landlord Owned Assets
Property Plant And Equipment [Line Items]
Depreciation and Amortization	$ 10,600	$ 11,400	$ 12,200

Impairment Charges (Tables)

12 Months Ended

Feb. 03, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Impairment Charges

Impairment charges during these periods related to the following:


	(in thousands)
	Fiscal Years Ended
Asset Categories	February 3, 2024		January 28, 2023		January 29, 2022
Store fixtures and equipment	$	2,471	$	2,981	$	3,163
Leasehold improvements		1,272		2,097		3,330
Operating lease assets		2,623		1,286		202
Buildings		—		8,687		970
Land		—		4,968		—
Other assets		1		1,383		83
Total	$	6,367	$	21,402	$	7,748

Long Term Debt

12 Months Ended

Feb. 03, 2024

Debt Disclosure [Abstract]

Long Term Debt

7. Long Term Debt

Long term debt consists of:


	(in thousands)
	February 3,			January 28,
	2024			2023
Senior secured term loan facility (Term B-6 Loans), adjusted SOFR (with a floor of 0.00%) plus 2.00%, matures on June 24, 2028	$	933,355		$	942,012
Convertible senior notes, 2.25%, mature on April 15, 2025		156,155			507,687
Convertible senior notes, 1.25%, mature on December 15, 2027		297,069			—
ABL senior secured revolving facility, SOFR plus spread based on average outstanding balance, matures on December 22, 2026		—			—
Finance lease obligations		29,069			33,447
Unamortized deferred financing costs		(7,003	)		(7,440	)
Total debt		1,408,645			1,475,706
Less: current maturities		(13,703	)		(13,634	)
Long term debt, net of current maturities	$	1,394,942		$	1,462,072

Term Loan Facility

On June 24, 2021, BCFWC entered into Amendment No. 9 (the Ninth Amendment) to the Term Loan Credit Agreement governing the Term Loan Facility. The Ninth Amendment, among other things, extended the maturity date from November 17, 2024 to June 24, 2028, and changed the interest rate margins applicable to the Term Loan Facility from 0.75% to 1.00%, in the case of prime rate loans, and from 1.75% to 2.00%, in the case of LIBOR loans, with a 0.00% LIBOR floor. This amendment also requires quarterly principal payments of $2.4 million. In connection with the execution of the Ninth Amendment, the Company incurred fees of $3.3 million, primarily related to legal and placement fees, which were recorded in the line item “Costs related to debt issuances and amendments” in the Company’s Consolidated Statement of Income. Additionally, the Company recognized a loss on the extinguishment of debt of $1.2 million, representing the write-off of unamortized deferred financing costs and original issue discount, which was recorded in the line item “Loss on extinguishment of debt” in the Company’s Consolidated Statement of Income.

The Term Loan Facility is collateralized by a first lien on the Company's favorable leases, real estate and property & equipment and a second lien on the Company's inventory and receivables. On May 11, 2023, the Company amended the Term Loan Credit Agreement to, effective as of June 30, 2023, change one of the reference interest rates for borrowings under the Term Loan Facility from the Term Loan Adjusted LIBOR Rate to the Adjusted Term SOFR Rate (as defined in the Term Loan Credit Agreement). The Adjusted Term SOFR Rate includes a credit spread adjustment of 0.11% for an interest period of one-month’s duration, 0.26% for an interest period of three-months’ duration and 0.43% for an interest period of six-months’ duration, with a floor of 0.00%. In connection with the execution of this amendment, the Company incurred fees of $0.1 million, primarily related to legal fees, which were recorded in the line item “Costs related to debt amendments” in the Company’s Consolidated Statement of Income.

Interest rates for the Term Loan Facility are based on: (i) for SOFR rate loans, a rate per annum equal to the Adjusted Term SOFR Rate for the applicable interest period, plus an applicable margin; and (ii) for prime rate loans, a rate per annum equal to the highest of (a) the variable annual rate of interest then announced by JPMorgan Chase Bank, N.A. at its head office as its “prime rate,” (b) the federal reserve bank of New York rate in effect on such date plus 0.50% per annum, and (c) the Adjusted Term SOFR Rate for the applicable class of term loans for one-month plus 1.00%, plus, in each case, an applicable margin. As of February 3, 2024 and January 28, 2023, the Company’s borrowing rate related to the Term Loan Facility was 7.4% and 6.4%, respectively.

2025 Convertible Notes

On April 16, 2020, the Company issued $805.0 million of its 2.25% Convertible Senior Notes due 2025 (2025 Convertible Notes). The 2025 Convertible Notes are general unsecured obligations of the Company. The 2025 Convertible Notes bear interest at a rate of 2.25% per year, payable semi-annually in cash, in arrears, on April 15 and October 15 of each year. The 2025 Convertible Notes will mature on April 15, 2025, unless earlier converted, redeemed or repurchased.

On August 5, 2020, the FASB issued ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (ASU 2020-06), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments. The Company elected to early adopt this ASU as of the beginning of Fiscal 2021, using the modified retrospective method of transition. As a result of adopting the guidance, the Company is no longer separating the Convertible Notes into debt and equity components, and is instead accounting for it wholly as debt. Prior periods have not been restated.

During the second half of Fiscal 2021, the Company entered into separate, privately negotiated exchange agreements with certain holders of the 2025 Convertible Notes. Under the terms of the exchange agreements, the holders exchanged $232.7 million in aggregate principal amount of 2025 Convertible Notes held by them for a combination of an aggregate of $199.8 million in cash and 513,991 shares of the Company's common stock. These exchanges resulted in aggregate pre-tax debt extinguishment charges of $124.6 million.

During the first quarter of Fiscal 2022, the Company entered into separate, privately negotiated exchange agreements with certain holders of the 2025 Convertible Notes. Under the terms of the exchange agreements, the holders exchanged $64.6 million in aggregate principal amount of 2025 Convertible Notes held by them for $78.2 million in cash. These exchanges resulted in aggregate pre-tax debt extinguishment charges of $14.7 million.

During the first quarter of Fiscal 2023, the Company entered into separate, privately negotiated exchange agreements with certain holders of the 2025 Convertible Notes. Under the terms of the exchange agreements, the holders exchanged $110.3 million in aggregate principal amount of 2025 Convertible Notes held by them for $133.3 million in cash. These exchanges resulted in aggregate pre-tax debt extinguishment charges of $24.6 million.

Prior to the close of business on the business day immediately preceding January 15, 2025, the 2025 Convertible Notes will be convertible at the option of the holders only upon the occurrence of certain events and during certain periods. Thereafter, the 2025 Convertible Notes will be convertible at the option of the holders at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The 2025 Convertible Notes have an initial conversion rate of 4.5418 shares per $1,000 principal amount of 2025 Convertible Notes (equivalent to an initial conversion price of approximately $220.18 per share of the Company’s common stock), subject to adjustment if certain events occur. The initial conversion price represents a conversion premium of approximately 32.50% over $166.17 per share, the last reported sale price of the Company’s common stock on April 13, 2020 (the pricing date of the offering) on the New York Stock Exchange. During the first quarter of Fiscal 2021, the Company made an irrevocable settlement election for any conversions of the 2025 Convertible Notes. Upon conversion, the Company will pay cash for the principal amount. For any excess above principal, the Company will deliver shares of its common stock. The Company was not permitted to redeem the 2025 Convertible Notes prior to April 15, 2023. From and after April 15, 2023, the Company is able to redeem for cash all or any portion of the 2025 Convertible Notes, at its option, if the last reported sale price of the Company’s common stock is equal to or greater than 130% of the conversion price for a specified period of time, at a redemption price equal to

100% of the principal aggregate amount of the 2025 Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

Holders of the 2025 Convertible Notes may require the Company to repurchase their 2025 Convertible Notes upon the occurrence of certain events that constitute a fundamental change under the indenture governing the 2025 Convertible Notes at a purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the date of repurchase. In connection with certain corporate events or if the Company issues a notice of redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their 2025 Convertible Notes in connection with such corporate event or during the relevant redemption period for such 2025 Convertible Notes. The effective interest rate is 2.8%.

2027 Convertible Notes

On September 12, 2023, the Company closed the issuance of approximately $297.1 million aggregate principal amount of its 1.25% Convertible Senior Notes due 2027 (2027 Convertible Notes) pursuant to separate, privately negotiated exchange and subscription agreements with a limited number of holders of its 2025 Convertible Notes and certain investors, in each case pursuant to exemptions from registration under the Securities Act of 1933. The Company exchanged approximately $241.2 million in aggregate principal amount of the 2025 Convertible Notes for approximately $255.0 million in aggregate principal amount of the 2027 Convertible Notes. This exchange resulted in aggregate pre-tax debt extinguishment charges of $13.6 million. The Company also issued approximately $42.1 million in aggregate principal amount of 2027 Convertible Notes in a private placement to certain investors. An aggregate of up to 1,422,568 shares of common stock may be issued upon conversion of the 2027 Convertible Notes, which number is subject to adjustment up to an aggregate of 1,911,372 shares following certain corporate events that occur prior to the maturity date or if the Company issues a notice of redemption, and which is also subject to certain anti-dilution adjustments.

Prior to the close of business on the business day immediately preceding September 15, 2027, the 2027 Convertible Notes will be convertible at the option of the holders only upon the occurrence of certain events and during certain periods. Thereafter, the 2027 Convertible Notes will be convertible at the option of the holders at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The 2027 Convertible Notes have an initial conversion rate of 4.8560 shares per $1,000 principal amount of 2027 Convertible Notes (equivalent to an initial conversion price of approximately $205.93 per share of the Company’s common stock), subject to adjustment if certain events occur. The initial conversion price represents a conversion premium of approximately 32.50% over $155.42 per share, the last reported sale price of the Company’s common stock on September 7, 2023 on The New York Stock Exchange. Upon conversion, the Company will pay cash up to the aggregate principal amount of 2027 Convertible Notes being converted, and pay (and deliver, if applicable) cash, shares of the Company’s common stock or a combination thereof, at its election, in respect of the remainder (if any) of the Company’s conversion obligation in excess of such aggregate principal amount. The Company will not be able to redeem the 2027 Convertible Notes prior to December 20, 2025. On or after December 20, 2025 and prior to the 21st scheduled trading day immediately preceding December 15, 2027, the Company will be able to redeem for cash all or any portion of the 2027 Convertible Notes, at its option, if the last reported sale price of the Company’s common stock is equal to or greater than 130% of the conversion price for a specified period of time, at a redemption price equal to 100% of the aggregate principal amount of the 2027 Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

If the Company undergoes a fundamental change, subject to certain conditions, holders of the 2027 Convertible Notes may require the Company to repurchase for cash all or any portion of their 2027 New Convertible Notes. The fundamental change repurchase price will be 100% of the aggregate principal amount of the 2027 Convertible Notes to be repurchased plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The effective interest rate is 1.7%.

