SHOE CARNIVAL INC, 10-K filed on 3/26/2026
Annual Report
v3.26.1
Document and Entity Information - USD ($)
 12 Months Ended
Jan. 31, 2026
Mar. 20, 2026
Aug. 01, 2025
Cover [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Jan. 31, 2026    
Entity Registrant Name Shoe Carnival, Inc.    
Entity Central Index Key 0000895447    
Current Fiscal Year End Date --01-31    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Trading Symbol SCVL    
Security Exchange Name NASDAQ    
Title of 12(b) Security Common Stock, par value $0.01 per share    
Entity Filer Category Accelerated Filer    
Entity Current Reporting Status Yes    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Interactive Data Current Yes    
Entity Shell Company false    
Document Financial Statement Error Correction [Flag] false    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Common Stock, Shares Outstanding   27,469,571  
Entity Public Float     $ 356,973,588
Entity File Number 0-21360    
Entity Incorporation, State or Country Code IN    
Entity Tax Identification Number 35-1736614    
Entity Address, Address Line One 1800 Innovation Point, 5th Floor    
Entity Address, City or Town Fort Mill    
Entity Address, State or Province SC    
Entity Address, Postal Zip Code 29715    
City Area Code 803    
Local Phone Number 650-4600    
Document Annual Report true    
Document Transition Report false    
Documents Incorporated by Reference

Certain information contained in the Definitive Proxy Statement for the 2026 Annual Meeting of Shareholders of the Registrant to be held on June 10, 2026 are incorporated by reference into PART III hereof.

    
ICFR Auditor Attestation Flag true    
Auditor Firm ID 34    
Auditor Name Deloitte & Touche LLP    
Auditor Location Indianapolis, IN    
Auditor Opinion

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Shoe Carnival, Inc. and subsidiaries (the "Company") as of January 31, 2026, and February 1, 2025, the related consolidated statements of income, shareholders’ equity, and cash flows, for each of the three years in the period ended January 31, 2026, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of January 31, 2026, and February 1, 2025, and the results of its operations and its cash flows for each of the three years in the period ended January 31, 2026, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of January 31, 2026, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 26, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting.

    
v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jan. 31, 2026
Feb. 01, 2025
Current Assets:    
Cash and cash equivalents $ 117,091 $ 108,680
Marketable securities 13,636 14,432
Accounts receivable 6,370 9,018
Merchandise inventories 439,638 385,605
Other 19,402 18,409
Total Current Assets 596,137 536,144
Property and equipment – net 185,610 172,806
Operating lease right-of-use assets 349,582 343,547
Intangible assets 40,923 40,968
Goodwill 18,018 18,018
Other noncurrent assets 11,473 12,650
Total Assets 1,201,743 1,124,133
Current Liabilities:    
Accounts payable 79,170 52,030
Accrued and other liabilities 21,199 25,382
Current portion of operating lease liabilities 58,057 53,013
Total Current Liabilities 158,426 130,425
Long-term portion of operating lease liabilities 313,368 314,974
Deferred income taxes 26,879 18,879
Deferred compensation 12,114 10,011
Other 1,290 848
Total Liabilities 512,077 475,137
Shareholders’ Equity:    
Common stock, $0.01 par value, 50,000,000 shares authorized and 41,049,190 shares issued in each period 410 410
Additional paid-in capital 93,129 90,371
Retained earnings 808,807 773,353
Treasury stock, at cost, 13,674,916 and 13,874,787 shares, respectively (212,680) (215,138)
Total Shareholders’ Equity 689,666 648,996
Total Liabilities and Shareholders’ Equity $ 1,201,743 $ 1,124,133
v3.26.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Jan. 31, 2026
Feb. 01, 2025
Statement of Financial Position [Abstract]    
Common stock, par value per share $ 0.01 $ 0.01
Common stock, shares authorized 50,000,000 50,000,000
Common stock, shares issued 41,049,190 41,049,190
Treasury stock, shares 13,674,916 13,874,787
v3.26.1
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Income Statement [Abstract]      
Net sales $ 1,135,324 $ 1,202,885 $ 1,175,882
Cost of sales (including buying, distribution and occupancy costs) 720,174 774,091 754,492
Gross profit 415,150 428,794 421,390
Selling, general and administrative expenses 348,392 337,642 327,885
Operating income 66,758 91,152 93,505
Interest and other income (4,002) (6,648) (2,917)
Interest expense 373 314 282
Income before income taxes 70,387 97,486 96,140
Income tax expense 18,118 23,720 22,792
Net income $ 52,269 $ 73,766 $ 73,348
Net income per share:      
Basic $ 1.91 $ 2.72 $ 2.69
Diluted $ 1.9 $ 2.68 $ 2.68
Weighted average shares:      
Basic 27,318 27,157 27,231
Diluted 27,535 27,524 27,407
v3.26.1
Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands
Total
Common Stock
Treasury stock
Additional Paid-In Capital
Retained Earnings
Balance at Jan. 28, 2023 $ 525,568 $ 410 $ (211,715) $ 83,423 $ 653,450
Balance, shares at Jan. 28, 2023   41,049,000      
Balance, shares at Jan. 28, 2023     (13,884,000)    
Dividends (12,151)       (12,151)
Employee stock purchase plan purchases 183   $ 130 53  
Employee stock purchase plan purchases, shares     9,000    
Stock-based compensation awards 0   $ 4,667 (4,667)  
Stock-based compensation awards, shares     306,000    
Shares surrendered by employees to pay taxes on stock-based compensation awards (3,037)   $ (3,037)    
Shares surrendered by employees to pay taxes on stock-based compensation awards, shares     (119,000)    
Purchase of common stock for Treasury (5,451)   $ (5,451)    
Purchase of common stock for treasury, shares     (231,000)    
Stock-based compensation expense 4,929     4,929  
Net income 73,348       73,348
Balance at Feb. 03, 2024 583,389 $ 410 $ (215,406) 83,738 714,647
Balance, shares at Feb. 03, 2024   41,049,000      
Balance, shares at Feb. 03, 2024     (13,919,000)    
Dividends (15,060)       (15,060)
Employee stock purchase plan purchases 169   $ 97 72  
Employee stock purchase plan purchases, shares     6,000    
Stock-based compensation awards 0   $ 915 (915)  
Stock-based compensation awards, shares     59,000    
Shares surrendered by employees to pay taxes on stock-based compensation awards (744)   $ (744)    
Shares surrendered by employees to pay taxes on stock-based compensation awards, shares     (21,000)    
Stock-based compensation expense 7,476     7,476  
Net income 73,766       73,766
Balance at Feb. 01, 2025 $ 648,996 $ 410 $ (215,138) 90,371 773,353
Balance, shares at Feb. 01, 2025   41,049,000      
Balance, shares at Feb. 01, 2025 13,874,787   (13,875,000)    
Dividends $ (16,815)       (16,815)
Employee stock purchase plan purchases 172   $ 162 10  
Employee stock purchase plan purchases, shares     11,000    
Stock-based compensation awards 0   $ 4,564 (4,564)  
Stock-based compensation awards, shares     294,000    
Shares surrendered by employees to pay taxes on stock-based compensation awards (2,268)   $ (2,268)    
Shares surrendered by employees to pay taxes on stock-based compensation awards, shares     (105,000)    
Stock-based compensation expense 7,312     7,312  
Net income 52,269       52,269
Balance at Jan. 31, 2026 $ 689,666 $ 410 $ (212,680) $ 93,129 $ 808,807
Balance, shares at Jan. 31, 2026   41,049,000      
Balance, shares at Jan. 31, 2026 13,674,916   (13,675,000)    
v3.26.1
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Statement of Stockholders' Equity [Abstract]      
Dividends declared per share $ 0.60 $ 0.54 $ 0.44
v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Cash Flows From Operating Activities      
Net Income (Loss) $ 52,269 $ 73,766 $ 73,348
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 34,348 31,065 28,794
Stock-based compensation 7,312 7,697 4,887
Loss (Gain) on retirement and impairment of assets, net 1,836 (158) 130
Deferred income taxes 8,000 564 5,497
Non-cash operating lease expense 57,578 56,493 54,998
Other 1,749 (1,144) 728
Changes in operating assets and liabilities:      
Accounts receivable 2,617 (4,060) 459
Merchandise inventories (54,033) 2,183 43,948
Operating lease liabilities (60,176) (55,490) (59,129)
Accounts payable and accrued liabilities 24,711 (10,529) (22,214)
Other (4,911) 2,251 (8,690)
Net cash provided by operating activities 71,300 102,638 122,756
Cash Flows From Investing Activities      
Purchases of property and equipment (44,716) (33,161) (56,281)
Investments in marketable securities (2,772) (1,161) (403)
Sales of marketable securities and other 3,470 1,412 2,045
Acquisition, net of cash acquired 0 (44,762) 0
Net cash used in investing activities (44,018) (77,672) (54,639)
Cash Flows From Financing Activities      
Proceeds from issuance of stock 172 169 183
Dividends paid (16,748) (14,711) (12,190)
Purchase of common stock for treasury 0 0 (5,445)
Shares surrendered by employees to pay taxes on stock-based compensation awards (2,268) (744) (3,037)
Other (27) 0 0
Net cash used in financing activities (18,871) (15,286) (20,489)
Net increase in cash and cash equivalents 8,411 9,680 47,628
Cash and cash equivalents at beginning of year 108,680 99,000 51,372
Cash and cash equivalents at end of year 117,091 108,680 99,000
Supplemental disclosures of cash flow information:      
Cash paid during year for interest 282 283 279
Cash paid during year for income taxes, net of refunds 10,708 21,194 19,232
Capital expenditures incurred but not yet paid 2,701 1,356 1,472
Dividends declared but not yet paid 694 628 278
Contingent consideration related to business acquisition $ 0 $ 3,600 $ 0
v3.26.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Pay vs Performance Disclosure      
Net Income (Loss) $ 52,269 $ 73,766 $ 73,348
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Jan. 31, 2026
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
v3.26.1
Insider Trading Policies and Procedures
 12 Months Ended
Jan. 31, 2026
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.26.1
Cybersecurity Risk Management, Strategy, and Governance
 12 Months Ended
Jan. 31, 2026
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

ITEM 1C. CYBERSECURITY

Risk Management and Strategy

Daily, we are threatened by system intrusions, social engineering attempts and web application attacks. These threats and attempts are directed at payment data, employee credentials, system passwords and personal information. We have developed and implemented a risk-based framework to address them. We consider cybersecurity a top risk within our enterprise risk management protocol, which is subject to oversight by our Board of Directors.

Our risk-based processes, as designed, seek to maintain physical, administrative and technical controls that protect the confidentiality, integrity and availability of our information systems and information stored on our network, including customer information, personal information, intellectual property and proprietary information.

We use the National Institute of Standards and Technology Cybersecurity Framework (the “NIST CSF”) as a guideline for our cybersecurity framework. This does not imply that we meet any technical standards, specifications or requirements under the NIST CSF, only that we use the NIST CSF as a framework to help us identify, assess and manage cybersecurity risks related to our business. Our policies for overall general information technology controls are also influenced by the Control Objectives for Information and Related Technologies, which align with the NIST CST.

Our key cybersecurity processes are organized into four primary categories:

•
Outage and access: these processes address system intrusion and credential and password threats and risks;
•
Payment and loyalty rewards: these processes protect the information of our customers;
•
Personal data: these processes protect the payroll and healthcare data of our current and former employees and vendor information; and
•
Vendor partner security: these processes review the infrastructure and security processes of vendor partners that process transactions, provide cloud-based solutions and provide the backbone for our data flow.

Key elements of our cybersecurity processes include, but are not limited to, the following:

•
Firewalls, data encryption and tokenization, multifactor authentication and data backup, among other safeguarding tactics;
•
Routine tests of our back up processes, the physical security of our data storage and access to systems via penetration testing;
•
A security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents;
•
Training and testing of the diligence and awareness of our employees regarding social engineering email and other cybersecurity schemes and risks;
•
Engaging third-party cybersecurity companies periodically to assess our cybersecurity posture and assist with identifying and remediating cybersecurity risks; and
•
Contractual commitments from vendor partners and a review of controls at vendor partners via System and Organization Controls reports.

Governance

Our Board of Directors oversees and guides our business and oversees our exposure to major risks. As stated in its charter, our Board of Directors has delegated to the Audit Committee, which currently includes the Board members

with cybersecurity acumen, the responsibility for Board-level oversight of cybersecurity risk. As part of its oversight role, the Audit Committee receives reports about our protocols, material threats or incidents and other developments related to cybersecurity.

These cybersecurity reports are provided to our Audit Committee at least annually, and these reports are delivered by our Senior Vice President and Chief Information Officer (“CIO”). Our CIO has over 35 years of experience with our information systems and is versed in cybersecurity frameworks and best practices. A security committee assists the CIO with developing controls, selecting vendor partners, identifying emerging threats and implementing best practices within our risk-based framework. Our security team is comprised of professionals with cybersecurity certifications and specialized training. Our CIO addresses how we allocate capital resources to our cybersecurity processes with our executive leadership team, which includes our Interim Chief Executive Officer, Chief Operating Officer, Chief Merchandising Officer and Chief Financial Officer. The CIO reports directly to our Chief Operating Officer.

Process to Access, Identify and Manage Material Risks from Cybersecurity Threats

When a cybersecurity incident occurs or we identify a vulnerability, our CIO and our security committee, which is described in more detail under “Governance” above, are responsible for leading the initial risk assessment, and external experts may also be engaged and our Audit Committee or full Board may also be consulted. If a breach of our control structure were to occur, our executive leadership team, Audit Committee and counsel would be briefed by the CIO and a determination would be made on whether such issue is material to warrant disclosure.

As of January 31, 2026, we have not identified any risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, cash flow or financial condition.

Even with our current control processes and a continuous improvement mindset, cybersecurity threats constantly evolve. If the measures we have employed were to fail, or if a breach were to occur, it could result in impairment or loss of critical functions, such as the operation of our e-commerce websites, our Evansville distribution center, our corporate network and/or our point-of-sale systems, as examples. Additionally, confidential information could be compromised, or we could be defrauded or ransomed for a material amount of funds. Any of these outcomes could negatively affect our reputation and customer loyalty. The ultimate effects of a breach or loss in function or confidential information are difficult to quantify with any certainty, but such loss may be partially limited through insurance. See “Risk Factors—We could be adversely affected if our information technology systems fail to operate effectively, are disrupted or are compromised”, “—Various risks associated with our e-commerce platform may adversely affect our business and results of operations”, “—We outsource certain business processes to third-party vendors and have certain business relationships that subject us to risks, including disruptions to our business and increased costs” and “—Failure to protect the integrity and security of individually identifiable data of our customers and employees could expose us to litigation and damage our reputation” in PART I, ITEM 1A of this Annual Report on Form 10-K, which risk factors are incorporated by reference into this section of this Annual Report on Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We consider cybersecurity a top risk within our enterprise risk management protocol, which is subject to oversight by our Board of Directors.

Our risk-based processes, as designed, seek to maintain physical, administrative and technical controls that protect the confidentiality, integrity and availability of our information systems and information stored on our network, including customer information, personal information, intellectual property and proprietary information.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

Our Board of Directors oversees and guides our business and oversees our exposure to major risks. As stated in its charter, our Board of Directors has delegated to the Audit Committee, which currently includes the Board members

with cybersecurity acumen, the responsibility for Board-level oversight of cybersecurity risk. As part of its oversight role, the Audit Committee receives reports about our protocols, material threats or incidents and other developments related to cybersecurity.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] As stated in its charter, our Board of Directors has delegated to the Audit Committee, which currently includes the Board members with cybersecurity acumen, the responsibility for Board-level oversight of cybersecurity risk.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] As part of its oversight role, the Audit Committee receives reports about our protocols, material threats or incidents and other developments related to cybersecurity.
Cybersecurity Risk Role of Management [Text Block]
•
A security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents;
•
Training and testing of the diligence and awareness of our employees regarding social engineering email and other cybersecurity schemes and risks;
•
Engaging third-party cybersecurity companies periodically to assess our cybersecurity posture and assist with identifying and remediating cybersecurity risks; and
•
Contractual commitments from vendor partners and a review of controls at vendor partners via System and Organization Controls reports.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] These cybersecurity reports are provided to our Audit Committee at least annually, and these reports are delivered by our Senior Vice President and Chief Information Officer (“CIO”).
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CIO has over 35 years of experience with our information systems and is versed in cybersecurity frameworks and best practices.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] A security committee assists the CIO with developing controls, selecting vendor partners, identifying emerging threats and implementing best practices within our risk-based framework.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.26.1
Organization and Description of Business
 12 Months Ended
Jan. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of Business

Note 1 – Organization and Description of Business

Our consolidated financial statements include the accounts of Shoe Carnival, Inc. and its wholly-owned subsidiaries Rogan Shoes, Incorporated (“Rogan’s”), SCHC, Inc. and Shoe Carnival Ventures, LLC, and SCLC, Inc., a wholly-owned subsidiary of SCHC, Inc. (collectively referred to as “we”, “our”, “us” or the “Company”). All intercompany accounts and transactions have been eliminated. We are one of the nation’s largest omnichannel family footwear retailers, selling footwear and related products through our retail stores located in 35 states within the continental United States and in Puerto Rico, as well as through our e-commerce sales channel.
v3.26.1
Summary of Significant Accounting Policies
 12 Months Ended
Jan. 31, 2026
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

Note 2 – Summary of Significant Accounting Policies

Fiscal Year

Our fiscal year is a 52/53 week year ending on the Saturday closest to January 31. Unless otherwise stated, references to years 2025, 2024 and 2023 relate to the fiscal years ended January 31, 2026 (“Fiscal 2025”), February 1, 2025 (“Fiscal 2024”) and February 3, 2024 (“Fiscal 2023”), respectively. Fiscal 2025 and Fiscal 2024 consisted of 52 weeks while Fiscal 2023 consisted of 53 weeks.

Use of Estimates in the Preparation of Consolidated Financial Statements

The preparation of our consolidated financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities as of the financial statement reporting date in addition to the reported amounts of certain revenues and expenses for the reporting period. The assumptions used by management in future estimates could change significantly due to changes in circumstances and actual results could differ from those estimates.

Cash and Cash Equivalents

We had Cash and Cash Equivalents of $117.1 million at January 31, 2026 and $108.7 million at February 1, 2025. Credit and debit card receivables and receivables due from a third party totaling $5.9 million and $6.9 million were included in cash equivalents at January 31, 2026 and February 1, 2025, respectively. Credit and debit card receivables generally settle within three days; receivables due from third parties generally settle within five business days.

We consider all short-term investments with an original maturity date of three months or less to be cash equivalents. As of January 31, 2026 and February 1, 2025, all invested cash was held in money market mutual funds. While investments are not considered by management to be at significant risk, they could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, we have experienced no loss or lack of access to either invested cash or cash held in our bank accounts.

