FIVE BELOW, INC, 10-K filed on 3/20/2025
Annual Report
v3.25.1
Cover - USD ($)
 12 Months Ended
Feb. 01, 2025
Mar. 19, 2025
Aug. 02, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Feb. 01, 2025    
Current Fiscal Year End Date --02-01    
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)   55,049,358  
Entity Public Float     $ 3,742,264,723
Documents Incorporated by Reference
Portions of the registrant's Proxy Statement for the 2025 Annual Meeting of Shareholders (hereinafter referred to as the “Proxy Statement”) are incorporated by reference into Part III of this report.
    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001177609    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
v3.25.1
Audit Information
 12 Months Ended
Feb. 01, 2025
Audit Information [Abstract]  
Auditor Firm ID 185
Auditor Name KPMG LLP
Auditor Location Philadelphia, PA
v3.25.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Feb. 01, 2025
Feb. 03, 2024
Current assets:    
Cash and cash equivalents $ 331,718 $ 179,749
Short-term investment securities 197,073 280,339
Inventories 659,500 584,627
Prepaid income taxes and tax receivable 4,649 4,834
Prepaid expenses and other current assets 158,427 153,993
Total current assets 1,351,367 1,203,542
Property and equipment, net 1,261,728 1,134,312
Operating lease assets 1,706,542 1,509,416
Long-term investment securities 0 7,791
Other assets 19,937 16,976
Total assets 4,339,574 3,872,037
Current liabilities:    
Line of credit 0 0
Accounts payable 260,343 256,275
Income taxes payable 51,998 41,772
Accrued salaries and wages 19,743 30,028
Other accrued expenses 149,495 146,887
Operating lease liabilities 274,863 240,964
Total current liabilities 756,442 715,926
Other long-term liabilities 8,210 6,826
Deferred income taxes 59,891 66,743
Long-term operating lease liabilities 1,706,704 1,497,586
Total liabilities 2,531,247 2,287,081
Commitments and contingencies (note 6)
Shareholders’ equity:    
Common stock, $0.01 par value. Authorized 120,000,000 shares; issued and outstanding 55,028,682 and 55,197,875 shares, respectively. 549 551
Additional paid-in capital 152,471 182,709
Retained earnings 1,655,307 1,401,696
Total shareholders’ equity 1,808,327 1,584,956
Total liabilities and shareholders' equity (deficit) $ 4,339,574 $ 3,872,037
v3.25.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Feb. 01, 2025
Feb. 03, 2024
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) 55,028,682 55,197,875
Common stock, shares outstanding (in shares) 55,028,682 55,197,875
v3.25.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Income Statement [Abstract]      
Net sales $ 3,876,527 $ 3,559,369 $ 3,076,308
Cost of goods sold (exclusive of items shown separately below) 2,523,865 2,285,544 1,980,817
Selling, general and administrative expenses 861,398 757,507 644,831
Depreciation and amortization 167,447 130,747 105,617
Operating income 323,817 385,571 345,043
Interest income and other income, net (14,848) (15,530) (2,491)
Income before income taxes 338,665 401,101 347,534
Income tax expense 85,054 99,995 86,006
Net income $ 253,611 $ 301,106 $ 261,528
Basic income per common share (dollars per share) $ 4.61 $ 5.43 $ 4.71
Diluted income per common share (dollars per share) $ 4.60 $ 5.41 $ 4.69
Weighted average shares outstanding:      
Basic shares 55,055,064 55,487,252 55,547,267
Diluted shares 55,156,342 55,621,619 55,745,279
v3.25.1
Consolidated Statements of Changes in Shareholders' Equity - USD ($)
$ in Thousands
Total
Unrestricted stock
Common stock
Common stock
Unrestricted stock
Additional paid-in capital
Additional paid-in capital
Unrestricted stock
Retained earnings
Balance at Jan. 29, 2022 $ 1,120,284   $ 556   $ 280,666   $ 839,062
Balance, common stock, shares (in shares) at Jan. 29, 2022     55,662,400        
Issuance of unrestricted stock awards 22,981 $ 523     22,981 $ 523  
Exercise of options to purchase common stock 776       776    
Exercise of options and warrants to purchase common stock (in shares)     21,737        
Vesting of restricted stock units and performance-based restricted stock units 1   $ 1        
Vesting of restricted stock units and performance-based restricted stock units (in shares)     (122,349) (3,349)      
Common shares withheld for taxes (4,981)       (4,981)    
Common shares withheld for taxes (in shares)     (31,971)        
Repurchase and retirement of common stock (40,007)   $ (2)   (40,005)    
Repurchase and retirement of stock (in shares)     (247,132)        
Issuance of common stock to employees under employee stock purchase plan 824       824    
Issuance of common stock to employees under employee stock purchase plan (in shares)     6,489        
Net income 261,528            
Balance at Jan. 28, 2023 1,361,929   $ 555   260,784   1,100,590
Balance, common stock, shares (in shares) at Jan. 28, 2023     55,537,221        
Issuance of unrestricted stock awards 17,307 473     17,307 473  
Exercise of options to purchase common stock 286       286    
Exercise of options and warrants to purchase common stock (in shares)     7,800        
Vesting of restricted stock units and performance-based restricted stock units 2   $ 2        
Vesting of restricted stock units and performance-based restricted stock units (in shares)     (235,460) (2,539)      
Common shares withheld for taxes (16,586)   $ (1)   (16,585)    
Common shares withheld for taxes (in shares)     (85,594)        
Repurchase and retirement of common stock (80,541)   $ (5)   (80,536)    
Repurchase and retirement of stock (in shares)     (504,369)        
Issuance of common stock to employees under employee stock purchase plan 980       980    
Issuance of common stock to employees under employee stock purchase plan (in shares)     4,818        
Net income 301,106            
Balance at Feb. 03, 2024 $ 1,584,956   $ 551   182,709   1,401,696
Balance, common stock, shares (in shares) at Feb. 03, 2024 55,197,875   55,197,875        
Issuance of unrestricted stock awards $ 14,939 $ 562     14,939 $ 562  
Exercise of options to purchase common stock 339       339    
Exercise of options and warrants to purchase common stock (in shares)     10,126        
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)     (108,762) (6,055)      
Common shares withheld for taxes (6,947)       (6,947)    
Common shares withheld for taxes (in shares)     (37,047)        
Repurchase and retirement of common stock (40,213)   $ (3)   (40,210)    
Repurchase and retirement of stock (in shares)     (266,997)        
Issuance of common stock to employees under employee stock purchase plan 1,079       1,079    
Issuance of common stock to employees under employee stock purchase plan (in shares)     9,908        
Net income 253,611            
Balance at Feb. 01, 2025 $ 1,808,327   $ 549   $ 152,471   $ 1,655,307
Balance, common stock, shares (in shares) at Feb. 01, 2025 55,028,682   55,028,682        
v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Operating activities:      
Net income $ 253,611 $ 301,106 $ 261,528
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 167,447 130,747 105,617
Share-based compensation expense 15,589 17,859 23,583
Deferred income tax expense (6,852) 7,592 22,995
Other non-cash expenses 1,312 351 409
Increase (Decrease) in Operating Capital [Abstract]      
Inventories (74,873) (56,907) (72,616)
Prepaid income taxes and tax receivable 185 4,064 2,427
Prepaid expenses and other assets (7,539) (26,651) (39,379)
Accounts payable 9,464 35,133 24,891
Income taxes payable 10,226 21,844 (8,168)
Accrued salaries and wages (10,285) 4,608 (28,119)
Operating leases 45,891 51,515 30,022
Other accrued expenses 26,472 8,358 (8,264)
Net cash provided by operating activities 430,648 499,619 314,926
Investing activities:      
Purchases of investment securities and other investments (192,918) (416,649) (56,459)
Sales, maturities, and redemptions of investment securities 283,974 195,364 304,473
Capital expenditures (323,994) (335,050) (251,954)
Net cash used in investing activities (232,938) (556,335) (3,940)
Financing activities:      
Cash paid for Revolving Credit Facility financing costs 0 0 (248)
Net proceeds from issuance of common stock 1,079 980 824
Repurchase and retirement of common stock (40,213) (80,541) (40,007)
Proceeds from exercise of options to purchase common stock and vesting of restricted and performance-based restricted stock units 340 288 777
Common shares withheld for taxes 6,947 16,586 4,981
Net cash used in financing activities (45,741) (95,859) (43,635)
Net increase (decrease) in cash and cash equivalents 151,969 (152,575) 267,351
Cash and cash equivalents at end of year 179,749 332,324 64,973
Cash and cash equivalents at end of year 331,718 179,749 332,324
Supplemental disclosures of cash flow information:      
Interest paid 420 496 537
Income taxes paid 81,656 68,277 75,561
(Decrease) increase in accounts payable and accrued purchases of property and equipment $ (27,963) $ 4,686 $ 1,634
v3.25.1
Summary of Significant Accounting Policies
 12 Months Ended
Feb. 01, 2025
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 subsidiaries as the "Company") is a specialty value retailer offering merchandise targeted at the tween and teen demographic. The Company offers an edited assortment of products, with most priced at $5 and below. The Company’s edited assortment of products includes select brands and licensed merchandise. The Company believes its merchandise is readily available and that there are a number of potential vendors that could be utilized, if necessary, under approximately the same terms the Company is currently receiving; thus, it is not dependent on a single vendor or a group of vendors.
