FIVE BELOW, INC, 10-K filed on 3/16/2023
Annual Report
v3.22.4
Cover - USD ($)
 12 Months Ended
Jan. 28, 2023
Mar. 15, 2023
Jul. 29, 2022
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Jan. 28, 2023    
Current Fiscal Year End Date --01-28    
Document Transition Report false    
Entity File Number 001-35600    
Entity Registrant Name Five Below, Inc.    
Entity Incorporation, State or Country Code PA    
Entity Tax Identification Number 75-3000378    
Entity Address, Address Line One 701 Market Street    
Entity Address, Address Line Two Suite 300    
Entity Address, City or Town Philadelphia    
Entity Address, State or Province PA    
Entity Address, Postal Zip Code 19106    
City Area Code (215)    
Local Phone Number 546-7909    
Title of 12(b) Security Common Stock, $0.01 par value per share    
Trading Symbol FIVE    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity Common Stock, Shares Outstanding (in shares)   55,655,710  
Entity Public Float     $ 6,914,474,150
Documents Incorporated by Reference Portions of the registrant's Proxy Statement for the 2023 Annual Meeting of Shareholders to be held on June 13, 2023 (hereinafter referred to as the “Proxy Statement”) are incorporated by reference into Part III of this report.    
Amendment Flag false    
Document Fiscal Year Focus 2022    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001177609    
ICFR Auditor Attestation Flag true    
v3.22.4
Audit Information
 12 Months Ended
Jan. 28, 2023
Audit Information [Abstract]  
Auditor Firm ID 185
Auditor Name KPMG LLP
Auditor Location Philadelphia, PA
v3.22.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jan. 28, 2023
Jan. 29, 2022
Current assets:    
Cash and cash equivalents $ 332,324 $ 64,973
Short-term investment securities 66,845 277,141
Inventories 527,720 455,104
Prepaid income taxes and tax receivable 8,898 11,325
Prepaid expenses and other current assets 130,592 96,196
Total current assets 1,066,379 904,739
Property and equipment, net 925,530 777,497
Operating lease assets 1,319,132 1,151,395
Other assets 13,870 9,112
Total assets 3,324,911 2,880,460
Current liabilities:    
Line of credit 0 0
Accounts payable 221,120 196,461
Income taxes payable 19,928 28,096
Accrued salaries and wages 25,420 53,539
Other accrued expenses 136,316 145,268
Operating lease liabilities 199,776 163,537
Total current liabilities 602,560 586,901
Other long-term liabilities 4,296 1,663
Deferred income taxes 59,151 36,156
Long-term operating lease liabilities 1,296,975 1,135,456
Total liabilities 1,962,982 1,760,176
Commitments and contingencies (note 6)
Shareholders’ equity:    
Common stock, $0.01 par value. Authorized 120,000,000 shares; issued and outstanding 55,537,221 and 55,662,400 shares, respectively. 555 556
Additional paid-in capital 260,784 280,666
Retained earnings 1,100,590 839,062
Total shareholders’ equity 1,361,929 1,120,284
Total liabilities and shareholders' equity (deficit) 3,324,911 2,880,460
Long-term Investments $ 0 $ 37,717
v3.22.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Jan. 28, 2023
Jan. 29, 2022
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 120,000,000 120,000,000
Common stock, shares issued (in shares) 55,537,221 55,662,400
Common stock, shares outstanding (in shares) 55,537,221 55,662,400
v3.22.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Jan. 28, 2023
Jan. 29, 2022
Jan. 30, 2021
Income Statement [Abstract]      
Net sales $ 3,076,308 $ 2,848,354 $ 1,962,137
Cost of goods sold 1,980,817 1,817,910 1,309,807
Gross profit 1,095,491 1,030,444 652,330
Selling, general and administrative expenses 750,448 650,564 497,527
Operating income 345,043 379,880 154,803
Interest income (expense) and other income (expense), net (2,491) 13,177 1,736
Income before income taxes 347,534 366,703 153,067
Income tax expense 86,006 87,893 29,706
Net income $ 261,528 $ 278,810 $ 123,361
Basic income per common share (dollars per share) $ 4.71 $ 4.98 $ 2.21
Diluted income per common share (dollars per share) $ 4.69 $ 4.95 $ 2.20
Weighted average shares outstanding:      
Basic shares 55,547,267 55,999,713 55,816,508
Diluted shares 55,745,279 56,303,854 56,060,039
v3.22.4
Consolidated Statements of Changes in Shareholders' Equity - USD ($)
$ in Thousands
Total
Unrestricted stock [Member]
Common Stock [Member]
Common Stock [Member]
Unrestricted stock [Member]
Additional Paid-in Capital [Member]
Additional Paid-in Capital [Member]
Unrestricted stock [Member]
Retained Earnings [Member]
Balance at Feb. 01, 2020 $ 759,778   $ 557   $ 322,330   $ 436,891
Balance, common stock, shares (in shares) at Feb. 01, 2020     55,712,067        
Issuance of unrestricted stock awards 9,294 $ 208     9,294 $ 208  
Issuance of unrestricted stock awards (in shares)       1,518      
Exercise of options to purchase common stock 5,346   $ 2   5,344    
Exercise of options and warrants to purchase common stock (in shares)     176,846        
Vesting of restricted stock units and performance-based restricted stock units 2   $ 2        
Vesting of restricted stock units and performance-based restricted stock units (in shares)     (230,002)        
Common Shares Withheld (3,917)   $ (1)   (3,916)    
Common shares withheld for taxes (in shares)     51,734        
Repurchase and retirement of common stock (12,663)   $ (1)   (12,662)    
Repurchase and retirement of stock (in shares)     (137,023)        
Issuance of common stock to employees under employee stock purchase plan 477       477    
Issuance of common stock to employees under employee stock purchase plan (in shares)     3,561        
Net income 123,361           123,361
Balance at Jan. 30, 2021 881,886   $ 559   321,075   560,252
Balance, common stock, shares (in shares) at Jan. 30, 2021     55,935,237        
Issuance of unrestricted stock awards 25,378 335     25,378 335  
Exercise of options to purchase common stock 389       389    
Exercise of options and warrants to purchase common stock (in shares)     12,834        
Vesting of restricted stock units and performance-based restricted stock units 1   $ 1        
Vesting of restricted stock units and performance-based restricted stock units (in shares)     (115,763) (1,790)      
Common Shares Withheld (7,332)       (7,332)    
Common shares withheld for taxes (in shares)     38,342        
Repurchase and retirement of common stock (60,011)   $ (4)   (60,007)    
Repurchase and retirement of stock (in shares)     (368,699)        
Issuance of common stock to employees under employee stock purchase plan 828       828    
Issuance of common stock to employees under employee stock purchase plan (in shares)     3,817        
Net income 278,810            
Balance at Jan. 29, 2022 $ 1,120,284   $ 556   280,666   839,062
Balance, common stock, shares (in shares) at Jan. 29, 2022 55,662,400   55,662,400        
Issuance of unrestricted stock awards $ 22,981 $ 523     22,981 $ 523  
Exercise of options to purchase common stock 776       776    
Exercise of options and warrants to purchase common stock (in shares)     21,737        
Vesting of restricted stock units and performance-based restricted stock units 1   $ 1        
Vesting of restricted stock units and performance-based restricted stock units (in shares)     (122,349) (3,349)      
Common Shares Withheld (4,981)       (5,000)    
Common shares withheld for taxes (in shares)     31,971        
Repurchase and retirement of common stock (40,007)   $ (2)   (40,005)    
Repurchase and retirement of stock (in shares)     (247,132)        
Issuance of common stock to employees under employee stock purchase plan 824       824    
Issuance of common stock to employees under employee stock purchase plan (in shares)     6,489        
Net income 261,528            
Balance at Jan. 28, 2023 $ 1,361,929   $ 555   $ 260,784   $ 1,100,590
Balance, common stock, shares (in shares) at Jan. 28, 2023 55,537,221   55,537,221        
v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Jan. 28, 2023
Jan. 29, 2022
Jan. 30, 2021
Operating activities:      
Net income $ 261,528 $ 278,810 $ 123,361
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 105,617 84,831 69,345
Share-based compensation expense 23,583 25,787 9,551
Deferred income tax expense 22,995 7,245 20,195
Other non-cash expenses 409 708 2,572
Changes in operating assets and liabilities:      
Inventories (72,616) (173,837) 42,761
Prepaid income taxes and tax receivable 2,427 (4,975) (2,287)
Prepaid expenses and other assets (39,379) (26,287) 17,141
Accounts payable 24,891 61,559 11,146
Income taxes payable (8,168) 26,071 (7,480)
Accrued salaries and wages (28,119) 10,094 23,572
Operating leases 30,022 13,131 29,362
Other accrued expenses (8,264) 24,775 26,727
Net cash provided by operating activities 314,926 327,912 365,966
Investing activities:      
Purchases of investment securities and other investments (56,459) (477,082) (192,612)
Sales, maturities, and redemptions of investment securities 304,473 299,652 105,912
Capital expenditures (251,954) (288,167) (200,189)
Net cash used in investing activities (3,940) (465,597) (286,889)
Financing activities:      
Borrowing on note payable under Revolving Credit Facility 0 0 50,000
Repayment of note payable under Revolving Credit Facility 0 0 (50,000)
Cash paid for Revolving Credit Facility financing costs (248) 0 (2,029)
Net proceeds from issuance of common stock 824 828 477
Repurchase and retirement of common stock (40,007) (60,011) (12,663)
Proceeds from exercise of options to purchase common stock and vesting of restricted and performance-based restricted stock units 777 390 5,348
Common shares withheld for taxes 4,981 7,332 3,917
Net cash used in financing activities (43,635) (66,125) (12,784)
Net increase (decrease) in cash and cash equivalents 267,351 (203,810) 66,293
Cash and cash equivalents at end of year 64,973 268,783 202,490
Cash and cash equivalents at end of year 332,324 64,973 268,783
Supplemental disclosures of cash flow information:      
Interest paid 537 590 757
Income taxes paid 75,561 59,550 19,264
Increase (decrease) in accounts payable and accrued purchases of property and equipment $ 1,634 $ 8,810 $ (2,445)
v3.22.4
Summary of Significant Accounting Policies
 12 Months Ended
Jan. 28, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting PoliciesDescription of Business
Five Below, Inc. (collectively referred to herein with its wholly owned subsidiary as the "Company") is a specialty value retailer offering merchandise targeted at the tween and teen demographic. The Company offers an edited assortment of products, with most priced at $5 and below. The Company’s edited assortment of products includes select brands and licensed merchandise. The Company believes its merchandise is readily available and that there are a number of potential vendors that could be utilized, if necessary, under approximately the same terms the Company is currently receiving; thus, it is not dependent on a single vendor or a group of vendors.
The Company is incorporated in the Commonwealth of Pennsylvania and, as of January 28, 2023, operated in 42 states excluding Alaska, Hawaii, Idaho, Montana, Oregon, Vermont, Washington and Wyoming. As of January 28, 2023 and January 29, 2022, the Company operated 1,340 stores and 1,190 stores, respectively, each operating under the name “Five Below,” and sells merchandise on the internet, through the Company's fivebelow.com e-commerce website as well as with an on demand third party delivery service to enable our customers to shop online and receive convenient same day delivery.
The Company's consolidated financial statements include the accounts of Five Below, Inc. and its subsidiary (1616 Holdings, Inc., formerly known as Five Below Merchandising, Inc.). All intercompany transactions and accounts are eliminated in the consolidation of the Company's and subsidiary's financial statements.
Impact of COVID-19As a result of the COVID-19 pandemic, the Company's business operations and results of operations, including its net sales, earnings and cash flows, were materially impacted in fiscal 2020 as a result of the temporary closures of its stores in the first half of 2020, and decreased customer traffic in stores, as the result of limitations on the number of persons permitted in stores at one time by certain local and state regulations. The Company's ability to operate improved beginning in the second half of fiscal 2020 and extending into fiscal 2021. Fiscal YearThe Company operates on a 52/53-week fiscal year ending on the Saturday closest to January 31. References to "fiscal year 2022" or "fiscal 2022" refer to the period from January 30, 2022 to January 28, 2023, which consists of a 52-week fiscal year. References to "fiscal year 2021" or "fiscal 2021" refer to the period from January 31, 2021 to January 29, 2022, which consists of a 52-week fiscal year. References to "fiscal year 2020" or "fiscal 2020" refer to the period from February 2, 2020 to January 30, 2021, which consists of a 52-week fiscal year. Cash and Cash EquivalentsThe Company considers all highly liquid investments purchased with a maturity date of three months or less when purchased to be cash equivalents. Our cash equivalents consist of cash management solutions, credit and debit card receivables, money market funds, corporate bonds and municipal bonds with original maturities of 90 days or less, which are classified as cash and cash equivalents in the accompanying consolidated balance sheets. The cash management solutions relate to cash deposit products that provide credit generally processed the next business day for cash deposited in third-party tech-enabled solutions. For credit card and debit card receivables, the majority of payments due from banks for third-party credit card and debit card transactions resulting from customer purchases at the Company’s retail stores process within 24 to 48 hours, except for transactions occurring on a Friday, which are generally processed the following Monday. Amounts due from banks for these transactions classified as cash equivalents totaled $17.4 million and $13.0 million as of January 28, 2023 and January 29, 2022, respectively. Book overdrafts, which are outstanding checks in excess of funds on deposit, are recorded within accounts payable in the accompanying consolidated balance sheets and within operating activities in the accompanying consolidated statements of cash flows. As of January 28, 2023 and January 29, 2022, the Company had cash equivalents of $313.2 million and $41.3 million, respectively.Fair Value of Financial Instruments
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation at the measurement date:
Level 1: Quoted market prices in active markets for identical assets or liabilities.