Fair Value Measurements

The accounting guidance related to fair value measurements defines fair value and provides a consistent framework for measuring fair value. Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect market assumptions. This guidance only applies when other guidance requires or permits the fair value measurement of assets and liabilities. A fair value hierarchy was established, which prioritizes the inputs used in measuring fair value into three broad levels:

•
Level 1 – Quoted prices in active markets for identical assets or liabilities;
•
Level 2 – Quoted prices in active or inactive markets for similar assets or liabilities that are either directly or indirectly observable; and
•
Level 3 – Significant unobservable inputs that are generally model-based valuation techniques such as discounted cash flows, based on the best information available, including our own data. Fair values of
our long-lived assets are estimated using an income-based approach and are classified within Level 3 of the valuation hierarchy.

 

Merchandise Inventories and Cost of Sales

Merchandise Inventories are stated at the lower of cost or net realizable value using the first-in, first-out (“FIFO”) method. For determining net realizable value, we estimate the future demand and related sale price of merchandise contained in inventory as of the balance sheet date. The stated value of Merchandise Inventories contained on our Consolidated Balance Sheets also includes freight, certain capitalized overhead costs and reserves. Factors considered in determining if our inventory is properly stated at the lower of cost or net realizable value include, among others, recent sale prices, historical loss rates, the length of time merchandise has been held in inventory, quantities of various styles held in inventory, seasonality of merchandise, expected consideration to be received from our vendors and current and expected future sales trends. We also review aging trends, which include the historical rate at which merchandise has sold below cost and the value and nature of merchandise currently held in inventory and priced below original cost. We reduce the value of our inventory to its estimated net realizable value where cost exceeds the estimated future selling price. Material changes in the factors previously noted could have a significant impact on the actual net realizable value of our inventory and our reported operating results.

Cost of Sales includes the cost of merchandise sold, buying, distribution, and occupancy costs, inbound freight expense, provision for inventory obsolescence, inventory shrink and credits and allowances from merchandise vendors. Cost of Sales related to our e-commerce orders includes shipping expense to deliver merchandise to our customers.

Leases

We account for our leases in accordance with Accounting Standards Codification Topic No. 842 - Leases. We evaluate whether a contract is an operating or finance lease at its inception or at its acquisition. Substantially all of our leases were operating leases as of January 31, 2026; however, as a result of the acquisition of Rogan's, we also acquired certain assets subject to finance leases. The finance lease assets and related current liabilities and noncurrent liabilities were recorded in Other Noncurrent Assets, Accrued and Other Liabilities and Other long-term liabilities, respectively. Leases with terms of twelve months or less were not significant and we have elected to expense them as incurred.

On the lease commencement date, we recognize a right-of-use (“ROU”) asset for the right to use a leased asset and a liability based on the present value of remaining lease payments over the lease term. As the rate implicit in our leases is not readily determinable, we utilize an incremental borrowing rate for the initial measurement and any subsequent remeasurements of ROU assets and liabilities, which is determined through the development of a synthetic credit rating.

Operating lease liabilities are increased by interest and reduced by payments each period, and ROU assets are amortized over the lease term. Interest on operating lease liabilities and the amortization of ROU assets results in straight-line rent expense over the lease term. We record variable lease expense associated with contingent rent, reduced rent due to co-tenancy violations, and other variable non-lease components when incurred.

In addition to fixed minimum rental payments set forth in our leases, the measurement of ROU assets and liabilities can also include prepaid rent, landlord incentives (such as construction and tenant improvement allowances), fixed payments related to lease components (such as rent escalation payments scheduled at the lease commencement date), fixed payments related to non-lease components (such as common area maintenance (“CAM”), real estate taxes and insurance) and initial direct costs incurred in conjunction with securing a lease.

The measurement of ROU assets and liabilities excludes amounts related to variable payments related to lease components (such as contingent rent payments based on performance), variable payments related to non-lease components (such as CAM, real estate taxes and insurance) and leases with an initial term of 12 months or less.

For new leases, renewals or amendments, or when we make material investments in leased properties, we make certain estimates and assumptions regarding property values, market rents, property lives, discount rates and probable terms. These estimates and assumptions can impact: (1) lease classification and the related accounting treatment; (2) rent holidays, escalations or deferred lease incentives, which are taken into consideration when calculating straight-line

expense; (3) the term over which leasehold improvements for each store are amortized; and (4) the values and lives of adjustments to initial ROU assets. The amount of amortized rent expense would vary if different estimates and assumptions were used.

See Note 11 – “Leases” for additional discussion of our lease policies as well as additional disclosures related to our leases.

Revenue Recognition

Substantially all of our revenue is for a single performance obligation and is recognized when control passes to customers. We consider control to have transferred when we have a present right to payment, the customer has title to the product, physical possession of the product has been transferred to the customer and the risks and rewards of the product that we retain are minimal. The redemption of loyalty points under our Shoe Perks loyalty rewards program and redemptions of gift cards are accounted for as separate performance obligations.

See Note 5 – “Revenue” for additional discussion of our revenue recognition policies as well as additional disclosures on revenue from contracts with customers.

Property and Equipment- Net

Property and Equipment is stated at cost and is depreciated or amortized using the straight-line method over the shorter of the estimated useful lives of the assets or the applicable lease terms. Lives used in computing depreciation and amortization range from two to twenty-five years. Expenditures for maintenance and repairs are charged to expense as incurred. Expenditures that materially increase values, improve capacities or extend useful lives are capitalized. Upon sale or retirement, the costs and related accumulated depreciation or amortization are eliminated from the respective accounts and any resulting gain or loss is included in operations.

Cloud Computing Arrangements that are Service Contracts

We account for the costs to implement hosted cloud computing arrangements that are considered to be service contracts in current and noncurrent other assets. We capitalize these costs based on the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. We amortize the costs over the anticipated service contract period for the hosted arrangement, which is recorded in Selling, General and Administrative Expenses (“SG&A”).

 

Long-Lived Asset Impairment Testing

We periodically evaluate our long-lived assets for impairment if events or circumstances indicate that the carrying value may not be recoverable. The carrying value of long-lived assets is considered impaired when the carrying value of the assets exceeds the expected future cash flows to be derived from their use. Assets are grouped, and the evaluation is performed, at the lowest level for which there are identifiable cash flows, which is generally at a store level. Store level asset groupings typically include property and equipment and operating lease ROU assets. If the estimated, undiscounted future cash flows for a store are determined to be less than the carrying value of the store’s assets, an impairment loss is recorded for the difference between estimated fair value and carrying value. Assets subject to impairment are adjusted to estimated fair value and, if applicable, an impairment loss is recorded in SG&A. If the operating lease ROU asset is impaired, we would amortize the remaining ROU asset on a straight-line basis over the remaining lease term.

We estimate the fair value of our long-lived assets using store specific cash flow assumptions discounted by a rate commensurate with the risk involved with such assets while incorporating marketplace assumptions. Our estimates are derived from an income-based approach considering the cash flows expected over the remaining lease term for each location. These projections are primarily based on management’s estimates of store-level sales, exercise of future lease renewal options and the store’s contribution to cash flows and, by their nature, include judgments about how current initiatives will impact future performance. We estimate the fair value of operating lease ROU assets using the market value of rents applicable to the leased asset, discounted using the remaining lease term.

External factors, such as the local environment in which the store is located, including store traffic and competition, are evaluated in terms of their effect on sales trends. Changes in sales and operating income assumptions or unfavorable changes in external factors can significantly impact the estimated future cash flows. An increase or decrease in the projected cash flow can significantly impact the fair value of these assets, which may have an effect on the impairment recorded. If actual operating results or market conditions differ from those anticipated, the carrying value of certain of our assets may prove unrecoverable and we may incur additional impairment charges in the future.

 

Goodwill and Intangible Asset Impairment Testing

 

Goodwill recorded on our Consolidated Balance Sheets resulted from our acquisitions of substantially all of the assets and liabilities of Shoe Station, Inc. (“Shoe Station”) and all of the common stock of Rogan's and is based on a fair value allocation of the purchase price at the time of the respective acquisitions. Goodwill is charged to expense only when it is impaired. This test is performed at least annually and is performed at the beginning of our fiscal fourth quarter. No goodwill impairments were recognized in Fiscal 2025, Fiscal 2024 or Fiscal 2023.

 

We also annually test non-amortizing Intangible Assets for impairment. Trade names acquired as part of the Shoe Station and Rogan's acquisitions are our primary non-amortizing Intangible Assets. No impairments of non-amortizing Intangible Assets were recognized in Fiscal 2025, Fiscal 2024 or Fiscal 2023.

Insurance Reserves

We self-insure a significant portion of our workers’ compensation, general liability and employee health care costs and also maintain insurance in each area of risk to protect us from individual and aggregate losses over specified dollar values. Self-insurance reserves include estimates of claims filed, carried at their expected ultimate settlement value, and claims incurred but not yet reported. These estimates take into consideration a number of factors, including historical claims experience, severity factors, statistical trends and, in certain instances, valuation assistance provided by independent third parties. We record self-insurance expense as a component of Accrued and Other Liabilities in our Consolidated Balance Sheets and in SG&A in our Consolidated Statements of Income. While we believe that the recorded amounts are adequate, there can be no assurance that changes to management’s estimates will not occur due to limitations inherent in the estimating process. If actual results are not consistent with our estimates or assumptions, we may be exposed to losses or gains that could be material.

Consideration Received From a Vendor

Consideration is primarily received from merchandise vendors and includes co-operative advertising/promotion, margin assistance, damage allowances and rebates earned for a specific level of purchases over a defined period. Consideration principally takes the form of credits that we can apply against trade amounts owed.

Consideration is recorded as a reduction of the price paid for the vendor’s products and recorded as a reduction of our Cost of Sales unless the consideration represents a reimbursement of a specific, incremental, identifiable cost; in such a scenario, it is recorded as an offset to the same financial statement line item.

Consideration received after the related merchandise has been sold is recorded as an offset to Cost of Sales in the period negotiations are finalized. For consideration received on merchandise still in inventory, the allowance is recorded as a reduction to the cost of on-hand inventory and recorded as a reduction of our Cost of Sales at the time of sale. Should the consideration received be related to something other than the vendor’s product and such consideration received exceeds the incremental costs incurred then the excess consideration is recorded as a reduction to the cost of on-hand inventory and allocated to Cost of Sales in future periods as the inventory is estimated to be sold.

Advertising Costs

Digital media, print, television, radio, outdoor media and internal production costs are expensed when incurred. External production costs are expensed in the period the advertisement first takes place. Advertising expenses included in SG&A were $58.7 million, $50.5 million and $56.3 million in fiscal years 2025, 2024 and 2023, respectively.

Store Opening and Start-up Costs

Non-capital expenditures, such as payroll, supplies and rent incurred prior to the opening of a new store, are charged to expense in the period they are incurred. Advertising related to new stores is expensed pursuant to the aforementioned advertising policy.

Stock-Based Compensation

We recognize compensation expense for stock-based awards using a fair value based method. Stock-based awards may include stock units, restricted stock, stock appreciation rights and other stock-based awards under our stock-based compensation plans. Additionally, we recognize stock-based compensation expense for the discount on shares sold to employees through our employee stock purchase plan. This discount represents the difference between the market price and the employee purchase price. Stock-based compensation expense is included in SG&A.

We account for forfeitures as they occur in calculating stock-based compensation expense for the period. For performance-based stock awards, we estimate the probability of vesting based on the likelihood that the awards will meet their performance goals.

Income Taxes

We compute income taxes using the asset and liability method, under which deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of our assets and liabilities. Deferred tax assets are reduced, if necessary, by a valuation allowance to the extent future realization of those tax benefits are uncertain. We report a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. We recognize interest expense and penalties, if any, related to uncertain tax positions in Income Tax Expense.

 

Net Income Per Share

The following table sets forth the computation of Basic and Diluted Net Income per Share as shown on the face of the accompanying Consolidated Statements of Income:

 

 

 

Fiscal Year Ended

 

 

 

January 31, 2026

 

 

February 1, 2025

 

 

February 3, 2024

 

 

 

(In thousands, except per share data)

 

Basic Net Income per Share:

 

Net
Income

 

 

Shares

 

 

Per
Share
Amount

 

 

Net
Income

 

 

Shares

 

 

Per
Share
Amount

 

 

Net
Income

 

 

Shares

 

 

Per
Share
Amount

 

Net income

 

$

52,269

 

 

 

 

 

 

 

 

$

73,766

 

 

 

 

 

 

 

 

$

73,348

 

 

 

 

 

 

 

Conversion of share-based
   compensation arrangements

 

 

0

 

 

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

Net income available for basic
   common shares and basic
   net income per share

 

$

52,269

 

 

 

27,318

 

 

$

1.91

 

 

$

73,766

 

 

 

27,157

 

 

$

2.72

 

 

$

73,348

 

 

 

27,231

 

 

$

2.69

 

Diluted Net Income per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

52,269

 

 

 

 

 

 

 

 

$

73,766

 

 

 

 

 

 

 

 

$

73,348

 

 

 

 

 

 

 

Conversion of share-based
   compensation arrangements

 

 

0

 

 

 

217

 

 

 

 

 

 

0

 

 

 

367

 

 

 

 

 

 

0

 

 

 

176

 

 

 

 

Net income available for diluted
   common shares and diluted
   net income per share

 

$

52,269

 

 

 

27,535

 

 

$

1.90

 

 

$

73,766

 

 

 

27,524

 

 

$

2.68

 

 

$

73,348

 

 

 

27,407

 

 

$

2.68

 

 

 

The computation of Basic Net Income per Share is based on the weighted average number of common shares outstanding during the period. The computation of Diluted Net Income per Share is based on the weighted average number of shares outstanding plus the dilutive incremental shares that would be outstanding assuming the vesting of stock-based compensation arrangements involving restricted stock, restricted stock units and performance stock units. No unvested stock-based awards were excluded from the computation of Diluted Net Income per Share for Fiscal 2025, Fiscal 2024 or Fiscal 2023.

 

Litigation Matters

The accounting standard related to loss contingencies provides guidance regarding our disclosure and recognition of loss contingencies, including pending claims, lawsuits, disputes with third parties, investigations and other actions that are incidental to the operation of our business. The guidance utilizes the following defined terms to describe the likelihood of a future loss: (1) probable – the future event or events are likely to occur, (2) remote – the chance of the future event or events is slight and (3) reasonably possible – the chance of the future event or events occurring is more than remote but less than likely. The guidance also contains certain requirements with respect to how we accrue for and disclose information concerning our loss contingencies. We accrue for a loss contingency when we conclude that the likelihood of a loss is probable and the amount of the loss can be reasonably estimated. When the reasonable estimate of the loss is within a range of amounts, and no amount in the range constitutes a better estimate than any other amount, we accrue for the amount at the low end of the range. We adjust our accruals from time to time as we receive additional information, but the loss we incur may be significantly greater than or less than the amount we have accrued. We disclose loss contingencies if there is at least a reasonable possibility that a loss has been incurred and such loss may be material. No accrual or disclosure is required for losses that are remote.

 

New Accounting Pronouncements

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. The guidance requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The ASU became effective for fiscal years beginning after December 15, 2024. We adopted this ASU as required and the additional disclosures required can be found in Note 12 – “Income Taxes.”

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The guidance requires new financial statement disclosures in tabular format, disaggregating information about prescribed categories underlying any relevant income statement expense caption. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments in the ASU should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the impact of this guidance on our Consolidated Financial Statements and related disclosures.

On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (the "OBBB"). The OBBB made key elements of the Tax Cuts and Jobs Act permanent, including 100% bonus depreciation, domestic research cost expensing and the business interest expense limitation. Accounting Standards Codification Topic No. 740, "Income Taxes", requires that we recognize the effects of changes in tax rates and laws in the period in which the legislation is enacted. Consequently, our Fiscal 2025 results reflect an increase in deferred tax expense, primarily due to the impact of the 100% bonus depreciation and domestic research cost expensing provided for in the OBBB, partially offset by reductions in our current tax expense. Enactment of the OBBB did not have a material impact on our financial statements, including our Fiscal 2025 effective tax rate.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40). The guidance provides targeted improvements to the accounting for internal-use software. The guidance is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods. Early adoption is permitted. The amendments in the ASU can be applied on a prospective transition approach, a modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption, or a retrospective transition approach. We are currently evaluating the impact of this guidance on our Consolidated Financial Statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The guidance amends certain requirements related to interim reporting and associated disclosures. The amendments are intended to enhance transparency and consistency of information provided in interim financial statements. We are currently evaluating the provisions of this guidance and the timing of adoption. Based on our preliminary assessment, we do not expect the adoption of this guidance, which is required for periods beginning after December 15, 2027, to have a material impact on our consolidated financial statements and related disclosures.
v3.26.1
Acquisition of Rogan Shoes
 12 Months Ended
Jan. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisition of Rogan Shoes

Note 3 – Acquisition of Rogan Shoes

On February 13, 2024, we acquired all of the stock of Rogan’s, a privately-held 53-year-old work and family footwear company incorporated in Wisconsin, for a purchase price of $44.8 million, net of $2.2 million of cash acquired, which was paid with cash on hand. This included $378,000 of purchase accounting adjustments which were paid in fourth quarter 2024. Additional consideration of up to $5.0 million may be paid by the Company subject to the achievement of three-year growth targets. At the time of the acquisition, Rogan’s operated 28 store locations in Wisconsin, Minnesota and Illinois. The Rogan’s acquisition immediately positioned us as the market leader in Wisconsin, and it established a store base in Minnesota, creating additional expansion opportunities.

Rogan’s results were included in our consolidated financial statements since the acquisition date. Net Sales from our Rogan’s operations were $75.6 million in Fiscal 2025 and $80.3 million in Fiscal 2024. Acquisition-related costs of $570,000 and $806,000 were expensed as incurred and were included in SG&A in Fiscal 2024 and Fiscal 2023, respectively. No acquisition-related costs were included in SG&A in Fiscal 2025.

The following table summarizes the purchase price and the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed. We measured these fair values using Level 3 inputs. The excess purchase price over the fair value of net assets acquired was allocated to Goodwill.

 

(In thousands)

 

 

 

Purchase Price:

 

 

 

Cash consideration, net of cash acquired

 

$

44,762

 

Fair value of contingent consideration

 

 

3,600

 

Total purchase price

 

$

48,362

 

 

 

 

 

Fair value of identifiable assets and liabilities:

 

 

 

Accounts receivable

 

$

2,365

 

Merchandise inventories

 

 

42,340

 

Other assets

 

 

2,000

 

Operating lease right-of-use assets

 

 

16,891

 

Identifiable intangible assets:

 

 

 

Trade name

 

 

7,500

 

Customer relationships

 

 

900

 

Goodwill

 

 

5,994

 

Total assets

 

$

77,990

 

Accounts payable

 

 

6,308

 

Operating lease liabilities

 

 

19,843

 

Deferred income taxes

 

 

974

 

Accrued and other liabilities

 

 

2,503

 

Total liabilities

 

$

29,628

 

 

 

 

 

Total fair value allocation of purchase price

 

$

48,362

 

 

Our fair value estimate of the Merchandise Inventories for Rogan’s was determined using the Comparative Sales and Replacement Cost methods. Our fair value estimate related to the identified intangible asset of Rogan’s trade name was determined using the Relief from Royalty method, and the significant assumptions used for the valuation include the royalty rate, estimated projected revenues, long-term growth rate and the discount rate. Our fair value estimates related to Rogan’s customer relationships were determined using the Multi-Period Excess Earnings method, and the

significant assumptions used for the valuation include projected cash flows, the discount rate and customer attrition rate.