The Company is incorporated in the Commonwealth of Pennsylvania and, as of February 1, 2025, operated in 44 states excluding Alaska, Hawaii, Idaho, Montana, Oregon, and Washington. As of February 1, 2025 and February 3, 2024, the Company operated 1,771 stores and 1,544 stores, respectively, each operating under the name “Five Below.” The Company also sells its merchandise on the internet, through the Company's fivebelow.com e-commerce website and mobile app, offering home delivery and the option to buy online and pick up in store. Additionally, the Company sells merchandise through on-demand third-party delivery service to enable our customers to shop online and receive convenient delivery.
The Company's consolidated financial statements include the accounts of Five Below, Inc. and its subsidiaries (1616 Holdings, Inc., formerly known as Five Below Merchandising, Inc., 1616 Sourcing Holdco LLC and 1616 Holdings India Private Limited). All intercompany transactions and accounts are eliminated in the consolidation of the Company's and subsidiaries' financial statements.
Fiscal Year
The Company operates on a 52/53-week fiscal year ending on the Saturday closest to January 31. References to "fiscal year 2024" or "fiscal 2024" refer to the period from February 4, 2024 to February 1, 2025, which consists of a 52-week year. References to "fiscal year 2023" or "fiscal 2023" refer to the period from January 29, 2023 to February 3, 2024, which consists of a 53-week fiscal year. References to "fiscal year 2022" or "fiscal 2022" refer to the period from January 30, 2022 to January 28, 2023, which consists of a 52-week fiscal year.
Cash and Cash Equivalents
The Company considers all highly liquid investments purchased with a maturity date of three months or less when purchased to be cash equivalents. Our cash equivalents consist of cash management solutions, credit and debit card receivables, money market funds, corporate bonds and municipal bonds with original maturities of 90 days or less, which are classified as cash and cash equivalents in the accompanying consolidated balance sheets. The cash management solutions relate to cash deposit products that provide credit generally processed the next business day for cash deposited in third-party tech-enabled solutions. For credit card and debit card receivables, the majority of payments due from banks for third-party credit card and debit card transactions resulting from customer purchases at the Company’s retail stores process within 24 to 48 hours, except for transactions occurring on a Friday, which are generally processed the following Monday. Amounts due from banks for these transactions classified as cash equivalents totaled $24.7 million and $22.4 million as of February 1, 2025 and February 3, 2024, respectively. Book overdrafts, which are outstanding checks in excess of funds on deposit, are recorded within accounts payable in the accompanying consolidated balance sheets and within operating activities in the accompanying consolidated statements of cash flows. As of February 1, 2025 and February 3, 2024, the Company had cash equivalents of $310.4 million and $154.9 million, respectively.
Fair Value of Financial Instruments
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation at the measurement date:
Level 1: Quoted market prices in active markets for identical assets or liabilities.
Level 2: Inputs, other than Level 1, that are either directly or indirectly observable.
Level 3: Unobservable inputs developed using the Company’s estimates and assumptions which reflect those that market participants would use.
The classification of fair value measurements within the hierarchy are based upon the lowest level of input that is significant to the measurement.
The Company’s financial instruments consist primarily of cash equivalents, investment securities, accounts payable, borrowings, if any, under a line of credit (as defined in note 5), equity method investments, and notes receivable. The Company believes that: (1) the carrying value of cash equivalents and accounts payable are representative of their respective fair value due to the short-term nature of these instruments; and (2) the carrying value of the borrowings, if any, under the line of credit approximates fair value because the line of credit’s interest rates vary with market interest rates. Under the fair value hierarchy, the fair market values of cash equivalents and the investments in corporate bonds are Level 1 while the investments in municipal bonds are Level 2. The fair market values of Level 2 instruments are determined by management with the assistance of a third-party pricing service. Since quoted prices in active markets for identical assets are not available, these prices are determined by the third-party pricing service using observable market information such as quotes from less active markets and quoted prices of similar securities.
As of February 1, 2025 and February 3, 2024, the Company's investment securities are classified as held-to-maturity since the Company has the intent and ability to hold the investments to maturity. Such securities are carried at amortized cost-plus accrued interest and consist of the following (in thousands):
As of February 1, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Market Value
Short-term:
Corporate bonds
$197,073 $115 $196,958 
Total$197,073 $— $115 $196,958 
As of February 3, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Market Value
Short-term:
Corporate bonds$280,067 $— $154 $279,913 
Municipal bonds272 — — 272 
Total$280,339 $— $154 $280,185 
Long-term:
Corporate bonds$7,791 $— $8 $7,783 
Total$7,791 $— $8 $7,783 
Short-term investment securities as of February 1, 2025 and February 3, 2024 all mature in one year or less. Long-term investment securities as of February 3, 2024 all mature after one year but in less than two years.
Inventories
Inventories consist of finished goods purchased for resale, including freight and tariffs, and are stated at the lower of cost and net realizable value, at the individual product level. Cost is determined on a weighted average cost method. Management of the Company reviews inventory levels in order to identify slow-moving merchandise and uses markdowns to clear merchandise. Inventory cost is reduced when the selling price less costs of disposal is below cost. The Company accrues an estimate for inventory shrink for the period between the last physical count and the balance sheet date. The shrink estimate can be affected by changes in merchandise mix and changes in actual shrink trends.
Prepaid Expenses and Other Current Assets
Prepaid expenses in fiscal 2024 and fiscal 2023 were $37.7 million and $30.5 million, respectively. Other current assets in fiscal 2024 and fiscal 2023 were $120.7 million and $123.5 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 was $167.4 million, $130.7 million and $105.6 million in fiscal 2024, fiscal 2023 and fiscal 2022, respectively.
Property and equipment, net, consists of the following (in thousands):
February 1, 2025February 3, 2024
Land$30,371 $30,371 
Furniture and fixtures630,465 544,054 
Leasehold improvements843,044 697,953 
Computers and equipment424,282 365,269 
Construction in process83,489 80,755 
Property and equipment, gross2,011,651 1,718,402 
Less: Accumulated depreciation and amortization(749,923)(584,090)
Property and equipment, net$1,261,728 $1,134,312 
Impairment of Long-Lived Assets
Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Assets are grouped and evaluated for impairment at the lowest level of which there are identifiable cash flows, which is generally at a store level. Assets are reviewed for impairment using factors including, but not limited to, the Company's future operating plans and projected cash flows. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated undiscounted future cash flows, then an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Fair value is based on discounted future cash flows of the asset using a discount rate commensurate with the risk. In the event of a store closure, the Company will record an impairment charge, if appropriate, or accelerate depreciation over the revised useful life of the asset. Based on the Company's analysis performed in fiscal 2024, fiscal 2023 and fiscal 2022, management believes that no impairment of long-lived assets exists for the periods ended February 1, 2025, February 3, 2024 and January 28, 2023.
Deferred Financing Costs
Deferred financing costs are amortized to interest expense over the term of the related credit agreement. As of February 1, 2025 and February 3, 2024, the Company had $0.4 million and $0.5 million remaining in the accompanying consolidated balance sheets within Other Assets.
Operating Leases
The Company leases store locations, shipcenters, the corporate headquarters and equipment used in its operations and evaluates and classifies its leases as operating or capital leases for financial reporting purposes. Any assets held under a finance lease are included in property and equipment, net.
Leases are accounted for in accordance with the guidance in "Leases" (Topic 842). The Company is required to recognize an operating lease asset and an operating lease liability for its leases (other than leases that meet the definition of a short-term lease). The liability is equal to the present value of the lease payments using an estimated incremental borrowing rate, on a collateralized basis over similar term, that the Company would have incurred to borrow the funds necessary to purchase the leased asset. The asset is based on the liability, subject to certain adjustments, such as for initial direct costs. Operating leases result in straight-line expense while finance leases result in a front-loaded expense pattern.