Level 2: Inputs, other than Level 1, that are either directly or indirectly observable.
Level 3: Unobservable inputs developed using the Company’s estimates and assumptions which reflect those that market participants would use.
The classification of fair value measurements within the hierarchy are based upon the lowest level of input that is significant to the measurement.
The Company’s financial instruments consist primarily of cash equivalents, investment securities, accounts payable, borrowings, if any, under a line of credit (as defined in note 5), equity method investments, and notes receivable. The Company believes that: (1) the carrying value of cash equivalents and accounts payable are representative of their respective fair value due to the short-term nature of these instruments; and (2) the carrying value of the borrowings, if any, under the line of credit approximates fair value because the line of credit’s interest rates vary with market interest rates. Under the fair value hierarchy, the fair market values of cash equivalents and the investments in corporate bonds are Level 1 while the investments in municipal bonds are Level 2. The fair market values of Level 2 instruments are determined by management with the assistance of a third party pricing service. Since quoted prices in active markets for identical assets are not available, these prices are determined by the third party pricing service using observable market information such as quotes from less active markets and quoted prices of similar securities.
As of January 28, 2023 and January 29, 2022, the Company's investment securities are classified as held-to-maturity since the Company has the intent and ability to hold the investments to maturity. Such securities are carried at amortized cost plus accrued interest and consist of the following (in thousands):
As of January 28, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Market Value
Short-term:
Corporate bonds
$66,845 $— $292 $66,553 
Total$66,845 $— $292 $66,553 
As of January 29, 2022
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Market Value
Short-term:
Corporate bonds
$236,069 $— $286 $235,783 
Municipal bonds
41,072 — 44 41,028 
Total
$277,141 $— $330 $276,811 
Long-term:
Corporate bonds$37,717 $— $199 $37,518 
Total$37,717 $— $199 $37,518 
Short-term investment securities as of January 28, 2023 and January 29, 2022 all mature in one year or less. Long-term investment securities as of January 29, 2022 all mature after one year but in less than two years.
InventoriesInventories consist of finished goods purchased for resale, including freight and tariffs, and are stated at the lower of cost and net realizable value, at the individual product level. Cost is determined on a weighted average cost method. Management of the Company reviews inventory levels in order to identify slow-moving merchandise and uses markdowns to clear merchandise. Inventory cost is reduced when the selling price less costs of disposal is below cost. The Company accrues an estimate for inventory shrink for the period between the last physical count and the balance sheet date. The shrink estimate can be affected by changes in merchandise mix and changes in actual shrink trends.Prepaid Expenses and Other Current AssetsPrepaid expenses in fiscal 2022 and fiscal 2021 were $25.9 million and $26.4 million, respectively. Other current assets in fiscal 2022 and fiscal 2021 were $104.7 million and $69.8 million, respectively. Property and Equipment
Property and equipment are stated at cost. Additions and improvements are capitalized, while repairs and maintenance are charged to expense as incurred.
Depreciation and amortization is recorded using the straight-line method over the shorter of the estimated useful lives of the assets or the terms of the respective leases, if applicable. The estimated useful lives are three to ten years for furniture and fixtures and computers and equipment. Store leasehold improvements are amortized over the shorter of the useful life or the lease term plus assumed extensions, which is generally ten years. Leasehold improvements located in the shipcenters and the corporate headquarters are amortized over the shorter of the useful life or the lease term. Depreciation and amortization expense for property and equipment, which is included in selling, general and administrative expenses in the accompanying consolidated statements of operations, was $105.6 million, $84.8 million and $69.3 million in fiscal 2022, fiscal 2021 and fiscal 2020, respectively.
Property and equipment, net, consists of the following (in thousands):
January 28, 2023January 29, 2022
Land$30,371 $29,625 
Furniture and fixtures433,517 340,252 
Leasehold improvements558,723 428,291 
Computers and equipment293,553 229,054 
Construction in process63,393 113,529 
Property and equipment, gross1,379,557 1,140,751 
Less: Accumulated depreciation and amortization(454,027)(363,254)
Property and equipment, net$925,530 $777,497 
Impairment of Long-Lived AssetsLong-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Assets are grouped and evaluated for impairment at the lowest level of which there are identifiable cash flows, which is generally at a store level. Assets are reviewed for impairment using factors including, but not limited to, the Company's future operating plans and projected cash flows. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated undiscounted future cash flows, then an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Fair value is based on discounted future cash flows of the asset using a discount rate commensurate with the risk. In the event of a store closure, the Company will record an impairment charge, if appropriate, or accelerate depreciation over the revised useful life of the asset. Based on the Company's analysis performed in fiscal 2022, fiscal 2021 and fiscal 2020, management believes that no impairment of long-lived assets exists for the periods ended January 28, 2023, January 29, 2022 and January 30, 2021.Deferred Financing CostsDeferred financing costs are amortized to interest expense over the term of the related credit agreement. As of January 28, 2023 and January 29, 2022, the Company had $0.7 million and $0.9 million remaining in the accompanying consolidated balance sheets within Other Assets. Operating Leases
The Company leases store locations, shipcenters, the corporate headquarters and equipment used in its operations and evaluates and classifies its leases as operating or capital leases for financial reporting purposes. Any assets held under a finance lease are included in property and equipment, net.
Operating lease expense is recorded on a straight-line basis over the lease term. At the inception of a lease, the Company determines the lease term, which includes periods under the exercise of renewal options that are reasonably assured. Renewal options are exercised at the Company's sole discretion. In September 2016, the Company signed a 15 year lease for a new corporate headquarters location in Philadelphia, Pennsylvania. The Company currently occupies approximately 230,000 square feet of office space with multiple options to expand in the future. The lease agreement expires in early 2033 with three successive options to renew for additional terms up to approximately fifteen years. The shipcenter in Pedricktown, New Jersey is leased under a lease agreement expiring in 2025 with options to renew for three successive five-year periods. Generally, the Company’s store leases have expected lease terms of ten years, which are comprised of an initial term of ten years or an initial term of five years and one assumed five-year extension, resulting in a ten-year life. The expected lease term is used to determine whether a lease is finance or operating and to calculate straight-line rent expense.
Substantially all of the Company's leases include options that allow the Company to renew or extend the lease term beyond the initial lease period, subject to terms and conditions agreed upon at the inception of the lease. Such terms and conditions include rental rates agreed upon at the inception of the lease that could represent below or above market rental rates later in the life of the lease, depending upon market conditions at the time of such renewal or extension. In addition, the Company's leases may include early termination options.
Other Accrued ExpensesOther accrued expenses include accrued capital expenditures of $43.6 million and $41.7 million in fiscal 2022 and fiscal 2021, respectively. Deferred CompensationThe Company approved and adopted the Five Below, Inc. Nonqualified Deferred Compensation Plan (the "Deferred Comp Plan") and a related, irrevocable grantor trust (the "Trust") during fiscal 2021. The Deferred Comp Plan provides eligible key crew with the opportunity to elect to defer up to 80% of their eligible compensation. The Company may make discretionary contributions, at the discretion of the Board. Payments under the Deferred Comp Plan will be made from the general assets of the Company or from the assets of the Trust, funded by the Company. The related liability is recorded as deferred compensation and included in other long-term liabilities in the consolidated balance sheets. Equity Method InvestmentsThe Company uses the equity method to account for its investments in which the Company is deemed to have the ability to exercise significant influence over an investee’s operating and financial policies or in which the Company holds a significant partnership or limited liability company interest. Equity method investments are initially recorded at cost in other assets in the consolidated balance sheets. The cost is adjusted to recognize the Company's proportionate share of the investee’s net income or loss after the date of investment and is also adjusted for any impairments resulting from other-than-temporary declines in fair value that is less than its carrying value. During fiscal 2021, the Company recorded an other-than-temporary impairment utilizing the market and cost approach considering historical and projected financial results to calculate fair value. Also related to this investment, management recorded a reserve against outstanding debt owed to the Company based on management’s evaluation of collectability. The total amount of impairment and reserve was approximately $9.7 million and was recorded in interest income (expense) and other income (expense), net in the consolidated statements of operations. Share-Based Compensation
The Company measures the cost of crew services received in exchange for share-based compensation based on the grant date fair value of the employee stock award. The Company recognizes compensation expense generally on a straight-line basis over the crew's requisite service period (generally the vesting period of the equity grant) based on the estimated grant date fair value of restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs") except for PSUs that have a market condition based on its total shareholder return relative to a pre-defined peer group, which are subject to multi-year performance objectives with vesting periods of approximately three years from the date of grant (if the applicable performance objectives are achieved). The fair value of these PSUs are determined using a Monte Carlo simulation model, which utilizes multiple input variables such as (i) total shareholder return from the beginning of the performance cycle through the performance measurement date(s); (ii) volatility; (iii) risk-free interest rates; and (iv) the correlation of the pre-defined peer group's total shareholder return. The Company uses the Black-Scholes option-pricing model for grants of stock options.
The fair value of restricted stock awards are based on the closing price of the Company's common stock on the grant date and the fair value of stock options are based on the Black-Scholes option-pricing model utilizing the closing price of the Company's common stock on the grant date as the fair value of common stock in the model. Future share-based compensation cost will increase when the Company grants additional equity awards. Modifications, cancellations or repurchases of awards after the grant date may require the Company to accelerate any remaining unearned share-based compensation cost or incur incremental compensation costs. Share-based compensation cost recognized and included in expenses for fiscal 2022, fiscal 2021 and fiscal 2020, was $23.6 million, $25.8 million and $9.6 million, respectively.
Revenue Recognition
Revenue from store operations is recognized at the point of sale when control of the product is transferred to the customer at such time. Internet sales, through the Company's fivebelow.com e-commerce website, are recognized when the customer receives the product as control transfers upon delivery. Returns subsequent to the period end are immaterial; accordingly, no significant reserve has been recorded. Gift card sales to customers are initially recorded as liabilities and recognized as sales upon redemption for merchandise or as breakage revenue in proportion to the pattern of redemption of the gift cards by the customer in net sales.
The transaction price for the Company’s sales is based on the item’s stated price. To the extent that the Company charges customers for shipping and handling on e-commerce sales, the Company records such amounts in net sales. Shipping and handling costs, which include fulfillment and shipping costs related to the Company's e-commerce operations, are included in costs of goods sold. As permitted by applicable accounting guidance, ASU 2014-09 "Revenue from Contracts with Customers," the Company has elected to exclude all sales taxes collected from customers and remitted to governmental authorities from net sales in the accompanying consolidated statements of operations.
Shipping and Handling Revenues and CostsThe Company includes all shipping and handling revenue from e-commerce sales in net sales. Shipping and handling costs, which are included in cost of goods sold in the accompanying consolidated statements of operations, include fulfillment and shipping costs related to the Company's e-commerce operations.Cost of Goods SoldCost of goods sold reflects the direct costs of purchased merchandise and inbound freight and tariffs, as well as store occupancy, distribution and buying expenses. Store occupancy costs include rent, common area maintenance, utilities and property taxes for all store locations. Distribution costs include costs for receiving, processing, warehousing and shipping of merchandise to or from the Company's shipcenters and between store locations. Buying costs include compensation expense for the Company's internal buying organization.Selling, General and Administrative ExpensesSelling, general and administrative expenses include payroll and other compensation, marketing and advertising expense, depreciation and amortization expense, and other selling and administrative expenses. Vendor AllowancesThe Company receives various incentives in the form of allowances, free product and promotional funds from its vendors based on product purchases and advertising activities. The amounts received are subject to changes in market conditions, vendor marketing strategies and changes in the profitability or sell-through of the related merchandise for the Company. Merchandise allowances are recognized in the period the related merchandise is sold within cost of goods sold. Marketing allowances are recorded in selling, general and administrative expenses and are recognized in the period the related advertising occurs to the extent the allowance is a reimbursement that is specific and incremental, and identifiable costs have been incurred by the Company to sell the vendor’s products. To the extent these conditions are not met, these allowances are recorded as merchandise allowances.Store Pre-Opening CostsCosts incurred between completion of a new store location’s construction and its opening (pre-opening costs) are charged to expense as incurred. Pre-opening costs were $10.7 million, $10.9 million and $9.0 million in fiscal 2022, fiscal 2021, and fiscal 2020, respectively, and are recorded in the accompanying consolidated statements of operations based on the nature of the expense.Advertising CostsAdvertising costs are charged to expense the first time the advertising takes place. Advertising expenses were $54.1 million, $31.3 million and $31.6 million in fiscal 2022, fiscal 2021 and fiscal 2020, respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of operations.Income Taxes
Income taxes are accounted for under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.
The Company records a valuation allowance to reduce its deferred tax assets when uncertainty regarding their realizability exists. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment.