Our fair value estimate of the contingent consideration for the Rogan’s acquisition was determined using a Monte Carlo simulation and other methods that account for the probabilities of various outcomes and was recorded in Other long-term liabilities. Significant assumptions used for the valuation include the discount rate, projected cash flows and calculated volatility. This contingent consideration is remeasured on a recurring basis at fair value, with any adjustments to the payment due to Rogan’s former owners reflected within SG&A. The fair value of the contingent consideration liability was $451,000 and $395,000 as of January 31, 2026 and February 1, 2025, respectively. In Fiscal 2025 and Fiscal 2024, adjustments to the contingent consideration included in SG&A were benefits of $25,000 and $3.2 million, respectively.

Identifiable intangible assets include Rogan’s trade name and customer relationships. We assigned an indefinite life to Rogan’s trade name; therefore, Goodwill and Rogan’s trade name will be charged to expense only if impaired. Impairment reviews have been, and will be, conducted at least annually and involve a comparison of fair value to the carrying amount. If fair value is less than the carrying amount, an impairment loss would be recognized in SG&A. Customer relationships are subject to amortization and will be amortized over a period of 20 years. The amortization of the customer relationships was $45,000 in both Fiscal 2025 and Fiscal 2024. Goodwill and the acquisition-related Intangible Assets are not deductible for tax purposes.
v3.26.1
Fair Value of Financial Instruments
 12 Months Ended
Jan. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

Note 4 – Fair Value of Financial Instruments

The following table presents financial instruments that are measured at fair value on a recurring basis at January 31, 2026 and February 1, 2025:

 

 

 

Fair Value Measurements

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

As of January 31, 2026:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents – money market mutual funds

 

$

109,149

 

 

$

0

 

 

$

0

 

 

$

109,149

 

Marketable securities - mutual funds that fund
      deferred compensation

 

 

13,636

 

 

 

0

 

 

 

0

 

 

 

13,636

 

Total

 

$

122,785

 

 

$

0

 

 

$

0

 

 

$

122,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of February 1, 2025:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents – money market mutual funds

 

$

95,963

 

 

$

0

 

 

$

0

 

 

$

95,963

 

Marketable securities - mutual funds that fund
      deferred compensation

 

 

14,432

 

 

 

0

 

 

 

0

 

 

 

14,432

 

Total

 

$

110,395

 

 

$

0

 

 

$

0

 

 

$

110,395

 

 

See Note 13 – “Employee Benefit Plans” for additional discussion and additional disclosures related to our Marketable Securities that fund deferred compensation. The fair values of Cash and Cash Equivalents, Accounts Receivable, Accounts Payable, Accrued Expenses and Other Current Liabilities approximate their carrying values because of their short-term nature.

 

The fair value of the Shoe Station and Rogan’s trade names were estimated when tested for impairment using a relief-from-royalty method. The estimates and assumptions used in the determination of the fair value of each brand included their respective projected revenue growth, long-term growth rate, the royalty rate and discount rate. No impairments were recognized.
v3.26.1
Revenue
 12 Months Ended
Jan. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue

Note 5 – Revenue

 

Disaggregation of Net Sales by Product Category

 

Net Sales and percentage of Net Sales, disaggregated by product category, for fiscal years 2025, 2024 and 2023 were as follows:

 

 

(In thousands)

 

January 31,
2026

 

 

February 1,
2025

 

 

February 3,
2024

 

Non-Athletics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Women's

 

$

266,954

 

 

23

%

 

$

295,776

 

 

25

%

 

$

310,280

 

 

26

%

Men's

 

 

201,526

 

 

18

 

 

 

214,273

 

 

18

 

 

 

191,476

 

 

16

 

Children's

 

 

74,886

 

 

7

 

 

 

83,358

 

 

7

 

 

 

87,986

 

 

7

 

Total

 

 

543,366

 

 

48

 

 

 

593,407

 

 

50

 

 

 

589,742

 

 

49

 

Athletics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Women's

 

 

185,106

 

 

16

 

 

 

186,682

 

 

15

 

 

 

170,938

 

 

15

 

Men's

 

 

201,447

 

 

18

 

 

 

203,991

 

 

17

 

 

 

195,315

 

 

17

 

Children's

 

 

141,317

 

 

12

 

 

 

147,203

 

 

12

 

 

 

150,422

 

 

13

 

Total

 

 

527,870

 

 

46

 

 

 

537,876

 

 

44

 

 

 

516,675

 

 

45

 

Accessories

 

 

58,009

 

 

5

 

 

 

65,356

 

 

5

 

 

 

63,446

 

 

5

 

Other

 

 

6,079

 

 

1

 

 

 

6,246

 

 

1

 

 

 

6,019

 

 

1

 

Total

 

$

1,135,324

 

 

100

%

 

$

1,202,885

 

 

100

%

 

$

1,175,882

 

 

100

%

 

 

Accounting Policy and Performance Obligations

We operate as an omnichannel, family footwear retailer and provide the convenience of shopping at our physical stores or shopping online through our e-commerce platform. As part of our omnichannel strategy, we offer Shoes 2U, a program that enables us to ship product to a customer’s home or selected store if the product is not in stock at a particular store. We also offer “buy online, pick up in store” services for our customers. “Buy online, pick up in store” provides the convenience of local pickup for our customers.

For our physical stores, we satisfy our performance obligation and control is transferred at the point of sale when the customer takes possession of the products. This also includes the “buy online, pick up in store” scenario described above and includes sales made via our Shoes 2U program when customers choose to pick up their goods at a physical store. For sales made through our e-commerce sales channel in which the customer chooses home delivery, we transfer control and recognize revenue when the product is shipped. This also includes sales made via our Shoes 2U program when the customer chooses home delivery.

We offer our customers sales incentives including coupons, discounts, and free merchandise. Sales are recorded net of such incentives and returns and allowances. If an incentive involves free merchandise, that merchandise is recorded as a zero sale and the cost is included in Cost of Sales. Gift card revenue is recognized at the time of redemption. When a customer makes a purchase as part of our rewards program, we allocate the transaction price between the goods purchased and the loyalty reward points and recognize the loyalty revenue based on estimated customer redemptions.

 

Transaction Price and Payment Terms

The transaction price is the amount of consideration we expect to receive from our customers and is reduced by any stated promotional discounts at the time of purchase. The transaction price may be variable due to terms that permit customers to exchange or return products for a refund. The implicit contract with the customer reflected in the transaction receipt states the final terms of the sale, including the description, quantity, and price of each product purchased. The customer agrees to a stated price in the contract that does not vary over the term of the contract and may include revenue to offset shipping costs. Taxes imposed by governmental authorities such as sales taxes are excluded from Net Sales.

We accept various forms of payment from customers at the point of sale typical for an omnichannel retailer. Payments made for products are generally collected when control passes to the customer, either at the point of sale or at the time the customer order is shipped. For Shoes 2U transactions, customers may order the product at the point of sale. For these transactions, customers pay in advance and unearned revenue is recorded as a contract liability. We recognize the related revenue when control has been transferred to the customer (i.e., when the product is picked up by the customer or shipped to the customer). Unearned revenue related to Shoes 2U was not material to our consolidated financial statements at January 31, 2026 or February 1, 2025.

 

Returns and Refunds

 

We have established an allowance based upon historical experience in order to estimate return and refund transactions. This allowance is recorded as a reduction in sales with a corresponding refund liability recorded in Accrued and Other Liabilities. The estimated cost of Merchandise Inventory is recorded as a reduction to Cost of Sales and an increase in Merchandise Inventories. At January 31, 2026, approximately $1.1 million of refund liabilities and $545,000 of right of return assets associated with estimated product returns were recorded in Accrued and Other Liabilities and Merchandise Inventories, respectively. At February 1, 2025, approximately $1.1 million of refund liabilities and $726,000 of right of return assets associated with estimated product returns were recorded in Accrued and Other Liabilities and Merchandise Inventories, respectively.

 

Contract Liabilities

 

The issuance of a gift card is recorded as an increase to contract liabilities and a decrease to contract liabilities when a customer redeems a gift card. Estimated breakage is determined based on historical breakage percentages and recognized as revenue based on expected gift card usage. We do not record breakage revenue when escheat liability to relevant jurisdictions exists. At January 31, 2026 and February 1, 2025, $2.0 million and $2.3 million of contract liabilities associated with unredeemed gift cards were recorded in Accrued and Other Liabilities, respectively. We expect the revenue associated with these liabilities to be recognized in proportion to the pattern of customer redemptions within two years. Breakage revenue associated with our gift cards recognized in Net Sales was $457,000 in Fiscal 2025. Breakage revenue associated with our gift cards recognized in Net Sales was $845,000 in Fiscal 2024, primarily related to Rogan’s as well as increasing breakage rates. Breakage revenue associated with our gift cards recognized in Net Sales was not material in Fiscal 2023.

 

Our Shoe Perks rewards program allows customers to accrue points and provides customers with the opportunity to earn rewards. Points under Shoe Perks are earned primarily by making purchases through any of our omnichannel points of sale. Once a certain threshold of accumulated points is reached, the customer earns a reward certificate, which is redeemable through any of our sales channels.

 

When a Shoe Perks customer makes a purchase, we allocate the transaction price between the goods purchased and the loyalty reward points earned based on the relative standalone selling price. The portion allocated to the points program is recorded as a contract liability for rewards that are expected to be redeemed. We then recognize revenue based on an estimate of when customers redeem rewards, which incorporates an estimate of points expected to expire using historical rates. Loyalty awards recognized in Net Sales were $4.1 million, $3.5 million and $6.1 million during fiscal years 2025, 2024 and 2023, respectively. At January 31, 2026 and February 1, 2025, approximately $627,000 and $564,000 of contract liabilities associated with loyalty rewards were recorded in Accrued and Other Liabilities, respectively. We expect the revenue associated with these liabilities to be recognized in proportion to the pattern of customer redemptions in less than one year.

v3.26.1
Segment Reporting
 12 Months Ended
Jan. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting

Note 6 – Segment Reporting

Shoe Carnival, Inc. has a single operating and reportable segment that sells footwear and related merchandise for the family across our retail banners and sales channels. With respect to our omnichannel strategy, our e-commerce sales channel is integrated with our physical store locations across 35 states and Puerto Rico and is fundamentally inseparable in how we serve our target customers.

Our chief operating decision maker (“CODM”) during Fiscal 2025 was our president and chief executive officer. The CODM assessed performance and decided how to allocate resources based on Net Income that also is reported on the

income statement as our consolidated Net Income. The CODM used Net Income to evaluate performance in deciding whether to reinvest profits, facilitate acquisitions or return funds to shareholders through dividends or share repurchases. Net Income was used to monitor budget versus actual results and in competitive analysis by benchmarking to our peers and competitors. The benchmarking analysis and the monitoring of budgeted versus actual results were used in assessing our performance and in establishing management’s compensation.

We have concluded that, on the basis of the principles in FASB ASU 2023-07, Segment Reporting (Topic 280), the expenses below require disclosure under the significant expense principle. The CODM did not review assets in evaluating results. Therefore, such information is not provided. Operating financial results of our segment for fiscal years 2025, 2024 and 2023 are as follows:

 

(In thousands)

 

January 31,
2026

 

 

February 1,
2025

 

 

February 3,
2024

 

Net sales

 

$

1,135,324

 

 

$

1,202,885

 

 

$

1,175,882

 

Less:

 

 

 

 

 

 

 

 

 

   Merchandise & delivery costs (1)

 

 

628,916

 

 

 

683,816

 

 

 

669,629

 

   Store occupancy costs

 

 

91,258

 

 

 

90,275

 

 

 

84,863

 

   Store expenses (2)

 

 

160,127

 

 

 

163,398

 

 

 

157,581

 

   E-commerce expenses (3)

 

 

16,368

 

 

 

19,104

 

 

 

19,430

 

   Advertising

 

 

58,747

 

 

 

50,533

 

 

 

56,272

 

   Store depreciation and other selling expenses (4)

 

 

43,605

 

 

 

39,947

 

 

 

35,034

 

   General and administrative expenses (5)

 

 

69,545

 

 

 

64,660

 

 

 

59,568

 

   Other segment items (6)

 

 

0

 

 

 

(3,043

)

 

 

0

 

   Interest income

 

 

(4,002

)

 

 

(3,605

)

 

 

(2,917

)

   Interest expense

 

 

373

 

 

 

314

 

 

 

282

 

   Income tax expense

 

 

18,118

 

 

 

23,720

 

 

 

22,792

 

Net income

 

$

52,269

 

 

$

73,766

 

 

$

73,348

 

 

(1)
Merchandise & delivery costs include the cost of merchandise and other buying and distribution costs.
(2)
Store expenses include selling expenses generally controlled operationally at the store level, such as store level payroll.
(3)
E-commerce expenses include primarily website maintenance costs and other selling expenses.
(4)
See Note 7 – “Property and Equipment” for more information. Other selling expenses include store-related health care, other insurance, licensing/tax costs and Property and Equipment write-offs.
(5)
General and administrative expenses include departmental and corporate expenses, including incentive and share-based compensation and merger and integration expenses.
(6)
Other segment items represent non-operating income resulting from pandemic-related tax credits associated with our acquisition of Rogan's in February 2024.
v3.26.1
Property and Equipment
 12 Months Ended
Jan. 31, 2026
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 7 – Property and Equipment

The following is a summary of Property and Equipment:

 

(In thousands)

 

January 31,
2026

 

 

February 1,
2025

 

Land

 

$

1,564

 

 

$

1,564

 

Buildings

 

 

7,753

 

 

 

7,735

 

Furniture, fixtures and equipment

 

 

255,038

 

 

 

243,435

 

Leasehold improvements

 

 

222,381

 

 

 

201,674

 

Total

 

 

486,736

 

 

 

454,408

 

Less accumulated depreciation and amortization

 

 

(301,126

)

 

 

(281,602

)

Property and equipment – net

 

$

185,610

 

 

$

172,806

 

 

 

Total depreciation expense associated with Property and Equipment was $31.4 million in Fiscal 2025, $28.3 million in Fiscal 2024 and $25.8 million in Fiscal 2023. As of January 31, 2026 and February 1, 2025, there was $12.1 million and $11.4 million, respectively, of construction work in process included in Property and Equipment, primarily related to store rebanners/remodels and new store construction activity.

 

No impairment charges on long-lived assets held and used were recorded in Fiscal 2025, Fiscal 2024 or Fiscal 2023. Impairment charges would be included in SG&A in our Consolidated Statements of Income.
v3.26.1
Cloud Computing Arrangements that are Service Contracts
 12 Months Ended
Jan. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Cloud Computing Arrangements that are Service Contracts

Note 8 – Cloud Computing Arrangements that are Service Contracts

We have engaged third-party providers to host software for us, including our customer relationship management (“CRM”) platform, merchandise financial planning platform and our transportation, warehouse and order management systems. These platforms are cloud computing arrangements that are software-as-a-service (“SaaS”) contracts. Net capitalized costs related to cloud computing arrangements as of January 31, 2026 and February 1, 2025 were $12.5 million and $14.4 million, respectively. Total amortization expense related to these arrangements was $2.8 million during Fiscal 2025, $2.7 million during Fiscal 2024 and $3.0 million during Fiscal 2023. As of January 31, 2026, $3.0 million of net capitalized costs related to cloud computing arrangements were classified in Other Current Assets and $9.5 million were classified as Other Noncurrent Assets in our Consolidated Balance Sheets. As of February 1, 2025, $3.2 million of net capitalized costs related to cloud computing arrangements were classified in Other Current Assets and $11.2 million were classified as Other Noncurrent Assets in our Consolidated Balance Sheets.
v3.26.1
Other Consolidated Balance Sheets and Consolidated Statements of Income Information
 12 Months Ended
Jan. 31, 2026
Condensed Financial Information Disclosure [Abstract]  
Accrued and Other Liabilities

Note 9 – Other Consolidated Balance Sheets and Consolidated Statements of Income Information

Accrued and Other Liabilities consisted of the following:

 

(In thousands)

 

January 31,
2026

 

 

February 1,
2025

 

Employee compensation and benefits

 

$

9,350

 

 

$

10,476

 

Current portion of non-qualified deferred compensation

 

 

1,235

 

 

 

4,259

 

Sales and use tax

 

 

2,584

 

 

 

2,420

 

Gift cards

 

 

2,083

 

 

 

2,341

 

Self-insurance reserves

 

 

2,426

 

 

 

2,290

 

Other

 

 

3,521

 

 

 

3,596

 

Total accrued and other liabilities

 

$

21,199

 

 

$

25,382

 

 

Interest and Other Income consisted of the following:

 

(In thousands)

 

January 31,
2026

 

 

February 1,
2025

 

 

February 3,
2024

 

Interest income

 

$

(4,002

)

 

$

(3,605

)

 

$

(2,917

)

Other non-operating income

 

 

0

 

 

 

(3,043

)

 

 

0

 

Interest and other income

 

$

(4,002

)

 

$

(6,648

)

 

$

(2,917

)
v3.26.1
Debt
 12 Months Ended
Jan. 31, 2026
Debt Disclosure [Abstract]  
Debt

Note 10 – Debt

On March 23, 2022, we entered into an Amended and Restated Credit Agreement (the “Credit Agreement”), which replaced our then-existing credit agreement. This $100 million amended and restated credit agreement is collateralized by our inventory, expires on March 23, 2027 and contains a swingline sublimit of $15 million. Material covenants associated with the Credit Agreement require that we maintain a minimum net worth of $250 million and a consolidated interest coverage ratio of not less than 3.0 to 1.0. The Credit Agreement also provides that cash dividends and share repurchases of $15 million or less per fiscal year can be made without restriction as long as there is no default or event of default before and immediately after such distributions. We are also permitted to make acquisitions and pay cash dividends or repurchase shares in excess of $15 million in a fiscal year provided that (a) no default or event of default exists before and immediately after the transaction and (b) on a proforma basis, the ratio of (i) the sum of (A) our consolidated funded indebtedness plus (B) three times our consolidated rental expense to (ii) the sum of (A) our consolidated EBITDA plus (B) our consolidated rental expense is less than 3.5 to 1.0.

Among other restrictions, the Credit Agreement also limits our ability to incur additional secured or unsecured debt to $20 million. The Credit Agreement bears interest, at our option, at (1) the agent bank’s base rate plus 0.0% to 1.0% or (2) Adjusted Term SOFR plus 0.9% to 1.9%, depending on our achievement of certain performance criteria. A commitment fee is charged at 0.2% to 0.3% per annum, depending on our achievement of certain performance criteria, on the unused portion of the lenders’ commitment.

The terms “net worth”, “consolidated interest coverage ratio”, “consolidated funded indebtedness”, “consolidated rental expense”, “consolidated EBITDA”, “base rate” and “Adjusted Term SOFR” are defined in the Credit Agreement.