At the inception of a lease, the Company determines the lease term, which includes periods under the exercise of renewal options that are reasonably assured. Renewal options are exercised at the Company's sole discretion. In September 2016, the Company signed a 15-year lease for a new corporate headquarters location in Philadelphia, Pennsylvania. The Company currently occupies approximately 230,000 square feet of office space with multiple options to expand in the future. The lease agreement expires in early 2033 with three successive options to renew for additional terms up to approximately fifteen years. The shipcenter in Pedricktown, New Jersey is leased under a lease agreement expiring in 2025 with options to renew for three successive five-year periods. Generally, the Company’s store leases have expected lease terms of ten years, which are comprised of an initial term of ten years or an initial term of five years and one assumed five-year extension, resulting in a ten-year life. The expected lease term is used to determine whether a lease is finance or operating and to calculate straight-line rent expense.
Substantially all of the Company's leases include options that allow the Company to renew or extend the lease term beyond the initial lease period, subject to terms and conditions agreed upon at the inception of the lease. Such terms and conditions include rental rates agreed upon at the inception of the lease that could represent below or above market rental rates later in the life of the lease, depending upon market conditions at the time of such renewal or extension. In addition, the Company's leases may include early termination options.
Other Accrued Expenses
Other accrued expenses include accrued capital expenditures of $25.7 million and $48.3 million in fiscal 2024 and fiscal 2023, respectively.
Deferred Compensation
The Company approved and adopted the Five Below, Inc. Nonqualified Deferred Compensation Plan (the "Deferred Comp Plan") and a related, irrevocable grantor trust (the "Trust") during fiscal 2021. The Deferred Comp Plan provides eligible key crew with the opportunity to elect to defer up to 80% of their eligible compensation. The Company may make discretionary contributions, at the discretion of the Board. Payments under the Deferred Comp Plan will be made from the general assets of the Company or from the assets of the Trust, funded by the Company. The related liability is recorded as deferred compensation and included in other long-term liabilities in the consolidated balance sheets.
Equity Method Investments
The Company uses the equity method to account for its investments in which the Company is deemed to have the ability to exercise significant influence over an investee’s operating and financial policies or in which the Company holds a significant partnership or limited liability company interest. Equity method investments are initially recorded at cost in other assets in the consolidated balance sheets. The cost is adjusted to recognize the Company's proportionate share of the investee’s net income or loss after the date of investment and is also adjusted for any impairments resulting from other-than-temporary declines in fair value that is less than its carrying value. During fiscal 2021, the Company recorded an other-than-temporary impairment utilizing the market and cost approach considering historical and projected financial results to calculate fair value. Also related to this investment, management recorded a reserve against outstanding debt owed to the Company based on management’s evaluation of collectability. The total amount of impairment and reserve was approximately $9.7 million and was recorded in interest income (expense) and other income (expense), net in the consolidated statements of operations.
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 2024, fiscal 2023 and fiscal 2022, was $15.6 million, $17.9 million and $23.6 million, respectively.
Revenue Recognition
Revenue from store operations, including third-party delivery services, 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 and mobile app, 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. 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.
Supply Chain Finance
During the third quarter of fiscal 2024, the Company implemented a supply chain finance program. The Company utilizes a supply chain finance program whereby qualifying suppliers may elect at their sole discretion to sell the Company's payment obligations to a designated third-party financial institution. While the terms of these agreements are between the supplier and the financial institution, the financial institution allows the participating suppliers to utilize the Company's creditworthiness in establishing credit spreads and associated costs. The payment terms that the Company has with participating suppliers under these programs generally range up to 90 days. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to finance amounts under these arrangements. Supplier participation is voluntary, and there are no assets pledged as security or other forms of guarantees provided for the committed payment to the financial institution. As of February 1, 2025, the amount of obligations outstanding under the supply chain finance program, which are included within Accounts payable in the Consolidated Balance Sheets, was $0.7 million.
Shipping and Handling Revenues and Costs
The Company includes all shipping and handling revenue from e-commerce sales in net sales. Shipping and handling costs, which are included in cost of goods sold in the accompanying consolidated statements of operations, include fulfillment and shipping costs related to the Company's e-commerce operations.
Cost of Goods Sold
Cost of goods sold reflects the direct costs of purchased merchandise and inbound freight and tariffs, as well as store occupancy, distribution and buying expenses. Store occupancy costs include rent, common area maintenance, utilities and property taxes for all store locations. Distribution costs include costs for receiving, processing, warehousing and shipping of merchandise to or from the Company's shipcenters and between store locations. Buying costs include compensation expense for the Company's internal buying organization.
Selling, General and Administrative Expenses (including Depreciation and Amortization)
Selling, general and administrative expenses (including depreciation and amortization) include payroll and other compensation, marketing and advertising expense, depreciation and amortization expense, and other selling and administrative expenses.
Vendor Allowances
The Company receives various incentives in the form of allowances, free product and promotional funds from its vendors based on product purchases and advertising activities. The amounts received are subject to changes in market conditions, vendor marketing strategies and changes in the profitability or sell-through of the related merchandise for the Company. Merchandise allowances are recognized in the period the related merchandise is sold within cost of goods sold. Marketing allowances are recorded in selling, general and administrative expenses and are recognized in the period the related advertising occurs to the extent the allowance is a reimbursement that is specific and incremental, and identifiable costs have been incurred by the Company to sell the vendor’s products. To the extent these conditions are not met, these allowances are recorded as merchandise allowances.
Store Pre-Opening Costs
Costs incurred between completion of a new store location’s construction and its opening (pre-opening costs) are charged to expense as incurred. Pre-opening costs were $18.9 million, $18.3 million and $10.7 million in fiscal 2024, fiscal 2023, and fiscal 2022, respectively, and are recorded in the accompanying consolidated statements of operations based on the nature of the expense.
Advertising Costs
Advertising costs are charged to expense as the advertising takes place. Advertising expenses were $64.3 million, $62.5 million and $54.1 million in fiscal 2024, fiscal 2023 and fiscal 2022, respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of operations.
Income Taxes
Income taxes are accounted for under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.
The Company records a valuation allowance to reduce its deferred tax assets when uncertainty regarding their realizability exists. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment.
Commitments and Contingencies
Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.
Use of Estimates
The preparation of consolidated financial statements requires management of the Company to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the carrying
amount of property and equipment, net realizable value for inventories, income taxes, share-based compensation expense, the incremental borrowing rate utilized in operating lease liabilities, equity method investments, and notes receivable.
Recently Issued Accounting Standards
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. This new guidance is designed to improve the disclosures about a public entity’s reportable segments and address requests from investors for more detailed information about a reportable segment’s expenses on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Public entities must adopt the changes to the segment reporting guidance on a retrospective basis. Early adoption is permitted. The Company adopted this guidance on February 1, 2025, and the adoption did not significantly impact the Company's disclosures on its consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes - Improvements to Income Tax Disclosures. This new guidance requires consistent categories and enhanced disaggregation of information in the rate reconciliation and enhanced disaggregation of income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. This new guidance requires public business entities to disclose in the notes to the financial statements, among other things, specific information about certain costs and expenses including purchases of inventory, employee compensation, and depreciation and amortization. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of ASU 2024-03 on its consolidated financial statements and related disclosures.
v3.25.1
Revenue Recognition (Notes)
 12 Months Ended
Feb. 01, 2025
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
202420232022
AmountPercentage of Net SalesAmountPercentage of Net SalesAmountPercentage of Net Sales
Leisure$1,715,847 44.3 %$1,644,171 46.2 %$1,465,402 47.6 %
Fashion and home1,171,541 30.2 %1,043,579 29.3 %898,187 29.2 %
Snack and seasonal989,139 25.5 %871,619 24.5 %712,719 23.2 %
Total$3,876,527 100.0 %$3,559,369 100.0 %$3,076,308 100.0 %
v3.25.1
Income Per Common Share
 12 Months Ended
Feb. 01, 2025
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
 202420232022
Numerator:
Net income$253,611 $301,106 $261,528 
Denominator:
Weighted average common shares outstanding - basic55,055,064 55,487,252 55,547,267 
Dilutive impact of options, restricted stock units, and employee stock purchase plan101,278 134,367 198,012 
Weighted average common shares outstanding - diluted55,156,342 55,621,619 55,745,279 
Per common share:
Basic income per common share$4.61 $5.43 $4.71 
Diluted income per common share$4.60 $5.41 $4.69 

The effects of the assumed vesting of restricted stock units outstanding as of February 1, 2025, February 3, 2024 and January 28, 2023 for 99,741, 19,152 and 72,043 shares of common stock, respectively, were excluded from the fiscal 2024, fiscal 2023 and fiscal 2022 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.
v3.25.1
Leases (Notes)
 12 Months Ended
Feb. 01, 2025
Leases [Abstract]  
Leases Leases
The Company determines if an arrangement contains a lease at the inception of a contract. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease assets and operating lease liabilities are recognized at the commencement date based on the present value of the remaining future minimum lease payments. As the rate implicit in the lease is not readily determinable for the Company's leases, the Company utilizes its incremental borrowing rate to determine the present value of future lease payments. The incremental borrowing rate represents a significant judgment and is determined based on an analysis of the Company's synthetic credit rating, prevailing financial market conditions, corporate bond yields, treasury bond yields, and the effect of collateralization. The operating lease assets also include lease payments made before commencement and exclude lease incentives.