Commitments and ContingenciesLiabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.Use of EstimatesThe preparation of consolidated financial statements requires management of the Company to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the carrying amount of property and equipment, net realizable value for inventories, income taxes, share-based compensation expense, the incremental borrowing rate utilized in operating lease liabilities, equity method investments, and notes receivable.Recently Issued Accounting StandardsIn March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04"). The pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company determined that the impact of the adoption of ASU 2020-04 will not have a material impact on its consolidated financial statements.
v3.22.4
Revenue Recognition (Notes)
 12 Months Ended
Jan. 28, 2023
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Disaggregation of Revenue
The following table provides information about disaggregated revenue by groups of products: leisure, fashion and home, and snack and seasonal (in thousands):
Fiscal YearFiscal YearFiscal Year
202220212020
AmountPercentage of Net SalesAmountPercentage of Net SalesAmountPercentage of Net Sales
Leisure (1)
$1,465,402 47.6 %$1,412,382 49.6 %$965,816 49.2 %
Fashion and home898,187 29.2 %859,586 30.2 %701,461 35.8 %
Snack and seasonal (1)
712,719 23.2 %576,386 20.2 %294,860 15.0 %
Total$3,076,308 100.0 %$2,848,354 100.0 %$1,962,137 100.0 %
v3.22.4
Income Per Common Share
 12 Months Ended
Jan. 28, 2023
Earnings Per Share [Abstract]  
Income Per Common Share Income Per Common Share
Basic income per common share amounts are calculated using the weighted-average number of common shares outstanding for the period. Diluted income per common share amounts are calculated using the weighted-average number of common shares outstanding for the period and include the dilutive impact of exercised stock options as well as assumed vesting of restricted stock awards and shares currently available for purchase under the Company's Employee Stock Purchase Plan, using the treasury stock method. Performance-based restricted stock units are considered contingently issuable shares for diluted income per common share purposes and the dilutive impact, if any, is not included in the weighted-average shares until the performance conditions are met. The dilutive impact, if any, for performance-based restricted stock units, which are subject to market conditions based on the Company's total shareholder return relative to a pre-defined peer group, are included in the weighted average shares.
The following table reconciles net income and the weighted average common shares outstanding used in the computations of basic and diluted income per common share (in thousands, except for share and per share data):
 
Fiscal Year
 202220212020
Numerator:
Net income$261,528 $278,810 $123,361 
Denominator:
Weighted average common shares outstanding - basic55,547,267 55,999,713 55,816,508 
Dilutive impact of options, restricted stock units, and employee stock purchase plan198,012 304,141 243,531 
Weighted average common shares outstanding - diluted55,745,279 56,303,854 56,060,039 
Per common share:
Basic income per common share$4.71 $4.98 $2.21 
Diluted income per common share$4.69 $4.95 $2.20 

The effects of the assumed vesting of restricted stock units outstanding as of January 28, 2023, January 29, 2022 and January 30, 2020 for 72,043, 9,781 and 20,425 shares of common stock, respectively, were excluded from the fiscal 2022, fiscal 2021 and fiscal 2020 calculation of diluted income per common share as their impact would have been anti-dilutive.
The aforementioned excluded shares do not reflect the impact of any incremental repurchases under the treasury stock method.
v3.22.4
Leases (Notes)
 12 Months Ended
Jan. 28, 2023
Leases [Abstract]  
Leases Leases
The Company determines if an arrangement contains a lease at the inception of a contract. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease assets and operating lease liabilities are recognized at the commencement date based on the present value of the remaining future minimum lease payments. As the rate implicit in the lease is not readily determinable for the Company's leases, the Company utilizes its incremental borrowing rate to determine the present value of future lease payments. The incremental borrowing rate represents a significant judgment and is determined based on an analysis of the Company's synthetic credit rating, prevailing financial market conditions, corporate bond yields, treasury bond yields, and the effect of collateralization. The operating lease assets also include lease payments made before commencement and exclude lease incentives.
The Company’s real estate leases typically contain options that permit renewals for additional periods of up to five years. For real estate leases, except for renewals that generally take the lease to a ten-year term, the options to renew are not considered reasonably certain at lease commencement because the Company reevaluates each lease on a regular basis to consider the economic and strategic benefits of exercising the renewal options, and regularly opens, relocates or closes stores to align with its operating strategy. Therefore, generally, except for renewals that take the lease to a ten-year term, the renewal option periods are not included within the lease term and the associated payments are not included in the measurement of the operating lease asset and operating lease liability as the exercise of such options is not reasonably certain. The Company’s operating lease agreements, including assumed renewals, which are generally those that take the lease to a ten-year term, expire through fiscal 2037. Similarly, renewal options are not included in the lease term for non-real estate leases because they are not considered reasonably certain of being exercised at lease commencement. Leases with an initial term of 12 months or less are not recorded on the balance sheets and lease expense is recognized on a straight-line basis over the term of the short-term lease.
For certain real estate leases, the Company accounts for lease components and nonlease components as a single lease component. Certain real estate leases require additional payments for reimbursement of real estate taxes, common area maintenance and insurance as well as payments based on sales volume, all of which are expensed as incurred as variable lease costs. Other real estate leases contain one fixed lease payment that includes real estate taxes, common area maintenance and insurance. These fixed payments are considered part of the lease payment and included in the operating lease assets and operating lease liabilities.
All of the Company's leases are classified as operating leases and the associated assets and liabilities are presented as separate captions in the consolidated balance sheets. As of January 28, 2023 and January 29, 2022, the weighted average remaining lease term for the Company's operating leases was 7.6 years and 7.7 years respectively, and the weighted average discount rate was 5.2% and 5.4%, respectively.
The following table is a summary of the Company's components for net lease costs as of January 28, 2023 and January 29, 2022 (in thousands):
Fifty-Two Weeks Ended
Lease CostJanuary 28, 2023January 29, 2022
Operating lease cost$231,958 $201,566 
Variable lease cost63,739 57,756 
Net lease cost*$295,697 $259,322 
* Excludes short-term lease cost, which is immaterial

The following table summarizes the maturity of lease liabilities under operating leases as of January 28, 2023 (in thousands):
Maturity of Lease LiabilitiesOperating Leases
2023$264,414 
2024256,163 
2025242,447 
2026227,379 
2027205,746 
After 2027594,349 
Total lease payments1,790,498 
Less: imputed interest293,747 
Present value of lease liabilities$1,496,751 

The following table summarizes the supplemental cash flow disclosures related to leases as of January 28, 2023 and January 29, 2022 (in thousands):
Fifty-Two Weeks Ended
January 28, 2023January 29, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments arising from operating lease liabilities (1)
$210,096 $197,294 
Supplemental non-cash information:
Operating lease liabilities arising from obtaining right-of-use assets$321,905 $307,058 
(1) Included within operating activities in the Company's Consolidated Statements of Cash Flows.

As of January 28, 2023, the Company has entered into commitments for new stores for which the leases have not yet commenced that have future minimum lease payments of approximately $216.0 million.
During the fifty-two weeks ended January 28, 2023, the Company committed to 173 new store leases with average terms of approximately ten years that have future minimum lease payments of approximately $361.9 million.
From January 30, 2022 to March 16, 2023, the Company committed to 26 new leases with terms of ten years that have future minimum lease payments of approximately $50.4 million.
v3.22.4
Term Loan and Line of Credit
 12 Months Ended
Jan. 28, 2023
Debt Disclosure [Abstract]  
Term Loan and Line of Credit Line of Credit
On September 16, 2022, the Company entered into a Second Amendment to Credit Agreement (the "Second Amendment") which amended the Fifth Amended and Restated Credit Agreement, dated as of April 24, 2020, as previously amended by that certain First Amendment to Credit Agreement, dated as of January 27, 2021 (the "First Amendment"; the Fifth Amended and Restated Credit Agreement as amended by the First Amendment and the Second Amendment, the “Credit Agreement”), among the Company, 1616 Holdings, Inc., a wholly-owned subsidiary of the Company ("1616 Holdings" and together with the Company, the "Loan Parties"), Wells Fargo Bank, National Association as administrative agent (the "Agent"), and other lenders party thereto (the "Lenders").
The Credit Agreement provides for a secured asset-based revolving line of credit in the amount of up to $225 million (the "Revolving Credit Facility"). Advances under the Revolving Credit Facility are tied to a borrowing base consisting of eligible credit card receivables and inventory, as reduced by certain reserves in effect from time to time. Pursuant to the Credit Agreement, inventory appraisals and certain other diligence items are deferred, with reduced advance rates during the period that such appraisals have not been delivered. Pursuant to the Second Amendment, the Revolving Credit Facility expires on the earliest to occur of (i) September 16, 2027 or (ii) an event of default.
The Second Amendment also replaced the existing LIBOR rate provisions with SOFR rate provisions which converted then outstanding LIBOR loans into SOFR loans and additionally makes a number of other revisions to other provisions of the Credit Agreement. Giving effect to the Second Amendment, outstanding borrowings under the Revolving Credit Facility would accrue interest at floating rates plus an applicable margin ranging from 1.12% to 1.50% for SOFR loans and 0.125% to 0.50% for base rate loans, and letter of credit fees range from1.125% to 1.50%, in each case based on the average availability under the Revolving Credit Facility.
The Revolving Credit Facility may be increased up to $150.0 million, subject to certain conditions, including obtaining commitments from one or more Lenders (the "Accordion"). Pursuant to the First Amendment, the Company obtained commitments from the Lenders that would allow the Company at its election (subject only to satisfaction of certain customary conditions such as the absence of any Event of Default), to increase the amount of the Revolving Credit Facility by an aggregate principal amount up to $50 million within the Accordion (the "Committed Increase"). The entire amount of the Revolving Credit Facility is available for the issuance of letters of credit and allows for swingline loans.
The Credit Agreement contains customary covenants that limit, absent lender approval, the ability of the Company and certain of its affiliates to, among other things, pay cash dividends, incur debt, create liens and encumbrances, redeem or repurchase stock, enter into certain acquisition transactions with affiliates, merge, dissolve, repay certain indebtedness, change the nature of the Company’s business, enter sale or leaseback transactions, make investments or dispose of assets. In some cases, these restrictions are subject to certain negotiated exceptions or permit the Company to undertake otherwise restricted activities if it satisfies certain conditions. In addition, the Company will be required to maintain availability of not less than (i) 12.5% of the lesser of (x) aggregate commitments under the Revolving Credit Facility and (y) the borrowing base (the "loan cap") during the period that inventory appraisals have not been delivered as described above and (ii) at all other times 10.0% of the loan cap.
If there exists an event of default or availability under the Revolving Credit Facility is less than 15% of the loan cap, amounts in any of the Loan Parties' or subsidiary guarantors' designated deposit accounts will be transferred daily into a blocked account held by the Agent and applied to reduce outstanding amounts under the Revolving Credit Facility (the "Cash Dominion Event"), so long as (i) such event of default has not been waived and/or (ii) until availability has exceeded 15% of the loan cap for sixty (60) consecutive calendar days (provided that such ability to discontinue the Cash Dominion Event shall be limited to two times during the term of the Credit Agreement).
The Credit Agreement contains customary events of default including, among other things, failure to pay obligations when due, initiation of bankruptcy or insolvency proceedings, defaults on certain other indebtedness, change of control, incurrence of certain material judgments that are not stayed, satisfied, bonded or discharged within 30 days, certain ERISA events, invalidity of the credit documents, and violation of affirmative and negative covenants or breach of representations and warranties set forth in the Credit Agreement. Amounts under the Revolving Credit Facility may become due upon events of default (subject to any applicable grace or cure periods).
All obligations under the Revolving Credit Facility are guaranteed by 1616 Holdings and secured by substantially all of the assets of the Company and 1616 Holdings. As of January 28, 2023 and January 29, 2022, the Company was in compliance with the covenants applicable to it under the Revolving Credit Facility.
During fiscal 2022 and fiscal 2021, the Company had no borrowings or interest expense under the Revolving Credit Facility. During fiscal 2020, the Company borrowed and repaid approximately $50 million from its Revolving Credit Facility.
As of January 28, 2023, the Company had approximately $192 million available on the Revolving Credit Facility. As of January 29, 2022 the Company had approximately $153 million available on the Revolving Credit Facility.
v3.22.4
Commitments and Contingencies
 12 Months Ended
Jan. 28, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments And Contingencies Commitments and Contingencies
Commitments
Other Contractual Commitments
The Company has an executive severance plan that is applicable to certain key crew that provide for, among other things, salary, bonus, severance, and change-in-control provisions.
As of January 28, 2023, the Company has other purchase commitments of approximately $15.8 million consisting of purchase agreements for materials that will be used in the construction of new stores.
Contingencies
Legal Matters
From time to time, the Company is involved in certain legal actions arising in the ordinary course of business. In management’s opinion, the outcome of such actions will not have a material adverse effect on the Company’s financial condition or results of operations.
v3.22.4
Shareholders' Equity
 12 Months Ended
Jan. 28, 2023
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity As of January 28, 2023, the Company is authorized to issue 120 million shares of $0.01 par value common stock and 5 million shares of $0.01 par value preferred stock. The holders of the common stock are entitled to one vote per share of common stock and are entitled to receive dividends if declared by the Board of Directors. The preferred stock may be issued from time to time in series as designated by the Board of Directors. The designations, powers, preferences, voting rights, privileges, options, conversion rights, and other special rights of the shares of each such series and the qualifications, limitations and restrictions thereof shall be designated by the Board of Directors.
Common Stock
The Five Below, Inc. 2012 Employee Stock Purchase Plan (the “ESPP”) is intended to be qualified as an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code of 1986. The number of shares of common stock reserved for issuance, which is subject to other limitations, is 500,000 shares. The ESPP allows eligible crew the opportunity to purchase, subject to limitations, shares of the Company’s common stock through payroll deductions at a discount of 10% of the fair market value of such shares on the purchase date. In fiscal 2022, the Company issued 6,489 shares of common stock under the ESPP resulting in proceeds of $0.8 million and recorded share-based compensation expense of $78 thousand in connection with the ESPP related to the amount of the discount. In fiscal 2021, the Company issued 3,817 shares of common stock under the ESPP resulting in proceeds of $0.8 million and recorded share-based compensation expense of $74 thousand in connection with the ESPP related to the amount of the discount. In fiscal 2020, the Company issued 3,561 shares of common stock under the ESPP resulting in proceeds of $0.5 million and recorded share-based compensation expense of $50 thousand in connection with the ESPP related to the amount of the discount.
v3.22.4
Share-Based Compensation
 12 Months Ended
Jan. 28, 2023
Share-based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based CompensationEquity Incentive PlanPursuant to the Company's 2022 Equity Incentive Plan (the “Plan”), the Company’s Board of Directors may grant stock options, restricted shares and restricted stock units to officers, directors, key crew and professional service providers. The Plan, as amended, allows for the issuance of up to a total of 4.3 million shares under the Plan. As of January 28, 2023, approximately 3.5 million stock options, restricted shares, or restricted stock units were available for grant.