Secured Notes

On April 16, 2020, BCFWC issued $300.0 million of 6.25% Senior Secured Notes due 2025 (Secured Notes). The Secured Notes were senior, secured obligations of BCFWC, and interest was payable semiannually in cash, in arrears, at a rate of 6.25% per annum on April 15 and October 15 of each year, beginning on October 15, 2020. The Secured Notes were guaranteed on a senior secured basis by Burlington Coat Factory Holdings, LLC, Burlington Coat Factory Investments Holdings, Inc. and BCFWC’s subsidiaries that guarantee the loans under the Term Loan Facility.

On June 11, 2021, BCFWC redeemed the full $300.0 million aggregate principal amount of the Secured Notes. The redemption price of the Secured Notes was $323.7 million, plus accrued and unpaid interest to, but not including, the date of redemption. This redemption resulted in a pre-tax debt extinguishment charge of $30.2 million in Fiscal 2021.

ABL Line of Credit

The aggregate amount of commitments under the Second Amended and Restated Credit Agreement (as amended, supplemented and otherwise modified, the Amended ABL Credit Agreement) is $900.0 million (subject to a borrowing base limitation) and, subject to the satisfaction of certain conditions, the Company can increase the aggregate amount of commitments up to $1,200 million. The interest rate margin applicable under the Amended ABL Credit Agreement in the case of loans drawn at the Secured Overnight Financing Rate (SOFR) is 1.125% to 1.375% in the case of a daily SOFR rate or a term SOFR rate (in each case, plus a credit spread adjustment of 0.10%), and 0.125% to 0.375% in the case of a prime rate, depending on the average daily availability of the lesser of (a) the total commitments or (b) the borrowing base. The ABL Line of Credit is collateralized by a first priority lien on the Company’s and each guarantor's inventory, receivables, bank accounts, and certain related assets and proceeds thereof (subject to certain exceptions), and a second priority lien on the Company's and each guarantor's other assets and proceeds thereof (other than real estate and subject to certain exceptions).

The Company believes that the Amended ABL Credit Agreement provides the liquidity and flexibility to meet its operating and capital requirements over the remaining term of the ABL Line of Credit. Further, the calculation of the borrowing base under the Amended ABL Credit Agreement allows for increased availability with respect to inventory during the period from (i) August 1st through November 30th of each year or (ii) after 2023, a 120 day period selected by the Company commencing after February 15 of the applicable year and ending on or before December 15 of such year.

On July 20, 2022, BCFWC entered into a Fourth Amendment to the Second Amended and Restated Credit Agreement (the Amendment). The Amendment increased the aggregate principal amount of the commitments of its current asset-based lending facility (the ABL Line of Credit) from $650.0 million to $900.0 million and replaced the LIBOR-based interest rate benchmark provisions with interest rate benchmark provisions based on a term secured overnight financing rate (SOFR) or a daily SOFR rate (in the case of daily SOFR, available for borrowings up to $100 million, or up to the full amount of the commitments if the term SOFR rate is not available). The applicable SOFR rate includes a credit spread adjustment of 0.10%.

On June 26, 2023, BCFWC entered into a Fifth Amendment to the Second Amended and Restated Credit Agreement, which increased the sublimit for letters of credit thereunder from $150 million to $250 million. The letter of credit sublimit will automatically be reduced to (i) $237.5 million on April 1, 2024, (ii) $225 million on July 1, 2024, (iii) $212.5 million on October 1, 2024, and (iv) $200 million on January 1, 2025. BCFWC and the agent may extend the foregoing dates under clauses (i) through (iii), as long as the sublimit is reduced to $200 million no later than January 1, 2025.

At January 28, 2023, the Company had $795.7 million available under the ABL Line of Credit. The Company did not have any borrowings during Fiscal 2022.

At February 3, 2024, the Company had $708.8 million available under the ABL Line of Credit. The Company did not have any borrowings during Fiscal 2023.

Deferred Financing Costs

The Company had $2.1 million and $2.8 million in deferred financing costs associated with its ABL Line of Credit as of February 3, 2024 and January 28, 2023, respectively, which are recorded in the line item “Other assets” in the Company’s Consolidated Balance Sheets. In addition, the Company had $7.0 million and $7.4 million of deferred financing costs associated with its Term Loan Facility and Convertible Notes, recorded in the line item “Long term debt” in the Company’s Consolidated Balance Sheets as of February 3, 2024 and January 28, 2023, respectively.

Amortization of deferred financing costs amounted to $3.2 million, $3.6 million and $5.3 million during Fiscal 2023, Fiscal 2022 and Fiscal 2021, respectively, which was included in the line item “Interest expense” in the Company’s Consolidated Statements of Income.

Amortization expense related to deferred financing costs as of February 3, 2024 for each of the next five fiscal years and thereafter is estimated to be as follows:


Fiscal Years	(in thousands)
2024	$	3,034
2025		2,387
2026		2,160
2027		1,384
2028		105
Thereafter		—
Total	$	9,070

Deferred financing costs have a weighted average amortization period of approximately 3.4 years.

Scheduled Maturities

Scheduled maturities of the Company’s long term debt obligations, as they exist as of February 3, 2024, in each of the next five fiscal years and thereafter are as follows:


	(in thousands)
	Total Debt
Fiscal Years:
2024	$	9,614
2025		165,769
2026		9,614
2027		306,683
2028		898,923
Thereafter		—
Total		1,390,603
Less: unamortized discount		(4,024	)
Less: unamortized deferred financing costs		(7,003	)
Finance lease liabilities		29,069
Total debt	$	1,408,645

Reclassification of Losses from Accumulated Other Comprehensive Income into Earnings (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Interest (benefit) expense	$ 78,399	$ 66,474	$ 67,502
Income tax expense (benefit)	126,124	77,386	136,459
Net reclassification into earnings	5,675	(5,463)	(10,643)
Reclassification out of accumulated other comprehensive income \| Derivatives Designated as Hedging Instruments \| Accumulated net gain (loss) from cash flow hedges including portion attributable to noncontrolling interest \| Interest Rate Cap Contracts
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Interest (benefit) expense	(7,749)	7,479	14,608
Income tax expense (benefit)	2,074	(2,016)	(3,965)
Net reclassification into earnings	$ (5,675)	$ 5,463	$ 10,643

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023
Statement of Financial Position [Abstract]
Accounts Receivable, Allowances for Doubtful Accounts	$ 2,313	$ 1,252
Preferred Stock, Par Value	$ 0.0001	$ 0.0001
Preferred Stock, Authorized	50,000,000	50,000,000
Preferred Stock, Issued	0	0
Preferred Stock, Outstanding	0	0
Common Stock, Par Value	$ 0.0001	$ 0.0001
Common Stock, Authorized	500,000,000	500,000,000
Common Stock, Shares Issued	82,399,577	82,037,994
Common Stock, Shares Outstanding	63,964,371	65,019,713

Summary of Unrealized Gains Deferred to Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Derivative Instruments Gain Loss [Line Items]
Income tax expense	$ (3,800)	$ (10,100)	$ (3,000)
Unrealized gains, net of taxes	10,460	27,726	7,931
Derivatives Designated as Hedging Instruments \| Interest Rate Derivatives
Derivative Instruments Gain Loss [Line Items]
Unrealized gains, before taxes	14,243	37,864	10,914
Income tax expense	(3,783)	(10,138)	(2,983)
Unrealized gains, net of taxes	$ 10,460	$ 27,726	$ 7,931

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Feb. 03, 2024	Jun. 26, 2023	Jun. 25, 2023	Jan. 28, 2023	Nov. 30, 2005
Commitments And Contingencies Disclosure [Line Items]
Letters of credit, outstanding amount	$ 75,800,000			$ 51,100,000
Purchase commitments related to goods or services	1,304,500,000
Death benefits					$ 1,000,000
ABL senior secured revolving facility
Commitments And Contingencies Disclosure [Line Items]
Letters of credit, outstanding amount		$ 250,000,000	$ 150,000,000
Guarantee Performance Under Insurance And Utility Agreement
Commitments And Contingencies Disclosure [Line Items]
Letters of credit, outstanding amount	75,800,000			47,400,000
Merchandising Agreement
Commitments And Contingencies Disclosure [Line Items]
Letters of credit, outstanding amount	0			3,700,000
Letter of Credit \| ABL senior secured revolving facility \| Maximum
Commitments And Contingencies Disclosure [Line Items]
Letters of credit, outstanding amount	$ 174,200,000			$ 98,900,000

Self Insurance Reserves (Detail) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023
Health Care Organizations [Abstract]
Short-term self insurance reserve	$ 38,295	$ 35,808
Long-term self insurance reserve	56,530	50,368
Total	$ 94,825	$ 86,176

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Feb. 03, 2024

Accounting Policies [Abstract]

Self Insurance Reserves

Self-insurance reserves as of February 3, 2024 and January 28, 2023 were:


	(in thousands)
	February 3, 2024		January 28, 2023
Short-term self-insurance reserve	$	38,295	$	35,808
Long-term self-insurance reserve		56,530		50,368
Total	$	94,825	$	86,176

Other Revenue


	(in thousands)
	Fiscal Years Ended
	February 3, 2024		January 28, 2023		January 29, 2022
Service fees	$	4,165	$	4,131	$	3,178
Subleased rental income and other		9,317		9,444		9,529
PLCC		5,012		4,484		3,000
Total	$	18,494	$	18,059	$	15,707

Sales Percentage by Major Product Category

Sales percentage by major product category is as follows:


Category	Fiscal 2023			Fiscal 2022			Fiscal 2021
Ladies apparel		21	%		22	%		23	%
Accessories and shoes		27	%		24	%		23	%
Home		20	%		21	%		20	%
Mens apparel		17	%		17	%		16	%
Kids apparel and baby		12	%		12	%		14	%
Outerwear		3	%		4	%		4	%

Schedule II-Valuation and Qualifying Accounts and Reserves

12 Months Ended

Feb. 03, 2024

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II-Valuation and Qualifying Accounts and Reserves

BURLINGTON STORES, INC.