The Company’s real estate leases typically contain options that permit renewals for additional periods of up to five years. For real estate leases, except for renewals that generally take the lease to a ten-year term, the options to renew are not considered reasonably certain at lease commencement because the Company reevaluates each lease on a regular basis to consider the economic and strategic benefits of exercising the renewal options, and regularly opens, relocates or closes stores to align with its operating strategy. Therefore, generally, except for renewals that take the lease to a ten-year term, the renewal option periods are not included within the lease term and the associated payments are not included in the measurement of the operating lease asset and operating lease liability as the exercise of such options is not reasonably certain. The Company’s operating lease agreements, including assumed renewals, which are generally those that take the lease to a ten-year term, expire through fiscal 2037. Similarly, renewal options are not included in the lease term for non-real estate leases because they are not considered reasonably certain of being exercised at lease commencement. Leases with an initial term of 12 months or less are not recorded on the balance sheets and lease expense is recognized on a straight-line basis over the term of the short-term lease.
For certain real estate leases, the Company accounts for lease components and non-lease components as a single lease component. Certain real estate leases require additional payments for reimbursement of real estate taxes, common area maintenance and insurance as well as payments based on sales volume, all of which are expensed as incurred as variable lease costs. Other real estate leases contain one fixed lease payment that includes real estate taxes, common area maintenance and insurance. These fixed payments are considered part of the lease payment and included in the operating lease assets and operating lease liabilities.
All of the Company's leases are classified as operating leases and the associated assets and liabilities are presented as separate captions in the consolidated balance sheets. As of February 1, 2025 and February 3, 2024, the weighted average remaining lease term for the Company's operating leases was 7.4 years and 7.5 years, respectively, and the weighted average discount rate was 5.3% and 5.3%, respectively.
The following table is a summary of the Company's components for net lease costs as of February 1, 2025 and February 3, 2024 (in thousands):
Fiscal Year Ended
Lease CostFebruary 1, 2025February 3, 2024
Operating lease cost$311,841 $268,096 
Variable lease cost92,195 76,505 
Net lease cost*$404,036 $344,601 
* Excludes short-term lease cost, which is immaterial

The following table summarizes the maturity of lease liabilities under operating leases as of February 1, 2025 (in thousands):
Maturity of Lease LiabilitiesOperating Leases
2025$361,905 
2026354,708 
2027333,920 
2028310,988 
2029278,196 
After 2029762,089 
Total lease payments2,401,806 
Less: imputed interest420,237 
Present value of lease liabilities$1,981,569 

The following table summarizes the supplemental cash flow disclosures related to leases as of February 1, 2025 and February 3, 2024 (in thousands):
Fiscal Year Ended
February 1, 2025February 3, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments arising from operating lease liabilities (1)
$245,950 $229,491 
Supplemental non-cash information:
Operating lease liabilities arising from obtaining right-of-use assets$400,021 $358,383 
(1) Included within operating activities in the Company's Consolidated Statements of Cash Flows.

As of February 1, 2025, 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 $79.0 million.
During the fiscal year ended February 1, 2025, the Company committed to 179 new store leases with average terms of approximately ten years that have future minimum lease payments of approximately $249.6 million.
From February 2, 2025 to March 20, 2025, the Company committed to 13 new leases with terms of ten years that have future minimum lease payments of approximately $24.0 million.
v3.25.1
Term Loan and Line of Credit
 12 Months Ended
Feb. 01, 2025
Debt Disclosure [Abstract]  
Term Loan and Line of Credit Line of Credit
On September 16, 2022, the Company entered into a Second Amendment to Credit Agreement (the "Second Amendment") which amended the Fifth Amended and Restated Credit Agreement, dated as of April 24, 2020, as previously amended by that certain First Amendment to Credit Agreement, dated as of January 27, 2021 (the "First Amendment"; the Fifth Amended and Restated Credit Agreement as amended by the First Amendment and the Second Amendment, the “Credit Agreement”), among the Company, 1616 Holdings, Inc., a wholly-owned subsidiary of the Company ("1616 Holdings" and together with the Company, the "Loan Parties"), Wells Fargo Bank, National Association as administrative agent (the "Agent"), and other lenders party thereto (the "Lenders").
The Credit Agreement provides for a secured asset-based revolving line of credit in the amount of up to $225 million (the "Revolving Credit Facility"). Advances under the Revolving Credit Facility are tied to a borrowing base consisting of eligible credit card receivables and inventory, as reduced by certain reserves in effect from time to time. Pursuant to the Credit Agreement, inventory appraisals and certain other diligence items are deferred, with reduced advance rates during the period that such appraisals have not been delivered. Pursuant to the Second Amendment, the Revolving Credit Facility expires on the earliest to occur of (i) September 16, 2027 or (ii) an event of default.
The Second Amendment also replaced the existing LIBOR (the "London Interbank Offered Rate") provisions with SOFR (the "Secured Overnight Financing Rate") provisions which converted then outstanding LIBOR loans into SOFR loans and additionally makes a number of other revisions to other provisions of the Credit Agreement. Giving effect to the Second Amendment, outstanding borrowings under the Revolving Credit Facility would accrue interest at floating rates plus an applicable margin ranging from 1.12% to 1.50% for SOFR loans and 0.125% to 0.50% for base rate loans, and letter of credit fees range from 1.125% to 1.50%, in each case based on the average availability under the Revolving Credit Facility.
The Revolving Credit Facility may be increased by up to an additional $150.0 million, subject to certain conditions, including obtaining commitments from one or more Lenders (the "Accordion"). Pursuant to the First Amendment, the Company obtained commitments from the Lenders that would allow the Company at its election (subject only to satisfaction of certain customary conditions such as the absence of any Event of Default), to increase the amount of the Revolving Credit Facility by an aggregate principal amount up to $50 million within the Accordion (the "Committed Increase"). The entire amount of the Revolving Credit Facility is available for the issuance of letters of credit and allows for swingline loans.
The Credit Agreement contains customary covenants that limit, absent lender approval, the ability of the Company and certain of its affiliates to, among other things, pay cash dividends, incur debt, create liens and encumbrances, redeem or repurchase stock, enter into certain acquisition transactions with affiliates, merge, dissolve, repay certain indebtedness, change the nature of the Company’s business, enter sale or leaseback transactions, make investments or dispose of assets. In some cases, these restrictions are subject to certain negotiated exceptions or permit the Company to undertake otherwise restricted activities if it satisfies certain conditions. In addition, the Company will be required to maintain availability of not less than (i) 12.5% of the lesser of (x) aggregate commitments under the Revolving Credit Facility and (y) the borrowing base (the "loan cap") during the period that inventory appraisals have not been delivered as described above and (ii) at all other times 10.0% of the loan cap.
If there exists an event of default or availability under the Revolving Credit Facility is less than 15% of the loan cap, amounts in any of the Loan Parties' or subsidiary guarantors' designated deposit accounts will be transferred daily into a blocked account held by the Agent and applied to reduce outstanding amounts under the Revolving Credit Facility (the "Cash Dominion Event"), so long as (i) such event of default has not been waived and/or (ii) until availability has exceeded 15% of the loan cap for sixty (60) consecutive calendar days (provided that such ability to discontinue the Cash Dominion Event shall be limited to two times during the term of the Credit Agreement).