 

No borrowings were outstanding under the Credit Agreement as of January 31, 2026 or February 1, 2025, and we did not borrow under the Credit Agreement during Fiscal 2025 or Fiscal 2024. As of January 31, 2026, there were $1.0 million in letters of credit outstanding and $99.0 million available to us for borrowing under the Credit Agreement.

v3.26.1
Leases
 12 Months Ended
Jan. 31, 2026
Leases [Abstract]  
Leases

Note 11 – Leases

We lease all of our physical stores, our Evansville distribution center, which has a current lease term expiring in 2034, and other warehousing and office space. We also enter into leases of equipment and other assets. Substantially all of our leases are operating leases; however, as a result of the acquisition of Rogan’s, we also acquired certain assets subject to finance leases. The finance lease assets and related current liabilities and noncurrent liabilities were recorded in Other Noncurrent Assets, Accrued and Other Liabilities and Other long-term liabilities, respectively. Leases with terms of twelve months or less are immaterial and are expensed as incurred, and we did not have any leases with related parties or any sublease arrangements with any related party or third party as of January 31, 2026. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Our real estate leases typically include options to extend the lease or to terminate the lease at our sole discretion. Options to extend real estate leases typically include one or more options to renew, with renewal terms that typically extend the lease term for five years or more. Many of our leases also contain “co-tenancy” provisions, including the required presence and continued operation of certain anchor tenants in the adjoining retail space. If a co-tenancy violation occurs, we have the right to a reduction of rent for a defined period after which we have the option to terminate the lease if the violation is not cured. In addition to co-tenancy provisions, certain leases contain “go-dark” provisions that allow us to cease operations while continuing to pay rent through the end of the lease term. When determining the lease term, we include options that are reasonably certain to be exercised.

Our leases typically provide for fixed minimum rental payments, and certain leases provide for contingent rental payments based upon various specified percentages of sales above minimum levels. In addition to rental payments, we are required to pay certain non-lease components, such as real estate taxes, insurance and common area maintenance, on most of our real estate leases. Such non-lease components are typically variable in nature. Certain real estate leases also contain escalation clauses for increases in minimum rentals, operating costs and taxes.

 

Lease costs, including other related occupancy costs, reported in our Consolidated Statements of Income were as follows:

 

(In thousands)

 

2025

 

 

2024

 

 

2023

 

Operating lease cost

 

$

71,598

 

 

$

70,596

 

 

$

65,244

 

Variable lease cost

 

 

 

 

 

 

 

 

 

  Occupancy costs

 

 

22,470

 

 

 

23,046

 

 

 

21,243

 

  Percentage rent and other variable lease costs

 

 

829

 

 

 

448

 

 

 

1,257

 

Finance lease cost

 

 

 

 

 

 

 

 

 

  Amortization of leased assets

 

 

39

 

 

 

21

 

 

 

0

 

  Interest on lease liabilities

 

 

12

 

 

 

10

 

 

 

0

 

Total

 

$

94,948

 

 

$

94,121

 

 

$

87,744

 

 

 

Other information related to leases, including supplemental cash flow information, consists of:

 

(In thousands)

 

2025

 

 

2024

 

 

2023

 

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

 

$

60,176

 

 

$

55,490

 

 

$

59,129

 

ROU assets obtained in exchange for operating lease
   liabilities (1)

 

$

64,212

 

 

$

53,113

 

 

$

72,772

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

As of

 

 

As of

 

 

 

January 31, 2026

 

 

February 1, 2025

 

 

February 3, 2024

 

Weighted-average remaining lease term for operating leases
   (in years)

 

 

6.9

 

 

 

7.0

 

 

 

7.6

 

Weighted-average discount rate for operating leases

 

 

5.1

%

 

 

4.7

%

 

 

4.2

%

(1) Includes ROU assets added as part of the Rogan's acquisition described in Note 3 – “Acquisition of Rogan Shoes”

 

The following table reconciles the undiscounted cash flows for each of the next five years and the total of the remaining years to our operating lease liabilities as of January 31, 2026:

 

(In thousands)

 

Operating Leases

 

2026

 

$

75,748

 

2027

 

 

73,258

 

2028

 

 

72,387

 

2029

 

 

59,004

 

2030

 

 

50,445

 

Thereafter to 2041

 

 

120,171

 

   Total undiscounted lease payments

 

 

451,013

 

Less: Imputed interest

 

 

79,588

 

   Total operating lease liabilities

 

 

371,425

 

Less: Current portion of operating lease liabilities

 

 

58,057

 

   Long-term portion of operating lease liabilities

 

$

313,368

 

v3.26.1
Income Taxes
 12 Months Ended
Jan. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes

Note 12 – Income Taxes

The provision for income taxes consisted of:

 

(In thousands)

 

2025

 

 

2024

 

 

2023

 

Current:

 

 

 

 

 

 

 

 

 

Federal

 

$

7,833

 

 

$

18,513

 

 

$

13,290

 

State

 

 

1,435

 

 

 

3,828

 

 

 

2,623

 

Puerto Rico

 

 

851

 

 

 

815

 

 

 

1,382

 

Total current

 

 

10,119

 

 

 

23,156

 

 

 

17,295

 

Deferred:

 

 

 

 

 

 

 

 

 

Federal

 

 

6,656

 

 

 

453

 

 

 

4,862

 

State

 

 

954

 

 

 

(227

)

 

 

21

 

Total deferred

 

 

7,610

 

 

 

226

 

 

 

4,883

 

Valuation allowance

 

 

389

 

 

 

338

 

 

 

614

 

Total provision

 

$

18,118

 

 

$

23,720

 

 

$

22,792

 

 

Reconciliation between the statutory federal income tax rate and the effective income tax rate is as follows:

 

Fiscal years

 

2025

 

 

2024

 

 

2023

 

U.S. Federal statutory income tax rate

 

$

14,781

 

 

21.0

%

 

$

20,472

 

 

21.0

%

 

$

20,189

 

 

21.0

%

State and local, net of federal benefit (1)

 

 

2,035

 

 

2.9

 

 

 

2,901

 

 

3.0

 

 

 

2,615

 

 

2.7

 

Effect of cross-border tax laws (2)

 

 

29

 

 

0.0

 

 

 

36

 

 

0.0

 

 

 

20

 

 

0.0

 

Tax credits

 

 

(252

)

 

(0.4

)

 

 

(254

)

 

(0.2

)

 

 

(471

)

 

(0.5

)

Nontaxable or nondeductible items

 

 

1,084

 

 

1.5

 

 

 

(107

)

 

(0.1

)

 

 

(195

)

 

(0.2

)

Other adjustments

 

 

52

 

 

0.1

 

 

 

334

 

 

0.3

 

 

 

20

 

 

0.0

 

Changes in valuation allowance (2)

 

 

389

 

 

0.6

 

 

 

338

 

 

0.3

 

 

 

614

 

 

0.7

 

Effective income tax rate

 

$

18,118

 

 

25.7

%

 

$

23,720

 

 

24.3

%

 

$

22,792

 

 

23.7

%

(1) State taxes comprised the majority (greater than 50%) of the tax effect in the category as follows:

Fiscal 2025: Illinois, Wisconsin, Texas, Indiana, Florida, Alabama and Tennessee

Fiscal 2024: Illinois, Wisconsin, Indiana, Florida and Alabama

Fiscal 2023: Illinois, Indiana, Florida, Alabama, Texas and Georgia

 

(2) Our Puerto Rico operations, net of related tax credits, are presented in the rate reconciliation as “Effect of cross-border tax laws.” Changes in our valuation allowance represents tax credits generated by our Puerto Rico operations that are not expected to be utilized.

 

 

 

Deferred Income Taxes are the result of temporary differences in the recognition of revenue and expense for tax and financial reporting purposes. The sources of these differences and the tax effect of each are as follows:

 

(In thousands)

 

January 31,
2026

 

 

February 1,
2025

 

Deferred tax assets:

 

 

 

 

 

 

Lease obligations

 

$

90,330

 

 

$

89,495

 

Accrued compensation

 

 

6,039

 

 

 

6,465

 

Inventory reserve

 

 

362

 

 

 

438

 

Other

 

 

4,928

 

 

 

4,970

 

Total deferred tax assets

 

 

101,659

 

 

 

101,368

 

Valuation allowance

 

 

(3,977

)

 

 

(3,588

)

Total deferred tax assets – net of valuation
   allowance

 

 

97,682

 

 

 

97,780

 

Deferred tax liabilities:

 

 

 

 

 

 

Lease ROU assets

 

 

86,125

 

 

 

84,602

 

Depreciation

 

 

27,954

 

 

 

23,997

 

Other

 

 

10,482

 

 

 

8,060

 

Total deferred tax liabilities

 

 

124,561

 

 

 

116,659

 

Net deferred tax liability

 

$

(26,879

)

 

$

(18,879

)

We have tax credit carryforwards associated with our Puerto Rico operations totaling $3.9 million at January 31, 2026 and $3.6 million at February 1, 2025. These credits expire at various times over the next nine years. We have taken a full valuation allowance against these credits given they are not expected to be utilized due to the current differential between U.S. and Puerto Rico tax rates.

As of January 31, 2026 and February 1, 2025, there were no unrecognized tax liabilities or related accrued penalties or interest.

Income taxes paid, net of refunds received, disaggregated as follows:

 

(In thousands)

 

2025

 

 

2024

 

 

2023

 

Federal

 

$

8,522

 

 

$

16,657

 

 

$

14,010

 

State

 

 

1,345

 

 

 

3,598

 

 

 

3,866

 

Puerto Rico

 

 

841

 

 

 

939

 

 

 

1,356

 

Total taxes paid, net of refunds received

 

 

10,708

 

 

 

21,194

 

 

 

19,232

 

 

During the years ended January 31, 2026, February 1, 2025, and February 3, 2024, no jurisdiction, other than Puerto Rico in Fiscal 2025 and Fiscal 2023, exceeded 5% of the total cash income taxes paid.
v3.26.1
Employee Benefit Plans
 12 Months Ended
Jan. 31, 2026
Retirement Benefits [Abstract]  
Employee Benefit Plans

Note 13 – Employee Benefit Plans

Retirement Savings Plans

Our Board of Directors-approved Shoe Carnival Retirement Savings Plan (the “Domestic Savings Plan”) is open to all employees working in the continental United States who have been employed for at least one year, are at least 21 years of age and who work at least 1,000 hours in a defined year. The primary savings mechanism under the Domestic Savings Plan is a 401(k) plan under which an employee may contribute up to 20% of annual earnings with a matching Company contribution up to the first 4% at a rate of 50%. Our contributions to the participants’ accounts become fully vested when participants reach their third anniversary of employment with us.

Our Board of Directors-approved Shoe Carnival Puerto Rico Savings Plan (the “Puerto Rico Savings Plan”) is open to all employees working in Puerto Rico who have been employed for at least one year, are at least 21 years of age and who work at least 1,000 hours in a defined year. This plan is similar to our Domestic Savings Plan, whereby an

employee may contribute up to 20% of his or her annual earnings, with a matching Company contribution up to the first 4% at a rate of 50%.

Contributions charged to expense associated with these plans were $1.1 million, $1.1 million and $1.0 million in fiscal years 2025, 2024 and 2023, respectively.

Deferred Compensation Plan

We have a non-qualified deferred compensation plan for certain key employees who, due to Internal Revenue Service guidelines, cannot take full advantage of the employer-sponsored 401(k) plan. Participants in the plan may elect on an annual basis to defer, on a pre-tax basis, portions of their current compensation until retirement, or earlier if so elected. We voluntarily match a portion of the employees’ contributions, which is subject to vesting requirements. The compensation deferred under this plan is credited with earnings or losses measured by the rate of return on investments elected by plan participants. The liabilities of our deferred compensation plan are presented in Deferred Compensation, a long-term liability, or in Accrued and Other Liabilities if scheduled payments are due within the next 12 months.

We invest in publicly traded mutual funds with readily determinable fair values. These Marketable Securities are designed to mitigate volatility in our Consolidated Statements of Income associated with our non-qualified deferred compensation plan. As of January 31, 2026, these Marketable Securities were principally invested in equity-based mutual funds, consistent with the allocation in our deferred compensation plan. To the extent there is a variation in invested funds compared to the total non-qualified deferred compensation plan liability, such fund variance is managed through a stable value mutual fund. We classify these Marketable Securities as current assets because we have the ability to convert the securities into cash at our discretion and these Marketable Securities are not held in a rabbi trust. Changes in these Marketable Securities and deferred compensation plan liabilities are charged to SG&A.

The following tables present the balances and activity of the Company's deferred compensation plan liabilities and related Marketable Securities:

 

(In thousands)

 

January 31,
2026

 

 

February 1,
2025

 

Deferred compensation plan current liabilities

 

$

1,235

 

 

$

4,259

 

Deferred compensation plan long-term liabilities

 

 

12,114

 

 

 

10,011

 

Total deferred compensation plan liabilities

 

$

13,349

 

 

$

14,270

 

Marketable securities - mutual funds that fund deferred compensation

 

$

13,636

 

 

$

14,432

 

 

(In thousands)

 

2025

 

 

2024

 

 

2023

 

Deferred compensation liabilities

 

 

 

 

 

 

 

 

 

   Employer contributions, net

 

$

319

 

 

$

305

 

 

$

302

 

   Investment earnings

 

 

1,247

 

 

 

1,787

 

 

 

1,266

 

Marketable Securities

 

 

 

 

 

 

 

 

 

Mark-to-market gains (1)

 

 

(1,224

)

 

 

(1,735

)

 

 

(1,246

)

Net deferred compensation expense

 

$

342

 

 

$

357

 

 

$

322

 

 

(1) Included in the mark-to-market gains in Fiscal 2025, Fiscal 2024 and Fiscal 2023, we recognized unrealized gains of $0.4 million, $1.0 million and $1.4 million related to equity securities still held at January 31, 2026, February 1, 2025 and February 3, 2024, respectively.
v3.26.1
Stock-Based Compensation
 12 Months Ended
Jan. 31, 2026
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock-Based Compensation

Note 14 – Stock-Based Compensation

 

On June 20, 2023, our shareholders approved an amendment and restatement of the Shoe Carnival, Inc. 2017 Equity Incentive Plan (as amended and restated, the “2017 Equity Plan”). Pursuant to the amendment and restatement, the number of shares of our common stock available for issuance under the 2017 Equity Plan was increased by an additional 1.8 million shares, the term of the 2017 Equity Plan was extended an additional ten years from the date of shareholder approval, and certain other design changes were made to the plan.

Stock-based compensation includes share-settled awards issued pursuant to our 2017 Equity Plan in the form of restricted stock units, performance stock units, and restricted and other stock awards. Additionally, we recognize

stock-based compensation expense for the discount on shares sold to employees through our Employee Stock Purchase Plan and for cash-settled stock appreciation rights (“SARs”). For fiscal years 2025, 2024 and 2023, stock-based compensation expense was comprised of the following:

 

(In thousands)

 

2025

 

 

2024

 

 

2023

 

Share-settled equity awards

 

$

7,281

 

 

$

7,413

 

 

$

4,897

 

Stock appreciation rights

 

 

0

 

 

 

221

 

 

 

(42

)

Employee stock purchase plan

 

 

31

 

 

 

63

 

 

 

32

 

Total stock-based compensation expense

 

$

7,312

 

 

$

7,697

 

 

$

4,887

 

Income tax benefit at statutory rates

 

$

1,778

 

 

$

1,142

 

 

$

1,189

 

Additional income tax (shortfall) benefit on vesting of share-settled awards

 

$

(458

)

 

$

109

 

 

$

846

 

As of January 31, 2026, there was approximately $8.4 million of unrecognized compensation expense remaining related to our share-settled equity awards. The cost is expected to be recognized over a weighted average period of approximately 1.4 years.

Under the 2017 Equity Plan, we may issue stock units, restricted stock, stock appreciation rights, stock options and other stock-based awards to eligible participants. According to the terms of the 2017 Equity Plan, no further awards may be made from any previously approved equity plans. As of January 31, 2026, there were approximately 1.3 million shares of our common stock available for issuance under the 2017 Equity Plan, assuming that all unmeasured but outstanding performance stock units vest at the maximum level of performance.

Equity awards issued to employees are classified as either performance-based or service-based. Our outstanding performance-based equity awards were granted such that vesting depended on whether Diluted Net Income per Share met an established threshold, target, or maximum level of performance. Diluted Net Income per Share below the threshold level of performance results in complete forfeiture of the award. None of the performance stock units granted in Fiscal 2023 were earned. The performance stock units granted in Fiscal 2024 that were earned based on our actual performance vest in full on March 31, 2027. The performance stock units granted in Fiscal 2025 that were earned based on our actual performance vest in full on March 31, 2028. Other vesting scenarios have been used in prior years and for awards used to incentivize specific employee performance.

Our service-based restricted stock units and restricted stock awards vest under different scenarios based on the year they were granted, as determined and approved by our Board of Directors. The restricted stock units granted in Fiscal 2025 and Fiscal 2024 vest one-half after two years and the remaining half after three years. Restricted stock units granted in Fiscal 2023 vest one-third after two years and two-thirds after three years. For our non-employee Board members and Vice Chairman, all restricted stock awards are issued to vest on January 2nd of the year following the year of the grant. Our Chairman of the Board receives an annual award in which the shares are fully vested upon grant. Awards that contain both performance and service-based conditions require that the performance target be met during the required service period. Other vesting scenarios have been used for employees in prior years and for sign-on awards granted to newly hired employees.

Under the 2017 Equity Plan, recipients of restricted stock, restricted stock units and performance stock units are entitled to receive dividend equivalents, based on dividends actually declared and paid, on such awards, and such dividend equivalents are subject to the same restrictions and risk of forfeiture as the restricted stock, restricted stock units and performance stock units.

Share-Settled Equity Awards

The following table summarizes transactions for our restricted stock units and performance stock units:

 

 

 

Number of
Shares

 

 

Weighted-
Average
Grant Date
Fair Value

 

Outstanding at February 1, 2025

 

 

695,259

 

 

$

29.71

 

Granted

 

 

436,031

 

 

 

21.61

 

Vested

 

 

(259,725

)

 

 

28.79

 

Forfeited

 

 

(75,156

)

 

 

28.80

 

Outstanding at January 31, 2026

 

 

796,409

 

 

$

25.67

 

 

The total fair value at grant date of restricted stock units and performance stock units that vested during Fiscal 2025, Fiscal 2024 and Fiscal 2023 was $7.5 million, $1.4 million and $4.8 million, respectively. The weighted-average grant date fair value of restricted stock units and performance stock units granted during Fiscal 2024 and Fiscal 2023 was $32.06 and $24.99, respectively.