Schedule II—Valuation and Qualifying Accounts and Reserves

(All amounts in thousands)


Description	Balance at Beginning of Period		Charged to Costs & Expenses		Charged to Other Accounts(1)			Accounts Written Off or Deductions(2)		Balance at End of Period
Year ended February 3, 2024
Allowance for doubtful accounts	$	1,252	$	1,209	$	—		$	148	$	2,313
Valuation allowances on deferred tax assets	$	13,060	$	—	$	(1,635	)	$	—	$	11,425
Year ended January 28, 2023
Allowance for doubtful accounts	$	3,305	$	291	$	—		$	2,344	$	1,252
Valuation allowances on deferred tax assets	$	12,864	$	—	$	196		$	—	$	13,060
Year ended January 29, 2022
Allowance for doubtful accounts	$	4,855	$	185	$	—		$	1,735	$	3,305
Valuation allowances on deferred tax assets	$	12,957	$	—	$	(93	)	$	—	$	12,864

Notes:

(1) Amounts related to valuation allowances on deferred taxes are charged to income tax expense.

(2) Actual allowances.

Consolidated Statements of Stockholder's Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Statement of Stockholders' Equity [Abstract]
Excise tax	$ 1.9
Forfeited restricted shares		199	2,886
Unrealized gains (losses) on interest rate derivative contracts, Tax	3.8	$ 10.1	$ 3.0
Amount reclassified into earnings on Interest Rate Derivative Contracts, Tax	$ 2.1	$ 2.0	$ 4.0

Capital Stock - Additional Information (Detail) - USD ($)			12 Months Ended
	Aug. 15, 2023	Feb. 16, 2022	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Statement Equity Components [Line Items]
Common Stock, Authorized			500,000,000	500,000,000
Common Stock, Par Value			$ 0.0001	$ 0.0001
Undesignated preferred stock, Authorized			50,000,000	50,000,000
Undesignated preferred stock, Par Value			$ 0.0001	$ 0.0001
Preferred Stock, Issued			0	0
Preferred Stock, Outstanding			0	0
Shares Used for Tax Withholdings			$ 11,255,000	$ 14,238,000	$ 16,612,000
2021 Stock Repurchase Program
Statement Equity Components [Line Items]
Stock repurchase programs, authorized amount	$ 500,000,000	$ 500,000,000
Stock repurchase programs, authorized execution month and year	2025-08	2024-02
Common stock repurchased, shares			1,354,031
Common stock repurchased, value			$ 231,900,000
2021 Stock Repurchase Program \| Share Repurchase Program Authorized on February 16, 2022
Statement Equity Components [Line Items]
Remaining authorized repurchase amount			115,400,000
2021 Stock Repurchase Program \| Share Repurchase Program Authorized on August 15, 2023
Statement Equity Components [Line Items]
Remaining authorized repurchase amount			$ 500,000,000
Treasury Stock
Statement Equity Components [Line Items]
Shares Used for Tax Withholdings (in shares)			62,894	75,710	53,783
Shares Used for Tax Withholdings			$ 11,255,000	$ 14,238,000	$ 16,612,000
Common stock repurchased, shares			1,354,031	1,756,811	856,855

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Feb. 03, 2024

Accounting Policies [Abstract]

Business

Basis of Consolidation and Presentation

Fiscal Years

Use of Estimates

Cash and Cash Equivalents

Accounts Receivable

Inventories

Property and Equipment

Impairment of Long-Lived Assets

Capitalized Computer Software Costs

Intangible Assets

Goodwill

Other Assets

Other Current Liabilities


	(in thousands)
	February 3, 2024		January 28, 2023
Short-term self-insurance reserve	$	38,295	$	35,808
Long-term self-insurance reserve		56,530		50,368
Total	$	94,825	$	86,176

Other Liabilities

Revenue Recognition

Other Revenue


	(in thousands)
	Fiscal Years Ended
	February 3, 2024		January 28, 2023		January 29, 2022
Service fees	$	4,165	$	4,131	$	3,178
Subleased rental income and other		9,317		9,444		9,529
PLCC		5,012		4,484		3,000
Total	$	18,494	$	18,059	$	15,707

Assets held under finance leases are included in the line item “Property and equipment—net of accumulated depreciation and amortization” in the Company’s Consolidated Balance Sheets.

Stock-Based Compensation

Net Income Per Share

Net income per share is calculated using the treasury stock method. Refer to Note 10, “Net Income Per Share,” for further details.

Credit Risk

Segment Information


Category	Fiscal 2023			Fiscal 2022			Fiscal 2021
Ladies apparel		21	%		22	%		23	%
Accessories and shoes		27	%		24	%		23	%
Home		20	%		21	%		20	%
Mens apparel		17	%		17	%		16	%
Kids apparel and baby		12	%		12	%		14	%
Outerwear		3	%		4	%		4	%

Fair Values of Financial Liabilities (Detail) - USD ($)
$ in Thousands

Feb. 03, 2024

Jan. 28, 2023

Carrying Amounts And Fair Values Of Financial Instruments [Line Items]

Long-Term Debt, Principal Amount

^[1]

$ 1,390,603

$ 1,454,681

Long-Term Debt, Fair Value

^[1]

1,446,218

1,558,117

Term B-6 Loans

Carrying Amounts And Fair Values Of Financial Instruments [Line Items]

Long-Term Debt, Principal Amount

937,379

946,994

Long-Term Debt, Fair Value

934,450

938,708

2025 Convertible Notes

Carrying Amounts And Fair Values Of Financial Instruments [Line Items]

Long-Term Debt, Principal Amount

156,155

507,687

Long-Term Debt, Fair Value

169,384

$ 619,409

2027 Convertible Notes

Carrying Amounts And Fair Values Of Financial Instruments [Line Items]

Long-Term Debt, Principal Amount

297,069

Long-Term Debt, Fair Value

$ 342,384

[1]	The table above excludes finance lease obligations, debt discount and deferred debt costs.

Stock-Based Compensation

12 Months Ended

Feb. 03, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

11. Stock-Based Compensation

On May 18, 2022, the Company's stockholders approved the Company's 2022 Omnibus Incentive Plan (the 2022 Plan). The 2022 Plan provides for the granting of stock options, restricted stock and other forms of awards to key employees and directors of the Company or its affiliates.

The Company accounts for awards issued under the Plans in accordance with Topic No. 718. As of February 3, 2024, there were 5,214,963 shares of common stock available for issuance under the Company's 2022 Omnibus Incentive Plan.

Non-cash stock compensation expense is as follows:


	(in thousands)
	Fiscal Year Ended
	February 3,		January 28,		January 29,
Type of Non-Cash Stock Compensation	2024		2023		2022
Restricted stock unit grants (a)	$	43,037	$	37,749	$	30,525
Stock option grants (a)		19,502		19,274		18,909
Performance stock unit grants (a)		21,409		10,457		9,112
Total (b)	$	83,948	$	67,480	$	58,546

(a) Included in the line item “Selling, general and administrative expenses” in the Company’s Consolidated Statements of Income.

(b) The amounts presented in the table above exclude the effect of income taxes. The tax benefit related to the Company’s non-cash stock compensation was $15.5 million, $12.5 million and $10.3 million during Fiscal 2023, Fiscal 2022 and Fiscal 2021, respectively.

Stock Options

Options granted during Fiscal 2023, Fiscal 2022 and Fiscal 2021, were all service-based awards granted under the Plans at the following exercise prices:


	Exercise Price Ranges
	From		To
Fiscal 2023	$	118.58	$	234.15
Fiscal 2022	$	115.65	$	236.93
Fiscal 2021	$	219.08	$	342.03

All awards granted during Fiscal 2023, Fiscal 2022 and Fiscal 2021 generally vest in either one-fourth annual increments or one-third annual increments (subject to continued employment through the applicable vesting date). The final exercise date for any option granted is the tenth anniversary of the grant date. Options granted during Fiscal 2023, Fiscal 2022 and Fiscal 2021 become exercisable if the grantee’s employment is terminated without cause or, in some instances, the recipient resigns with good reason, within a certain period of time following a change in control. Unless determined otherwise by the plan administrator, upon cessation of employment other than for cause, the majority of options that have not vested will terminate immediately, and unexercised vested options will be exercisable for a period of 60 to 180 days.

As of February 3, 2024, the Company had 1,356,258 options outstanding to purchase shares of common stock, and there was $37.3 million of unearned non-cash stock-based option compensation that the Company expects to recognize as expense over a weighted average period of 2.6 years. The awards are expensed on a straight-line basis over the requisite service period.

Stock option transactions during Fiscal 2023 are summarized as follows:


	Number of Shares			Weighted Average Exercise Price Per Share
Options outstanding, January 28, 2023		1,218,101		$	193.31
Options granted		372,885			184.75
Options exercised (a)		(157,003	)		119.64
Options forfeited		(77,725	)		220.99
Options outstanding, February 3, 2024		1,356,258		$	197.90

(a) Options exercised during Fiscal 2023 had a total intrinsic value of $11.7 million.

The following table summarizes information about the stock options vested and expected to vest during the contractual term, as well as options exercisable:


	Options		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value (in millions)
Options vested and expected to vest		1,356,258		7.1	$	197.90	$	22.8
Options exercisable		676,270		5.7	$	191.08	$	16.0

During Fiscal 2023, the fair value of each stock option granted was estimated on the date of grant using the Black Scholes option pricing model. The fair value of each stock option granted during Fiscal 2023 was estimated using the following assumptions on a weighted average basis:


		Fiscal Year Ended
		February 3,
		2024
Risk-free interest rate		3.5%
Expected volatility		41.9%
Expected life (years)		4.0
Contractual life (years)		10.0
Expected dividend yield		0%
Grant date fair value of options issued	$	68.72

The expected dividend yield was based on the Company’s expectation of not paying dividends in the near term. To evaluate its volatility factor, the Company uses the historical volatility of its stock price over the expected life of the options. The risk free interest rate was based on the U.S. Treasury rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the awards being valued. The expected life of the options was estimated using historical exercise rates.