The Credit Agreement contains customary events of default including, among other things, failure to pay obligations when due, initiation of bankruptcy or insolvency proceedings, defaults on certain other indebtedness, change of control, incurrence of certain material judgments that are not stayed, satisfied, bonded or discharged within 30 days, certain ERISA events, invalidity of the credit documents, and violation of affirmative and negative covenants or breach of representations and warranties set forth in the Credit Agreement. Amounts under the Revolving Credit Facility may become due upon events of default (subject to any applicable grace or cure periods).
All obligations under the Revolving Credit Facility are guaranteed by 1616 Holdings and secured by substantially all of the assets of the Company and 1616 Holdings. As of February 1, 2025 and February 3, 2024, the Company was in compliance with the covenants applicable to it under the Revolving Credit Facility.
During fiscal 2024 and fiscal 2023, the Company had no borrowings or interest expense under the Revolving Credit Facility.
As of February 1, 2025, the Company had approximately $225 million available on the Revolving Credit Facility. As of February 3, 2024, the Company had approximately $216 million available on the Revolving Credit Facility.
v3.25.1
Commitments and Contingencies
 12 Months Ended
Feb. 01, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments And Contingencies Commitments and Contingencies
Commitments
Other Contractual Commitments
The Company has an executive severance plan that is applicable to certain key crew that provide for, among other things, salary, bonus, severance, and change-in-control provisions.
As of February 1, 2025, the Company has other purchase commitments of approximately $2.1 million consisting of purchase agreements for materials that will be used in the construction of new stores.
Contingencies
Legal Matters
The Company is subject to various proceedings, lawsuits, disputes, and claims arising in the ordinary course of the Company's business. Many of these actions raise complex factual and legal issues and are subject to uncertainties. Actions filed against the Company from time to time include commercial, intellectual property, customer, and employment actions, including class action lawsuits. The plaintiffs in some actions seek unspecified damages or injunctive relief, or both. Actions are in various procedural stages, and some are covered in part by insurance. The Company cannot predict with assurance the outcome of actions brought against the Company. Accordingly, adverse developments, settlements, or resolutions may occur and negatively impact income in the quarter of such development, settlement or resolution. If a potential loss arising from these lawsuits, claims and pending actions is probable and reasonably estimable, the Company records the estimated liability based on circumstances and assumptions existing at the time. Although the outcome of these and other claims cannot be predicted with certainty, management does not believe that the ultimate resolution of these matters will have a material adverse effect on the Company's financial condition or results of operations.
On August 1, 2024, a putative class action was filed against Five Below, Inc. and a certain former senior officer in the United States District Court for the Eastern District of Pennsylvania, purportedly on behalf of a class of the Company's investors who purchased or otherwise acquired our publicly traded securities between March 20, 2024 and July 16, 2024. On September 16, 2024, a similar action was commenced against Five Below, Inc. in the same court on behalf of a class of investors who purchased or otherwise acquired our publicly traded securities between December 1, 2022 and July 16, 2024. The complaints allege violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder in connection with various public statements made by us. On October 28, 2024, the court entered an order consolidating the actions and appointing lead plaintiff. Lead plaintiff filed its Consolidated Amended Complaint against the Company and one former senior officer and one current senior officer on January 13, 2025. Defendants filed their motion to dismiss the Consolidated Amended Complaint on March 14, 2025. Lead plaintiff’s opposition to defendants’ motion to dismiss is due on or before May 13, 2025, and any reply in support of defendants’ motion to dismiss is due on or before July 11, 2025. The Company intends to vigorously defend against this action, which the Company believes to be without merit. The potential impact of this action, which seeks unspecified damages, attorneys’ fees and expenses, is uncertain.
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.
v3.25.1
Shareholders' Equity
 12 Months Ended
Feb. 01, 2025
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
As of February 1, 2025, 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 2024, the Company issued 9,908 shares of common stock under the ESPP resulting in proceeds of $1.1 million and recorded share-based compensation expense of $88 thousand in connection with the ESPP related to the amount of the discount. In fiscal 2023, the Company issued 4,818 shares of common stock under the ESPP resulting in proceeds of $1.0 million and recorded share-based compensation expense of $96 thousand in connection with the ESPP related to the amount of the discount. In fiscal 2022, the Company issued 6,489 shares of common stock under the ESPP resulting in proceeds of $0.8 million and recorded share-based compensation expense of $78 thousand in connection with the ESPP related to the amount of the discount.
v3.25.1
Share-Based Compensation
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Share-Based Payment Arrangement [Abstract]    
Share-Based Compensation Share-Based Compensation
Equity Incentive Plan
Pursuant 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 allows for the issuance of up to a total of 4.3 million shares under the Plan. As of February 1, 2025, approximately 3.2 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 January 29, 202239,763 $34.48 2.3
Exercised(21,737)34.11
Balance as of January 28, 202318,026 34.921.8
Forfeited(100)41.67
Exercised(7,800)36.70
Balance as of February 3, 202410,126 33.481.6
Exercised(10,126)33.48
Balance as of February 1, 2025— — 
Exercisable as of February 1, 2025— — 
 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 2024, fiscal 2023 and fiscal 2022.
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 2024, fiscal 2023 and fiscal 2022 was $0.6 million, $1.1 million and $3.1 million, respectively. There were no stock options outstanding and exercisable as of February 1, 2025. In fiscal 2024, fiscal 2023 and fiscal 2022, the Company received cash from the exercise of options of $0.3 million, $0.3 million and $0.8 million, respectively. Upon option exercise, the Company issued new shares of common stock.
v3.25.1
Income Taxes
 12 Months Ended
Feb. 01, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Deferred income taxes reflect the net tax effects of temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible.
As of February 1, 2025, there were no material valuation allowances that have been provided for net deferred tax assets as management believes that it is more likely than not that the Company will realize all material deferred tax assets before any expirations as of February 1, 2025.
The components of the income tax expense are as follows (in thousands): 
 Fiscal Year
202420232022
Current:
Federal$73,565 $70,615 $49,470 
State18,341 21,788 13,541 
91,906 92,403 63,011 
Deferred:
Federal(7,312)8,052 21,232 
State460 (460)1,763 
(6,852)7,592 22,995 
Income tax expense$85,054 $99,995 $86,006 
The reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows:
 Fiscal Year
202420232022
Statutory federal tax rate21.0 %21.0 %21.0 %
State taxes, net of federal benefit3.8 3.8 3.5 
Other (1)
0.3 0.1 0.2 
25.1 %24.9 %24.7 %
(1)Other line includes excess tax benefits relating to share-based payment accounting.


 The effective tax rate for fiscal 2024 compared to fiscal 2023 was primarily driven by discrete items, which includes the impact of share-based accounting, partially offset by non-deductible expenses. The effective tax rate for fiscal 2023 compared to fiscal 2022 was primarily driven by changes in the mix of pretax income across state jurisdictions and non-deductible expenses, partially offset by discrete items, which includes the impact of share-based accounting.
The tax effects of temporary differences that give rise to deferred tax assets and liabilities are (in thousands):
February 1, 2025February 3, 2024
Deferred tax assets:
Net operating loss carryforwards$155 $297 
Inventories24,259 18,955 
Deferred revenue5,220 4,145 
Accrued bonus2,129 4,437 
Operating lease liabilities513,464 426,524 
Other11,438 9,190 
Deferred tax assets556,665 463,548 
Valuation allowance(1,442)(1,442)
Deferred tax assets, net of valuation allowance555,223 462,106 
Deferred tax liabilities:
Property and equipment(170,871)(139,348)
Operating lease assets(442,098)(386,612)
Other(2,145)(2,889)
Deferred tax liabilities(615,114)(528,849)
$(59,891)$(66,743)
The Company had no material accrual for uncertain tax positions or interest or penalties related to income taxes on the Company’s balance sheets as of February 1, 2025 and February 3, 2024, 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 2024, fiscal 2023, or fiscal 2022.
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 January 29, 2022 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.
v3.25.1
Employee Benefit Plan
 12 Months Ended
Feb. 03, 2024
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 2024, fiscal 2023 and fiscal 2022, the Company made matching contributions of $6.1 million, $5.1 million and $5.0 million, respectively.
v3.25.1
Segment Reporting
 12 Months Ended
Feb. 01, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has one reportable and operating segment, which derives revenue from sales of the Company’s merchandise to customers at our 1,771 brick & mortar store locations, which operate in 44 states, and online at Fivebelow.com. No customer accounts for 10% or more of our revenues.