The following table summarizes transactions for our restricted stock and other stock awards:

 

 

 

Number of
Shares

 

 

Weighted-
Average
Grant Date
Fair Value

 

Outstanding at February 1, 2025

 

 

0

 

 

$

0.00

 

Granted

 

 

34,488

 

 

 

18.85

 

Vested

 

 

(34,488

)

 

 

18.85

 

Outstanding at January 31, 2026

 

 

0

 

 

$

0.00

 

 

The total fair value at grant date of restricted stock and other stock awards that vested during each of Fiscal 2025, Fiscal 2024 and Fiscal 2023 was $0.7 million, $0.5 million and $0.5 million, respectively. The weighted-average grant date fair value of restricted stock and other stock awards granted during Fiscal 2024 and Fiscal 2023 was $36.84 and $21.90, respectively.

Cash-Settled Stock Appreciation Rights

Cash-settled SARs were granted to certain non-executive employees. Each SAR entitles holders, upon exercise of their vested shares, to receive cash in an amount equal to the closing price of our stock on the date of exercise less the exercise price, with a maximum amount of gain defined. The SARs granted during the first quarter of Fiscal 2021 vested and became fully exercisable on March 31, 2022 and any unexercised SARs expired on March 31, 2024. The SARs issued in Fiscal 2021 had a defined maximum gain of $5.00 over the exercise price of $30.94.

 

The fair value of these liability awards were remeasured, using a trinomial lattice model, at each reporting period until the date of settlement. Increases or decreases in stock-based compensation expense were recognized over the vesting period, or immediately for vested awards. No additional SARs have been granted since Fiscal 2021.

Stock Purchase Plan

In 1995, our Board of Directors and shareholders approved the Shoe Carnival, Inc. Employee Stock Purchase Plan (the “Stock Purchase Plan”). The Stock Purchase Plan reserves 450,000 shares of our common stock (subject to adjustment for any subsequent stock splits, stock dividends and certain other changes in our common stock) for issuance and sale to any employee who has been employed for more than a year at the beginning of the calendar year, and who is not a 10% owner of our common stock, at 85% of the then fair market value up to a maximum of $5,000 in any calendar year. Under the Stock Purchase Plan, 11,000, 6,000 and 9,000 shares of common stock were purchased by plan participants and proceeds to us for the sale of those shares were approximately $172,000, $169,000 and $183,000 for fiscal years 2025, 2024 and 2023, respectively. At January 31, 2026, there were approximately 84,000 shares of unissued common stock reserved for future purchase under the Stock Purchase Plan.

v3.26.1
Share Repurchase Program
 12 Months Ended
Jan. 31, 2026
Equity [Abstract]  
Share Repurchase Program

Note 15 – Share Repurchase Program

On December 10, 2025, our Board of Directors authorized a share repurchase program for up to $50 million of our outstanding common stock, effective January 1, 2026 (the “2026 Share Repurchase Program”). The purchases may be made in the open market or through privately negotiated transactions from time to time through December 31, 2026 and in accordance with applicable laws, rules and regulations. The 2026 Share Repurchase Program may be amended, suspended or discontinued at any time and does not commit us to repurchase shares of our common stock. We have funded, and intend to continue to fund, the share repurchase program from cash on hand, and any shares acquired will be available for stock-based compensation awards and other corporate purposes. The actual number and value of the shares to be purchased will depend on the performance of our stock price and other market and economic factors.

The 2026 Share Repurchase Program replaced a $50 million share repurchase program that was authorized in December 2024, became effective January 1, 2025 and expired in accordance with its terms on December 31, 2025. No shares were repurchased during Fiscal 2025 or Fiscal 2024. Shares totaling 230,696 were repurchased during Fiscal 2023 at a cost of $5.4 million.

See Note 10 – “Debt” for a discussion of our Credit Agreement and its restrictions regarding share repurchases.
v3.26.1
Litigation and Business Risk
 12 Months Ended
Jan. 31, 2026
Risks and Uncertainties [Abstract]  
Litigation and Business Risk

Note 16 – Litigation and Business Risk

Litigation Risk

From time to time, we are involved in certain legal proceedings in the ordinary course of conducting our business. While the outcome of any legal proceeding is uncertain, we do not currently expect that any such proceedings will have a material adverse effect on our consolidated balance sheets, statements of income, or cash flows.

Business Risk

Three branded suppliers, Nike, Inc. (“Nike”), Skechers U.S.A., Inc. (“Skechers”) and Crocs, Inc. (“Crocs”), collectively accounted for approximately 46% of our Net Sales in Fiscal 2025, 48% of our Net Sales in Fiscal 2024 and 45% of our Net Sales in Fiscal 2023. Nike accounted for approximately 24% of our Net Sales in Fiscal 2025, 24% of our Net Sales in Fiscal 2024 and 20% of our Net Sales in Fiscal 2023; Skechers accounted for approximately 13% of our Net Sales in Fiscal 2025, 13% of our Net Sales in Fiscal 2024 and 14% of our Net Sales in Fiscal 2023; and Crocs accounted for approximately 9% of our Net Sales in Fiscal 2025 and 11% of our Net Sales in both Fiscal 2024 and Fiscal 2023. A loss of any of our key suppliers in certain product categories could have a material adverse effect on our business. As is common in the industry, we do not have any long-term contracts with suppliers.
v3.26.1
Subsequent Events
 12 Months Ended
Jan. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events

Note 17 – Subsequent Events

Dividends

On March 3, 2026, the Board of Directors (the “Board”) approved the payment of a cash dividend to our shareholders in the first quarter of Fiscal 2026. The quarterly cash dividend of $0.170 per share will be paid on April 20, 2026 to shareholders of record as of the close of business on April 6, 2026.

The declaration and payment of any future dividends are at the discretion of the Board and will depend on our results of operations, financial condition, business conditions and other factors deemed relevant by the Board. See Note 10 – “Debt” for a discussion of our Credit Agreement and its restrictions regarding dividend payments and acquisitions.

CEO Transition

On February 24, 2026, Mark J. Worden departed from his position as President and Chief Executive Officer of the Company. In connection with his departure, Mr. Worden resigned as a member of the Board, effective immediately. Mr. Worden’s departure was not due to any disagreement with the Company on any matter relating to its operations, policies or practices.

On February 24, 2026, the Board appointed Clifton E. Sifford to serve as our Interim President and Chief Executive Officer. Mr. Sifford will continue to serve as the Vice Chairman of the Board as well. Mr. Sifford was also designated as our principal executive officer, effective as of February 24, 2026.

Pursuant to the terms of the Amended and Restated Employment and Noncompetition Agreement, dated as of November 1, 2024, between the Company and Mr. Worden (the “Employment Agreement”), in connection with his departure, we are providing Mr. Worden with the payments required to be made to him under the terms of the Employment Agreement upon a termination without cause, subject to Mr. Worden complying with the covenants set forth in the Employment Agreement. Mr. Worden also executed and delivered a release of claims against the Company pursuant to the terms of the Employment Agreement. Payments to Mr. Worden included 168,184 shares of our common stock issued to Mr. Worden for the settlement of outstanding equity awards whose vesting accelerated upon his termination and will include a cash payment of $4.8 million. These payments, net of accruals for incentive and stock-based compensation as of January 31, 2026, will have an estimated effect on Net Income per Diluted Share for Fiscal 2026 of approximately $0.20 to $0.22.

 

Supreme Court Tariff Ruling

 

In February 2026, the United States Supreme Court issued a ruling striking down certain tariffs previously imposed by the United States executive branch under the International Emergency Economic Powers Act (“IEEPA”). The United States executive branch subsequently instituted additional tariffs under other laws. These actions have resulted in considerable uncertainty regarding the scope and duration of current and potential tariffs and the impact this uncertainty may have on us, including availability and timing of refunds of tariffs paid under IEEPA. We continue to monitor and evaluate tariff policy and assess the potential impact on our business, financial condition, and results of operations. At this time, we cannot reasonably estimate the total financial impact of these events; however, these actions, and any additional tariffs imposed, may materially affect our future results of operations and cash flows.
v3.26.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Jan. 31, 2026
Accounting Policies [Abstract]  
Fiscal Year

Fiscal Year

Our fiscal year is a 52/53 week year ending on the Saturday closest to January 31. Unless otherwise stated, references to years 2025, 2024 and 2023 relate to the fiscal years ended January 31, 2026 (“Fiscal 2025”), February 1, 2025 (“Fiscal 2024”) and February 3, 2024 (“Fiscal 2023”), respectively. Fiscal 2025 and Fiscal 2024 consisted of 52 weeks while Fiscal 2023 consisted of 53 weeks.

Use of Estimates in the Preparation of Consolidated Financial Statements

Use of Estimates in the Preparation of Consolidated Financial Statements

The preparation of our consolidated financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities as of the financial statement reporting date in addition to the reported amounts of certain revenues and expenses for the reporting period. The assumptions used by management in future estimates could change significantly due to changes in circumstances and actual results could differ from those estimates.
Cash and Cash Equivalents

Cash and Cash Equivalents

We had Cash and Cash Equivalents of $117.1 million at January 31, 2026 and $108.7 million at February 1, 2025. Credit and debit card receivables and receivables due from a third party totaling $5.9 million and $6.9 million were included in cash equivalents at January 31, 2026 and February 1, 2025, respectively. Credit and debit card receivables generally settle within three days; receivables due from third parties generally settle within five business days.

We consider all short-term investments with an original maturity date of three months or less to be cash equivalents. As of January 31, 2026 and February 1, 2025, all invested cash was held in money market mutual funds. While investments are not considered by management to be at significant risk, they could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, we have experienced no loss or lack of access to either invested cash or cash held in our bank accounts.
Fair Value Measurements

Fair Value Measurements

The accounting guidance related to fair value measurements defines fair value and provides a consistent framework for measuring fair value. Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect market assumptions. This guidance only applies when other guidance requires or permits the fair value measurement of assets and liabilities. A fair value hierarchy was established, which prioritizes the inputs used in measuring fair value into three broad levels:

•
Level 1 – Quoted prices in active markets for identical assets or liabilities;
•
Level 2 – Quoted prices in active or inactive markets for similar assets or liabilities that are either directly or indirectly observable; and
•
Level 3 – Significant unobservable inputs that are generally model-based valuation techniques such as discounted cash flows, based on the best information available, including our own data. Fair values of
our long-lived assets are estimated using an income-based approach and are classified within Level 3 of the valuation hierarchy.
Merchandise Inventories and Cost of Sales

Merchandise Inventories and Cost of Sales

Merchandise Inventories are stated at the lower of cost or net realizable value using the first-in, first-out (“FIFO”) method. For determining net realizable value, we estimate the future demand and related sale price of merchandise contained in inventory as of the balance sheet date. The stated value of Merchandise Inventories contained on our Consolidated Balance Sheets also includes freight, certain capitalized overhead costs and reserves. Factors considered in determining if our inventory is properly stated at the lower of cost or net realizable value include, among others, recent sale prices, historical loss rates, the length of time merchandise has been held in inventory, quantities of various styles held in inventory, seasonality of merchandise, expected consideration to be received from our vendors and current and expected future sales trends. We also review aging trends, which include the historical rate at which merchandise has sold below cost and the value and nature of merchandise currently held in inventory and priced below original cost. We reduce the value of our inventory to its estimated net realizable value where cost exceeds the estimated future selling price. Material changes in the factors previously noted could have a significant impact on the actual net realizable value of our inventory and our reported operating results.

Cost of Sales includes the cost of merchandise sold, buying, distribution, and occupancy costs, inbound freight expense, provision for inventory obsolescence, inventory shrink and credits and allowances from merchandise vendors. Cost of Sales related to our e-commerce orders includes shipping expense to deliver merchandise to our customers.
Leases

Leases

We account for our leases in accordance with Accounting Standards Codification Topic No. 842 - Leases. We evaluate whether a contract is an operating or finance lease at its inception or at its acquisition. Substantially all of our leases were operating leases as of January 31, 2026; however, as a result of the acquisition of Rogan's, we also acquired certain assets subject to finance leases. The finance lease assets and related current liabilities and noncurrent liabilities were recorded in Other Noncurrent Assets, Accrued and Other Liabilities and Other long-term liabilities, respectively. Leases with terms of twelve months or less were not significant and we have elected to expense them as incurred.

On the lease commencement date, we recognize a right-of-use (“ROU”) asset for the right to use a leased asset and a liability based on the present value of remaining lease payments over the lease term. As the rate implicit in our leases is not readily determinable, we utilize an incremental borrowing rate for the initial measurement and any subsequent remeasurements of ROU assets and liabilities, which is determined through the development of a synthetic credit rating.

Operating lease liabilities are increased by interest and reduced by payments each period, and ROU assets are amortized over the lease term. Interest on operating lease liabilities and the amortization of ROU assets results in straight-line rent expense over the lease term. We record variable lease expense associated with contingent rent, reduced rent due to co-tenancy violations, and other variable non-lease components when incurred.

In addition to fixed minimum rental payments set forth in our leases, the measurement of ROU assets and liabilities can also include prepaid rent, landlord incentives (such as construction and tenant improvement allowances), fixed payments related to lease components (such as rent escalation payments scheduled at the lease commencement date), fixed payments related to non-lease components (such as common area maintenance (“CAM”), real estate taxes and insurance) and initial direct costs incurred in conjunction with securing a lease.

The measurement of ROU assets and liabilities excludes amounts related to variable payments related to lease components (such as contingent rent payments based on performance), variable payments related to non-lease components (such as CAM, real estate taxes and insurance) and leases with an initial term of 12 months or less.

For new leases, renewals or amendments, or when we make material investments in leased properties, we make certain estimates and assumptions regarding property values, market rents, property lives, discount rates and probable terms. These estimates and assumptions can impact: (1) lease classification and the related accounting treatment; (2) rent holidays, escalations or deferred lease incentives, which are taken into consideration when calculating straight-line

expense; (3) the term over which leasehold improvements for each store are amortized; and (4) the values and lives of adjustments to initial ROU assets. The amount of amortized rent expense would vary if different estimates and assumptions were used.

See Note 11 – “Leases” for additional discussion of our lease policies as well as additional disclosures related to our leases.
Revenue Recognition

Revenue Recognition

Substantially all of our revenue is for a single performance obligation and is recognized when control passes to customers. We consider control to have transferred when we have a present right to payment, the customer has title to the product, physical possession of the product has been transferred to the customer and the risks and rewards of the product that we retain are minimal. The redemption of loyalty points under our Shoe Perks loyalty rewards program and redemptions of gift cards are accounted for as separate performance obligations.

See Note 5 – “Revenue” for additional discussion of our revenue recognition policies as well as additional disclosures on revenue from contracts with customers.
Property and Equipment- Net

Property and Equipment- Net

Property and Equipment is stated at cost and is depreciated or amortized using the straight-line method over the shorter of the estimated useful lives of the assets or the applicable lease terms. Lives used in computing depreciation and amortization range from two to twenty-five years. Expenditures for maintenance and repairs are charged to expense as incurred. Expenditures that materially increase values, improve capacities or extend useful lives are capitalized. Upon sale or retirement, the costs and related accumulated depreciation or amortization are eliminated from the respective accounts and any resulting gain or loss is included in operations.
Cloud Computing Arrangements that are Service Contracts

Cloud Computing Arrangements that are Service Contracts

We account for the costs to implement hosted cloud computing arrangements that are considered to be service contracts in current and noncurrent other assets. We capitalize these costs based on the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. We amortize the costs over the anticipated service contract period for the hosted arrangement, which is recorded in Selling, General and Administrative Expenses (“SG&A”).
Long-Lived Asset Impairment Testing

Long-Lived Asset Impairment Testing

We periodically evaluate our long-lived assets for impairment if events or circumstances indicate that the carrying value may not be recoverable. The carrying value of long-lived assets is considered impaired when the carrying value of the assets exceeds the expected future cash flows to be derived from their use. Assets are grouped, and the evaluation is performed, at the lowest level for which there are identifiable cash flows, which is generally at a store level. Store level asset groupings typically include property and equipment and operating lease ROU assets. If the estimated, undiscounted future cash flows for a store are determined to be less than the carrying value of the store’s assets, an impairment loss is recorded for the difference between estimated fair value and carrying value. Assets subject to impairment are adjusted to estimated fair value and, if applicable, an impairment loss is recorded in SG&A. If the operating lease ROU asset is impaired, we would amortize the remaining ROU asset on a straight-line basis over the remaining lease term.

We estimate the fair value of our long-lived assets using store specific cash flow assumptions discounted by a rate commensurate with the risk involved with such assets while incorporating marketplace assumptions. Our estimates are derived from an income-based approach considering the cash flows expected over the remaining lease term for each location. These projections are primarily based on management’s estimates of store-level sales, exercise of future lease renewal options and the store’s contribution to cash flows and, by their nature, include judgments about how current initiatives will impact future performance. We estimate the fair value of operating lease ROU assets using the market value of rents applicable to the leased asset, discounted using the remaining lease term.

External factors, such as the local environment in which the store is located, including store traffic and competition, are evaluated in terms of their effect on sales trends. Changes in sales and operating income assumptions or unfavorable changes in external factors can significantly impact the estimated future cash flows. An increase or decrease in the projected cash flow can significantly impact the fair value of these assets, which may have an effect on the impairment recorded. If actual operating results or market conditions differ from those anticipated, the carrying value of certain of our assets may prove unrecoverable and we may incur additional impairment charges in the future.
Goodwill and Intangible Asset Impairment Testing

Goodwill and Intangible Asset Impairment Testing

 

Goodwill recorded on our Consolidated Balance Sheets resulted from our acquisitions of substantially all of the assets and liabilities of Shoe Station, Inc. (“Shoe Station”) and all of the common stock of Rogan's and is based on a fair value allocation of the purchase price at the time of the respective acquisitions. Goodwill is charged to expense only when it is impaired. This test is performed at least annually and is performed at the beginning of our fiscal fourth quarter. No goodwill impairments were recognized in Fiscal 2025, Fiscal 2024 or Fiscal 2023.

 

We also annually test non-amortizing Intangible Assets for impairment. Trade names acquired as part of the Shoe Station and Rogan's acquisitions are our primary non-amortizing Intangible Assets. No impairments of non-amortizing Intangible Assets were recognized in Fiscal 2025, Fiscal 2024 or Fiscal 2023.
Insurance Reserves

Insurance Reserves

We self-insure a significant portion of our workers’ compensation, general liability and employee health care costs and also maintain insurance in each area of risk to protect us from individual and aggregate losses over specified dollar values. Self-insurance reserves include estimates of claims filed, carried at their expected ultimate settlement value, and claims incurred but not yet reported. These estimates take into consideration a number of factors, including historical claims experience, severity factors, statistical trends and, in certain instances, valuation assistance provided by independent third parties. We record self-insurance expense as a component of Accrued and Other Liabilities in our Consolidated Balance Sheets and in SG&A in our Consolidated Statements of Income. While we believe that the recorded amounts are adequate, there can be no assurance that changes to management’s estimates will not occur due to limitations inherent in the estimating process. If actual results are not consistent with our estimates or assumptions, we may be exposed to losses or gains that could be material.
Consideration Received From a Vendor

Consideration Received From a Vendor

Consideration is primarily received from merchandise vendors and includes co-operative advertising/promotion, margin assistance, damage allowances and rebates earned for a specific level of purchases over a defined period. Consideration principally takes the form of credits that we can apply against trade amounts owed.