Restricted Stock Awards

Restricted stock awards granted during Fiscal 2023 were all service-based awards. The fair value of each unit of restricted stock granted during Fiscal 2023 was based upon the closing price of the Company’s common stock on the grant date. Most of the awards outstanding as of February 3, 2024 have graded vesting provisions that generally vest in one-fourth annual increments (subject to continued employment through the applicable vesting date). Certain awards outstanding as of February 3, 2024 cliff vest at the end of a designated service period, ranging from two years to four years from the grant date. Awards granted to non-employee members of the Company’s Board of Directors vest 100% on the first anniversary of the grant date. Following a change of control, all unvested restricted stock awards shall remain unvested, provided, however, that 100% of such shares shall vest if, following such change of control, the employment of the recipient is terminated without cause or, in some instances, the recipient resigns with good reason, within a certain period of time following a change in control.

As of February 3, 2024, there was approximately $74.8 million of unearned non-cash stock-based compensation related to restricted stock awards that the Company expects to recognize as expense over a weighted average period of 2.4 years. The awards are expensed on a straight-line basis over the requisite service periods.

Award grant, vesting and forfeiture transactions during Fiscal 2023 are summarized as follows:


	Number of Shares			Weighted Average Grant Date Fair Value Per Award
Non-vested awards outstanding, January 28, 2023		477,441		$	222.90
Awards granted		306,405			183.25
Awards vested (a)		(176,004	)		212.14
Awards forfeited		(36,890	)		222.43
Non-vested awards outstanding, February 3, 2024		570,952		$	204.97

(a)

Restricted stock awards vested during Fiscal 2023 had a total intrinsic value of $30.8 million.

Performance Share Units

The Company grants performance-based restricted stock units to its senior executives. Vesting of the performance stock units granted in Fiscal 2021 is based on continued service and the achievement of pre-established adjusted EBIT margin expansion and sales compounded annual growth rate (CAGR) goals (each weighted equally) over a three-year performance period. Vesting of the performance stock units granted in Fiscal 2022 and Fiscal 2023 are based on continued service and the achievement of specified pre-established adjusted net income per share growth over a three-year performance period, as applicable for each grant. Based on the Company’s achievement of these goals, each award may be earned up to 200% of the target award. In the event that actual

performance is below threshold, no award will be made. Compensation costs recognized on the performance stock units are adjusted, as applicable, for performance above or below the target specified in the award.

As of February 3, 2024, there was approximately $32.9 million of unearned non-cash stock-based compensation related to performance share units that the Company expects to recognize as expense over a weighted average period of 1.9 years. The awards are expensed on a straight-line basis over the requisite service periods.

Performance share unit transactions during Fiscal 2023 are summarized as follows:


	Number of Shares			Weighted Average Grant Date Fair Value Per Award
Non-vested awards outstanding, January 28, 2023		196,300		$	226.05
Awards granted		116,080			185.27
Awards vested (a)		(29,017	)		186.50
Awards forfeited		(56,446	)		197.72
Non-vested awards outstanding, February 3, 2024		226,917		$	217.29

(a)

Performance-based stock awards vested during Fiscal 2023 had a total intrinsic value of $5.9 million.

Net Income Per Share

12 Months Ended

Feb. 03, 2024

Earnings Per Share [Abstract]

Net Income Per Share

10. Net Income Per Share

restricted stock and restricted stock unit awards, and the if-converted method for the 2025 Convertible Notes and 2027 Convertible Notes.


	(in thousands, except per share data)
	Fiscal Year Ended

	February 3,		January 28,		January 29,
	2024		2023		2022
Basic net income per share
Net income	$	339,649	$	230,123	$	408,839
Weighted average number of common shares – basic		64,672		65,637		66,588
Net income per common share – basic	$	5.25	$	3.51	$	6.14
Diluted net income per share
Net income	$	339,649	$	230,123	$	408,839
Shares for basic and diluted net income per share:
Weighted average number of common shares – basic		64,672		65,637		66,588
Assumed exercise of stock options and vesting of restricted stock		245		264		685
Assumed conversion of convertible debt		—		—		853
Weighted average number of common shares – diluted		64,917		65,901		68,126
Net income per common share – diluted	$	5.23	$	3.49	$	6.00

Approximately 1,524,000 shares, 1,068,000 shares and 177,000 shares were excluded from diluted net income per share for Fiscal 2023, Fiscal 2022 and Fiscal 2021, respectively, since their effect was anti-dilutive.

Quarterly Result (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Quarterly Financial Information Disclosure [Abstract]
Net sales	$ 9,708,973	$ 8,684,545	$ 9,306,549
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Net (loss) income	$ 339,649	$ 230,123	$ 408,839
Net (loss) income per share-basic
Common stockholders	$ 5.25	$ 3.51	$ 6.14
Net (loss) income per share-diluted
Common stockholders	$ 5.23	$ 3.49	$ 6

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Award Grant, Vested and Forfeiture Transactions (Detail) - Non Vested Restricted Stock

12 Months Ended

Feb. 03, 2024

$ / shares

Number of Shares

Non-Vested Awards Outstanding at Beginning of Period | shares

477,441

Awards Granted | shares

306,405

Awards Vested | shares

(176,004)

^[1]

Awards Forfeited | shares

(36,890)

Non-Vested Awards Outstanding at End of Period | shares

570,952

Weighted Average Grant Date Fair Value Per Award

Non-Vested Awards Outstanding at Beginning of Period | $ / shares

$ 222.90

Awards Granted | $ / shares

183.25

Awards Vested | $ / shares

212.14

^[1]

Awards Forfeited | $ / shares

222.43

Non-Vested Awards Outstanding at End of Period | $ / shares

$ 204.97

[1]	Restricted stock awards vested during Fiscal 2023 had a total intrinsic value of $30.8 million.

Stock Options Vested and Expected to Vest as Well as Options Exercisable (Detail) $ / shares in Units, $ in Millions	12 Months Ended
	Feb. 03, 2024 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Vested and expected to vest, Options \| shares	1,356,258
Vested and expected to vest, Weighted Average Remaining Contractual Life (Years)	7 years 1 month 6 days
Vested and expected to vest, Weighted Average Exercise Price \| $ / shares	$ 197.9
Vested and expected to vest, Aggregate Intrinsic Value \| $	$ 22.8
Options exercisable, Options \| shares	676,270
Options exercisable, Weighted Average Remaining Contractual Life (Years)	5 years 8 months 12 days
Options exercisable, Weighted Average Exercise Price \| $ / shares	$ 191.08
Options exercisable, Aggregate Intrinsic Value \| $	$ 16.0

Future Lease Payments (Detail) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Operating Leases
2024	$ 586,885
2025	593,102
2026	553,462
2027	512,571
2028	464,877
Thereafter	1,505,185
Total future minimum lease payments	4,216,082
Amount representing interest	(819,893)
Total lease liabilities	3,396,189
Less: current portion of lease liabilities	(411,395)	$ (401,111)
Total long term lease liabilities	$ 2,984,794	2,825,292
Weighted average discount rate	5.60%
Weighted average remaining lease term (years)	7 years 10 months 24 days
Finance Leases
2024	$ 5,733
2025	3,604
2026	3,640
2027	3,640
2028	3,447
Thereafter	20,787
Total future minimum lease payments	40,851
Amount representing interest	(11,782)
Total lease liabilities	$ 29,069	$ 33,447
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Long term debt and capital lease obligations current and noncurrent	Long term debt and capital lease obligations current and noncurrent	Long term debt and capital lease obligations current and noncurrent
Less: current portion of lease liabilities	$ (4,089)
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Long-Term Debt and Lease Obligation, Current
Total long term lease liabilities	$ 24,980
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-Term Debt and Lease Obligation
Weighted average discount rate	5.80%
Weighted average remaining lease term (years)	11 years 9 months 18 days

Stock Option Transactions (Detail)

12 Months Ended

Feb. 03, 2024

$ / shares

Number of Shares

Options Outstanding at Beginning of Period | shares

1,218,101

Options Granted | shares

372,885

Options Exercised | shares

(157,003)

^[1]

Options Forfeited | shares

(77,725)

Options Outstanding at End of Period | shares

1,356,258

Weighted Average Exercise Price Per Share

Options Outstanding at Beginning of Period | $ / shares

$ 193.31

Options Granted | $ / shares

184.75

Options Exercised | $ / shares

119.64

^[1]

Options Forfeited | $ / shares

220.99

Options Outstanding at End of Period | $ / shares

$ 197.9

[1]	Options exercised during Fiscal 2023 had a total intrinsic value of $11.7 million.