Common Stock Options
All stock options have a term not greater than ten years. Stock options vest and become exercisable in whole or in part, in accordance with vesting conditions set by the Company’s Board of Directors. Options granted to date generally vest over four years from the date of grant.
Stock option activity under the Plan was as follows:
 
Options
outstanding		Weighted
average
exercise
price		Weighted
average
remaining
contractual
term
Balance as of February 1, 2020231,525 $30.92 4.1
Granted— — 
Forfeited (1,650)31.49
Exercised(176,846)30.23
Balance as of January 30, 202153,029 33.223.2
Granted— — 
Forfeited(432)4.28
Exercised(12,834)30.29
Balance as of January 29, 202239,763 34.482.3
Granted— — 
Forfeited— — 
Exercised(21,737)34.11
Balance as of January 28, 202318,026 34.921.8
Exercisable as of January 28, 202318,026 $34.92 1.8
The fair value of each option award granted to crew, including outside directors, is estimated on the date of grant using the Black-Scholes option-pricing model. The Company did not grant any stock options in fiscal 2022, fiscal 2021 and fiscal 2020.
The Company uses the simplified method to estimate the expected term of the option. The expected volatility incorporates historical and implied volatility of similar entities whose share prices are publicly available. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant.
The total intrinsic value of stock options exercised during fiscal 2022, fiscal 2021 and fiscal 2020 was $3.1 million, $2.1 million and $17.6 million, respectively. The aggregate intrinsic value of stock options outstanding and exercisable was $2.9 million as of January 28, 2023. In fiscal 2022, fiscal 2021 and fiscal 2020, the Company received cash from the exercise of options of $0.8 million, $0.4 million and $5.3 million, respectively. Upon option exercise, the Company issued new shares of common stock.
Restricted Stock Units and Performance-Based Restricted Stock Units
All restricted stock units ("RSU") and performance-based restricted stock units ("PSU") vest in accordance with vesting conditions set by the compensation committee of the Company’s Board of Directors. RSUs granted to date have vesting periods ranging from less than one year to five years from the date of grant and the fair value of RSUs is the market price of the underlying common stock on the date of grant. PSUs granted to date have vesting periods ranging from less than one year to five years from the date of grant.
PSUs that have a performance condition are subject to satisfaction of the applicable performance goals established for the respective grant. The Company periodically assesses the probability of achievement of the performance criteria and adjusts the amount of compensation expense accordingly. The fair value of these PSUs is the market price of the underlying common stock on the date of grant. Compensation is recognized over the vesting period and adjusted for the probability of achievement of the performance criteria.
PSUs that have a market condition based on our total shareholder return relative to a pre-defined peer group are subject to multi-year performance objectives with vesting periods of approximately three years from the date of grant (if the applicable performance objectives are achieved). The fair value of these PSUs are determined using a Monte Carlo simulation model, which utilizes multiple input variables such as (i) total shareholder return from the beginning of the performance cycle through the performance measurement date(s); (ii) volatility; (iii) risk-free interest rates; and (iv) the correlation of the pre-defined peer group's total shareholder return.
RSU and PSU activity under the Plan was as follows:
Restricted Stock UnitsPerformance-Based Restricted Stock Units
NumberWeighted-Average Grant Date Fair ValueNumberWeighted-Average Grant Date Fair Value
Non-vested balance as of February 1, 2020250,352 $79.37 357,166 $66.96 
Granted179,947 107.82 370,613 134.73 
Vested(102,382)66.33 (127,622)39.89 
Forfeited(23,519)87.54 (340,381)89.54 
Non-vested balance as of January 30, 2021304,398 99.94 259,776 151.73 
Granted77,966 185.62 89,460 196.36 
Vested(115,763)95.79 — — 
Forfeited(12,306)124.14 — — 
Non-vested balance as of January 29, 2022254,295 126.93349,236 163.16 
Granted123,661 142.37127,598 165.90
Vested(122,349)110.96— — 
Forfeited(29,218)140.85(18,772)172.01
Non-vested balance as of January 28, 2023226,389 $142.20 458,062 $163.56 
In connection with the vesting of RSUs and PSUs during fiscal 2022, the Company withheld 31,971 shares with an aggregate value of $5.0 million in satisfaction of minimum tax withholding obligations due upon vesting. In connection with the vesting of RSUs and PSUs during fiscal 2021, the Company withheld 38,342 shares with an aggregate value of $7.3 million in satisfaction of minimum tax withholding obligations due upon vesting. In connection with the vesting of RSUs during fiscal 2020, the Company withheld 51,734 shares with an aggregate value of $3.9 million in satisfaction of minimum tax withholding obligations due upon vesting.
As of January 28, 2023, there was $30.6 million of total unrecognized compensation costs related to non-vested share-based compensation arrangements (including stock options, RSUs and PSUs) granted under the Plan. The cost is expected to be recognized over a weighted average vesting period of 2.3 years.
Share Repurchase Program
On March 20, 2018, the Company's Board of Directors approved a share repurchase program authorizing the repurchase of up to $100 million of the Company's common stock through March 31, 2021, on the open market, in privately negotiated transactions, or otherwise. This program expired on March 31, 2021.
On March 9, 2021, our Board of Directors approved a new share repurchase program for up to $100 million of its common shares through March 31, 2024. In fiscal 2021, the Company repurchased 368,699 shares under this program at an aggregate cost of approximately $60.0 million, or an average price of $162.75 per share. In fiscal 2022, the Company repurchased 247,132 shares under this program at an aggregate cost of approximately $40.0 million, or an average price of $161.88 per share. We have exhausted repurchases under this program.
On June 14, 2022, our Board of Directors approved a new share repurchase program for up to $100 million of our common stock through June 30, 2025. As of January 28, 2023, we have not made any repurchases under this program.
Since approval of the share repurchase program in March 2018, we have purchased approximately 1,100,000 shares for an aggregate cost of approximately $150 million. There can be no assurances that any additional repurchases will be completed, or as to the timing or amount of any repurchases. The share repurchase program may be modified or discontinued at any time.
v3.22.4
Income Taxes
 12 Months Ended
Jan. 28, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Deferred income taxes reflect the net tax effects of temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible.
As of January 28, 2023, there were no material valuation allowances that have been provided for net deferred tax assets as management believes that it is more likely than not that the Company will realize all material deferred tax assets before any expirations as of January 28, 2023.
The components of the income tax expense are as follows (in thousands): 
 Fiscal Year
202220212020
Current:
Federal$49,470 $68,224 $2,276 
State13,541 12,424 7,235 
63,011 80,648 9,511 
Deferred:
Federal21,232 6,088 21,954 
State1,763 1,157 (1,759)
22,995 7,245 20,195 
Income tax expense$86,006 $87,893 $29,706 
The reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows:
 Fiscal Year
202220212020
Statutory federal tax rate21.0 %21.0 %21.0 %
State taxes, net of federal benefit3.5 2.9 2.8 
Other (1)
0.2 0.1 (4.4)
24.7 %24.0 %19.4 %
(1)Other line includes excess tax benefits relating to share-based payment accounting.
 The effective tax rate for fiscal 2022 compared to fiscal 2021 was primarily driven by discrete items, which includes the impact of ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting" with respect to the requirements to recognize excess income tax benefits or deficiencies as income tax benefit or expense in the consolidated statements of operations rather than as additional paid-in capital in the consolidated balance sheets. The effective tax rate for fiscal 2021 compared to fiscal 2020 was primarily driven by discrete items, which includes the impact of ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting" with respect to the requirements to recognize excess income tax benefits or deficiencies as income tax benefit or expense in the consolidated statements of operations rather than as additional paid-in capital in the consolidated balance sheets and the impact of the CARES Act in fiscal 2020.
The tax effects of temporary differences that give rise to deferred tax assets and liabilities are (in thousands):
January 28, 2023January 29, 2022
Deferred tax assets:
Net operating loss carryforwards$230 $— 
Inventories18,463 18,561 
Deferred revenue3,156 1,821 
Accrued bonus2,132 8,224 
Operating lease liabilities379,059 335,960 
Other9,758 7,947 
Deferred tax assets412,798 372,513 
Valuation allowance(1,442)(1,383)
Deferred tax assets, net of valuation allowance411,356 371,130 
Deferred tax liabilities:
Property and equipment(127,477)(107,953)
Operating lease assets(340,298)(297,786)
Other(2,732)(1,547)
Deferred tax liabilities(470,507)(407,286)
$(59,151)$(36,156)
The Company had no material accrual for uncertain tax positions or interest or penalties related to income taxes on the Company’s balance sheets as of January 28, 2023 and January 29, 2022, and has not recognized any material uncertain tax positions or interest and/or penalties related to income taxes in the consolidated statements of operations for fiscal 2022, fiscal 2021, or fiscal 2020.
The Company files a federal income tax return as well as state tax returns. The Company’s U.S. federal income tax returns for the fiscal years ended February 1, 2020 and thereafter remain subject to examination by the U.S. Internal Revenue Service. State returns are filed in various state jurisdictions, as appropriate, with varying statutes of limitation and remain subject to examination for varying periods up to three years to four years depending on the state.
v3.22.4
Employee Benefit Plan
 12 Months Ended
Jan. 29, 2022
Retirement Benefits [Abstract]  
Employee Benefit Plan Employee Benefit Plan The Company has a 401(k) Retirement Savings Plan and crew can contribute up to the maximum amount allowed under law. The Company may make discretionary matching and profit sharing contributions. During fiscal 2022, fiscal 2021 and fiscal 2020, the Company made matching contributions of $5.0 million, $4.2 million and $2.8 million, respectively.
v3.22.4
Segment Reporting
 12 Months Ended
Jan. 28, 2023
Segment Reporting [Abstract]  
Segment Reporting Segment ReportingThe Company evaluates performance internally and manages the business on the basis of one operating segment; therefore, it has only one reportable segment. All of the Company’s identifiable assets are located in the United States.
Set forth below is data for the following groups of products: leisure, fashion and home, and snack and seasonal. The percentage of net sales represented by each product group for each of the last three fiscal years was as follows:
Percentage of Net Sales
Fiscal Year
202220212020
Leisure47.6 %49.6 %49.2 %
Fashion and home29.2 %30.2 %35.8 %
Snack and seasonal23.2 %20.2 %15.0 %
Total100.0 %100.0 %100.0 %
Leisure includes items such as sporting goods, games, toys, tech, books, electronic accessories, arts and crafts, and party. Fashion and home includes items such as personal accessories, “attitude” t-shirts, beauty offerings, home goods and storage options. Snack and seasonal includes items such as seasonal goods, greeting cards, candy and other snacks, and beverages.
v3.22.4
Quarterly Results of Operations and Seasonality (Unaudited)
 12 Months Ended
Jan. 28, 2023
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results of Operations and Seasonality Quarterly Results of Operations and Seasonality (Unaudited)
Quarterly financial results for fiscal 2022 and fiscal 2021 were as follows (in thousands except for per share data):
 
Fiscal Year 2022 (1)
Fiscal Year 2021 (1)
Fourth
Quarter		Third
Quarter		Second
Quarter		First
Quarter		Fourth
Quarter		Third
Quarter		Second
Quarter		First
Quarter
Net sales$1,122,751 $645,034 $668,927 $639,596 $996,332 $607,645 $646,554 $597,823 
Gross profit$452,397 $207,808 $228,509 $206,777 $396,894 $202,362 $230,319 $200,869 
Net income $171,320 $16,146 $41,344 $32,718 $140,196 $24,177 $64,841 $49,596 
Basic income per common share$3.09 $0.29 $0.74 $0.59 $2.50 $0.43 $1.16 $0.89 
Diluted income per common share$3.07 $0.29 $0.74 $0.59 $2.49 $0.43 $1.15 $0.88 
(1)The sum of the quarterly per share amounts may not equal per share amounts reported for the fiscal year due to rounding.
The Company's business is seasonal in nature and demand is generally the highest in the fourth fiscal quarter due to the fourth quarter holiday season and, therefore, operating results for any fiscal quarter are not necessarily indicative of results for the full fiscal year. To prepare for the holiday season, the Company must order and keep in stock more merchandise than it carries during other parts of the year. The Company expects inventory levels, along with an increase in accounts payable and accrued expenses, generally to reach their highest levels in the third and fourth fiscal quarters in anticipation of the increased net sales during the year-end holiday season. As a result of this seasonality, and generally because of variation in consumer spending habits, the Company experiences fluctuations in net sales and working capital requirements during the fiscal year.
v3.22.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Jan. 28, 2023
Accounting Policies [Abstract]  
Description of Business Description of Business
Five Below, Inc. (collectively referred to herein with its wholly owned subsidiary as the "Company") is a specialty value retailer offering merchandise targeted at the tween and teen demographic. The Company offers an edited assortment of products, with most priced at $5 and below. The Company’s edited assortment of products includes select brands and licensed merchandise. The Company believes its merchandise is readily available and that there are a number of potential vendors that could be utilized, if necessary, under approximately the same terms the Company is currently receiving; thus, it is not dependent on a single vendor or a group of vendors.
The Company is incorporated in the Commonwealth of Pennsylvania and, as of January 28, 2023, operated in 42 states excluding Alaska, Hawaii, Idaho, Montana, Oregon, Vermont, Washington and Wyoming. As of January 28, 2023 and January 29, 2022, the Company operated 1,340 stores and 1,190 stores, respectively, each operating under the name “Five Below,” and sells merchandise on the internet, through the Company's fivebelow.com e-commerce website as well as with an on demand third party delivery service to enable our customers to shop online and receive convenient same day delivery.