Consideration is recorded as a reduction of the price paid for the vendor’s products and recorded as a reduction of our Cost of Sales unless the consideration represents a reimbursement of a specific, incremental, identifiable cost; in such a scenario, it is recorded as an offset to the same financial statement line item.

Consideration received after the related merchandise has been sold is recorded as an offset to Cost of Sales in the period negotiations are finalized. For consideration received on merchandise still in inventory, the allowance is recorded as a reduction to the cost of on-hand inventory and recorded as a reduction of our Cost of Sales at the time of sale. Should the consideration received be related to something other than the vendor’s product and such consideration received exceeds the incremental costs incurred then the excess consideration is recorded as a reduction to the cost of on-hand inventory and allocated to Cost of Sales in future periods as the inventory is estimated to be sold.
Advertising Costs

Advertising Costs

Digital media, print, television, radio, outdoor media and internal production costs are expensed when incurred. External production costs are expensed in the period the advertisement first takes place. Advertising expenses included in SG&A were $58.7 million, $50.5 million and $56.3 million in fiscal years 2025, 2024 and 2023, respectively.
Store Opening and Start-up Costs

Store Opening and Start-up Costs

Non-capital expenditures, such as payroll, supplies and rent incurred prior to the opening of a new store, are charged to expense in the period they are incurred. Advertising related to new stores is expensed pursuant to the aforementioned advertising policy.
Stock-Based Compensation

Stock-Based Compensation

We recognize compensation expense for stock-based awards using a fair value based method. Stock-based awards may include stock units, restricted stock, stock appreciation rights and other stock-based awards under our stock-based compensation plans. Additionally, we recognize stock-based compensation expense for the discount on shares sold to employees through our employee stock purchase plan. This discount represents the difference between the market price and the employee purchase price. Stock-based compensation expense is included in SG&A.

We account for forfeitures as they occur in calculating stock-based compensation expense for the period. For performance-based stock awards, we estimate the probability of vesting based on the likelihood that the awards will meet their performance goals.
Income Taxes

Income Taxes

We compute income taxes using the asset and liability method, under which deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of our assets and liabilities. Deferred tax assets are reduced, if necessary, by a valuation allowance to the extent future realization of those tax benefits are uncertain. We report a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. We recognize interest expense and penalties, if any, related to uncertain tax positions in Income Tax Expense.
Net Income Per Share

Net Income Per Share

The following table sets forth the computation of Basic and Diluted Net Income per Share as shown on the face of the accompanying Consolidated Statements of Income:

 

 

 

Fiscal Year Ended

 

 

 

January 31, 2026

 

 

February 1, 2025

 

 

February 3, 2024

 

 

 

(In thousands, except per share data)

 

Basic Net Income per Share:

 

Net
Income

 

 

Shares

 

 

Per
Share
Amount

 

 

Net
Income

 

 

Shares

 

 

Per
Share
Amount

 

 

Net
Income

 

 

Shares

 

 

Per
Share
Amount

 

Net income

 

$

52,269

 

 

 

 

 

 

 

 

$

73,766

 

 

 

 

 

 

 

 

$

73,348

 

 

 

 

 

 

 

Conversion of share-based
   compensation arrangements

 

 

0

 

 

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

Net income available for basic
   common shares and basic
   net income per share

 

$

52,269

 

 

 

27,318

 

 

$

1.91

 

 

$

73,766

 

 

 

27,157

 

 

$

2.72

 

 

$

73,348

 

 

 

27,231

 

 

$

2.69

 

Diluted Net Income per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

52,269

 

 

 

 

 

 

 

 

$

73,766

 

 

 

 

 

 

 

 

$

73,348

 

 

 

 

 

 

 

Conversion of share-based
   compensation arrangements

 

 

0

 

 

 

217

 

 

 

 

 

 

0

 

 

 

367

 

 

 

 

 

 

0

 

 

 

176

 

 

 

 

Net income available for diluted
   common shares and diluted
   net income per share

 

$

52,269

 

 

 

27,535

 

 

$

1.90

 

 

$

73,766

 

 

 

27,524

 

 

$

2.68

 

 

$

73,348

 

 

 

27,407

 

 

$

2.68

 

 

 

The computation of Basic Net Income per Share is based on the weighted average number of common shares outstanding during the period. The computation of Diluted Net Income per Share is based on the weighted average number of shares outstanding plus the dilutive incremental shares that would be outstanding assuming the vesting of stock-based compensation arrangements involving restricted stock, restricted stock units and performance stock units. No unvested stock-based awards were excluded from the computation of Diluted Net Income per Share for Fiscal 2025, Fiscal 2024 or Fiscal 2023.

Litigation Matters

Litigation Matters

The accounting standard related to loss contingencies provides guidance regarding our disclosure and recognition of loss contingencies, including pending claims, lawsuits, disputes with third parties, investigations and other actions that are incidental to the operation of our business. The guidance utilizes the following defined terms to describe the likelihood of a future loss: (1) probable – the future event or events are likely to occur, (2) remote – the chance of the future event or events is slight and (3) reasonably possible – the chance of the future event or events occurring is more than remote but less than likely. The guidance also contains certain requirements with respect to how we accrue for and disclose information concerning our loss contingencies. We accrue for a loss contingency when we conclude that the likelihood of a loss is probable and the amount of the loss can be reasonably estimated. When the reasonable estimate of the loss is within a range of amounts, and no amount in the range constitutes a better estimate than any other amount, we accrue for the amount at the low end of the range. We adjust our accruals from time to time as we receive additional information, but the loss we incur may be significantly greater than or less than the amount we have accrued. We disclose loss contingencies if there is at least a reasonable possibility that a loss has been incurred and such loss may be material. No accrual or disclosure is required for losses that are remote.
New Accounting Pronouncements

New Accounting Pronouncements

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. The guidance requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The ASU became effective for fiscal years beginning after December 15, 2024. We adopted this ASU as required and the additional disclosures required can be found in Note 12 – “Income Taxes.”

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The guidance requires new financial statement disclosures in tabular format, disaggregating information about prescribed categories underlying any relevant income statement expense caption. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments in the ASU should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the impact of this guidance on our Consolidated Financial Statements and related disclosures.

On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (the "OBBB"). The OBBB made key elements of the Tax Cuts and Jobs Act permanent, including 100% bonus depreciation, domestic research cost expensing and the business interest expense limitation. Accounting Standards Codification Topic No. 740, "Income Taxes", requires that we recognize the effects of changes in tax rates and laws in the period in which the legislation is enacted. Consequently, our Fiscal 2025 results reflect an increase in deferred tax expense, primarily due to the impact of the 100% bonus depreciation and domestic research cost expensing provided for in the OBBB, partially offset by reductions in our current tax expense. Enactment of the OBBB did not have a material impact on our financial statements, including our Fiscal 2025 effective tax rate.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40). The guidance provides targeted improvements to the accounting for internal-use software. The guidance is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods. Early adoption is permitted. The amendments in the ASU can be applied on a prospective transition approach, a modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption, or a retrospective transition approach. We are currently evaluating the impact of this guidance on our Consolidated Financial Statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The guidance amends certain requirements related to interim reporting and associated disclosures. The amendments are intended to enhance transparency and consistency of information provided in interim financial statements. We are currently evaluating the provisions of this guidance and the timing of adoption. Based on our preliminary assessment, we do not expect the adoption of this guidance, which is required for periods beginning after December 15, 2027, to have a material impact on our consolidated financial statements and related disclosures.
v3.26.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Jan. 31, 2026
Accounting Policies [Abstract]  
Schedule of the Computation of Basic and Diluted Net Income Per Share

The following table sets forth the computation of Basic and Diluted Net Income per Share as shown on the face of the accompanying Consolidated Statements of Income:

 

 

 

Fiscal Year Ended

 

 

 

January 31, 2026

 

 

February 1, 2025

 

 

February 3, 2024

 

 

 

(In thousands, except per share data)

 

Basic Net Income per Share:

 

Net
Income

 

 

Shares

 

 

Per
Share
Amount

 

 

Net
Income

 

 

Shares

 

 

Per
Share
Amount

 

 

Net
Income

 

 

Shares

 

 

Per
Share
Amount

 

Net income

 

$

52,269

 

 

 

 

 

 

 

 

$

73,766

 

 

 

 

 

 

 

 

$

73,348

 

 

 

 

 

 

 

Conversion of share-based
   compensation arrangements

 

 

0

 

 

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

Net income available for basic
   common shares and basic
   net income per share

 

$

52,269

 

 

 

27,318

 

 

$

1.91

 

 

$

73,766

 

 

 

27,157

 

 

$

2.72

 

 

$

73,348

 

 

 

27,231

 

 

$

2.69

 

Diluted Net Income per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

52,269

 

 

 

 

 

 

 

 

$

73,766

 

 

 

 

 

 

 

 

$

73,348

 

 

 

 

 

 

 

Conversion of share-based
   compensation arrangements

 

 

0

 

 

 

217

 

 

 

 

 

 

0

 

 

 

367

 

 

 

 

 

 

0

 

 

 

176

 

 

 

 

Net income available for diluted
   common shares and diluted
   net income per share

 

$

52,269

 

 

 

27,535

 

 

$

1.90

 

 

$

73,766

 

 

 

27,524

 

 

$

2.68

 

 

$

73,348

 

 

 

27,407

 

 

$

2.68

 

 
v3.26.1
Acquisition of Rogan Shoes (Tables)
 12 Months Ended
Jan. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Purchase Price and Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the purchase price and the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed. We measured these fair values using Level 3 inputs. The excess purchase price over the fair value of net assets acquired was allocated to Goodwill.

 

(In thousands)

 

 

 

Purchase Price:

 

 

 

Cash consideration, net of cash acquired

 

$

44,762

 

Fair value of contingent consideration

 

 

3,600

 

Total purchase price

 

$

48,362

 

 

 

 

 

Fair value of identifiable assets and liabilities:

 

 

 

Accounts receivable

 

$

2,365

 

Merchandise inventories

 

 

42,340

 

Other assets

 

 

2,000

 

Operating lease right-of-use assets

 

 

16,891

 

Identifiable intangible assets:

 

 

 

Trade name

 

 

7,500

 

Customer relationships

 

 

900

 

Goodwill

 

 

5,994

 

Total assets

 

$

77,990

 

Accounts payable

 

 

6,308

 

Operating lease liabilities

 

 

19,843

 

Deferred income taxes

 

 

974

 

Accrued and other liabilities

 

 

2,503

 

Total liabilities

 

$

29,628

 

 

 

 

 

Total fair value allocation of purchase price

 

$

48,362

 
v3.26.1
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Jan. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis

The following table presents financial instruments that are measured at fair value on a recurring basis at January 31, 2026 and February 1, 2025:

 

 

 

Fair Value Measurements

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

As of January 31, 2026:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents – money market mutual funds

 

$

109,149

 

 

$

0

 

 

$

0

 

 

$

109,149

 

Marketable securities - mutual funds that fund
      deferred compensation

 

 

13,636

 

 

 

0

 

 

 

0

 

 

 

13,636

 

Total

 

$

122,785

 

 

$

0

 

 

$

0

 

 

$

122,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of February 1, 2025:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents – money market mutual funds

 

$

95,963

 

 

$

0

 

 

$

0

 

 

$

95,963

 

Marketable securities - mutual funds that fund
      deferred compensation

 

 

14,432

 

 

 

0

 

 

 

0

 

 

 

14,432

 

Total

 

$

110,395

 

 

$

0

 

 

$

0

 

 

$

110,395

 
v3.26.1
Revenue (Tables)
 12 Months Ended
Jan. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Net Sales and Percentage of Net Sales, Disaggregation by Product Category

Net Sales and percentage of Net Sales, disaggregated by product category, for fiscal years 2025, 2024 and 2023 were as follows:

 

 

(In thousands)

 

January 31,
2026

 

 

February 1,
2025

 

 

February 3,
2024

 

Non-Athletics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Women's

 

$

266,954

 

 

23

%

 

$

295,776

 

 

25

%

 

$

310,280

 

 

26

%

Men's

 

 

201,526

 

 

18

 

 

 

214,273

 

 

18

 

 

 

191,476

 

 

16

 

Children's

 

 

74,886

 

 

7

 

 

 

83,358

 

 

7

 

 

 

87,986

 

 

7

 

Total

 

 

543,366

 

 

48

 

 

 

593,407

 

 

50

 

 

 

589,742

 

 

49

 

Athletics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Women's

 

 

185,106

 

 

16

 

 

 

186,682

 

 

15

 

 

 

170,938

 

 

15

 

Men's

 

 

201,447

 

 

18

 

 

 

203,991

 

 

17

 

 

 

195,315

 

 

17

 

Children's

 

 

141,317

 

 

12

 

 

 

147,203

 

 

12

 

 

 

150,422

 

 

13

 

Total

 

 

527,870

 

 

46

 

 

 

537,876

 

 

44

 

 

 

516,675

 

 

45

 

Accessories

 

 

58,009

 

 

5

 

 

 

65,356

 

 

5

 

 

 

63,446

 

 

5

 

Other

 

 

6,079

 

 

1

 

 

 

6,246

 

 

1

 

 

 

6,019

 

 

1

 

Total

 

$

1,135,324

 

 

100

%

 

$

1,202,885

 

 

100

%

 

$

1,175,882

 

 

100

%
v3.26.1
Segment Reporting (Tables)
 12 Months Ended
Jan. 31, 2026
Segment Reporting [Abstract]  
Schedule of Operating Financial Results of our Segment Operating financial results of our segment for fiscal years 2025, 2024 and 2023 are as follows:

 

(In thousands)

 

January 31,
2026

 

 

February 1,
2025

 

 

February 3,
2024

 

Net sales

 

$

1,135,324

 

 

$

1,202,885

 

 

$

1,175,882

 

Less:

 

 

 

 

 

 

 

 

 

   Merchandise & delivery costs (1)

 

 

628,916

 

 

 

683,816

 

 

 

669,629

 

   Store occupancy costs

 

 

91,258

 

 

 

90,275

 

 

 

84,863

 

   Store expenses (2)

 

 

160,127

 

 

 

163,398

 

 

 

157,581

 

   E-commerce expenses (3)

 

 

16,368

 

 

 

19,104

 

 

 

19,430

 

   Advertising

 

 

58,747

 

 

 

50,533

 

 

 

56,272

 

   Store depreciation and other selling expenses (4)

 

 

43,605

 

 

 

39,947

 

 

 

35,034

 

   General and administrative expenses (5)

 

 

69,545

 

 

 

64,660

 

 

 

59,568

 

   Other segment items (6)

 

 

0

 

 

 

(3,043

)

 

 

0

 

   Interest income

 

 

(4,002

)

 

 

(3,605

)

 

 

(2,917

)

   Interest expense

 

 

373

 

 

 

314

 

 

 

282

 

   Income tax expense

 

 

18,118

 

 

 

23,720

 

 

 

22,792

 

Net income

 

$

52,269

 

 

$

73,766

 

 

$

73,348

 

 

(1)
Merchandise & delivery costs include the cost of merchandise and other buying and distribution costs.
(2)
Store expenses include selling expenses generally controlled operationally at the store level, such as store level payroll.
(3)
E-commerce expenses include primarily website maintenance costs and other selling expenses.
(4)
See Note 7 – “Property and Equipment” for more information. Other selling expenses include store-related health care, other insurance, licensing/tax costs and Property and Equipment write-offs.
(5)
General and administrative expenses include departmental and corporate expenses, including incentive and share-based compensation and merger and integration expenses.
(6)
Other segment items represent non-operating income resulting from pandemic-related tax credits associated with our acquisition of Rogan's in February 2024.
v3.26.1
Property and Equipment (Tables)
 12 Months Ended
Jan. 31, 2026
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment

The following is a summary of Property and Equipment:

 

(In thousands)

 

January 31,
2026

 

 

February 1,
2025

 

Land

 

$

1,564

 

 

$

1,564

 

Buildings

 

 

7,753

 

 

 

7,735

 

Furniture, fixtures and equipment

 

 

255,038

 

 

 

243,435

 

Leasehold improvements

 

 

222,381

 

 

 

201,674

 

Total

 

 

486,736

 

 

 

454,408

 

Less accumulated depreciation and amortization

 

 

(301,126

)

 

 

(281,602

)

Property and equipment – net

 

$

185,610

 

 

$

172,806

 

 
v3.26.1
Other Consolidated Balance Sheets and Consolidated Statements of Income Information (Tables)
 12 Months Ended
Jan. 31, 2026
Condensed Financial Information Disclosure [Abstract]  
Schedule of Accrued and Other Liabilities

Accrued and Other Liabilities consisted of the following:

 

(In thousands)

 

January 31,
2026

 

 

February 1,
2025

 

Employee compensation and benefits

 

$

9,350

 

 

$

10,476

 

Current portion of non-qualified deferred compensation

 

 

1,235

 

 

 

4,259

 

Sales and use tax

 

 

2,584

 

 

 

2,420

 

Gift cards

 

 

2,083

 

 

 

2,341

 

Self-insurance reserves

 

 

2,426

 

 

 

2,290

 

Other

 

 

3,521

 

 

 

3,596

 

Total accrued and other liabilities

 

$

21,199

 

 

$

25,382

 
Summary Of Interest and Other Income

Interest and Other Income consisted of the following:

 

(In thousands)

 

January 31,
2026

 

 

February 1,
2025

 

 

February 3,
2024

 

Interest income

 

$

(4,002

)

 

$

(3,605

)

 

$

(2,917

)

Other non-operating income

 

 

0

 

 

 

(3,043

)

 

 

0

 

Interest and other income

 

$

(4,002

)

 

$

(6,648

)

 

$

(2,917

)
v3.26.1
Leases (Tables)
 12 Months Ended
Jan. 31, 2026
Leases [Abstract]  
Schedule of Lease Related Costs

Lease costs, including other related occupancy costs, reported in our Consolidated Statements of Income were as follows:

 

(In thousands)

 

2025

 

 

2024

 

 

2023

 

Operating lease cost

 

$

71,598

 

 

$

70,596

 

 

$

65,244

 

Variable lease cost

 

 

 

 

 

 

 

 

 

  Occupancy costs

 

 

22,470

 

 

 

23,046

 

 

 

21,243

 

  Percentage rent and other variable lease costs

 

 

829

 

 

 

448

 

 

 

1,257

 

Finance lease cost

 

 

 

 

 

 

 

 

 

  Amortization of leased assets

 

 

39

 

 

 

21

 

 

 

0

 

  Interest on lease liabilities

 

 

12

 

 

 

10

 

 

 

0

 

Total

 

$

94,948

 

 

$

94,121

 

 

$

87,744

 
Schedule of Other Information Related to Leases

Other information related to leases, including supplemental cash flow information, consists of:

 

(In thousands)

 

2025

 

 

2024

 

 

2023

 

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

 

$

60,176

 

 

$

55,490

 

 

$

59,129

 

ROU assets obtained in exchange for operating lease
   liabilities (1)

 

$

64,212

 

 

$

53,113

 

 

$

72,772

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

As of

 

 

As of

 

 

 

January 31, 2026

 