The accounting policies of the reportable segment are the same as those described in “Note 1 – Summary of Significant Accounting Policies.”
The chief operating decision maker (“CODM”) is the Company’s President and Chief Executive Officer, who assesses and evaluates the performance of the reportable segment. Financial information and data are provided to the CODM on a consolidated basis. The CODM uses consolidated sales and consolidated net income to evaluate performance, make key operating decisions and allocate resources. The Company’s significant segment expenses are included on the “Consolidated Statements of Operations” in Item 8 “Consolidated Financial Statements and Supplementary Data” of this Form 10-K.” See “Note 2 – Revenue from Contracts with Customers” for the Company’s disaggregated revenue by groups of products.
Identifiable segment assets, including the significant segment assets of Cash and Cash Equivalents, Inventory and Accounts Payable, are included on the “Consolidated Balance Sheets” in Item 8 “Consolidated Financial Statements and Supplementary Data” of this Form 10-K."
The following table details segment profit and loss for the Company's one reportable segment:
 Fiscal Year
202420232022
Net sales$3,876,527 $3,559,369 $3,076,308 
Cost of goods sold2,523,865 2,285,544 1,980,817 
Advertising costs64,338 62,466 54,067 
Store and corporate expenses797,060 695,041 590,764 
Depreciation and amortization167,447 130,747 105,617 
Interest income and other income, net14,848 15,530 2,491 
Income tax expense85,054 99,995 86,006 
Net income$253,611 $301,106 $261,528 
v3.25.1
Quarterly Results of Operations and Seasonality (Unaudited)
 12 Months Ended
Feb. 01, 2025
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results of Operations and Seasonality Quarterly Results of Operations and Seasonality (Unaudited)
Quarterly financial results for fiscal 2024 and fiscal 2023 were as follows (in thousands except for per share data):
 
Fiscal Year 2024 (1)
Fiscal Year 2023 (1)
Fourth
Quarter		Third
Quarter		Second
Quarter		First
Quarter		Fourth
Quarter		Third
Quarter		Second
Quarter		First
Quarter
Net sales$1,390,885 $843,710 $830,069 $811,863 $1,337,736 $736,405 $758,981 $726,247 
Operating income$246,764 $(606)$41,509 $36,150 $268,442 $16,123 $58,594 $42,412 
Net income $187,457 $1,687 $33,000 $31,467 $202,199 $14,594 $46,835 $37,478 
Basic income per common share$3.41 $0.03 $0.60 $0.57 $3.66 $0.26 $0.84 $0.67 
Diluted income per common share$3.39 $0.03 $0.60 $0.57 $3.65 $0.26 $0.84 $0.67 
(1)The sum of the quarterly per share amounts may not equal per share amounts reported for the fiscal year due to rounding.
The Company's business is seasonal in nature and demand is generally the highest in the fourth fiscal quarter due to the fourth quarter holiday season and, therefore, operating results for any fiscal quarter are not necessarily indicative of results for the full fiscal year. To prepare for the holiday season, the Company must order and keep in stock more merchandise than it carries during other parts of the year. The Company expects inventory levels, along with an increase in accounts payable and accrued expenses, generally to reach their highest levels in the third and fourth fiscal quarters in anticipation of the increased net sales during the year-end holiday season. As a result of this seasonality, and generally because of variation in consumer spending habits, the Company experiences fluctuations in net sales and working capital requirements during the fiscal year.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Feb. 01, 2025
Nov. 02, 2024
Aug. 03, 2024
May 04, 2024
Feb. 03, 2024
Oct. 28, 2023
Jul. 29, 2023
Apr. 29, 2023
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Pay vs Performance Disclosure                      
Net income $ 187,457 $ 1,687 $ 33,000 $ 31,467 $ 202,199 $ 14,594 $ 46,835 $ 37,478 $ 253,611 $ 301,106 $ 261,528
v3.25.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Feb. 01, 2025
shares
Feb. 01, 2025
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
George Hill [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On January 14, 2025, George Hill, Chief Retail Officer of the Company, adopted a trading plan that (i) is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Securities Exchange Act of 1934, as amended; (ii) provides for the sale of up to 7,500 shares of the Company’s common stock; and (iii) expires on December 31, 2025.
Name George Hill  
Title Chief Retail Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date January 14, 2025  
Expiration Date December 31, 2025  
Arrangement Duration 350 days  
Aggregate Available 7,500 7,500
v3.25.1
Insider Trading Policies and Procedures
 12 Months Ended
Feb. 01, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Feb. 01, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Cybersecurity risk is assessed at the enterprise level as part of our overall enterprise risk management program. We maintain a dedicated cybersecurity function and program that is led by the Chief Information Security Officer ("CISO").
The cybersecurity function performs an annual threat and risk assessment that drives our security strategy. The strategy is aligned to the ISO 27001/02 and NIST cybersecurity frameworks, which drive our security policies and procedures. These policies and procedures, along with enabling security technology and qualified security function employees, maintain activities to prevent, detect, and minimize the effects of cybersecurity incidents. Cybersecurity technology and practices are in place to enable the protection of consumer and employee personal data and confidential information.
We maintain incident response plans and playbooks that allow for cybersecurity incident response, management and recovery in the event of an incident. These plans are tested on an annual basis.
We periodically engage qualified third parties to perform external assessments and audits of our overall security program, as well as to perform detailed security assessments of various components of our overall technology infrastructure. We also supplement our own internal expertise with qualified third parties to engage in varying security operational functions aiding in the identification and remediation of potential cybersecurity threats.
We require the crew and temporary staffing to complete annual training on information security, including cybersecurity, global data privacy requirements and compliance measures.
We have implemented a third-party service provider risk assessment program to assess material cyber threats associated with using third-party providers. This program is designed to assess risk prior to the onboarding of new providers as well as to review high risk and medium risk providers on an annual basis.
As of the date of this Annual Report, we are not aware of any risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations and financial condition.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Cybersecurity risk is assessed at the enterprise level as part of our overall enterprise risk management program. We maintain a dedicated cybersecurity function and program that is led by the Chief Information Security Officer ("CISO").
The cybersecurity function performs an annual threat and risk assessment that drives our security strategy. The strategy is aligned to the ISO 27001/02 and NIST cybersecurity frameworks, which drive our security policies and procedures. These policies and procedures, along with enabling security technology and qualified security function employees, maintain activities to prevent, detect, and minimize the effects of cybersecurity incidents. Cybersecurity technology and practices are in place to enable the protection of consumer and employee personal data and confidential information.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
We have integrated governance processes into our overall risk management framework to enable the Board of Directors to oversee cybersecurity risk. The Audit Committee oversees management’s policies and procedures related to cybersecurity risk management and periodically reports to the Board of Directors. The Chairman of the Audit Committee acts as the lead with respect to direct oversight of management.
Our Board of Directors considers cybersecurity risks through interaction with our management team and the Audit Committee, as well as through quarterly updates with our CISO.
Management informs the Audit Committee of material aspects of our cybersecurity program on a quarterly basis. This includes informing the committee on key strategic and operational goals, risk mitigation efforts, performance metrics, and descriptions and notification of emerging or existing risks as well as incidents impacting us.
Management assesses and considers cybersecurity risks through its enterprise risk management program, consultation with external advisors, as well as through discussions with our CIO and CISO. We have an experienced and dedicated CISO with over 25 years of Information Technology experience in retail for several globally recognized brands, with the majority of their career focused on all aspects of cybersecurity from delivery to operations including incident response. The CISO holds a Master’s Degree in Information Technology, has attained the professional certifications of Chief Information Security Manager and National Association of Corporate Directors, and actively participates in the cybersecurity industry through advisory boards and forums that promote peer to peer collaboration.
Management is informed of cybersecurity risks and activities as part of the quarterly business review of the Information Technology function.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] We have integrated governance processes into our overall risk management framework to enable the Board of Directors to oversee cybersecurity risk. The Audit Committee oversees management’s policies and procedures related to cybersecurity risk management and periodically reports to the Board of Directors. The Chairman of the Audit Committee acts as the lead with respect to direct oversight of management.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our Board of Directors considers cybersecurity risks through interaction with our management team and the Audit Committee, as well as through quarterly updates with our CISO.
Management informs the Audit Committee of material aspects of our cybersecurity program on a quarterly basis. This includes informing the committee on key strategic and operational goals, risk mitigation efforts, performance metrics, and descriptions and notification of emerging or existing risks as well as incidents impacting us.