The Company's consolidated financial statements include the accounts of Five Below, Inc. and its subsidiary (1616 Holdings, Inc., formerly known as Five Below Merchandising, Inc.). All intercompany transactions and accounts are eliminated in the consolidation of the Company's and subsidiary's financial statements.
Impact of COVID-19 Impact of COVID-19As a result of the COVID-19 pandemic, the Company's business operations and results of operations, including its net sales, earnings and cash flows, were materially impacted in fiscal 2020 as a result of the temporary closures of its stores in the first half of 2020, and decreased customer traffic in stores, as the result of limitations on the number of persons permitted in stores at one time by certain local and state regulations. The Company's ability to operate improved beginning in the second half of fiscal 2020 and extending into fiscal 2021.
Fiscal Year Fiscal YearThe Company operates on a 52/53-week fiscal year ending on the Saturday closest to January 31. References to "fiscal year 2022" or "fiscal 2022" refer to the period from January 30, 2022 to January 28, 2023, which consists of a 52-week fiscal year. References to "fiscal year 2021" or "fiscal 2021" refer to the period from January 31, 2021 to January 29, 2022, which consists of a 52-week fiscal year. References to "fiscal year 2020" or "fiscal 2020" refer to the period from February 2, 2020 to January 30, 2021, which consists of a 52-week fiscal year.
Cash and Cash Equivalents Cash and Cash EquivalentsThe Company considers all highly liquid investments purchased with a maturity date of three months or less when purchased to be cash equivalents. Our cash equivalents consist of cash management solutions, credit and debit card receivables, money market funds, corporate bonds and municipal bonds with original maturities of 90 days or less, which are classified as cash and cash equivalents in the accompanying consolidated balance sheets. The cash management solutions relate to cash deposit products that provide credit generally processed the next business day for cash deposited in third-party tech-enabled solutions. For credit card and debit card receivables, the majority of payments due from banks for third-party credit card and debit card transactions resulting from customer purchases at the Company’s retail stores process within 24 to 48 hours, except for transactions occurring on a Friday, which are generally processed the following Monday. Amounts due from banks for these transactions classified as cash equivalents totaled $17.4 million and $13.0 million as of January 28, 2023 and January 29, 2022, respectively. Book overdrafts, which are outstanding checks in excess of funds on deposit, are recorded within accounts payable in the accompanying consolidated balance sheets and within operating activities in the accompanying consolidated statements of cash flows. As of January 28, 2023 and January 29, 2022, the Company had cash equivalents of $313.2 million and $41.3 million, respectively.
Fair Value of Financial Instruments Fair Value of Financial Instruments
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation at the measurement date:
Level 1: Quoted market prices in active markets for identical assets or liabilities.
Level 2: Inputs, other than Level 1, that are either directly or indirectly observable.
Level 3: Unobservable inputs developed using the Company’s estimates and assumptions which reflect those that market participants would use.
The classification of fair value measurements within the hierarchy are based upon the lowest level of input that is significant to the measurement.
The Company’s financial instruments consist primarily of cash equivalents, investment securities, accounts payable, borrowings, if any, under a line of credit (as defined in note 5), equity method investments, and notes receivable. The Company believes that: (1) the carrying value of cash equivalents and accounts payable are representative of their respective fair value due to the short-term nature of these instruments; and (2) the carrying value of the borrowings, if any, under the line of credit approximates fair value because the line of credit’s interest rates vary with market interest rates. Under the fair value hierarchy, the fair market values of cash equivalents and the investments in corporate bonds are Level 1 while the investments in municipal bonds are Level 2. The fair market values of Level 2 instruments are determined by management with the assistance of a third party pricing service. Since quoted prices in active markets for identical assets are not available, these prices are determined by the third party pricing service using observable market information such as quotes from less active markets and quoted prices of similar securities.
As of January 28, 2023 and January 29, 2022, the Company's investment securities are classified as held-to-maturity since the Company has the intent and ability to hold the investments to maturity. Such securities are carried at amortized cost plus accrued interest and consist of the following (in thousands):
As of January 28, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Market Value
Short-term:
Corporate bonds
$66,845 $— $292 $66,553 
Total$66,845 $— $292 $66,553 
As of January 29, 2022
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Market Value
Short-term:
Corporate bonds
$236,069 $— $286 $235,783 
Municipal bonds
41,072 — 44 41,028 
Total
$277,141 $— $330 $276,811 
Long-term:
Corporate bonds$37,717 $— $199 $37,518 
Total$37,717 $— $199 $37,518 
Short-term investment securities as of January 28, 2023 and January 29, 2022 all mature in one year or less. Long-term investment securities as of January 29, 2022 all mature after one year but in less than two years.
Inventories InventoriesInventories consist of finished goods purchased for resale, including freight and tariffs, and are stated at the lower of cost and net realizable value, at the individual product level. Cost is determined on a weighted average cost method. Management of the Company reviews inventory levels in order to identify slow-moving merchandise and uses markdowns to clear merchandise. Inventory cost is reduced when the selling price less costs of disposal is below cost. The Company accrues an estimate for inventory shrink for the period between the last physical count and the balance sheet date. The shrink estimate can be affected by changes in merchandise mix and changes in actual shrink trends.
Prepaid Expenses and Other Current Assets Prepaid Expenses and Other Current AssetsPrepaid expenses in fiscal 2022 and fiscal 2021 were $25.9 million and $26.4 million, respectively. Other current assets in fiscal 2022 and fiscal 2021 were $104.7 million and $69.8 million, respectively.
Property and Equipment Property and Equipment
Property and equipment are stated at cost. Additions and improvements are capitalized, while repairs and maintenance are charged to expense as incurred.
Depreciation and amortization is recorded using the straight-line method over the shorter of the estimated useful lives of the assets or the terms of the respective leases, if applicable. The estimated useful lives are three to ten years for furniture and fixtures and computers and equipment. Store leasehold improvements are amortized over the shorter of the useful life or the lease term plus assumed extensions, which is generally ten years. Leasehold improvements located in the shipcenters and the corporate headquarters are amortized over the shorter of the useful life or the lease term. Depreciation and amortization expense for property and equipment, which is included in selling, general and administrative expenses in the accompanying consolidated statements of operations, was $105.6 million, $84.8 million and $69.3 million in fiscal 2022, fiscal 2021 and fiscal 2020, respectively.
Property and equipment, net, consists of the following (in thousands):
January 28, 2023January 29, 2022
Land$30,371 $29,625 
Furniture and fixtures433,517 340,252 
Leasehold improvements558,723 428,291 
Computers and equipment293,553 229,054 
Construction in process63,393 113,529 
Property and equipment, gross1,379,557 1,140,751 
Less: Accumulated depreciation and amortization(454,027)(363,254)
Property and equipment, net$925,530 $777,497 
Impairment of Long-Lived Assets Impairment of Long-Lived AssetsLong-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Assets are grouped and evaluated for impairment at the lowest level of which there are identifiable cash flows, which is generally at a store level. Assets are reviewed for impairment using factors including, but not limited to, the Company's future operating plans and projected cash flows. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated undiscounted future cash flows, then an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Fair value is based on discounted future cash flows of the asset using a discount rate commensurate with the risk. In the event of a store closure, the Company will record an impairment charge, if appropriate, or accelerate depreciation over the revised useful life of the asset. Based on the Company's analysis performed in fiscal 2022, fiscal 2021 and fiscal 2020, management believes that no impairment of long-lived assets exists for the periods ended January 28, 2023, January 29, 2022 and January 30, 2021.
Deferred Financing Costs Deferred Financing CostsDeferred financing costs are amortized to interest expense over the term of the related credit agreement. As of January 28, 2023 and January 29, 2022, the Company had $0.7 million and $0.9 million remaining in the accompanying consolidated balance sheets within Other Assets.
Operating Leases Operating Leases
The Company leases store locations, shipcenters, the corporate headquarters and equipment used in its operations and evaluates and classifies its leases as operating or capital leases for financial reporting purposes. Any assets held under a finance lease are included in property and equipment, net.
Operating lease expense is recorded on a straight-line basis over the lease term. At the inception of a lease, the Company determines the lease term, which includes periods under the exercise of renewal options that are reasonably assured. Renewal options are exercised at the Company's sole discretion. In September 2016, the Company signed a 15 year lease for a new corporate headquarters location in Philadelphia, Pennsylvania. The Company currently occupies approximately 230,000 square feet of office space with multiple options to expand in the future. The lease agreement expires in early 2033 with three successive options to renew for additional terms up to approximately fifteen years. The shipcenter in Pedricktown, New Jersey is leased under a lease agreement expiring in 2025 with options to renew for three successive five-year periods. Generally, the Company’s store leases have expected lease terms of ten years, which are comprised of an initial term of ten years or an initial term of five years and one assumed five-year extension, resulting in a ten-year life. The expected lease term is used to determine whether a lease is finance or operating and to calculate straight-line rent expense.
Substantially all of the Company's leases include options that allow the Company to renew or extend the lease term beyond the initial lease period, subject to terms and conditions agreed upon at the inception of the lease. Such terms and conditions include rental rates agreed upon at the inception of the lease that could represent below or above market rental rates later in the life of the lease, depending upon market conditions at the time of such renewal or extension. In addition, the Company's leases may include early termination options.
Other Accrued Expenses Other Accrued ExpensesOther accrued expenses include accrued capital expenditures of $43.6 million and $41.7 million in fiscal 2022 and fiscal 2021, respectively.
Deferred Compensation Deferred CompensationThe Company approved and adopted the Five Below, Inc. Nonqualified Deferred Compensation Plan (the "Deferred Comp Plan") and a related, irrevocable grantor trust (the "Trust") during fiscal 2021. The Deferred Comp Plan provides eligible key crew with the opportunity to elect to defer up to 80% of their eligible compensation. The Company may make discretionary contributions, at the discretion of the Board. Payments under the Deferred Comp Plan will be made from the general assets of the Company or from the assets of the Trust, funded by the Company. The related liability is recorded as deferred compensation and included in other long-term liabilities in the consolidated balance sheets.
Equity Method Investments Equity Method InvestmentsThe Company uses the equity method to account for its investments in which the Company is deemed to have the ability to exercise significant influence over an investee’s operating and financial policies or in which the Company holds a significant partnership or limited liability company interest. Equity method investments are initially recorded at cost in other assets in the consolidated balance sheets. The cost is adjusted to recognize the Company's proportionate share of the investee’s net income or loss after the date of investment and is also adjusted for any impairments resulting from other-than-temporary declines in fair value that is less than its carrying value. During fiscal 2021, the Company recorded an other-than-temporary impairment utilizing the market and cost approach considering historical and projected financial results to calculate fair value. Also related to this investment, management recorded a reserve against outstanding debt owed to the Company based on management’s evaluation of collectability. The total amount of impairment and reserve was approximately $9.7 million and was recorded in interest income (expense) and other income (expense), net in the consolidated statements of operations.
Share-based Compensation Share-Based CompensationThe Company measures the cost of crew services received in exchange for share-based compensation based on the grant date fair value of the employee stock award. The Company recognizes compensation expense generally on a straight-line basis over the crew's requisite service period (generally the vesting period of the equity grant) based on the estimated grant date fair value of restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs") except for PSUs that have a market condition based on its total shareholder return relative to a pre-defined peer group, which are subject to multi-year performance objectives with vesting periods of approximately three years from the date of grant (if the applicable performance objectives are achieved). The fair value of these PSUs are determined using a Monte Carlo simulation model, which utilizes multiple input variables such as (i) total shareholder return from the beginning of the performance cycle through the performance measurement date(s); (ii) volatility; (iii) risk-free interest rates; and (iv) the correlation of the pre-defined peer group's total shareholder return. The Company uses the Black-Scholes option-pricing model for grants of stock options.The fair value of restricted stock awards are based on the closing price of the Company's common stock on the grant date and the fair value of stock options are based on the Black-Scholes option-pricing model utilizing the closing price of the Company's common stock on the grant date as the fair value of common stock in the model. Future share-based compensation cost will increase when the Company grants additional equity awards. Modifications, cancellations or repurchases of awards after the grant date may require the Company to accelerate any remaining unearned share-based compensation cost or incur incremental compensation costs. Share-based compensation cost recognized and included in expenses for fiscal 2022, fiscal 2021 and fiscal 2020, was $23.6 million, $25.8 million and $9.6 million, respectively.
Revenue Recognition Revenue Recognition
Revenue from store operations is recognized at the point of sale when control of the product is transferred to the customer at such time. Internet sales, through the Company's fivebelow.com e-commerce website, are recognized when the customer receives the product as control transfers upon delivery. Returns subsequent to the period end are immaterial; accordingly, no significant reserve has been recorded. Gift card sales to customers are initially recorded as liabilities and recognized as sales upon redemption for merchandise or as breakage revenue in proportion to the pattern of redemption of the gift cards by the customer in net sales.
The transaction price for the Company’s sales is based on the item’s stated price. To the extent that the Company charges customers for shipping and handling on e-commerce sales, the Company records such amounts in net sales. Shipping and handling costs, which include fulfillment and shipping costs related to the Company's e-commerce operations, are included in costs of goods sold. As permitted by applicable accounting guidance, ASU 2014-09 "Revenue from Contracts with Customers," the Company has elected to exclude all sales taxes collected from customers and remitted to governmental authorities from net sales in the accompanying consolidated statements of operations.
Shipping and Handling Revenues and Costs Shipping and Handling Revenues and CostsThe Company includes all shipping and handling revenue from e-commerce sales in net sales. Shipping and handling costs, which are included in cost of goods sold in the accompanying consolidated statements of operations, include fulfillment and shipping costs related to the Company's e-commerce operations.