Condensed Financial Information Registrant - Schedule of Interest Expense, Net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Condensed Financial Statements, Captions [Line Items]
Gain (Loss) on extinguishment	$ (38,274)	$ (14,657)	$ (156,020)
Parent Company
Condensed Financial Statements, Captions [Line Items]
Interest expense, net	0	0	0
Convertible Notes \| Parent Company
Condensed Financial Statements, Captions [Line Items]
Interest expense	(10,875)	(14,281)	(20,055)
Gain (Loss) on extinguishment	(38,274)	(14,657)	(124,639)
Intercompany Note Receivable \| Parent Company
Condensed Financial Statements, Captions [Line Items]
Interest expense	10,875	14,281	20,055
Gain (Loss) on extinguishment	$ 38,274	$ 14,657	$ 124,639

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Feb. 03, 2024	Mar. 02, 2024	Jul. 29, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Feb. 03, 2024
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Trading Symbol	BURL
Entity Registrant Name	BURLINGTON STORES, INC.
Entity Central Index Key	0001579298
Current Fiscal Year End Date	--02-03
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Entity Common Stock, Shares Outstanding		63,919,382
Entity Public Float			$ 11,490,446,355
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0895227
Entity File Number	001-36107
Entity Address, Address Line One	2006 Route 130 North
Entity Address, City or Town	Burlington
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08016
City Area Code	609
Local Phone Number	387-7800
Document Annual Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Security Exchange Name	NYSE
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Morristown, New Jersey
Documents Incorporated by Reference	Certain provisions of the registrant’s definitive proxy statement for the 2024 Annual Meeting of Stockholders, to be filed within 120 days of the close of the registrant’s 2023 fiscal year, are incorporated by reference in Part III of this Form 10-K to the extent described herein.
Document Financial Statement Error Correction [Flag]	false

Income Taxes (Tables)

12 Months Ended

Feb. 03, 2024

Income Tax Disclosure [Abstract]

Income Before Income Taxes

Income before income taxes was as follows for Fiscal 2023, Fiscal 2022 and Fiscal 2021:


	(in thousands)
	Year Ended
	February 3 2024		January 28, 2023		January 29, 2022
Domestic	$	454,491	$	297,440	$	533,906
Foreign		11,282		10,069		11,392
Total income (loss) before income taxes	$	465,773	$	307,509	$	545,298

Income Tax Expense (Benefit)

Income tax expense (benefit) was as follows for Fiscal 2023, Fiscal 2022 and Fiscal 2021:


	(in thousands)
	Year Ended
	February 3 2024		January 28, 2023			January 29, 2022
Current:
Federal	$	85,834	$	86,299		$	69,146
State		16,150		13,494			11,546
Foreign		3,477		3,024			3,815
Subtotal		105,461		102,817			84,507
Deferred:
Federal		12,583		(28,980	)		32,217
State		7,311		2,796			19,272
Foreign		769		753			463
Subtotal		20,663		(25,431	)		51,952
Total income tax expense (benefit)	$	126,124	$	77,386		$	136,459

Tax Rate Reconciliations

The tax rate reconciliations were as follows for Fiscal 2023, Fiscal 2022 and Fiscal 2021:


	Fiscal Year Ended
	February 3 2024			January 28, 2023			January 29, 2022
Tax at statutory rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal benefit		4.5			5.3			4.0
Excess tax benefit from stock compensation		0.2			(0.2	)		(4.8	)
Tax credits		(1.2	)		(2.2	)		(1.6	)
Non-deductible expenses		1.7			2.1			2.0
Loss from extinguishment of convertible debt		1.8			0.9			4.4
Other		(0.9	)		(1.7	)		—
Effective tax rate		27.1	%		25.2	%		25.0	%

Tax Effects of Temporary Differences Included in Deferred Tax Accounts

The tax effects of temporary differences are included in deferred tax accounts as follows:


	(in thousands)
	February 3, 2024					January 28, 2023
	Tax Assets			Tax Liabilities		Tax Assets			Tax Liabilities
Non-current deferred tax assets and liabilities:
Property and equipment basis adjustments	$	—		$	236,711	$	—		$	231,426
Operating lease liability		872,903			—		830,029			—
Operating lease asset		—			805,610		—			764,446
Intangibles—indefinite-lived		—			63,892		—			63,871
Employee benefit compensation		27,194			—		21,303			—
State net operating losses (net of federal benefit)		5,726			—		11,323			—
Tax credits		10,774			—		11,132			—
Other		—			24,116		—			3,770
Valuation allowance		(11,425	)		—		(13,060	)		—
Total non-current deferred tax assets and liabilities	$	905,172		$	1,130,329	$	860,727		$	1,063,513
Net deferred tax liability				$	225,157				$	202,786

Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (exclusive of interest and penalties) is as follows:


	(in thousands)
	Gross Unrecognized Tax Benefits, Exclusive of Interest and Penalties
Balance at January 30, 2021	$	6,340
Additions for tax positions of the current year		—
Additions for tax positions of prior years		—
Reduction for tax positions of prior years		(783	)
Settlements		—
Lapse of statute of limitations		(770	)
Balance at January 29, 2022		4,787
Additions for tax positions of the current year		—
Additions for tax positions of prior years		—
Reduction for tax positions of prior years		(782	)
Settlements		—
Lapse of statute of limitations		(72	)
Balance at January 28, 2023		3,933
Additions for tax positions of the current year		—
Additions for tax positions of prior years		—
Reduction for tax positions of prior years		(783	)
Settlements		—
Lapse of statute of limitations		(18	)
Balance at February 3, 2024	$	3,132

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 339,649	$ 230,123	$ 408,839
Interest rate derivative contracts:
Net unrealized gain arising during the period	10,460	27,726	7,931
Net reclassification into earnings during the period	(5,675)	5,463	10,643
Other comprehensive income, net of tax	4,785	33,189	18,574
Total comprehensive income	$ 344,434	$ 263,312	$ 427,413

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Sales Percentage by Major Product Category (Detail) - Sales Revenue, Net - Product Concentration Risk - Sales Revenue, Net - Product Concentration Risk	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Ladies Apparel
Product Information [Line Items]
Sales Percentage	21.00%	22.00%	23.00%
Accessories and Shoes
Product Information [Line Items]
Sales Percentage	27.00%	24.00%	23.00%
Home
Product Information [Line Items]
Sales Percentage	20.00%	21.00%	20.00%
Mens Apparel
Product Information [Line Items]
Sales Percentage	17.00%	17.00%	16.00%
Kids Apparel and Baby
Product Information [Line Items]
Sales Percentage	12.00%	12.00%	14.00%
Outerwear
Product Information [Line Items]
Sales Percentage	3.00%	4.00%	4.00%

Consolidated Balance Sheets - USD ($)	Feb. 03, 2024	Jan. 28, 2023
Current assets:
Cash and cash equivalents	$ 925,359,000	$ 872,623,000
Restricted cash and cash equivalents	0	6,582,000
Accounts receivable-net of allowance for doubtful accounts of $2,313 and $1,252, respectively	74,361,000	71,091,000
Merchandise inventories	1,087,841,000	1,181,982,000
Assets held for disposal	23,299,000	19,823,000
Prepaid and other current assets	216,164,000	131,691,000
Total current assets	2,327,024,000	2,283,792,000
Property and equipment—net	1,880,325,000	1,668,005,000
Operating lease assets	3,132,768,000	2,945,932,000
Tradenames	238,000,000	238,000,000
Goodwill	47,064,000	47,064,000
Deferred tax assets	2,436,000	3,205,000
Other assets	79,223,000	83,599,000
Total assets	7,706,840,000	7,269,597,000
Current liabilities:
Accounts payable	956,350,000	955,793,000
Current operating lease liabilities	411,395,000	401,111,000
Other current liabilities	647,338,000	541,413,000
Current maturities of long term debt	13,703,000	13,634,000
Total current liabilities	2,028,786,000	1,911,951,000
Long term debt	1,394,942,000	1,462,072,000
Long term operating lease liabilities	2,984,794,000	2,825,292,000
Other liabilities	73,793,000	69,386,000
Deferred tax liabilities	227,593,000	205,991,000
Commitments and contingencies (Note 16)
Stockholders’ equity:
Preferred stock, $0.0001 par value: authorized: 50,000,000 shares; no shares issued and outstanding
Common stock, $0.0001 par value: Authorized: 500,000,000 shares Issued: 82,399,577 shares and 82,037,994 shares, respectively Outstanding: 63,964,371 shares and 65,019,713 shares, respectively	8,000	8,000
Additional paid-in-capital	2,118,356,000	2,015,625,000
Accumulated earnings	984,064,000	644,415,000
Accumulated other comprehensive income	33,533,000	28,748,000
Treasury stock, at cost	(2,139,029,000)	(1,893,891,000)
Total stockholders' equity	996,932,000	794,905,000
Total liabilities and stockholders' equity	$ 7,706,840,000	$ 7,269,597,000

Award Grant, Vested and Forfeiture Transactions (Parenthetical) (Detail) $ in Millions	12 Months Ended
	Feb. 03, 2024 USD ($)
Restricted Stock Issuances
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation awards vested total intrinsic value	$ 30.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Tax Effects of Temporary Differences Included in Deferred Tax Accounts (Detail) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023
Deferred Income Tax Assets And Liabilities [Line Items]
Property and equipment basis adjustments	$ 236,711	$ 231,426
Operating lease liability	872,903	830,029
Operating lease asset	805,610	764,446
Intangibles—indefinite-lived	63,892	63,871
Employee benefit compensation	27,194	21,303
State net operating losses (net of federal benefit)	5,726	11,323
Tax credits	10,774	11,132
Other	24,116	3,770
Valuation allowance	(11,425)	(13,060)
Total non-current deferred tax assets and liabilities	905,172	860,727
Total non-current deferred tax assets and liabilities	1,130,329	1,063,513
Net deferred tax liability	$ 225,157	$ 202,786

Impairment Charges (Detail) - USD ($) $ in Thousands	12 Months Ended
Impairment Charges (Detail) - USD ($) $ in Thousands	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Impaired Long Lived Assets Held And Used [Line Items]
Impairment Charges	$ 6,367	$ 21,402	$ 7,748
Store fixtures and equipment
Impaired Long Lived Assets Held And Used [Line Items]
Impairment Charges	2,471	2,981	3,163
Leasehold improvements
Impaired Long Lived Assets Held And Used [Line Items]
Impairment Charges	1,272	2,097	3,330
Operating lease assets
Impaired Long Lived Assets Held And Used [Line Items]
Impairment Charges	2,623	1,286	202
Buildings
Impaired Long Lived Assets Held And Used [Line Items]
Impairment Charges		8,687	970
Land
Impaired Long Lived Assets Held And Used [Line Items]
Impairment Charges		4,968
Other Assets
Impaired Long Lived Assets Held And Used [Line Items]
Impairment Charges	$ 1	$ 1,383	$ 83

Weighted Average Assumptions Used to Estimate Fair Value of Stock Option (Detail)	12 Months Ended
	Feb. 03, 2024 $ / shares
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	3.50%
Expected volatility	41.90%
Expected life (years)	4 years
Contractual life (years)	10 years
Expected dividend yield	0.00%
Grant date fair value of options issued	$ 68.72

Recent Accounting Pronouncements

12 Months Ended

Feb. 03, 2024

Accounting Standards Update and Change in Accounting Principle [Abstract]

Recent Accounting Pronouncements

2. Recent Accounting Pronouncements

There were no new accounting standards that had a material impact on the Company’s Consolidated Financial Statements during Fiscal 2023.

Accounting Pronouncements Not Yet Adopted

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" (ASU 2023-09) to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective or retroactive basis. The Company is currently determining the impact that ASU 2023-09 will have on its consolidated financial statement disclosures.