Management assesses and considers cybersecurity risks through its enterprise risk management program, consultation with external advisors, as well as through discussions with our CIO and CISO. We have an experienced and dedicated CISO with over 25 years of Information Technology experience in retail for several globally recognized brands, with the majority of their career focused on all aspects of cybersecurity from delivery to operations including incident response. The CISO holds a Master’s Degree in Information Technology, has attained the professional certifications of Chief Information Security Manager and National Association of Corporate Directors, and actively participates in the cybersecurity industry through advisory boards and forums that promote peer to peer collaboration.
Cybersecurity Risk Role of Management [Text Block] Management assesses and considers cybersecurity risks through its enterprise risk management program, consultation with external advisors, as well as through discussions with our CIO and CISO.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Cybersecurity risk is assessed at the enterprise level as part of our overall enterprise risk management program. We maintain a dedicated cybersecurity function and program that is led by the Chief Information Security Officer ("CISO").
The cybersecurity function performs an annual threat and risk assessment that drives our security strategy. The strategy is aligned to the ISO 27001/02 and NIST cybersecurity frameworks, which drive our security policies and procedures. These policies and procedures, along with enabling security technology and qualified security function employees, maintain activities to prevent, detect, and minimize the effects of cybersecurity incidents. Cybersecurity technology and practices are in place to enable the protection of consumer and employee personal data and confidential information.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] We have an experienced and dedicated CISO with over 25 years of Information Technology experience in retail for several globally recognized brands, with the majority of their career focused on all aspects of cybersecurity from delivery to operations including incident response. The CISO holds a Master’s Degree in Information Technology, has attained the professional certifications of Chief Information Security Manager and National Association of Corporate Directors, and actively participates in the cybersecurity industry through advisory boards and forums that promote peer to peer collaboration.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
We have integrated governance processes into our overall risk management framework to enable the Board of Directors to oversee cybersecurity risk. The Audit Committee oversees management’s policies and procedures related to cybersecurity risk management and periodically reports to the Board of Directors. The Chairman of the Audit Committee acts as the lead with respect to direct oversight of management.
Our Board of Directors considers cybersecurity risks through interaction with our management team and the Audit Committee, as well as through quarterly updates with our CISO.
Management informs the Audit Committee of material aspects of our cybersecurity program on a quarterly basis. This includes informing the committee on key strategic and operational goals, risk mitigation efforts, performance metrics, and descriptions and notification of emerging or existing risks as well as incidents impacting us.
Management assesses and considers cybersecurity risks through its enterprise risk management program, consultation with external advisors, as well as through discussions with our CIO and CISO. We have an experienced and dedicated CISO with over 25 years of Information Technology experience in retail for several globally recognized brands, with the majority of their career focused on all aspects of cybersecurity from delivery to operations including incident response. The CISO holds a Master’s Degree in Information Technology, has attained the professional certifications of Chief Information Security Manager and National Association of Corporate Directors, and actively participates in the cybersecurity industry through advisory boards and forums that promote peer to peer collaboration.
Management is informed of cybersecurity risks and activities as part of the quarterly business review of the Information Technology function.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Feb. 01, 2025
Accounting Policies [Abstract]  
Description of Business Description of Business
Five Below, Inc. (collectively referred to herein with its wholly-owned subsidiaries as the "Company") is a specialty value retailer offering merchandise targeted at the tween and teen demographic. The Company offers an edited assortment of products, with most priced at $5 and below. The Company’s edited assortment of products includes select brands and licensed merchandise. The Company believes its merchandise is readily available and that there are a number of potential vendors that could be utilized, if necessary, under approximately the same terms the Company is currently receiving; thus, it is not dependent on a single vendor or a group of vendors.
The Company is incorporated in the Commonwealth of Pennsylvania and, as of February 1, 2025, operated in 44 states excluding Alaska, Hawaii, Idaho, Montana, Oregon, and Washington. As of February 1, 2025 and February 3, 2024, the Company operated 1,771 stores and 1,544 stores, respectively, each operating under the name “Five Below.” The Company also sells its merchandise on the internet, through the Company's fivebelow.com e-commerce website and mobile app, offering home delivery and the option to buy online and pick up in store. Additionally, the Company sells merchandise through on-demand third-party delivery service to enable our customers to shop online and receive convenient delivery.
The Company's consolidated financial statements include the accounts of Five Below, Inc. and its subsidiaries (1616 Holdings, Inc., formerly known as Five Below Merchandising, Inc., 1616 Sourcing Holdco LLC and 1616 Holdings India Private Limited). All intercompany transactions and accounts are eliminated in the consolidation of the Company's and subsidiaries' financial statements.
Fiscal Year Fiscal Year
The Company operates on a 52/53-week fiscal year ending on the Saturday closest to January 31. References to "fiscal year 2024" or "fiscal 2024" refer to the period from February 4, 2024 to February 1, 2025, which consists of a 52-week year. References to "fiscal year 2023" or "fiscal 2023" refer to the period from January 29, 2023 to February 3, 2024, which consists of a 53-week fiscal year. References to "fiscal year 2022" or "fiscal 2022" refer to the period from January 30, 2022 to January 28, 2023, which consists of a 52-week fiscal year.
Cash and Cash Equivalents Cash and Cash Equivalents
The Company considers all highly liquid investments purchased with a maturity date of three months or less when purchased to be cash equivalents. Our cash equivalents consist of cash management solutions, credit and debit card receivables, money market funds, corporate bonds and municipal bonds with original maturities of 90 days or less, which are classified as cash and cash equivalents in the accompanying consolidated balance sheets. The cash management solutions relate to cash deposit products that provide credit generally processed the next business day for cash deposited in third-party tech-enabled solutions. For credit card and debit card receivables, the majority of payments due from banks for third-party credit card and debit card transactions resulting from customer purchases at the Company’s retail stores process within 24 to 48 hours, except for transactions occurring on a Friday, which are generally processed the following Monday. Amounts due from banks for these transactions classified as cash equivalents totaled $24.7 million and $22.4 million as of February 1, 2025 and February 3, 2024, respectively. Book overdrafts, which are outstanding checks in excess of funds on deposit, are recorded within accounts payable in the accompanying consolidated balance sheets and within operating activities in the accompanying consolidated statements of cash flows. As of February 1, 2025 and February 3, 2024, the Company had cash equivalents of $310.4 million and $154.9 million, respectively.
Fair Value of Financial Instruments Fair Value of Financial Instruments
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation at the measurement date:
Level 1: Quoted market prices in active markets for identical assets or liabilities.
Level 2: Inputs, other than Level 1, that are either directly or indirectly observable.
Level 3: Unobservable inputs developed using the Company’s estimates and assumptions which reflect those that market participants would use.
The classification of fair value measurements within the hierarchy are based upon the lowest level of input that is significant to the measurement.
The Company’s financial instruments consist primarily of cash equivalents, investment securities, accounts payable, borrowings, if any, under a line of credit (as defined in note 5), equity method investments, and notes receivable. The Company believes that: (1) the carrying value of cash equivalents and accounts payable are representative of their respective fair value due to the short-term nature of these instruments; and (2) the carrying value of the borrowings, if any, under the line of credit approximates fair value because the line of credit’s interest rates vary with market interest rates. Under the fair value hierarchy, the fair market values of cash equivalents and the investments in corporate bonds are Level 1 while the investments in municipal bonds are Level 2. The fair market values of Level 2 instruments are determined by management with the assistance of a third-party pricing service. Since quoted prices in active markets for identical assets are not available, these prices are determined by the third-party pricing service using observable market information such as quotes from less active markets and quoted prices of similar securities.
As of February 1, 2025 and February 3, 2024, the Company's investment securities are classified as held-to-maturity since the Company has the intent and ability to hold the investments to maturity. Such securities are carried at amortized cost-plus accrued interest and consist of the following (in thousands):
As of February 1, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Market Value
Short-term:
Corporate bonds
$197,073 $115 $196,958 
Total$197,073 $— $115 $196,958 
As of February 3, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Market Value
Short-term:
Corporate bonds$280,067 $— $154 $279,913 
Municipal bonds272 — — 272 
Total$280,339 $— $154 $280,185 
Long-term:
Corporate bonds$7,791 $— $8 $7,783 
Total$7,791 $— $8 $7,783 
Short-term investment securities as of February 1, 2025 and February 3, 2024 all mature in one year or less. Long-term investment securities as of February 3, 2024 all mature after one year but in less than two years.