Cost of Goods Sold Cost of Goods SoldCost of goods sold reflects the direct costs of purchased merchandise and inbound freight and tariffs, as well as store occupancy, distribution and buying expenses. Store occupancy costs include rent, common area maintenance, utilities and property taxes for all store locations. Distribution costs include costs for receiving, processing, warehousing and shipping of merchandise to or from the Company's shipcenters and between store locations. Buying costs include compensation expense for the Company's internal buying organization.
Selling, General and Administrative Expenses Selling, General and Administrative ExpensesSelling, general and administrative expenses include payroll and other compensation, marketing and advertising expense, depreciation and amortization expense, and other selling and administrative expenses.
Vendor Allowances Vendor AllowancesThe Company receives various incentives in the form of allowances, free product and promotional funds from its vendors based on product purchases and advertising activities. The amounts received are subject to changes in market conditions, vendor marketing strategies and changes in the profitability or sell-through of the related merchandise for the Company. Merchandise allowances are recognized in the period the related merchandise is sold within cost of goods sold. Marketing allowances are recorded in selling, general and administrative expenses and are recognized in the period the related advertising occurs to the extent the allowance is a reimbursement that is specific and incremental, and identifiable costs have been incurred by the Company to sell the vendor’s products. To the extent these conditions are not met, these allowances are recorded as merchandise allowances.
Store Pre-Opening Costs Store Pre-Opening CostsCosts incurred between completion of a new store location’s construction and its opening (pre-opening costs) are charged to expense as incurred. Pre-opening costs were $10.7 million, $10.9 million and $9.0 million in fiscal 2022, fiscal 2021, and fiscal 2020, respectively, and are recorded in the accompanying consolidated statements of operations based on the nature of the expense.
Advertising Costs Advertising CostsAdvertising costs are charged to expense the first time the advertising takes place. Advertising expenses were $54.1 million, $31.3 million and $31.6 million in fiscal 2022, fiscal 2021 and fiscal 2020, respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of operations.
Income Taxes Income Taxes
Income taxes are accounted for under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.
The Company records a valuation allowance to reduce its deferred tax assets when uncertainty regarding their realizability exists. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment.
Commitments and Contingencies Commitments and ContingenciesLiabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.
Use of Estimates Use of EstimatesThe preparation of consolidated financial statements requires management of the Company to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the carrying amount of property and equipment, net realizable value for inventories, income taxes, share-based compensation expense, the incremental borrowing rate utilized in operating lease liabilities, equity method investments, and notes receivable.
Recently Issued Accounting Standards Recently Issued Accounting StandardsIn March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04"). The pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company determined that the impact of the adoption of ASU 2020-04 will not have a material impact on its consolidated financial statements.
v3.22.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Jan. 28, 2023
Accounting Policies [Abstract]  
Held-to-maturity Securities Such securities are carried at amortized cost plus accrued interest and consist of the following (in thousands):
As of January 28, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Market Value
Short-term:
Corporate bonds
$66,845 $— $292 $66,553 
Total$66,845 $— $292 $66,553 
As of January 29, 2022
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Market Value
Short-term:
Corporate bonds
$236,069 $— $286 $235,783 
Municipal bonds
41,072 — 44 41,028 
Total
$277,141 $— $330 $276,811 
Long-term:
Corporate bonds$37,717 $— $199 $37,518 
Total$37,717 $— $199 $37,518 
Property and Equipment, Net
Property and equipment, net, consists of the following (in thousands):
January 28, 2023January 29, 2022
Land$30,371 $29,625 
Furniture and fixtures433,517 340,252 
Leasehold improvements558,723 428,291 
Computers and equipment293,553 229,054 
Construction in process63,393 113,529 
Property and equipment, gross1,379,557 1,140,751 
Less: Accumulated depreciation and amortization(454,027)(363,254)
Property and equipment, net$925,530 $777,497 
v3.22.4
Revenue Recognition (Tables)
 12 Months Ended
Jan. 28, 2023
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table provides information about disaggregated revenue by groups of products: leisure, fashion and home, and snack and seasonal (in thousands):
Fiscal YearFiscal YearFiscal Year
202220212020
AmountPercentage of Net SalesAmountPercentage of Net SalesAmountPercentage of Net Sales
Leisure (1)
$1,465,402 47.6 %$1,412,382 49.6 %$965,816 49.2 %
Fashion and home898,187 29.2 %859,586 30.2 %701,461 35.8 %
Snack and seasonal (1)
712,719 23.2 %576,386 20.2 %294,860 15.0 %
Total$3,076,308 100.0 %$2,848,354 100.0 %$1,962,137 100.0 %
v3.22.4
Income Per Common Share (Tables)
 12 Months Ended
Jan. 28, 2023
Earnings Per Share [Abstract]  
Computations Of Basic And Diluted Income (Loss) Per Share
The following table reconciles net income and the weighted average common shares outstanding used in the computations of basic and diluted income per common share (in thousands, except for share and per share data):
 
Fiscal Year
 202220212020
Numerator:
Net income$261,528 $278,810 $123,361 
Denominator:
Weighted average common shares outstanding - basic55,547,267 55,999,713 55,816,508 
Dilutive impact of options, restricted stock units, and employee stock purchase plan198,012 304,141 243,531 
Weighted average common shares outstanding - diluted55,745,279 56,303,854 56,060,039 
Per common share:
Basic income per common share$4.71 $4.98 $2.21 
Diluted income per common share$4.69 $4.95 $2.20 
v3.22.4
Leases (Tables)
 12 Months Ended
Jan. 28, 2023
Leases [Abstract]  
Lease, Cost
The following table is a summary of the Company's components for net lease costs as of January 28, 2023 and January 29, 2022 (in thousands):
Fifty-Two Weeks Ended
Lease CostJanuary 28, 2023January 29, 2022
Operating lease cost$231,958 $201,566 
Variable lease cost63,739 57,756 
Net lease cost*$295,697 $259,322 
* Excludes short-term lease cost, which is immaterial
The following table summarizes the supplemental cash flow disclosures related to leases as of January 28, 2023 and January 29, 2022 (in thousands):
Fifty-Two Weeks Ended
January 28, 2023January 29, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments arising from operating lease liabilities (1)
$210,096 $197,294 
Supplemental non-cash information:
Operating lease liabilities arising from obtaining right-of-use assets$321,905 $307,058 
Lessee, Operating Lease, Liability, Maturity
The following table summarizes the maturity of lease liabilities under operating leases as of January 28, 2023 (in thousands):
Maturity of Lease LiabilitiesOperating Leases
2023$264,414 
2024256,163 
2025242,447 
2026227,379 
2027205,746 
After 2027594,349 
Total lease payments1,790,498 
Less: imputed interest293,747 
Present value of lease liabilities$1,496,751 
v3.22.4
Share-Based Compensation (Tables)
 12 Months Ended
Jan. 28, 2023
Share-based Payment Arrangement [Abstract]  
Schedule Of Stock Option Activity Under Plan
Stock option activity under the Plan was as follows:
 
Options
outstanding		Weighted
average
exercise
price		Weighted
average
remaining
contractual
term
Balance as of February 1, 2020231,525 $30.92 4.1
Granted— — 
Forfeited (1,650)31.49
Exercised(176,846)30.23
Balance as of January 30, 202153,029 33.223.2
Granted— — 
Forfeited(432)4.28
Exercised(12,834)30.29
Balance as of January 29, 202239,763 34.482.3
Granted— — 
Forfeited— — 
Exercised(21,737)34.11
Balance as of January 28, 202318,026 34.921.8
Exercisable as of January 28, 202318,026 $34.92 1.8
Schedule Of Fair Value Of Option Award Granted Weighted Average Assumptions The fair value of each option award granted to crew, including outside directors, is estimated on the date of grant using the Black-Scholes option-pricing model. The Company did not grant any stock options in fiscal 2022, fiscal 2021 and fiscal 2020.
The Company uses the simplified method to estimate the expected term of the option. The expected volatility incorporates historical and implied volatility of similar entities whose share prices are publicly available. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant.
The total intrinsic value of stock options exercised during fiscal 2022, fiscal 2021 and fiscal 2020 was $3.1 million, $2.1 million and $17.6 million, respectively. The aggregate intrinsic value of stock options outstanding and exercisable was $2.9 million as of January 28, 2023. In fiscal 2022, fiscal 2021 and fiscal 2020, the Company received cash from the exercise of options of $0.8 million, $0.4 million and $5.3 million, respectively. Upon option exercise, the Company issued new shares of common stock.
Share-based Payment Arrangement, Restricted Stock Unit, Activity
RSU and PSU activity under the Plan was as follows:
Restricted Stock UnitsPerformance-Based Restricted Stock Units
NumberWeighted-Average Grant Date Fair ValueNumberWeighted-Average Grant Date Fair Value
Non-vested balance as of February 1, 2020250,352 $79.37 357,166 $66.96 
Granted179,947 107.82 370,613 134.73 
Vested(102,382)66.33 (127,622)39.89 
Forfeited(23,519)87.54 (340,381)89.54 
Non-vested balance as of January 30, 2021304,398 99.94 259,776 151.73 
Granted77,966 185.62 89,460 196.36 
Vested(115,763)95.79 — — 
Forfeited(12,306)124.14 — — 
Non-vested balance as of January 29, 2022254,295 126.93349,236 163.16 
Granted123,661 142.37127,598 165.90
Vested(122,349)110.96— — 
Forfeited(29,218)140.85(18,772)172.01
Non-vested balance as of January 28, 2023226,389 $142.20 458,062 $163.56 
v3.22.4
Income Taxes (Tables)
 12 Months Ended
Jan. 28, 2023
Income Tax Disclosure [Abstract]  
Components of Income Tax (Benefit) Expense
The components of the income tax expense are as follows (in thousands): 
 Fiscal Year
202220212020
Current:
Federal$49,470 $68,224 $2,276 
State13,541 12,424 7,235 
63,011 80,648 9,511 
Deferred:
Federal21,232 6,088 21,954 
State1,763 1,157 (1,759)
22,995 7,245 20,195 
Income tax expense$86,006 $87,893 $29,706 
Reconciliation of Statutory Federal Income Tax Rate to Effective Income Tax Rate
The reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows:
 Fiscal Year
202220212020
Statutory federal tax rate21.0 %21.0 %21.0 %
State taxes, net of federal benefit3.5 2.9 2.8 
Other (1)
0.2 0.1 (4.4)
24.7 %24.0 %19.4 %
Significant Components of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to deferred tax assets and liabilities are (in thousands):
January 28, 2023January 29, 2022
Deferred tax assets:
Net operating loss carryforwards$230 $— 
Inventories18,463 18,561 
Deferred revenue3,156 1,821 
Accrued bonus2,132 8,224 
Operating lease liabilities379,059 335,960 
Other9,758 7,947 
Deferred tax assets412,798 372,513 
Valuation allowance(1,442)(1,383)
Deferred tax assets, net of valuation allowance411,356 371,130 
Deferred tax liabilities:
Property and equipment(127,477)(107,953)
Operating lease assets(340,298)(297,786)
Other(2,732)(1,547)
Deferred tax liabilities(470,507)(407,286)
$(59,151)$(36,156)
v3.22.4
Segment Reporting (Tables)
 12 Months Ended
Jan. 28, 2023
Segment Reporting [Abstract]  
Percentage of Net Sales Represented by Each Product Group
Set forth below is data for the following groups of products: leisure, fashion and home, and snack and seasonal. The percentage of net sales represented by each product group for each of the last three fiscal years was as follows:
Percentage of Net Sales
Fiscal Year
202220212020
Leisure47.6 %49.6 %49.2 %
Fashion and home29.2 %30.2 %35.8 %
Snack and seasonal23.2 %20.2 %15.0 %
Total100.0 %100.0 %100.0 %
v3.22.4
Quarterly Results of Operations and Seasonality (Unaudited) (Tables)
 12 Months Ended
Jan. 28, 2023
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Results of Operations
Quarterly financial results for fiscal 2022 and fiscal 2021 were as follows (in thousands except for per share data):
 
Fiscal Year 2022 (1)
Fiscal Year 2021 (1)
Fourth
Quarter		Third
Quarter		Second
Quarter		First
Quarter		Fourth
Quarter		Third
Quarter		Second
Quarter		First
Quarter
Net sales$1,122,751 $645,034 $668,927 $639,596 $996,332 $607,645 $646,554 $597,823 
Gross profit$452,397 $207,808 $228,509 $206,777 $396,894 $202,362 $230,319 $200,869 
Net income $171,320 $16,146 $41,344 $32,718 $140,196 $24,177 $64,841 $49,596 
Basic income per common share$3.09 $0.29 $0.74 $0.59 $2.50 $0.43 $1.16 $0.89 
Diluted income per common share$3.07 $0.29 $0.74 $0.59 $2.49 $0.43 $1.15 $0.88 
(1)The sum of the quarterly per share amounts may not equal per share amounts reported for the fiscal year due to rounding.