 

February 1, 2025

 

 

February 3, 2024

 

Weighted-average remaining lease term for operating leases
   (in years)

 

 

6.9

 

 

 

7.0

 

 

 

7.6

 

Weighted-average discount rate for operating leases

 

 

5.1

%

 

 

4.7

%

 

 

4.2

%

(1) Includes ROU assets added as part of the Rogan's acquisition described in Note 3 – “Acquisition of Rogan Shoes”
Undiscounted Cash Flows to Operating Lease Liabilities

The following table reconciles the undiscounted cash flows for each of the next five years and the total of the remaining years to our operating lease liabilities as of January 31, 2026:

 

(In thousands)

 

Operating Leases

 

2026

 

$

75,748

 

2027

 

 

73,258

 

2028

 

 

72,387

 

2029

 

 

59,004

 

2030

 

 

50,445

 

Thereafter to 2041

 

 

120,171

 

   Total undiscounted lease payments

 

 

451,013

 

Less: Imputed interest

 

 

79,588

 

   Total operating lease liabilities

 

 

371,425

 

Less: Current portion of operating lease liabilities

 

 

58,057

 

   Long-term portion of operating lease liabilities

 

$

313,368

 
v3.26.1
Income Taxes (Tables)
 12 Months Ended
Jan. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision

The provision for income taxes consisted of:

 

(In thousands)

 

2025

 

 

2024

 

 

2023

 

Current:

 

 

 

 

 

 

 

 

 

Federal

 

$

7,833

 

 

$

18,513

 

 

$

13,290

 

State

 

 

1,435

 

 

 

3,828

 

 

 

2,623

 

Puerto Rico

 

 

851

 

 

 

815

 

 

 

1,382

 

Total current

 

 

10,119

 

 

 

23,156

 

 

 

17,295

 

Deferred:

 

 

 

 

 

 

 

 

 

Federal

 

 

6,656

 

 

 

453

 

 

 

4,862

 

State

 

 

954

 

 

 

(227

)

 

 

21

 

Total deferred

 

 

7,610

 

 

 

226

 

 

 

4,883

 

Valuation allowance

 

 

389

 

 

 

338

 

 

 

614

 

Total provision

 

$

18,118

 

 

$

23,720

 

 

$

22,792

 
Schedule of Effective Income Tax Rate Reconciliation

Reconciliation between the statutory federal income tax rate and the effective income tax rate is as follows:

 

Fiscal years

 

2025

 

 

2024

 

 

2023

 

U.S. Federal statutory income tax rate

 

$

14,781

 

 

21.0

%

 

$

20,472

 

 

21.0

%

 

$

20,189

 

 

21.0

%

State and local, net of federal benefit (1)

 

 

2,035

 

 

2.9

 

 

 

2,901

 

 

3.0

 

 

 

2,615

 

 

2.7

 

Effect of cross-border tax laws (2)

 

 

29

 

 

0.0

 

 

 

36

 

 

0.0

 

 

 

20

 

 

0.0

 

Tax credits

 

 

(252

)

 

(0.4

)

 

 

(254

)

 

(0.2

)

 

 

(471

)

 

(0.5

)

Nontaxable or nondeductible items

 

 

1,084

 

 

1.5

 

 

 

(107

)

 

(0.1

)

 

 

(195

)

 

(0.2

)

Other adjustments

 

 

52

 

 

0.1

 

 

 

334

 

 

0.3

 

 

 

20

 

 

0.0

 

Changes in valuation allowance (2)

 

 

389

 

 

0.6

 

 

 

338

 

 

0.3

 

 

 

614

 

 

0.7

 

Effective income tax rate

 

$

18,118

 

 

25.7

%

 

$

23,720

 

 

24.3

%

 

$

22,792

 

 

23.7

%

(1) State taxes comprised the majority (greater than 50%) of the tax effect in the category as follows:

Fiscal 2025: Illinois, Wisconsin, Texas, Indiana, Florida, Alabama and Tennessee

Fiscal 2024: Illinois, Wisconsin, Indiana, Florida and Alabama

Fiscal 2023: Illinois, Indiana, Florida, Alabama, Texas and Georgia

 

(2) Our Puerto Rico operations, net of related tax credits, are presented in the rate reconciliation as “Effect of cross-border tax laws.” Changes in our valuation allowance represents tax credits generated by our Puerto Rico operations that are not expected to be utilized.
Schedule of Deferred Tax Asset/Liability

Deferred Income Taxes are the result of temporary differences in the recognition of revenue and expense for tax and financial reporting purposes. The sources of these differences and the tax effect of each are as follows:

 

(In thousands)

 

January 31,
2026

 

 

February 1,
2025

 

Deferred tax assets:

 

 

 

 

 

 

Lease obligations

 

$

90,330

 

 

$

89,495

 

Accrued compensation

 

 

6,039

 

 

 

6,465

 

Inventory reserve

 

 

362

 

 

 

438

 

Other

 

 

4,928

 

 

 

4,970

 

Total deferred tax assets

 

 

101,659

 

 

 

101,368

 

Valuation allowance

 

 

(3,977

)

 

 

(3,588

)

Total deferred tax assets – net of valuation
   allowance

 

 

97,682

 

 

 

97,780

 

Deferred tax liabilities:

 

 

 

 

 

 

Lease ROU assets

 

 

86,125

 

 

 

84,602

 

Depreciation

 

 

27,954

 

 

 

23,997

 

Other

 

 

10,482

 

 

 

8,060

 

Total deferred tax liabilities

 

 

124,561

 

 

 

116,659

 

Net deferred tax liability

 

$

(26,879

)

 

$

(18,879

)
Schedule of Income Taxes Paid, Net of Refunds Received

Income taxes paid, net of refunds received, disaggregated as follows:

 

(In thousands)

 

2025

 

 

2024

 

 

2023

 

Federal

 

$

8,522

 

 

$

16,657

 

 

$

14,010

 

State

 

 

1,345

 

 

 

3,598

 

 

 

3,866

 

Puerto Rico

 

 

841

 

 

 

939

 

 

 

1,356

 

Total taxes paid, net of refunds received

 

 

10,708

 

 

 

21,194

 

 

 

19,232

 
v3.26.1
Employee Benefit Plans (Tables)
 12 Months Ended
Jan. 31, 2026
Retirement Benefits [Abstract]  
Schedule of Deferred Compensation Plan Liabilities and Related Marketable Securities

The following tables present the balances and activity of the Company's deferred compensation plan liabilities and related Marketable Securities:

 

(In thousands)

 

January 31,
2026

 

 

February 1,
2025

 

Deferred compensation plan current liabilities

 

$

1,235

 

 

$

4,259

 

Deferred compensation plan long-term liabilities

 

 

12,114

 

 

 

10,011

 

Total deferred compensation plan liabilities

 

$

13,349

 

 

$

14,270

 

Marketable securities - mutual funds that fund deferred compensation

 

$

13,636

 

 

$

14,432

 

 

(In thousands)

 

2025

 

 

2024

 

 

2023

 

Deferred compensation liabilities

 

 

 

 

 

 

 

 

 

   Employer contributions, net

 

$

319

 

 

$

305

 

 

$

302

 

   Investment earnings

 

 

1,247

 

 

 

1,787

 

 

 

1,266

 

Marketable Securities

 

 

 

 

 

 

 

 

 

Mark-to-market gains (1)

 

 

(1,224

)

 

 

(1,735

)

 

 

(1,246

)

Net deferred compensation expense

 

$

342

 

 

$

357

 

 

$

322

 

 

(1) Included in the mark-to-market gains in Fiscal 2025, Fiscal 2024 and Fiscal 2023, we recognized unrealized gains of $0.4 million, $1.0 million and $1.4 million related to equity securities still held at January 31, 2026, February 1, 2025 and February 3, 2024, respectively.
v3.26.1
Stock-Based Compensation (Tables)
 12 Months Ended
Jan. 31, 2026
Schedule of Stock-based Compensation Expense For fiscal years 2025, 2024 and 2023, stock-based compensation expense was comprised of the following:

 

(In thousands)

 

2025

 

 

2024

 

 

2023

 

Share-settled equity awards

 

$

7,281

 

 

$

7,413

 

 

$

4,897

 

Stock appreciation rights

 

 

0

 

 

 

221

 

 

 

(42

)

Employee stock purchase plan

 

 

31

 

 

 

63

 

 

 

32

 

Total stock-based compensation expense

 

$

7,312

 

 

$

7,697

 

 

$

4,887

 

Income tax benefit at statutory rates

 

$

1,778

 

 

$

1,142

 

 

$

1,189

 

Additional income tax (shortfall) benefit on vesting of share-settled awards

 

$

(458

)

 

$

109

 

 

$

846

 
Summary of Restricted Stock Awards Transactions

The following table summarizes transactions for our restricted stock and other stock awards:

 

 

 

Number of
Shares

 

 

Weighted-
Average
Grant Date
Fair Value

 

Outstanding at February 1, 2025

 

 

0

 

 

$

0.00

 

Granted

 

 

34,488

 

 

 

18.85

 

Vested

 

 

(34,488

)

 

 

18.85

 

Outstanding at January 31, 2026

 

 

0

 

 

$

0.00

 
Share-settled Equity Awards  
Summary of Restricted Stock Awards Transactions

The following table summarizes transactions for our restricted stock units and performance stock units:

 

 

 

Number of
Shares

 

 

Weighted-
Average
Grant Date
Fair Value

 

Outstanding at February 1, 2025

 

 

695,259

 

 

$

29.71

 

Granted

 

 

436,031

 

 

 

21.61

 

Vested

 

 

(259,725

)

 

 

28.79

 

Forfeited

 

 

(75,156

)

 

 

28.80

 

Outstanding at January 31, 2026

 

 

796,409

 

 

$

25.67

 
v3.26.1
Organization and Description of Business - Narrative (Details)
Jan. 31, 2026
State
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of states in which entity operates 35
v3.26.1
Summary of Significant Accounting Policies - Narrative (Details) - USD ($)
 12 Months Ended
Jul. 04, 2025
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]        
Cash and cash equivalents   $ 117,091,000 $ 108,680,000  
Credit and debit card receivables   5,900,000 6,900,000  
Goodwill impairments   0    
Impairments of non-amortizing intangible assets   $ 0    
Credit and debit card receivable, settlement period, low end of range   3 days    
Advertising expenses   $ 58,747,000 $ 50,533,000 $ 56,272,000
Percentage of impact in bonus depreciation, domestic research cost expensing, offset by reductions in current tax expense 100.00%      
Unvested Stock-based Awards        
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]        
Antidilutive securities excluded from computation of earnings per share, shares.   0 0 0
v3.26.1
Summary of Significant Accounting Policies - Schedule of Net Income per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Basic Net Income per Share:      
Net Income (Loss) $ 52,269 $ 73,766 $ 73,348
Conversion of share-based compensation arrangements 0 0 0
Net income available for basic common shares and basic net income per share $ 52,269 $ 73,766 $ 73,348
Basic, Shares 27,318 27,157 27,231
Basic, Per Share Amount $ 1.91 $ 2.72 $ 2.69
Diluted Net Income per Share:      
Net Income (Loss) $ 52,269 $ 73,766 $ 73,348
Conversion of share-based compensation arrangements 0 0 0
Net income available for diluted common shares and diluted net income per share $ 52,269 $ 73,766 $ 73,348
Conversion of share-based compensation arrangements, Shares 217 367 176
Diluted, Shares 27,535 27,524 27,407
Diluted, Per Share Amount $ 1.9 $ 2.68 $ 2.68
v3.26.1
Acquisition of Rogan Shoes - Narrative (Details)
 1 Months Ended 12 Months Ended
Feb. 13, 2024
USD ($)
Store
Nov. 30, 2024
USD ($)
Jan. 31, 2026
USD ($)
Feb. 01, 2025
USD ($)
Feb. 03, 2024
USD ($)
Business Acquisition [Line Items]          
Cash consideration     $ (0) $ 44,762,000 $ 0
Net sales     1,135,324,000 1,202,885,000 1,175,882,000
Amortization of the customer relationships     45,000,000   45,000,000
Rogan Shoes, Incorporated          
Business Acquisition [Line Items]          
Business combination preliminary purchase price $ 44,800,000        
Cash consideration $ 2,200,000        
Payment of purchase accounting adjustments   $ 378,000      
Achievement of growth targets 3 years        
Number of store locations | Store 28        
Net sales     75,600,000 80,300,000  
Acquisition-related costs       570,000 806,000
Fair value of contingent consideration liability     $ 451,000 395,000  
Reduction in SG&A       $ (25,000) $ (3,200,000)
Business combination goodwill and indefinite-lived intangible assets amortization period 20 years        
Rogan Shoes, Incorporated | Maximum          
Business Acquisition [Line Items]          
Additional consideration based on achievement of acquisition $ 5,000,000        
v3.26.1
Acquisition of Rogan Shoes - Schedule of Purchase Price and Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 13, 2024
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Purchase Price:        
Fair value of contingent consideration   $ 0 $ 3,600 $ 0
Identifiable intangible assets:        
Goodwill   $ 18,018 $ 18,018  
Rogan Shoes, Incorporated        
Purchase Price:        
Total purchase price $ 44,800      
Rogan Shoes, Incorporated | Level 3        
Purchase Price:        
Cash consideration, net of cash acquired 44,762      
Fair value of contingent consideration 3,600      
Total purchase price 48,362      
Fair value of identifiable assets and liabilities:        
Accounts receivable 2,365      
Merchandise inventories 42,340      
Other assets 2,000      
Operating lease right-of-use assets 16,891      
Identifiable intangible assets:        
Trade name 7,500      
Customer relationships 900      
Goodwill 5,994      
Total assets 77,990      
Accounts payable 6,308      
Operating lease liabilities 19,843      
Deferred income taxes 974      
Accrued and other liabilities 2,503      
Total liabilities 29,628      
Total fair value allocation of purchase price $ 48,362      
v3.26.1
Fair Value of Financial Instruments - Schedule of Financial Instruments Measure at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Jan. 31, 2026
Feb. 01, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents - money market mutual funds $ 109,149 $ 95,963
Marketable securities - mutual funds that fund deferred compensation 13,636 14,432
Total 122,785 110,395
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents - money market mutual funds 109,149 95,963
Marketable securities - mutual funds that fund deferred compensation 13,636 14,432
Total 122,785 110,395
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents - money market mutual funds 0 0
Marketable securities - mutual funds that fund deferred compensation 0 0
Total 0 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents - money market mutual funds 0 0
Marketable securities - mutual funds that fund deferred compensation 0 0
Total $ 0 $ 0
v3.26.1
Revenue - Schedule of Net Sales and Percentage of Net Sales, Disaggregation by Product Category (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Disaggregation Of Revenue [Line Items]      
Net sales $ 1,135,324 $ 1,202,885 $ 1,175,882
Sales Revenue Net | Geographic Concentration Risk      
Disaggregation Of Revenue [Line Items]      
Percentage of net sales 100.00% 100.00% 100.00%
Net sales $ 1,135,324 $ 1,202,885 $ 1,175,882
Sales Revenue Net | Geographic Concentration Risk | Non-Athletics      
Disaggregation Of Revenue [Line Items]      
Percentage of net sales 48.00% 50.00% 49.00%
Net sales $ 543,366 $ 593,407 $ 589,742
Sales Revenue Net | Geographic Concentration Risk | Non-Athletics | Women's      
Disaggregation Of Revenue [Line Items]      
Percentage of net sales 23.00% 25.00% 26.00%
Net sales $ 266,954 $ 295,776 $ 310,280
Sales Revenue Net | Geographic Concentration Risk | Non-Athletics | Men's      
Disaggregation Of Revenue [Line Items]      
Percentage of net sales 18.00% 18.00% 16.00%
Net sales $ 201,526 $ 214,273 $ 191,476
Sales Revenue Net | Geographic Concentration Risk | Non-Athletics | Children's      
Disaggregation Of Revenue [Line Items]      
Percentage of net sales 7.00% 7.00% 7.00%
Net sales $ 74,886 $ 83,358 $ 87,986
Sales Revenue Net | Geographic Concentration Risk | Athletics      
Disaggregation Of Revenue [Line Items]      
Percentage of net sales 46.00% 44.00% 45.00%
Net sales $ 527,870 $ 537,876 $ 516,675
Sales Revenue Net | Geographic Concentration Risk | Athletics | Women's      
Disaggregation Of Revenue [Line Items]      
Percentage of net sales 16.00% 15.00% 15.00%
Net sales $ 185,106 $ 186,682 $ 170,938
Sales Revenue Net | Geographic Concentration Risk | Athletics | Men's      
Disaggregation Of Revenue [Line Items]      
Percentage of net sales 18.00% 17.00% 17.00%
Net sales $ 201,447 $ 203,991 $ 195,315
Sales Revenue Net | Geographic Concentration Risk | Athletics | Children's      
Disaggregation Of Revenue [Line Items]      
Percentage of net sales 12.00% 12.00% 13.00%
Net sales $ 141,317 $ 147,203 $ 150,422
Sales Revenue Net | Geographic Concentration Risk | Accessories      
Disaggregation Of Revenue [Line Items]      
Percentage of net sales 5.00% 5.00% 5.00%
Net sales $ 58,009 $ 65,356 $ 63,446
Sales Revenue Net | Geographic Concentration Risk | Other      
Disaggregation Of Revenue [Line Items]      
Percentage of net sales 1.00% 1.00% 1.00%
Net sales $ 6,079 $ 6,246 $ 6,019
v3.26.1
Revenue - Narrative (Details) - USD ($)
 12 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Revenue from Contract with Customer [Abstract]      
Refund liabilities $ 1,100,000 $ 1,100,000  
Return assets 545,000 726,000  
Contract liabilities associated with unredeemed gift cards 2,000,000 2,300,000  
Breakage revenue 457,000 845,000  
Net sales associated with loyalty rewards 4,100,000 3,500,000 $ 6,100,000
Contract liabilities associated with loyalty rewards $ 627,000 $ 564,000  
v3.26.1
Segment Reporting - Narrative (Details)
 12 Months Ended
Jan. 31, 2026
Segment
State
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
Segment reporting, CODM, profit (loss) measure, how used, description Our chief operating decision maker (“CODM”) during Fiscal 2025 was our president and chief executive officer. The CODM assessed performance and decided how to allocate resources based on Net Income that also is reported on the income statement as our consolidated Net Income. The CODM used Net Income to evaluate performance in deciding whether to reinvest profits, facilitate acquisitions or return funds to shareholders through dividends or share repurchases. Net Income was used to monitor budget versus actual results and in competitive analysis by benchmarking to our peers and competitors. The benchmarking analysis and the monitoring of budgeted versus actual results were used in assessing our performance and in establishing management’s compensation.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] President and Chief Executive Officer [Member]
Number of location states | State 35
v3.26.1
Segment Reporting - Schedule of Operating Financial Results of our Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Segment Reporting Information [Line Items]      
Net sales $ 1,135,324 $ 1,202,885 $ 1,175,882
Cost of sales 720,174 774,091 754,492
Store expenses [1] 160,127 163,398 157,581
E-commerce expenses [2] 16,368 19,104 19,430
Advertising 58,747 50,533 56,272
Store depreciation and other selling expenses [3] 43,605 39,947 35,034
General and administrative expenses [4] 69,545 64,660 59,568
Other segment items [5] 0 (3,043) 0
Interest income (4,002) (3,605) (2,917)
Interest expense 373 314 282
Income tax expense 18,118 23,720 22,792
Net income 52,269 73,766 73,348
Merchandise & Delivery Costs      
Segment Reporting Information [Line Items]      
Cost of sales [6] 628,916 683,816 669,629
Store Occupancy Costs      
Segment Reporting Information [Line Items]      
Cost of sales $ 91,258 $ 90,275 $ 84,863
[1] Store expenses include selling expenses generally controlled operationally at the store level, such as store level payroll.
[2] E-commerce expenses include primarily website maintenance costs and other selling expenses.
[3] See Note 7 – “Property and Equipment” for more information. Other selling expenses include store-related health care, other insurance, licensing/tax costs and Property and Equipment write-offs.
[4] General and administrative expenses include departmental and corporate expenses, including incentive and share-based compensation and merger and integration expenses.
[5] Other segment items represent non-operating income resulting from pandemic-related tax credits associated with our acquisition of Rogan's in February 2024.
[6] Merchandise & delivery costs include the cost of merchandise and other buying and distribution costs.
v3.26.1
Property and Equipment (Details) - USD ($)
$ in Thousands
Jan. 31, 2026
Feb. 01, 2025
Property, Plant and Equipment [Line Items]    
Total $ 486,736 $ 454,408
Less accumulated depreciation and amortization (301,126) (281,602)
Property and equipment – net 185,610 172,806
Land    
Property, Plant and Equipment [Line Items]    
Total 1,564 1,564
Buildings    
Property, Plant and Equipment [Line Items]    
Total 7,753 7,735
Furniture, Fixtures and Equipment    
Property, Plant and Equipment [Line Items]    
Total 255,038 243,435
Leasehold Improvements    
Property, Plant and Equipment [Line Items]    
Total $ 222,381 $ 201,674
v3.26.1
Property and Equipment - Narrative (Details) - USD ($)
 12 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Property, Plant and Equipment [Line Items]      
Long-lived assets, impairment charges $ 0 $ 0 $ 0
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] Selling, General and Administrative Expense Selling, General and Administrative Expense Selling, General and Administrative Expense
Depreciation expense with property and equipment $ 31,400,000 $ 28,300,000 $ 25,800,000
Property and equipment 486,736,000 454,408,000  
Construction Work in Process      
Property, Plant and Equipment [Line Items]      
Property and equipment $ 12,100,000 $ 11,400,000  
v3.26.1
Cloud Computing Arrangements that are Service Contracts - Narrative (Details) - Cloud Computing Arrangements - USD ($)
$ in Millions
 12 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Finite-Lived Intangible Assets [Line Items]      
Net capitalized costs $ 12.5 $ 14.4  
Total amortization expense related to cloud computing arrangements 2.8 2.7 $ 3.0
Other Current Assets      
Finite-Lived Intangible Assets [Line Items]      
Net capitalized costs 3.0 3.2  
Other Noncurrent Assets      
Finite-Lived Intangible Assets [Line Items]      
Net capitalized costs $ 9.5 $ 11.2  
v3.26.1
Other Consolidated Balance Sheets and Consolidated Statements of Income Information (Details) - USD ($)
$ in Thousands
Jan. 31, 2026
Feb. 01, 2025
Payables and Accruals [Abstract]    
Employee compensation and benefits $ 9,350 $ 10,476
Current Portion of Non-qualified Deferred compensation 1,235 4,259
Sales and use tax 2,584 2,420
Gift cards 2,083 2,341
Self-insurance reserves 2,426 2,290
Other 3,521 3,596
Total accrued and other liabilities $ 21,199 $ 25,382
v3.26.1
Other Consolidated Balance Sheets and Consolidated Statements of Income Information - Summary of Interest and Other Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Interest and Other Income [Abstract]      
Interest income $ (4,002) $ (3,605) $ (2,917)
Other non-operating income [1] 0 (3,043) 0
Interest and other income $ (4,002) $ (6,648) $ (2,917)
[1] Other segment items represent non-operating income resulting from pandemic-related tax credits associated with our acquisition of Rogan's in February 2024.
v3.26.1
Debt - Narrative (Details) - Credit Agreement - USD ($)
$ in Thousands
 1 Months Ended 2 Months Ended 12 Months Ended
Mar. 26, 2022
Mar. 23, 2022
Jan. 31, 2026
Feb. 01, 2025
Debt Instrument [Line Items]        
Line of credit facility, expiration date   Mar. 23, 2027    
Amount outstanding during period     $ 0 $ 0
Maximum amount outstanding during period   $ 100,000 0 $ 0
Outstanding letters of credit     1,000  
Line of credit, available borrowing amount     $ 99,000  
Interest rate   3.00%    
Maximum dividends or share repurchases per year without restriction   $ 15,000    
Minimum maintenance of payment conditions for dividends and share repurchases   15,000    
Line of credit swing line sublimit   15,000    
Secured or unsecured Debt $ 20,000      
Line of credit facility minimum net worth   $ 250,000    
Minimum        
Debt Instrument [Line Items]        
Commitment fee percentage rate 0.20%      
Maximum        
Debt Instrument [Line Items]        
Rent expenses 3.50%      
Commitment fee percentage rate 0.30%      
Base Rate | Minimum        
Debt Instrument [Line Items]        
Interest rate   0.00%    
Base Rate | Maximum        
Debt Instrument [Line Items]        
Interest rate   1.00%    
SOFR plus | Minimum        
Debt Instrument [Line Items]        
Interest rate   0.90%    
SOFR plus | Maximum        
Debt Instrument [Line Items]        
Interest rate   1.90%    
v3.26.1
Leases - Narrative (Details)
 12 Months Ended
Jan. 31, 2026
Lessee, Lease, Description [Line Items]  
Current lease expiration year 2034
v3.26.1
Leases - Schedule of Lease Related Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Leases [Abstract]      
Operating lease cost $ 71,598 $ 70,596 $ 65,244
Variable lease cost      
Occupancy costs 22,470 23,046 21,243
Percentage rent and other variable lease costs 829 448 1,257
Finance lease cost      
Amortization of leased assets 39 21 0
Interest on lease liabilities 12 10 0
Total $ 94,948 $ 94,121 $ 87,744
v3.26.1
Leases - Schedule of Other Information Related to Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Leases [Abstract]      
Cash paid for amounts included in the measurement of operating lease liabilities $ 60,176 $ 55,490 $ 59,129
ROU assets obtained in exchange for operating lease liabilities [1] $ 64,212 $ 53,113 $ 72,772
Weighted-average remaining lease term for operating leases (in years) 6 years 10 months 24 days 7 years 7 years 7 months 6 days
Weighted-average discount rate for operating leases 5.10% 4.70% 4.20%
[1] Includes ROU assets added as part of the Rogan's acquisition described in Note 3 – “Acquisition of Rogan Shoes”
v3.26.1
Leases - Undiscounted Cash Flows to Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Jan. 31, 2026
Feb. 01, 2025
Leases [Abstract]    
2026 $ 75,748  
2027 73,258  
2028 72,387  
2029 59,004  
2030 50,445  
Thereafter to 2041 120,171  
Total undiscounted lease payments 451,013  
Less: Imputed interest 79,588  
Total operating lease liabilities 371,425  
Current portion of operating lease liabilities 58,057 $ 53,013
Long-term portion of operating lease liabilities $ 313,368 $ 314,974
v3.26.1
Income Taxes - Schedule of the Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Current:      
Federal $ 7,833 $ 18,513 $ 13,290
State 1,435 3,828 2,623
Puerto Rico 851 815 1,382
Total current 10,119 23,156 17,295
Deferred:      
Federal 6,656 453 4,862
State 954 (227) 21
Total deferred 7,610 226 4,883
Valuation allowance [1] 389 338 614
Total provision $ 18,118 $ 23,720 $ 22,792
[1]