Long-Term Debt (Parenthetical) (Detail)	12 Months Ended
Long-Term Debt (Parenthetical) (Detail)	Feb. 03, 2024	Jan. 28, 2023
Senior Secured Term B-6 Loans
Debt Instrument [Line Items]
Long-Term Debt, maturity date	Jun. 24, 2028	Jun. 24, 2028
Convertible Senior Notes 2.25% Due April 15 2025
Debt Instrument [Line Items]
Long-Term Debt, maturity date	Apr. 15, 2025	Apr. 15, 2025
Long-Term Debt, interest rate	2.25%	2.25%
Convertible Senior Notes 1.25% Due December 15 2027
Debt Instrument [Line Items]
Long-Term Debt, maturity date	Dec. 15, 2027	Dec. 15, 2027
Long-Term Debt, interest rate	1.25%	1.25%
ABL senior secured revolving facility
Debt Instrument [Line Items]
Long-Term Debt, maturity date	Dec. 22, 2026	Dec. 22, 2026
Secured Overnight Financing Rate Floor \| Senior Secured Term B-6 Loans
Debt Instrument [Line Items]
Long-Term Debt, interest rate	0.00%	0.00%
Secured Overnight Financing Rate (SOFR) \| Senior Secured Term B-6 Loans
Debt Instrument [Line Items]
Long-Term Debt, interest rate	2.00%	2.00%

Non-Cash Stock Compensation Expense (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Share-Based Payment Arrangement [Abstract]
Non-Cash Stock Compensation tax benefit	$ 15.5	$ 12.5	$ 10.3

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023
Income Tax Disclosure [Line Items]
Deferred tax asset for net operating loss	$ 5,726	$ 11,323
Valuation allowances	11,425	13,060
Unrecognized benefits	3,100	3,900
Unrecognized benefits, affect effective tax rate	2,500	3,100
Unrecognized benefits, interest and penalties	800	900
Unrecognized benefits, interest and penalties	$ 7,000	8,000
Earliest Tax Year \| IRS
Income Tax Disclosure [Line Items]
Income tax year open to examination	2020
Latest Tax Year \| IRS
Income Tax Disclosure [Line Items]
Income tax year open to examination	2023
State and local jurisdiction
Income Tax Disclosure [Line Items]
Deferred tax asset for net operating loss	$ 5,400	11,000
Tax credit expiration period	2024
Tax credit carryforwards	$ 10,400	10,400
Operating loss carryforwards, valuation allowance	1,300	3,300
Tax credit carryforward, valuation allowance	9,800	9,500
Puerto Rico
Income Tax Disclosure [Line Items]
Deferred tax asset for net operating loss	300	300
Tax credit carryforwards	10,800	11,100
Amount of alternative minimum tax credits	$ 400	700
Alternative minimum tax credits, expiration life	indefinite life
Operating loss carryforwards, valuation allowance	$ 300	$ 300
State and Puerto Rico \| Earliest Tax Year
Income Tax Disclosure [Line Items]
Income tax year open to examination	2019
State and Puerto Rico \| Latest Tax Year
Income Tax Disclosure [Line Items]
Income tax year open to examination	2023
Minimum \| State and local jurisdiction
Income Tax Disclosure [Line Items]
Net operating losses subject to expiration year	2024
Minimum \| Puerto Rico
Income Tax Disclosure [Line Items]
Net operating losses subject to expiration year	2025
Maximum \| State and local jurisdiction
Income Tax Disclosure [Line Items]
Net operating losses subject to expiration year	2041

Impairment Charges

12 Months Ended

Feb. 03, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Impairment Charges

6. Impairment Charges

Impairment charges recorded during Fiscal 2023, Fiscal 2022 and Fiscal 2021 amounted to $6.4 million, $21.4 million and $7.7 million, respectively. Impairment charges are primarily related to declines in revenues and operating results of certain stores in Fiscal

2023, Fiscal 2022, and Fiscal 2021, as well as sales of owned properties in Fiscal 2022. Impairment charges during these periods related to the following:


	(in thousands)
	Fiscal Years Ended
Asset Categories	February 3, 2024		January 28, 2023		January 29, 2022
Store fixtures and equipment	$	2,471	$	2,981	$	3,163
Leasehold improvements		1,272		2,097		3,330
Operating lease assets		2,623		1,286		202
Buildings		—		8,687		970
Land		—		4,968		—
Other assets		1		1,383		83
Total	$	6,367	$	21,402	$	7,748

The Company recorded impairment charges related to store-level assets for 11 stores during Fiscal 2023, 16 stores during Fiscal 2022, and nine stores during Fiscal 2021.

Long-lived assets are measured at fair value on a non-recurring basis for purposes of calculating impairment using the fair value hierarchy of ASC Topic No. 820 “Fair Value Measurements” (Topic No. 820). Refer to Note 15, “Fair Value of Financial Instruments,” for further discussion of the Company’s fair value hierarchy. The fair value of the Company’s long-lived assets is calculated using a discounted cash-flow model that used level 3 inputs. In calculating future cash flows, the Company makes estimates regarding future operating results and market rent rates, based on its experience and knowledge of market factors in which the retail location is located. The assets impaired had a remaining carrying value after impairments of $73.0 million, $99.0 million, and $63.4 million during Fiscal 2023, Fiscal 2022, and Fiscal 2021, respectively, primarily related to the right-of-use assets.

Outstanding Interest Rate Derivative in Qualifying Hedging Relationships (Detail) - Cash Flow Hedging - Derivatives Designated as Hedging Instruments - Interest Rate Swap Contract $ in Millions			12 Months Ended
	Jun. 24, 2021 USD ($)	Dec. 17, 2018	Feb. 03, 2024 USD ($) Derivative
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments \| Derivative			1
Notional aggregate principal amount \| $	$ 450.0		$ 450.0
Interest Swap Rate	2.19%		2.16%
Maturity Date	Jun. 24, 2028	Dec. 29, 2023	Jun. 24, 2028

- Definition

Date derivative contract ends, in YYYY-MM-DD format.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column D))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column F))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5A
-Subparagraph (SX 210.12-13A(Column C))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column D))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B

+ Details

Computation of Basic and Diluted Net Income per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Basic net income per share
Net income	$ 339,649	$ 230,123	$ 408,839
Weighted average number of common shares - basic	64,672	65,637	66,588
Net income per common share - basic	$ 5.25	$ 3.51	$ 6.14
Diluted net income per share
Net income	$ 339,649	$ 230,123	$ 408,839
Weighted average number of common shares - basic	64,672	65,637	66,588
Assumed exercise of stock options and vesting of restricted stock	245	264	685
Assumed conversion of convertible debt			853
Weighted average number of common shares – diluted	64,917	65,901	68,126
Net income per common share - diluted	$ 5.23	$ 3.49	$ 6

Commitments and Contingencies

12 Months Ended

Feb. 03, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

16. Commitments and Contingencies

Legal

In the course of business, the Company is party to class or collective actions alleging violations of federal and state wage and hour and other labor statutes, representative claims under the California Private Attorneys’ General Act and various other lawsuits and regulatory proceedings from time to time including, among others, commercial, product, employee, customer, intellectual property and other claims. Actions against us are in various procedural stages. Many of these proceedings raise factual and legal issues and are subject to uncertainties. While no assurance can be given as to the ultimate outcome of these matters, the Company believes that the final resolution of these actions will not have a material adverse effect on the Company’s results of operations, financial position, liquidity or capital resources.

Letters of Credit

The Company had irrevocable letters of credit in the amounts of $75.8 million and $51.1 million as of February 3, 2024 and January 28, 2023, respectively.

Letters of credit outstanding as of February 3, 2024 and January 28, 2023 amounted to $75.8 million and $47.4 million, respectively, guaranteeing performance under various lease agreements, insurance contracts, and utility agreements. The Company also had outstanding letters of credit arrangements in the aggregate amount of $3.7 million at January 28, 2023, related to certain merchandising agreements, and none at February 3, 2024. Based on the terms of the agreement governing the ABL Line of Credit, the Company had the ability to enter into letters of credit up to $174.2 million and $98.9 million as of February 3, 2024 and January 28, 2023, respectively.

Inventory Purchase Commitments

The Company had $1,304.5 million of purchase commitments related to goods that were not received as of February 3, 2024.

Death Benefits

In November 2005, the Company entered into agreements with three of the Company’s former executives whereby, upon each of their deaths, the Company will pay $1.0 million to each respective designated beneficiary.

Income Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Income Tax Disclosure [Abstract]
Domestic	$ 454,491	$ 297,440	$ 533,906
Foreign	11,282	10,069	11,392
Income before income tax expense	$ 465,773	$ 307,509	$ 545,298

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Feb. 03, 2024

Share-Based Payment Arrangement [Abstract]

Non-Cash Stock Compensation Expense

Non-cash stock compensation expense is as follows:


	(in thousands)
	Fiscal Year Ended
	February 3,		January 28,		January 29,
Type of Non-Cash Stock Compensation	2024		2023		2022
Restricted stock unit grants (a)	$	43,037	$	37,749	$	30,525
Stock option grants (a)		19,502		19,274		18,909
Performance stock unit grants (a)		21,409		10,457		9,112
Total (b)	$	83,948	$	67,480	$	58,546

(a) Included in the line item “Selling, general and administrative expenses” in the Company’s Consolidated Statements of Income.

Exercise Price of Service-Based Stock Options Granted

Options granted during Fiscal 2023, Fiscal 2022 and Fiscal 2021, were all service-based awards granted under the Plans at the following exercise prices:


	Exercise Price Ranges
	From		To
Fiscal 2023	$	118.58	$	234.15
Fiscal 2022	$	115.65	$	236.93
Fiscal 2021	$	219.08	$	342.03

Stock Option Transactions

Stock option transactions during Fiscal 2023 are summarized as follows:


	Number of Shares			Weighted Average Exercise Price Per Share
Options outstanding, January 28, 2023		1,218,101		$	193.31
Options granted		372,885			184.75
Options exercised (a)		(157,003	)		119.64
Options forfeited		(77,725	)		220.99
Options outstanding, February 3, 2024		1,356,258		$	197.90

(a) Options exercised during Fiscal 2023 had a total intrinsic value of $11.7 million.