v3.22.4
Summary of Significant Accounting Policies (Description of Business) (Details)
Jan. 28, 2023
USD ($)
Stores
Jan. 29, 2022
Stores
Accounting Policies [Abstract]    
Products offering price, maximum price | $ $ 5  
Number of States in which Entity Operates 42  
Number of operated stores | Stores 1,340 1,190
v3.22.4
Summary of Significant Accounting Policies (Fiscal Year) (Details)
 12 Months Ended
Jan. 28, 2023
Jan. 29, 2022
Jan. 30, 2021
Feb. 02, 2019
Accounting Policies [Abstract]        
Fiscal year period 364 days 371 days 364 days 364 days
v3.22.4
Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jan. 28, 2023
Jan. 29, 2022
Significant Accounting Policies [Line Items]    
Cash Equivalents $ 313.2 $ 41.3
Cash and Cash Equivalents [Member]    
Significant Accounting Policies [Line Items]    
Cash Equivalents $ 17.4 $ 13.0
Minimum [Member]    
Significant Accounting Policies [Line Items]    
Debit and credit card transaction processing period (hours) 24 hours  
Maximum [Member]    
Significant Accounting Policies [Line Items]    
Debit and credit card transaction processing period (hours) 48 hours  
v3.22.4
Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) - USD ($)
$ in Thousands
Jan. 28, 2023
Jan. 29, 2022
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 2 [Member]    
Significant Accounting Policies [Line Items]    
Amortized Cost $ 66,845 $ 236,069
Gross Unrealized Gains 0 0
Gross Unrealized Losses 292 286
Fair Market Value 66,553 235,783
Municipal Bonds [Member]    
Significant Accounting Policies [Line Items]    
Amortized Cost 66,845 277,141
Gross Unrealized Gains 0 0
Gross Unrealized Losses 292 330
Fair Market Value $ 66,553 276,811
Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member]    
Significant Accounting Policies [Line Items]    
Amortized Cost   41,072
Gross Unrealized Gains   0
Gross Unrealized Losses   44
Fair Market Value   41,028
Other Long-term Investments [Member] | Fair Value, Inputs, Level 2 [Member]    
Significant Accounting Policies [Line Items]    
Amortized Cost   37,717
Gross Unrealized Gains   0
Gross Unrealized Losses   199
Fair Market Value   37,518
Corporate Bond Securities - Long Term [Member] | Fair Value, Inputs, Level 2 [Member]    
Significant Accounting Policies [Line Items]    
Amortized Cost   37,717
Gross Unrealized Gains   0
Gross Unrealized Losses   199
Fair Market Value   $ 37,518
v3.22.4
Summary of Significant Accounting Policies (Property and Equipment) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 28, 2023
Jan. 29, 2022
Jan. 30, 2021
Property, Plant and Equipment [Line Items]      
Depreciation and amortization expense $ 105,617 $ 84,831 $ 69,345
Property and equipment, gross 1,379,557 1,140,751  
Less: Accumulated depreciation and amortization (454,027) (363,254)  
Property and equipment, net 925,530 777,497  
Land [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross 30,371 29,625  
Furniture and fixtures [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 433,517 340,252  
Leasehold improvements [Member]      
Property, Plant and Equipment [Line Items]      
Estimated useful lives 10 years    
Property and equipment, gross $ 558,723 428,291  
Computer and equipment [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross 293,553 229,054  
Construction in process [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 63,393 $ 113,529  
Minimum [Member] | Furniture and fixtures [Member]      
Property, Plant and Equipment [Line Items]      
Estimated useful lives 3 years    
Maximum [Member] | Furniture and fixtures [Member]      
Property, Plant and Equipment [Line Items]      
Estimated useful lives 10 years    
v3.22.4
Summary of Significant Accounting Policies (Deferred Financing Costs) (Details) - USD ($)
$ in Millions
Jan. 28, 2023
Jan. 29, 2022
Other Assets [Member]    
Debt Instrument [Line Items]    
Deferred financing costs $ 0.7 $ 0.9
v3.22.4
Summary of Significant Accounting Policies (Leases) (Details)
 12 Months Ended
Jan. 28, 2023
period
Accounting Policies [Abstract]  
Operating lease period (years) 10 years
Lease renewal period, minimum (years) 5 years
Number of lease extension periods 1
Operating lease agreement extension term (years) 10 years
v3.22.4
Summary of Significant Accounting Policies (Deferred Rent) (Details) - USD ($)
$ in Thousands
Jan. 28, 2023
Jan. 29, 2022
Liabilities, Noncurrent [Abstract]    
Other Liabilities, Noncurrent $ 4,296 $ 1,663
v3.22.4
Summary of Significant Accounting Policies (Share-Based Compensation) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jan. 28, 2023
Jan. 29, 2022
Jan. 30, 2021
Accounting Policies [Abstract]      
Compensation expense $ 23.6 $ 25.8 $ 9.6
v3.22.4
Summary of Significant Accounting Policies (Store Pre-Opening Costs) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jan. 28, 2023
Jan. 29, 2022
Jan. 30, 2021
Accounting Policies [Abstract]      
Pre-opening costs $ 10.7 $ 10.9 $ 9.0
v3.22.4
Summary of Significant Accounting Policies (Advertising Costs) (Details) - USD ($)
$ in Millions
 12 Months Ended
Jan. 28, 2023
Jan. 29, 2022
Jan. 30, 2021
Accounting Policies [Abstract]      
Advertising expenses $ 54.1 $ 31.3 $ 31.6
v3.22.4
Summary of Significant Accounting Policies Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Millions
Jan. 28, 2023
Jan. 29, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Current prepaid expenses $ 25.9 $ 26.4
Current other assets $ 104.7 $ 69.8
v3.22.4
Summary of Significant Accounting Policies Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 28, 2023
Jan. 29, 2022
Jan. 30, 2021
Income Tax [Line Items]      
Deferred Federal Income Tax Expense (Benefit) $ 21,232 $ 6,088 $ 21,954
Deferred Income Tax Expense (Benefit) $ 22,995 $ 7,245 $ 20,195
Effective Income Tax Rate Reconciliation, Percent 24.70% 24.00% 19.40%
Deferred Tax Assets, Deferred Income $ 3,156 $ 1,821  
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00% 21.00% 21.00%
v3.22.4
Summary of Significant Accounting Policies Other Accrued Expenses (Details) - USD ($)
$ in Millions
Jan. 28, 2023
Jan. 29, 2022
Payables and Accruals [Abstract]    
Capital Expenditures Incurred but Not yet Paid $ 43.6 $ 41.7
v3.22.4
Summary of Significant Accounting Policies (Equity Method Investments) (Details)
$ in Millions
 12 Months Ended
Jan. 29, 2022
USD ($)
Accounting Policies [Abstract]  
Equity Method Investment, Other than Temporary Impairment $ 9.7
v3.22.4
Revenue Recognition (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jan. 28, 2023
Oct. 29, 2022
Jul. 30, 2022
Apr. 30, 2022
Jan. 29, 2022
Oct. 30, 2021
Jul. 31, 2021
May 01, 2021
Jan. 28, 2023
Jan. 29, 2022
Jan. 30, 2021
Disaggregation of Revenue [Line Items]                      
Net sales $ 1,122,751 $ 645,034 $ 668,927 $ 639,596 $ 996,332 $ 607,645 $ 646,554 $ 597,823 $ 3,076,308 $ 2,848,354 $ 1,962,137
Retail                      
Disaggregation of Revenue [Line Items]                      
Net sales                 $ 3,076,308 $ 2,848,354 $ 1,962,137
Percentage of Net Sales                 100.00% 100.00% 100.00%
Retail | Leisure [Member]                      
Disaggregation of Revenue [Line Items]                      
Net sales                 $ 1,465,402 $ 1,412,382 $ 965,816
Percentage of Net Sales                 47.60% 49.60% 49.20%
Retail | Fashion And Home [Member]                      
Disaggregation of Revenue [Line Items]                      
Net sales                 $ 898,187 $ 859,586 $ 701,461
Percentage of Net Sales                 29.20% 30.20% 35.80%
Retail | Party And Snack [Member]                      
Disaggregation of Revenue [Line Items]                      
Net sales                 $ 712,719 $ 576,386 $ 294,860
Percentage of Net Sales                 23.20% 20.20% 15.00%
v3.22.4
Income Per Common Share (Computations Of Basic And Diluted Income (Loss) Per Share) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Jan. 28, 2023
Oct. 29, 2022
Jul. 30, 2022
Apr. 30, 2022
Jan. 29, 2022
Oct. 30, 2021
Jul. 31, 2021
May 01, 2021
Jan. 28, 2023
Jan. 29, 2022
Jan. 30, 2021
Numerator:                      
Net income $ 171,320 $ 16,146 $ 41,344 $ 32,718 $ 140,196 $ 24,177 $ 64,841 $ 49,596 $ 261,528 $ 278,810 $ 123,361
Denominator:                      
Weighted-average common shares outstanding - basic (shares)                 55,547,267 55,999,713 55,816,508
Dilutive impact of options and warrants (shares)                 198,012 304,141 243,531
Weighted average common share outstanding - diluted (shares)                 55,745,279 56,303,854 56,060,039
Per common share:                      
Basic income (loss) per common share (dollars per share) $ 3.09 $ 0.29 $ 0.74 $ 0.59 $ 2.50 $ 0.43 $ 1.16 $ 0.89 $ 4.71 $ 4.98 $ 2.21
Diluted income per common share (dollars per share) $ 3.07 $ 0.29 $ 0.74 $ 0.59 $ 2.49 $ 0.43 $ 1.15 $ 0.88 $ 4.69 $ 4.95 $ 2.20
v3.22.4
Income Per Common Share (Narrative) (Details) - shares
 12 Months Ended
Jan. 28, 2023
Jan. 29, 2022
Jan. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Lessee, Operating Lease, Renewal Term 5 years    
Maximum [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Lessee, Operating Lease, Renewal Term 10 years    
Restricted Stock Units (RSUs) [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Common stock not included in the computations of diluted earnings per share (in shares) 72,043 9,781  
Share-based Payment Arrangement [Member]      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Common stock not included in the computations of diluted earnings per share (in shares)     20,425
v3.22.4
Leases (Narrative) (Details)
$ in Thousands
 12 Months Ended 14 Months Ended
Jan. 28, 2023
USD ($)
lease
Jan. 29, 2022
USD ($)
Jan. 30, 2021
USD ($)
Mar. 16, 2023
USD ($)
lease
Lessee, Lease, Description [Line Items]        
Weighted Average Remaining Lease Term 7 years 7 months 6 days 7 years 8 months 12 days    
Operating Lease, Weighted Average Discount Rate, Percent 5.20% 5.40%    
Cash payments arising from operating lease liabilities $ 210,096 $ 197,294    
Operating leases 30,022 $ 13,131 $ 29,362  
Lessor, Operating Lease, Lease Not yet Commenced, Assumption and Judgment, Value of Underlying Asset, Amount $ 216,000      
Number Of Leases | lease 173      
Lessee, Operating Lease, Renewal Term 5 years      
Long-term Purchase Commitment, Amount $ 361,900      
Present value of lease liabilities $ 1,496,751      
Subsequent Event [Member]        
Lessee, Lease, Description [Line Items]        
Number Of Leases | lease       26
Average Lease Term Period       10 years
Present value of lease liabilities       $ 50,400
Minimum [Member]        
Lessee, Lease, Description [Line Items]        
Lessee, Operating Lease, Renewal Term 10 years      
Maximum [Member]        
Lessee, Lease, Description [Line Items]        
Lessee, Operating Lease, Renewal Term 10 years      
v3.22.4
Leases (Schedule of Lease Cost) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 28, 2023
Jan. 29, 2022
Commitments and Contingencies [Line Items]    
Operating Lease, Cost $ 231,958 $ 201,566
Variable Lease, Cost 63,739 57,756
Lease, Cost $ 295,697 $ 259,322
v3.22.4
Leases (Schedule of Lease Maturity - Current Year) (Details)
$ in Thousands
Jan. 28, 2023
USD ($)
Leases [Abstract]  
2023 $ 264,414
2024 256,163
2025 242,447
2026 227,379
2027 205,746
After 2027 594,349
Total lease payments 1,790,498
Less: imputed interest 293,747
Present value of lease liabilities $ 1,496,751
v3.22.4
Leases - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 28, 2023
Jan. 29, 2022
Leases [Abstract]    
Cash payments arising from operating lease liabilities $ 210,096 $ 197,294
Operating lease liabilities arising from obtaining right-of-use assets $ 321,905 $ 307,058
v3.22.4
Term Loan and Line of Credit (Financing Transactions) (Details) - USD ($)
 12 Months Ended
Sep. 16, 2022
Jan. 28, 2023
Jan. 29, 2022
Jan. 30, 2021
Debt Instrument [Line Items]        
Repayment of note payable under Revolving Credit Facility   $ 0 $ 0 $ 50,000,000
Line of Credit [Member]        
Debt Instrument [Line Items]        
Repayment of note payable under Revolving Credit Facility       $ 50,000,000
Amended Revolving Credit Facility [Member]        
Debt Instrument [Line Items]        
Line of Credit Borrowed and Repaid During Period   0    
Amended Revolving Credit Facility [Member] | Line of Credit [Member]        
Debt Instrument [Line Items]        
Line of Credit Facility, Accordion Feature, Increase Limit $ 150,000,000      
Minimum Availability Of Aggregate Commitments And Loan Cap Required, Percent 15.00%      
Period Required For Availability Of Loan Cap Requirement 60 days      
Line of Credit Facility, Remaining Borrowing Capacity   192,000,000 $ 153,000,000  
The First Amendement [Member]        
Debt Instrument [Line Items]        
Line of Credit Facility, Maximum Election To Increase Borrowing Capacity $ 50,000,000      
Line of Credit Facility, Current Borrowing Capacity   $ 225,000,000    
The First Amendement [Member] | Line of Credit [Member]        
Debt Instrument [Line Items]        
Minimum Availability Of Loan Cap During Diligence Deferral Period 12.50%      
Minimum Availability Of Loan Cap Outside Of Diligence Deferral Period 10.00%      
The First Amendement [Member] | Line of Credit [Member] | Minimum [Member]        
Debt Instrument [Line Items]        
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage 1.125%      
The First Amendement [Member] | Line of Credit [Member] | Minimum [Member] | Base Rate [Member]        