(2) Our Puerto Rico operations, net of related tax credits, are presented in the rate reconciliation as “Effect of cross-border tax laws.” Changes in our valuation allowance represents tax credits generated by our Puerto Rico operations that are not expected to be utilized.
v3.26.1
Income Taxes - Schedule of Reconciliation of Statutory Income Tax Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Income Tax Disclosure [Abstract]      
U.S. Federal statutory income tax rate $ 14,781 $ 20,472 $ 20,189
Tax Jurisdiction of Domicile [Extensible Enumeration] us-gaap:DomesticCountryMember us-gaap:DomesticCountryMember us-gaap:DomesticCountryMember
State and local, net of federal benefit [1] $ 2,035 $ 2,901 $ 2,615
Effect of cross-border tax laws [2] 29 36 20
Tax credits (252) (254) (471)
Nontaxable or nondeductible items 1,084 (107) (195)
Other adjustments 52 334 20
Changes in valuation allowance [2] 389 338 614
Total provision $ 18,118 $ 23,720 $ 22,792
U.S. Federal statutory income tax rate, percent 21.00% 21.00% 21.00%
State and local, net of federal benefit, percent [1] 2.90% 3.00% 2.70%
Effect of cross-border tax laws, percent [2] 0.00% 0.00% 0.00%
Tax credits, percent (0.40%) (0.20%) (0.50%)
Nontaxable or nondeductible items, percent 1.50% (0.10%) (0.20%)
Other adjustments, percent 0.10% 0.30% 0.00%
Changes in valuation allowance, percent [2] 0.60% 0.30% 0.70%
Effective income tax rate 25.70% 24.30% 23.70%
[1]

(1) State taxes comprised the majority (greater than 50%) of the tax effect in the category as follows:

Fiscal 2025: Illinois, Wisconsin, Texas, Indiana, Florida, Alabama and Tennessee

Fiscal 2024: Illinois, Wisconsin, Indiana, Florida and Alabama

Fiscal 2023: Illinois, Indiana, Florida, Alabama, Texas and Georgia

 
[2]

(2) Our Puerto Rico operations, net of related tax credits, are presented in the rate reconciliation as “Effect of cross-border tax laws.” Changes in our valuation allowance represents tax credits generated by our Puerto Rico operations that are not expected to be utilized.
v3.26.1
Income Taxes - Schedule of Deferred Income Tax Assets/Liabilities (Details) - USD ($)
$ in Thousands
Jan. 31, 2026
Feb. 01, 2025
Deferred tax assets:    
Lease obligations $ 90,330 $ 89,495
Accrued compensation 6,039 6,465
Inventory reserve 362 438
Other 4,928 4,970
Total deferred tax assets 101,659 101,368
Valuation allowance (3,977) (3,588)
Total deferred tax assets – net of valuation allowance 97,682 97,780
Deferred tax liabilities:    
Lease ROU assets 86,125 84,602
Depreciation 27,954 23,997
Other 10,482 8,060
Total deferred tax liabilities 124,561 116,659
Net deferred tax liability $ (26,879) $ (18,879)
v3.26.1
Income Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Operating Loss Carryforwards [Line Items]      
Tax Credit Carryforward, Amount $ 3,900,000 $ 3,600,000  
Tax Credits Expiration Term nine years    
Unrecognized tax liabilities $ 0 0  
Unrecognized tax liabilities related accrued penalties or interest $ 0 $ 0  
Maximum      
Operating Loss Carryforwards [Line Items]      
Percentage of cash income taxes paid 5.00% 5.00% 5.00%
v3.26.1
Income Taxes - Schedule of Income Taxes Paid, Net of Refunds Received (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Income Taxes Paid, Net [Abstract]      
Income taxes paid, net of refunds received, Federal $ 8,522 $ 16,657 $ 14,010
Income taxes paid, net of refunds received, State 1,345 3,598 3,866
Income taxes paid, net of refunds received, Puerto Rico 841 939 1,356
Total taxes paid, net of refunds received $ 10,708 $ 21,194 $ 19,232
v3.26.1
Employee Benefit Plans - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Defined Benefit Plan Disclosure [Line Items]      
Contributions charged to expense $ 1.1 $ 1.1 $ 1.0
United States Postretirement Benefit Plan of US Entity, Defined Benefit      
Defined Benefit Plan Disclosure [Line Items]      
Requisite service period for participation 1 year    
Requisite participant age 21 years    
Requisite work hours for participation 1000 hours    
Percentage of earnings which may be contributed 20.00%    
Employee contribution percentage 4.00%    
Eligible earnings which may be contributed, and matched by employer 50.00%    
Foreign Postretirement Benefit Plan, Defined Benefit      
Defined Benefit Plan Disclosure [Line Items]      
Requisite service period for participation 1 year    
Requisite participant age 21 years    
Requisite work hours for participation 1000 hours    
Percentage of earnings which may be contributed 20.00%    
Employee contribution percentage 4.00%    
Eligible earnings which may be contributed, and matched by employer 50.00%    
v3.26.1
Employee Benefit Plans - Schedule of Deferred Compensation Plan Liabilities and Related Marketable Securities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Deferred Compensation Liability, Current and Noncurrent [Abstract]      
Deferred compensation plan current liabilities $ 1,235 $ 4,259  
Deferred compensation plan long-term liabilities 12,114 10,011  
Total deferred compensation plan liabilities 13,349 14,270  
Marketable securities - mutual funds that fund deferred compensation 13,636 14,432  
Deferred compensation liabilities      
Employer contributions, net 319 305 $ 302
Investment earnings 1,247 1,787 1,266
Marketable Securities      
Mark-to-market gains [1] (1,224) (1,735) (1,246)
Net deferred compensation expense $ 342 $ 357 $ 322
[1] Included in the mark-to-market gains in Fiscal 2025, Fiscal 2024 and Fiscal 2023, we recognized unrealized gains of $0.4 million, $1.0 million and $1.4 million related to equity securities still held at January 31, 2026, February 1, 2025 and February 3, 2024, respectively.
v3.26.1
Employee Benefit Plans - Schedule of Deferred Compensation Plan Liabilities and Related Marketable Securities (Parenthetical) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Retirement Benefits [Abstract]      
Unrealized gains (losses) $ 0.4 $ 1.0 $ 1.4
v3.26.1
Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense $ 7,312 $ 7,697 $ 4,887
Income tax benefit at statutory rates 1,778 1,142 1,189
Additional income tax (shortfall) benefit on vesting of share-settled awards (458) 109 846
Share-settled Equity Awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense 7,281 7,413 4,897
Stock Appreciation Rights (SARs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense 0 221 (42)
Employee Stock Purchase Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense $ 31 $ 63 $ 32
v3.26.1
Stock Based Compensation - Narrative (Details) - USD ($)
 12 Months Ended
Jun. 20, 2023
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Jan. 29, 2022
2017 Equity Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Shares available for issuance   1,300,000      
Increased additional shares provided 1,800,000        
Extended additional shares, period 10 years        
SARs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Defined maximum gain         $ 5.00
Exercise price         $ 30.94
Additional SARs granted         0
Share-settled Equity Awards          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Fair value of stock awards vested during period   $ 7,500,000 $ 1,400,000 $ 4,800,000  
Unrecognized share-based compensation expense   $ 8,400,000      
Unrecognized compensation cost, recognition period   1 year 4 months 24 days      
Weighted average grant date fair value of awards   $ 21.61 $ 32.06 $ 24.99  
Restricted Stock          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Fair value of stock awards vested during period   $ 700,000 $ 500,000 $ 500,000  
Weighted average grant date fair value of awards   $ 18.85 $ 36.84 $ 21.9  
Employee Stock Purchase Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Shares available for issuance   84,000      
Shares of common stock reserved for issuance   450,000      
Employee service period   1 year      
Maximum ownership rate   10.00%      
Purchase price, percentage of fair market value   85.00%      
Maximum annual purchases under plan   $ 5,000      
Shares issued under plan   11,000 6,000 9,000  
Proceeds from issuance of shares under plan   $ 172,000 $ 169,000 $ 183,000  
v3.26.1
Stock-Based Compensation - Summary of Restricted Stock Awards Transactions (Details) - $ / shares
 12 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Share-settled Equity Awards      
Number of Shares      
Outstanding at February 1, 2025 695,259    
Granted 436,031    
Vested (259,725)    
Forfeited (75,156)    
Outstanding at January 31, 2026 796,409 695,259  
Weighted-Average Grant Date Fair Value      
Outstanding at February 1, 2025 $ 29.71    
Granted 21.61 $ 32.06 $ 24.99
Vested 28.79    
Forfeited 28.8    
Outstanding at January 31, 2026 $ 25.67 $ 29.71  
Restricted Stock      
Number of Shares      
Outstanding at February 1, 2025 0    
Granted 34,488    
Vested (34,488)    
Outstanding at January 31, 2026 0 0  
Weighted-Average Grant Date Fair Value      
Outstanding at February 1, 2025 $ 0.00    
Granted 18.85 $ 36.84 $ 21.9
Vested 18.85    
Outstanding at January 31, 2026 $ 0.00 $ 0.00  
v3.26.1
Share Repurchase Program - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 10, 2025
Dec. 31, 2024
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Debt Instrument [Line Items]          
Share repurchase program, authorized amount $ 50.0 $ 50.0      
Share repurchase program, expiration date Dec. 31, 2026 Dec. 31, 2025      
Share repurchase program, shares purchased     0 0 230,696
Share repurchase program, purchased amount         $ 5.4
v3.26.1
Litigation and Business Risk - Narrative (Details) - Supplier Concentration Risk - Sales Revenue Net
 12 Months Ended
Jan. 31, 2026
Feb. 01, 2025
Feb. 03, 2024
Nike, Inc., Skechers U.S.A., Inc. and Crocs, Inc.      
Product Information [Line Items]      
Concentration Risk, Percentage 46.00% 48.00% 45.00%
Nike, Inc.      
Product Information [Line Items]      
Concentration Risk, Percentage 24.00% 24.00% 20.00%
Skechers USA, Inc.      
Product Information [Line Items]      
Concentration Risk, Percentage 13.00% 13.00% 14.00%
Crocs, Inc.      
Product Information [Line Items]      
Concentration Risk, Percentage 9.00% 11.00% 11.00%
v3.26.1
Subsequent Events - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
Mar. 03, 2026
Feb. 24, 2026
Jan. 31, 2026
Feb. 01, 2025
Subsequent Event [Line Items]        
Common stock, shares issued     41,049,190 41,049,190
Subsequent Event | Chief Executive Officer        
Subsequent Event [Line Items]        
Common stock, shares issued   168,184    
Incentive and stock-based compensation payments   $ 4.8    
Subsequent Event | Chief Executive Officer | Minimum        
Subsequent Event [Line Items]        
Net Income per diluted share   $ 0.2    
Subsequent Event | Chief Executive Officer | Maximum        
Subsequent Event [Line Items]        
Net Income per diluted share   $ 0.22    
Subsequent Event | O 2026A Dividends [Member]        
Subsequent Event [Line Items]        
Dividend declared, amount per share $ 0.17      
Dividend declared, payment date Apr. 20, 2026      
Dividend declared, record date Apr. 06, 2026