Stock Options Vested and Expected to Vest as Well as Option Exercisable

The following table summarizes information about the stock options vested and expected to vest during the contractual term, as well as options exercisable:


	Options		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value (in millions)
Options vested and expected to vest		1,356,258		7.1	$	197.90	$	22.8
Options exercisable		676,270		5.7	$	191.08	$	16.0

Weighted Average Assumptions Used to Estimate Fair Value of Each Stock Option Granted

The fair value of each stock option granted during Fiscal 2023 was estimated using the following assumptions on a weighted average basis:


		Fiscal Year Ended
		February 3,
		2024
Risk-free interest rate		3.5%
Expected volatility		41.9%
Expected life (years)		4.0
Contractual life (years)		10.0
Expected dividend yield		0%
Grant date fair value of options issued	$	68.72

Award Grant and Vesting Transactions

Award grant, vesting and forfeiture transactions during Fiscal 2023 are summarized as follows:


	Number of Shares			Weighted Average Grant Date Fair Value Per Award
Non-vested awards outstanding, January 28, 2023		477,441		$	222.90
Awards granted		306,405			183.25
Awards vested (a)		(176,004	)		212.14
Awards forfeited		(36,890	)		222.43
Non-vested awards outstanding, February 3, 2024		570,952		$	204.97

(a)

Restricted stock awards vested during Fiscal 2023 had a total intrinsic value of $30.8 million.

Performance Share Unit Transactions

Performance share unit transactions during Fiscal 2023 are summarized as follows:


	Number of Shares			Weighted Average Grant Date Fair Value Per Award
Non-vested awards outstanding, January 28, 2023		196,300		$	226.05
Awards granted		116,080			185.27
Awards vested (a)		(29,017	)		186.50
Awards forfeited		(56,446	)		197.72
Non-vested awards outstanding, February 3, 2024		226,917		$	217.29

(a)

Performance-based stock awards vested during Fiscal 2023 had a total intrinsic value of $5.9 million.

Schedule of Supplemental Cash Flow Disclosures Related to Leases (Details) - USD ($)
$ in Thousands

12 Months Ended

Feb. 03, 2024

Jan. 28, 2023

Jan. 29, 2022

Cash paid for amounts included in the measurement of lease liabilities:

Cash payments arising from operating lease liabilities

^[1]

$ 595,028

$ 525,098

$ 509,971

Cash payments for the principal portion of finance lease liabilities

^[2]

4,378

4,455

4,073

Cash payments for the interest portion of finance lease liabilities

^[1]

1,858

2,561

3,111

Operating lease liabilities arising from obtaining right-of-use assets

$ 611,569

$ 712,688

$ 516,545

[1]	Included within operating activities in the Company’s Consolidated Statements of Cash Flows.
[2]	Included within financing activities in the Company’s Consolidated Statements of Cash Flows.

Restricted Cash and Cash Equivalents

12 Months Ended

Feb. 03, 2024

Cash and Cash Equivalents [Abstract]

Restricted Cash and Cash Equivalents

3. Restricted Cash and Cash Equivalents

At February 3, 2024 the Company had no restricted cash and cash equivalents. At January 28, 2023, restricted cash and cash equivalents consisted of $6.6 million related to collateral for certain insurance contracts.

Property and Equipment

12 Months Ended

Feb. 03, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

4. Property and Equipment

Property and equipment consist of:


		(in thousands)
	Useful Lives	February 3, 2024			January 28, 2023
Land	N/A	$	105,645		$	112,513
Buildings	20 to 40 Years		413,634			394,798
Store fixtures and equipment	3 to 15 Years		1,575,798			1,414,220
Software	3 to 10 Years		365,899			332,509
Leasehold improvements	Shorter of lease term or useful life		996,994			881,695
Construction in progress	N/A		375,305			250,160
Total property and equipment at cost			3,833,275			3,385,895
Less: accumulated depreciation and amortization			(1,952,950	)		(1,717,890	)
Total property and equipment, net of accumulated depreciation and amortization		$	1,880,325		$	1,668,005

As of February 3, 2024 and January 28, 2023, assets, net of accumulated amortization of $17.1 million and $13.6 million, respectively, held under finance leases amounted to approximately $21.8 million and $25.3 million, respectively, and are included in the line item “Buildings” in the foregoing table. Amortization expense related to finance leases is included in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of Income. The total amount of depreciation expense during Fiscal 2023, Fiscal 2022 and Fiscal 2021 was $273.5 million, $237.8 million and $218.1 million, respectively.

Internally developed software is amortized on a straight line basis over three to ten years and is recorded in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of Income. Amortization of internally developed software amounted to $23.0 million, $21.2 million and $18.9 million during Fiscal 2023, Fiscal 2022 and Fiscal 2021, respectively.

Landlord-owned assets represent leasehold improvements at certain stores for which the Company has paid and derives a benefit, but the landlord has retained title. These assets are amortized over the lease term inclusive of reasonably assured renewal options. Amortization of landlord-owned assets was $10.6 million, $11.4 million and $12.2 million, during Fiscal 2023, Fiscal 2022 and Fiscal 2021, respectively, and was included in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of Income.

During Fiscal 2023, Fiscal 2022 and Fiscal 2021, the Company recorded impairment charges related to property and equipment of $3.7 million, $20.1 million and $7.5 million, respectively. These charges are recorded in the line item “Impairment charges—long-lived assets” in the Company’s Consolidated Statements of Income. Refer to Note 6, “Impairment Charges,” for further discussion.

Lease Commitments

12 Months Ended

Feb. 03, 2024

Leases [Abstract]

Lease Commitments

12. Lease Commitments

The Company’s leases primarily consist of stores, distribution facilities and office space under operating and finance leases that will expire principally during the next 30 years. The leases typically include renewal options at five-year intervals and escalation clauses. Lease renewals are only included in the lease liability to the extent that they are reasonably assured of being exercised. The Company’s leases typically provide for contingent rentals based on a percentage of gross sales. Contingent rentals are not included in the lease liability, and they are recognized as variable lease cost when incurred.

The following is a schedule of the Company’s future lease payments:


	(in thousands)
Fiscal Year	Operating Leases			Finance Leases
2024	$	586,885		$	5,733
2025		593,102			3,604
2026		553,462			3,640
2027		512,571			3,640
2028		464,877			3,447
Thereafter		1,505,185			20,787
Total future minimum lease payments		4,216,082			40,851
Amount representing interest		(819,893	)		(11,782	)
Total lease liabilities		3,396,189			29,069
Less: current portion of lease liabilities		(411,395	)		(4,089	)
Total long term lease liabilities	$	2,984,794		$	24,980

Weighted average discount rate	5.6%			5.8%
Weighted average remaining lease term (years)		7.9			11.8

The above schedule excludes approximately $696.3 million for 84 stores and one warehouse that the Company has committed to open or relocate but has not yet taken possession of the space. The discount rates used in valuing the Company’s leases are not readily determinable, and are based on the Company’s incremental borrowing rate on a fully collateralized basis.

The Company has entered into a lease agreement for a new distribution center in Ellabell, GA, which is expected to commence in May 2025. The Company does not have control of the asset during construction, but it is involved in the design and construction of the related asset. Additionally, the lease agreement has a purchase option, which can be exercised beginning after the earlier of (a) substantial completion of construction or (b) the date the Company commences business operations in the premises.

The following is a schedule of net lease costs for the years indicated:


	(in thousands)
	Fiscal Year Ended
	February 3, 2024			January 28, 2023			January 29, 2022
Finance lease cost:
Amortization of finance lease asset (a)	$	3,506		$	4,210		$	4,554
Interest on lease liabilities (b)		1,858			2,561			3,111
Operating lease cost (c)		587,214			523,980			468,349
Variable lease cost (c)		235,223			205,876			188,035
Total lease cost		827,801			736,627			664,049
Less all rental income (d)		(5,733	)		(5,650	)		(5,771	)
Total net rent expense (e)	$	822,068		$	730,977		$	658,278

(a) Included in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of Income.

(b) Included in the line item “Interest expense” in the Company’s Consolidated Statements of Income.

(c) Includes real estate taxes, common area maintenance, insurance and percentage rent. Included in the line item “Selling, general and administrative expenses” in the Company’s Consolidated Statements of Income.

(d) Included in the line item “Other revenue” in the Company’s Consolidated Statements of Income.

(e) Excludes an immaterial amount of short-term lease cost.

Supplemental cash flow disclosures related to leases are as follows:


	(in thousands)
	Fiscal Year Ended
	February 3, 2024		January 28, 2023		January 29, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments arising from operating lease liabilities (a)	$	595,028	$	525,098	$	509,971
Cash payments for the principal portion of finance lease liabilities (b)	$	4,378	$	4,455	$	4,073
Cash payments for the interest portion of finance lease liabilities (a)	$	1,858	$	2,561	$	3,111
Supplemental non-cash information:
Operating lease liabilities arising from obtaining right-of-use assets	$	611,569	$	712,688	$	516,545

(a) Included within operating activities in the Company’s Consolidated Statements of Cash Flows.

(b) Included within financing activities in the Company’s Consolidated Statements of Cash Flows.