Debt Instrument [Line Items]        
Interest rate on borrowings (percent) 1.12%      
The First Amendement [Member] | Line of Credit [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]        
Debt Instrument [Line Items]        
Interest rate on borrowings (percent) 0.125%      
The First Amendement [Member] | Line of Credit [Member] | Maximum [Member]        
Debt Instrument [Line Items]        
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage 1.50%      
The First Amendement [Member] | Line of Credit [Member] | Maximum [Member] | Base Rate [Member]        
Debt Instrument [Line Items]        
Interest rate on borrowings (percent) 1.50%      
The First Amendement [Member] | Line of Credit [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]        
Debt Instrument [Line Items]        
Interest rate on borrowings (percent) 0.50%      
v3.22.4
Term Loan and Line of Credit (Line of Credit) (Details) - USD ($)
 12 Months Ended
Sep. 16, 2022
Jan. 28, 2023
The First Amendement [Member]    
Debt Instrument [Line Items]    
Line of Credit Facility, Maximum Election To Increase Borrowing Capacity $ 50,000,000  
Line of Credit Facility, Current Borrowing Capacity   $ 225,000,000
Amended Revolving Credit Facility [Member]    
Debt Instrument [Line Items]    
Line of Credit Borrowed and Repaid During Period   $ 0
Line of Credit [Member] | The First Amendement [Member]    
Debt Instrument [Line Items]    
Minimum Availability Of Loan Cap During Diligence Deferral Period 12.50%  
Minimum Availability Of Loan Cap Outside Of Diligence Deferral Period 10.00%  
Line of Credit [Member] | The First Amendement [Member] | Minimum [Member]    
Debt Instrument [Line Items]    
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage 1.125%  
Line of Credit [Member] | The First Amendement [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]    
Debt Instrument [Line Items]    
Interest rate on borrowings (percent) 0.125%  
Line of Credit [Member] | The First Amendement [Member] | Maximum [Member]    
Debt Instrument [Line Items]    
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage 1.50%  
Line of Credit [Member] | The First Amendement [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]    
Debt Instrument [Line Items]    
Interest rate on borrowings (percent) 0.50%  
v3.22.4
Commitments and Contingencies (Narrative) (Details)
$ in Millions
Jan. 28, 2023
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Purchase Commitment, Remaining Minimum Amount Committed $ 15.8
v3.22.4
Shareholders' Equity (Narrative) (Details)
Jan. 28, 2023
votes
$ / shares
shares
Jan. 29, 2022
$ / shares
shares
Equity [Abstract]    
Common stock, shares authorized (in shares) | shares 120,000,000 120,000,000
Common stock, par value (in dollars per share) | $ / shares $ 0.01 $ 0.01
Preferred stock, shares authorized | shares 5,000,000  
Preferred stock, par value | $ / shares $ 0.01  
Voting right per common stock share (vote) | votes 1  
v3.22.4
Shareholders' Equity (Common Stock) (Details) - USD ($)
 12 Months Ended
Jan. 28, 2023
Jan. 29, 2022
Jan. 30, 2021
Sep. 27, 2012
Class of Stock [Line Items]        
Number of shares of common stock reserved for issuance (shares)       500,000
Discount on common stock fair value for employee purchases (percent)       10.00%
Percentage of shares vested (percent) 33.00% 33.00% 33.00%  
Compensation expense $ 23,600,000 $ 25,800,000 $ 9,600,000  
Employee stock purchase plan        
Class of Stock [Line Items]        
Stock Issued During Period, Shares, Employee Stock Purchase Plans 6,489 3,817 3,561  
Compensation expense $ 78,000 $ 74,000 $ 50  
Proceeds from Issuance of Common Stock $ 800,000 $ 800,000 $ 500,000  
v3.22.4
Share-Based Compensation (2002 Equity Incentive Plan) (Details) - 2002 Equity Incentive Plan [Member] - shares
Jan. 28, 2023
Jul. 24, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares available for issuance (shares)   4,300,000
Stock options and restricted shares available for grant (shares) 3,500,000  
v3.22.4
Share-Based Compensation (Schedule Of Stock Option Activity Under Plan) (Details) - $ / shares
 12 Months Ended
Jan. 28, 2023
Jan. 29, 2022
Jan. 30, 2021
Feb. 01, 2020
 [1]
Share-based Payment Arrangement [Abstract]        
Stock Option Maximum Term 10 years      
Stock option vesting period 4 years      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]        
Options outstanding, Balance (shares) 39,763 53,029 231,525 [1]  
Options outstanding, Granted (shares) 0 0 0  
Options outstanding, Forfeited (shares) 0 (432) (1,650)  
Options outstanding, Exercised (shares) (21,737) (12,834) (176,846)  
Options outstanding, Balance (shares) 18,026 39,763 53,029 231,525
Options outstanding, Exercisable (in shares) 18,026      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]        
Weighted average exercise price, Balance (dollars per share) $ 34.48 $ 33.22 $ 30.92 [1]  
Weighted average exercise price, Granted (dollars per share) 0 0 0  
Weighted average exercise price, Forfeited (dollars per share) 0 4.28 31.49  
Weighted average exercise price, Exercised (dollars per share) 34.11 30.29 30.23  
Weighted average exercise price, Balance (dollars per share) 34.92 $ 34.48 $ 33.22 $ 30.92
Weighted average exercise price, Exercisable (dollars per share) $ 34.92      
Weighted average remaining contractual term 1 year 9 months 18 days 2 years 3 months 18 days 3 years 2 months 12 days 4 years 1 month 6 days
Weighted average remaining contractual term, Exercisable 1 year 9 months 18 days      
[1]
v3.22.4
Share-Based Compensation (Stock-Based Compensation Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 28, 2023
Jan. 29, 2022
Jan. 30, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]      
Total intrinsic value of stock options exercised $ 3,100 $ 2,100 $ 17,600
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value 2,900    
Proceeds from Stock Options Exercised $ 777 $ 390 $ 5,348
v3.22.4
Share-Based Compensation (Activity Related to Restricted Stock Units) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jan. 28, 2023
Jan. 29, 2022
Jan. 30, 2021
Feb. 01, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common Shares Withheld $ (4,981) $ (7,332) $ (3,917)  
Stock Repurchased and Retired During Period, Shares 247,132 368,699    
Repurchase and retirement of common stock $ 40,007 $ 60,011 12,663  
Unrecognized compensation costs related to non-vested share-based compensation $ 30,600      
Unrecognized compensation costs related to nonvested share-based compensation, recognized period (years) 2 years 3 months 18 days      
Additional Paid-in Capital [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common Shares Withheld $ (5,000) (7,332) (3,916)  
Repurchase and retirement of common stock $ 40,005 $ 60,007 12,662  
Common Stock [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common Shares Withheld     $ (1)  
Common shares withheld for taxes (in shares) 31,971 38,342 51,734  
Repurchase and retirement of common stock $ 2 $ 4 $ 1  
Restricted Stock Units (RSUs) [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 226,389 254,295 304,398 250,352
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 123,661 77,966 179,947  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (122,349) (115,763) (102,382)  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (29,218) (12,306) (23,519)  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 142.20 $ 126.93 $ 99.94 $ 79.37
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value 142.37 185.62 107.82  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value 110.96 95.79 66.33  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value $ 140.85 $ 124.14 $ 87.54  
performance restricted stock units [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 458,062 349,236 259,776 357,166
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 127,598 89,460 370,613  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period 0 0 (127,622)  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (18,772) 0 (340,381)  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 163.56 $ 163.16 $ 151.73 $ 66.96
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value 165.90 196.36 134.73  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value 0 0 39.89  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value $ 172.01 $ 0 $ 89.54  
v3.22.4
Share-Based Compensation (Share Repurchase Program) (Details) - USD ($)
 12 Months Ended 59 Months Ended
Jan. 28, 2023
Jan. 29, 2022
Jan. 30, 2021
Jan. 28, 2023
Jun. 14, 2022
May 01, 2021
Mar. 09, 2021
Equity, Class of Treasury Stock [Line Items]              
Stock Repurchase Program, Authorized Amount         $ 100,000,000 $ 100,000,000 $ 100,000,000
Stock Repurchased and Retired During Period, Shares 247,132 368,699          
Repurchase and retirement of common stock $ 40,007,000 $ 60,011,000 $ 12,663,000        
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased $ 161.88 $ 162.75   $ 161.88      
Stock Repurchased and Retired To Date, Valu       1,100,000      
Stock Repurchased And Retired To Date, Value       $ 150,000,000      
v3.22.4
Income Taxes (Schedule of Income Tax Components) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 28, 2023
Jan. 29, 2022
Jan. 30, 2021
Current:      
Federal $ 49,470 $ 68,224 $ 2,276
State 13,541 12,424 7,235
Current income tax expense (benefit) 63,011 80,648 9,511
Deferred:      
Federal 21,232 6,088 21,954
State 1,763 1,157 (1,759)
Deferred income tax expense (benefit) 22,995 7,245 20,195
Income tax expense $ 86,006 $ 87,893 $ 29,706
v3.22.4
Income Taxes (Schedule Of Income Tax Rate Reconciliation) (Details)
 12 Months Ended
Jan. 28, 2023
Jan. 29, 2022
Jan. 30, 2021
Income Tax Disclosure [Abstract]      
Statutory federal tax rate 21.00% 21.00% 21.00%
State taxes, net of federal benefit 3.50% 2.90% 2.80%
Other (1) 0.20% 0.10% (4.40%)
Effective tax rate 24.70% 24.00% 19.40%
v3.22.4
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Jan. 28, 2023
Jan. 29, 2022
Deferred tax assets:    
Net operating loss carryforwards $ 230 $ 0
Inventories 18,463 18,561
Deferred revenue 3,156 1,821
Accrued bonus 2,132 8,224
Operating lease liabilities 379,059 335,960
Other 9,758 7,947
Deferred tax assets 412,798 372,513
Valuation allowance (1,442) (1,383)
Deferred tax assets 411,356 371,130
Deferred tax liabilities:    
Property and equipment (127,477) (107,953)
Operating lease assets (340,298) (297,786)
Other (2,732) (1,547)
Deferred tax liabilities (470,507) (407,286)
Deferred tax liabilities $ (59,151) $ (36,156)
v3.22.4
Income Taxes (Narrative) (Details) - USD ($)
 12 Months Ended
Jan. 28, 2023
Jan. 29, 2022
Jan. 30, 2021
Income Tax Disclosure [Abstract]      
Accrual for uncertain tax, interest or penalties $ 0    
Income Tax [Line Items]      
Effective Income Tax Rate Reconciliation, Percent 24.70% 24.00% 19.40%
Deferred Income Tax Expense (Benefit) $ 22,995,000 $ 7,245,000 $ 20,195,000
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00% 21.00% 21.00%
Deferred Tax Assets, Deferred Income $ 3,156,000 $ 1,821,000  
Deferred Federal Income Tax Expense (Benefit) $ 21,232,000 $ 6,088,000 $ 21,954,000
Minimum [Member]      
Income Tax [Line Items]      
State income taxes, statute of limitations period (years) 3 years    
Maximum [Member]      
Income Tax [Line Items]      
State income taxes, statute of limitations period (years) 4 years    
v3.22.4
Employee Benefit Plan (Details) - USD ($)
$ in Millions
 12 Months Ended
Jan. 28, 2023
Jan. 29, 2022
Jan. 30, 2021
Retirement Benefits [Abstract]      
Employer discretionary contribution amount $ 5.0 $ 4.2 $ 2.8
v3.22.4
Segment Reporting (Narrative) (Details)
 12 Months Ended
Jan. 28, 2023
segment
Segment Reporting [Abstract]  
Operating segment 1
Reportable segment 1
v3.22.4
Segment Reporting (Percentage of Net Sales Represented by Each Product Group) (Details)
 12 Months Ended
Jan. 28, 2023
Jan. 29, 2022
Jan. 30, 2021
Revenue from External Customer [Line Items]      
Percentage of sales by product group (percent) 100.00% 100.00% 100.00%
Leisure [Member]      
Revenue from External Customer [Line Items]      
Percentage of sales by product group (percent) 47.60% 49.60% 49.20%
Fashion And Home [Member]      
Revenue from External Customer [Line Items]      
Percentage of sales by product group (percent) 29.20% 30.20% 35.80%
Party And Snack [Member]      
Revenue from External Customer [Line Items]      
Percentage of sales by product group (percent) 23.20% 20.20% 15.00%
v3.22.4
Quarterly Results of Operations and Seasonality (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Jan. 28, 2023
Oct. 29, 2022
Jul. 30, 2022
Apr. 30, 2022
Jan. 29, 2022
Oct. 30, 2021
Jul. 31, 2021
May 01, 2021
Jan. 28, 2023
Jan. 29, 2022
Jan. 30, 2021
Quarterly Financial Information Disclosure [Abstract]                      
Net sales $ 1,122,751 $ 645,034 $ 668,927 $ 639,596 $ 996,332 $ 607,645 $ 646,554 $ 597,823 $ 3,076,308 $ 2,848,354 $ 1,962,137
Gross profit 452,397 207,808 228,509   396,894 202,362 230,319 200,869 1,095,491 1,030,444 652,330
Net income $ 171,320 $ 16,146 $ 41,344 $ 32,718 $ 140,196 $ 24,177 $ 64,841 $ 49,596 $ 261,528 $ 278,810 $ 123,361
Basic income per common share (dollars per share) $ 3.09 $ 0.29 $ 0.74 $ 0.59 $ 2.50 $ 0.43 $ 1.16 $ 0.89 $ 4.71 $ 4.98 $ 2.21
Diluted income per common share (dollars per share) $ 3.07 $ 0.29 $ 0.74 $ 0.59 $ 2.49 $ 0.43 $ 1.15 $ 0.88 $ 4.69 $ 4.95 $ 2.20