Impairment Charges - Additional Information (Detail) $ in Thousands	12 Months Ended
	Feb. 03, 2024 USD ($) Store	Jan. 28, 2023 USD ($) Store	Jan. 29, 2022 USD ($) Store
Impaired Long Lived Assets Held And Used [Line Items]
Impairment charges - long-lived assets	$ 6,367	$ 21,402	$ 7,748
Impaired long-lived assets held and used, method for determining fair value	Long-lived assets are measured at fair value on a non-recurring basis for purposes of calculating impairment using the fair value hierarchy of ASC Topic No. 820 “Fair Value Measurements” (Topic No. 820). Refer to Note 15, “Fair Value of Financial Instruments,” for further discussion of the Company’s fair value hierarchy. The fair value of the Company’s long-lived assets is calculated using a discounted cash-flow model that used level 3 inputs. In calculating future cash flows, the Company makes estimates regarding future operating results and market rent rates, based on its experience and knowledge of market factors in which the retail location is located. The assets impaired had a remaining carrying value after impairments of $73.0 million, $99.0 million, and $63.4 million during Fiscal 2023, Fiscal 2022, and Fiscal 2021, respectively, primarily related to the right-of-use assets.
Asset impairment carrying value related to right of use assets	$ 73,000	$ 99,000	$ 63,400
Assets Impairments
Impaired Long Lived Assets Held And Used [Line Items]
Impairment of store level assets, number of stores \| Store	11	16	9

Non-Cash Stock Compensation Expense (Detail) - USD ($)
$ in Thousands

12 Months Ended

Feb. 03, 2024

Jan. 28, 2023

Jan. 29, 2022

Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]

Non-Cash Stock Compensation

^[1]

$ 83,948

$ 67,480

$ 58,546

Restricted Stock Unit Grants

Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]

Non-Cash Stock Compensation

^[2]

43,037

37,749

30,525

Stock Option Grants

Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]

Non-Cash Stock Compensation

^[2]

19,502

19,274

18,909

Performance Stock Unit Grants

Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]

Non-Cash Stock Compensation

^[2]

$ 21,409

$ 10,457

$ 9,112

[1]	The amounts presented in the table above exclude the effect of income taxes. The tax benefit related to the Company’s non-cash stock compensation was $15.5 million, $12.5 million and $10.3 million during Fiscal 2023, Fiscal 2022 and Fiscal 2021, respectively.
[2]	Included in the line item “Selling, general and administrative expenses” in the Company’s Consolidated Statements of Income.

Fair Value of Financial Instruments

12 Months Ended

Feb. 03, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

15. Fair Value of Financial Instruments

The Company accounts for fair value measurements in accordance with Topic No. 820 which defines fair value, establishes a framework for measurement and expands disclosure about fair value measurements. Topic No. 820 defines fair value 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 (exit price), and classifies the inputs used to measure fair value into the following hierarchy:


Level 1:		Quoted prices for identical assets or liabilities in active markets.

Level 2:		Quoted market prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3:		Pricing inputs that are unobservable for the assets and liabilities, and include situations where there is little, if any, market activity for the assets and liabilities.

The inputs into the determination of fair value require significant management judgment or estimation.

The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term nature of these instruments.

Refer to Note 8, “Derivative Instruments and Hedging Activities,” for further discussion regarding the fair value of the Company’s interest rate swap contract.

Refer to Note 6, “Impairment Charges,” for further discussion regarding the fair value of the Company's long-lived assets after impairment.

Financial Assets

The fair values of the Company’s financial assets and the hierarchy of the level of inputs as of February 3, 2024 and January 28, 2023 are summarized below:


	(in thousands)
	Fair Value Measurements at
	February 3,		January 28,
	2024		2023
Level 1
Cash equivalents (including restricted cash equivalents)	$	657,292	$	548,986

Financial Liabilities

The fair values of the Company’s financial liabilities are summarized below:


	(in thousands)
	February 3, 2024				January 28, 2023
	Principal Amount		Fair Value		Principal Amount		Fair Value
Term B-6 Loans	$	937,379	$	934,450	$	946,994	$	938,708
2025 Convertible Notes		156,155		169,384		507,687		619,409
2027 Convertible Notes		297,069		342,384		—		—
ABL Line of Credit (a)		—		—		—		—
Total debt (b)	$	1,390,603	$	1,446,218	$	1,454,681	$	1,558,117

(a)

(b)

The table above excludes finance lease obligations, debt discount and deferred debt costs.

The fair values presented herein are based on pertinent information available to management as of the respective year end dates. The estimated fair values of the Company’s debt are classified as Level 2 in the fair value hierarchy, and are based on current market quotes received from inactive markets. Although management is not aware of any factors that could significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date, and current estimates of fair value may differ from amounts presented herein.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Feb. 03, 2024 USD ($) Store State	Jan. 28, 2023 USD ($)	Jan. 29, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of stores operated \| Store	1,007
Number of states stores operated \| State	46
Gain on insurance recovery	$ 0	$ 3,000,000	$ 1,500,000
Cash and short-term, highly liquid investments, maturities period	3 months
Selling, general and administrative expenses	$ 3,288,315,000	2,877,356,000	2,868,527,000
Depreciation and amortization	307,064,000	270,398,000	249,217,000
Capitalized software	33,900,000	26,100,000	25,300,000
Impairment charges - indefinite lived intangible assets	0	0	0
Impairment charges goodwill	0	0	0
Customer liabilities	37,000,000	36,000,000
Advertising costs	36,500,000	33,800,000	48,500,000
Sale of certain state tax credit	$ 5,000,000	$ 0	$ 3,700,000
Gain on Business Interruption Insurance Recovery, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Distribution and Purchasing Functions
Summary Of Significant Accounting Policies [Line Items]
Selling, general and administrative expenses	$ 780,300,000	$ 677,600,000	$ 618,300,000
Depreciation and amortization	$ 68,800,000	$ 56,300,000	$ 45,000,000
Minimum \| Buildings
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, Useful Lives	20 years
Minimum \| Fixtures And Equipment
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, Useful Lives	3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Maximum discount on sales price	60.00%
Maximum \| Buildings
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, Useful Lives	40 years
Maximum \| Fixtures And Equipment
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, Useful Lives	15 years
Burlington Stores
Summary Of Significant Accounting Policies [Line Items]
Number of stores operated \| Store	1,006
Cohoes Fashions
Summary Of Significant Accounting Policies [Line Items]
Number of stores operated \| Store	1

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Feb. 03, 2024

Fair Value of Company's Derivative Financial Instruments on Gross Basis as well as Classification

The tables below present the fair value of the Company’s derivative financial instruments on a gross basis, as well as their classification on the Company’s Consolidated Balance Sheets:

         
        (in thousands)

         
        Fair Values of Derivative Instruments

         
        February 3, 2024

        January 28, 2023

        Derivatives Designated as Hedging Instruments

        Balance
Sheet
Location

        Fair
Value

        Balance
Sheet
Location

        Fair
Value

Interest rate swap contracts

Other assets

29,075

Other assets

29,152

Summary of Unrealized Gains Deferred to Accumulated Other Comprehensive Income


	(in thousands)
	Fiscal Year Ended
Interest Rate Derivatives:	February 3, 2024			January 28, 2023			January 29, 2022
Unrealized gains, before taxes	$	14,243		$	37,864		$	10,914
Income tax expense		(3,783	)		(10,138	)		(2,983	)
Unrealized gains, net of taxes	$	10,460		$	27,726		$	7,931

Reclassification of Losses from Accumulated Other Comprehensive Income into Earnings


	(in thousands)
	Fiscal Year Ended
Component of Earnings:	February 3, 2024			January 28, 2023			January 29, 2022
Interest (benefit) expense	$	(7,749	)	$	7,479		$	14,608
Income tax expense (benefit)		2,074			(2,016	)		(3,965	)
Net reclassification into earnings	$	(5,675	)	$	5,463		$	10,643

Derivatives Designated as Hedging Instruments

Outstanding Interest Rate Derivative in Qualifying Hedging Relationships

As of February 3, 2024, the Company had the following outstanding interest rate derivative that was designated as a cash flow hedge of interest rate risk:


Interest Rate Derivative	Number of Instruments	Notional Aggregate Principal Amount	Interest Swap Rate	Maturity Date
Interest rate swap contract	One	$450.0 million	2.16%	June 24, 2028

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Lease Commitments (Tables)

12 Months Ended

Feb. 03, 2024

Leases [Abstract]

Future Lease Payments

The following is a schedule of the Company’s future lease payments:


	(in thousands)
Fiscal Year	Operating Leases			Finance Leases
2024	$	586,885		$	5,733
2025		593,102			3,604
2026		553,462			3,640
2027		512,571			3,640
2028		464,877			3,447
Thereafter		1,505,185			20,787
Total future minimum lease payments		4,216,082			40,851
Amount representing interest		(819,893	)		(11,782	)
Total lease liabilities		3,396,189			29,069
Less: current portion of lease liabilities		(411,395	)		(4,089	)
Total long term lease liabilities	$	2,984,794		$	24,980

Weighted average discount rate	5.6%			5.8%
Weighted average remaining lease term (years)		7.9			11.8

Schedule of Net Lease Costs

The following is a schedule of net lease costs for the years indicated:


	(in thousands)
	Fiscal Year Ended
	February 3, 2024			January 28, 2023			January 29, 2022
Finance lease cost:
Amortization of finance lease asset (a)	$	3,506		$	4,210		$	4,554
Interest on lease liabilities (b)		1,858			2,561			3,111
Operating lease cost (c)		587,214			523,980			468,349
Variable lease cost (c)		235,223			205,876			188,035
Total lease cost		827,801			736,627			664,049
Less all rental income (d)		(5,733	)		(5,650	)		(5,771	)
Total net rent expense (e)	$	822,068		$	730,977		$	658,278

(a) Included in the line item “Depreciation and amortization” in the Company’s Consolidated Statements of Income.

(b) Included in the line item “Interest expense” in the Company’s Consolidated Statements of Income.

(d) Included in the line item “Other revenue” in the Company’s Consolidated Statements of Income.

(e) Excludes an immaterial amount of short-term lease cost.

Schedule of Supplemental Cash Flow Disclosures Related to Leases

Supplemental cash flow disclosures related to leases are as follows:


	(in thousands)
	Fiscal Year Ended
	February 3, 2024		January 28, 2023		January 29, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments arising from operating lease liabilities (a)	$	595,028	$	525,098	$	509,971
Cash payments for the principal portion of finance lease liabilities (b)	$	4,378	$	4,455	$	4,073
Cash payments for the interest portion of finance lease liabilities (a)	$	1,858	$	2,561	$	3,111
Supplemental non-cash information:
Operating lease liabilities arising from obtaining right-of-use assets	$	611,569	$	712,688	$	516,545

(a) Included within operating activities in the Company’s Consolidated Statements of Cash Flows.

(b) Included within financing activities in the Company’s Consolidated Statements of Cash Flows.

Intangible Assets

12 Months Ended

Feb. 03, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

5. Intangible Assets

Intangible assets at February 3, 2024 and January 28, 2023 consist primarily of tradenames.


	(in thousands)
	February 3, 2024						January 28, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Amount		Gross Carrying Amount		Accumulated Amortization		Net Amount
Tradenames	$	238,000	$	—	$	238,000	$	238,000	$	—	$	238,000