Inventories Inventories
Inventories consist of finished goods purchased for resale, including freight and tariffs, and are stated at the lower of cost and net realizable value, at the individual product level. Cost is determined on a weighted average cost method. Management of the Company reviews inventory levels in order to identify slow-moving merchandise and uses markdowns to clear merchandise. Inventory cost is reduced when the selling price less costs of disposal is below cost. The Company accrues an estimate for inventory shrink for the period between the last physical count and the balance sheet date. The shrink estimate can be affected by changes in merchandise mix and changes in actual shrink trends.
Prepaid Expenses and Other Current Assets Prepaid Expenses and Other Current AssetsPrepaid expenses in fiscal 2024 and fiscal 2023 were $37.7 million and $30.5 million, respectively. Other current assets in fiscal 2024 and fiscal 2023 were $120.7 million and $123.5 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 was $167.4 million, $130.7 million and $105.6 million in fiscal 2024, fiscal 2023 and fiscal 2022, respectively.
Property and equipment, net, consists of the following (in thousands):
February 1, 2025February 3, 2024
Land$30,371 $30,371 
Furniture and fixtures630,465 544,054 
Leasehold improvements843,044 697,953 
Computers and equipment424,282 365,269 
Construction in process83,489 80,755 
Property and equipment, gross2,011,651 1,718,402 
Less: Accumulated depreciation and amortization(749,923)(584,090)
Property and equipment, net$1,261,728 $1,134,312 
Impairment of Long-Lived Assets Impairment of Long-Lived Assets
Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Assets are grouped and evaluated for impairment at the lowest level of which there are identifiable cash flows, which is generally at a store level. Assets are reviewed for impairment using factors including, but not limited to, the Company's future operating plans and projected cash flows. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated undiscounted future cash flows, then an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Fair value is based on discounted future cash flows of the asset using a discount rate commensurate with the risk. In the event of a store closure, the Company will record an impairment charge, if appropriate, or accelerate depreciation over the revised useful life of the asset. Based on the Company's analysis performed in fiscal 2024, fiscal 2023 and fiscal 2022, management believes that no impairment of long-lived assets exists for the periods ended February 1, 2025, February 3, 2024 and January 28, 2023.
Deferred Financing Costs Deferred Financing CostsDeferred financing costs are amortized to interest expense over the term of the related credit agreement. As of February 1, 2025 and February 3, 2024, the Company had $0.4 million and $0.5 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.
Leases are accounted for in accordance with the guidance in "Leases" (Topic 842). The Company is required to recognize an operating lease asset and an operating lease liability for its leases (other than leases that meet the definition of a short-term lease). The liability is equal to the present value of the lease payments using an estimated incremental borrowing rate, on a collateralized basis over similar term, that the Company would have incurred to borrow the funds necessary to purchase the leased asset. The asset is based on the liability, subject to certain adjustments, such as for initial direct costs. Operating leases result in straight-line expense while finance leases result in a front-loaded expense pattern.
At the inception of a lease, the Company determines the lease term, which includes periods under the exercise of renewal options that are reasonably assured. Renewal options are exercised at the Company's sole discretion. In September 2016, the Company signed a 15-year lease for a new corporate headquarters location in Philadelphia, Pennsylvania. The Company currently occupies approximately 230,000 square feet of office space with multiple options to expand in the future. The lease agreement expires in early 2033 with three successive options to renew for additional terms up to approximately fifteen years. The shipcenter in Pedricktown, New Jersey is leased under a lease agreement expiring in 2025 with options to renew for three successive five-year periods. Generally, the Company’s store leases have expected lease terms of ten years, which are comprised of an initial term of ten years or an initial term of five years and one assumed five-year extension, resulting in a ten-year life. The expected lease term is used to determine whether a lease is finance or operating and to calculate straight-line rent expense.
Substantially all of the Company's leases include options that allow the Company to renew or extend the lease term beyond the initial lease period, subject to terms and conditions agreed upon at the inception of the lease. Such terms and conditions include rental rates agreed upon at the inception of the lease that could represent below or above market rental rates later in the life of the lease, depending upon market conditions at the time of such renewal or extension. In addition, the Company's leases may include early termination options.
Other Accrued Expenses Other Accrued ExpensesOther accrued expenses include accrued capital expenditures of $25.7 million and $48.3 million in fiscal 2024 and fiscal 2023, respectively.
Deferred Compensation Deferred Compensation
The Company approved and adopted the Five Below, Inc. Nonqualified Deferred Compensation Plan (the "Deferred Comp Plan") and a related, irrevocable grantor trust (the "Trust") during fiscal 2021. The Deferred Comp Plan provides eligible key crew with the opportunity to elect to defer up to 80% of their eligible compensation. The Company may make discretionary contributions, at the discretion of the Board. Payments under the Deferred Comp Plan will be made from the general assets of the Company or from the assets of the Trust, funded by the Company. The related liability is recorded as deferred compensation and included in other long-term liabilities in the consolidated balance sheets.
Equity Method Investments Equity Method Investments
The Company uses the equity method to account for its investments in which the Company is deemed to have the ability to exercise significant influence over an investee’s operating and financial policies or in which the Company holds a significant partnership or limited liability company interest. Equity method investments are initially recorded at cost in other assets in the consolidated balance sheets. The cost is adjusted to recognize the Company's proportionate share of the investee’s net income or loss after the date of investment and is also adjusted for any impairments resulting from other-than-temporary declines in fair value that is less than its carrying value. During fiscal 2021, the Company recorded an other-than-temporary impairment utilizing the market and cost approach considering historical and projected financial results to calculate fair value. Also related to this investment, management recorded a reserve against outstanding debt owed to the Company based on management’s evaluation of collectability. The total amount of impairment and reserve was approximately $9.7 million and was recorded in interest income (expense) and other income (expense), net in the consolidated statements of operations.
Share-based Compensation Share-Based Compensation
The Company measures the cost of crew services received in exchange for share-based compensation based on the grant date fair value of the employee stock award. The Company recognizes compensation expense generally on a straight-line basis over the crew's requisite service period (generally the vesting period of the equity grant) based on the estimated grant date fair value of restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs") except for PSUs that have a market condition based on its total shareholder return relative to a pre-defined peer group, which are subject to multi-year performance objectives with vesting periods of approximately three years from the date of grant (if the applicable performance objectives are achieved). The fair value of these PSUs are determined using a Monte Carlo simulation model, which utilizes multiple input variables such as (i) total shareholder return from the beginning of the performance cycle through the performance measurement date(s); (ii) volatility; (iii) risk-free interest rates; and (iv) the correlation of the pre-defined peer group's total shareholder return. The Company uses the Black-Scholes option-pricing model for grants of stock options.
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 2024, fiscal 2023 and fiscal 2022, was $15.6 million, $17.9 million and $23.6 million, respectively.
Revenue Recognition Revenue Recognition
Revenue from store operations, including third-party delivery services, 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 and mobile app, 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. 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.
Supply Chain Finance Supply Chain Finance
During the third quarter of fiscal 2024, the Company implemented a supply chain finance program. The Company utilizes a supply chain finance program whereby qualifying suppliers may elect at their sole discretion to sell the Company's payment obligations to a designated third-party financial institution. While the terms of these agreements are between the supplier and the financial institution, the financial institution allows the participating suppliers to utilize the Company's creditworthiness in establishing credit spreads and associated costs. The payment terms that the Company has with participating suppliers under these programs generally range up to 90 days. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers’ decisions to finance amounts under these arrangements. Supplier participation is voluntary, and there are no assets pledged as security or other forms of guarantees provided for the committed payment to the financial institution. As of February 1, 2025, the amount of obligations outstanding under the supply chain finance program, which are included within Accounts payable in the Consolidated Balance Sheets, was $0.7 million.
Shipping and Handling Revenues and Costs Shipping and Handling Revenues and Costs
The Company includes all shipping and handling revenue from e-commerce sales in net sales. Shipping and handling costs, which are included in cost of goods sold in the accompanying consolidated statements of operations, include fulfillment and shipping costs related to the Company's e-commerce operations.
Cost of Goods Sold Cost of Goods Sold
Cost of goods sold reflects the direct costs of purchased merchandise and inbound freight and tariffs, as well as store occupancy, distribution and buying expenses. Store occupancy costs include rent, common area maintenance, utilities and property taxes for all store locations. Distribution costs include costs for receiving, processing, warehousing and shipping of merchandise to or from the Company's shipcenters and between store locations. Buying costs include compensation expense for the Company's internal buying organization.
Selling, General and Administrative Expenses Selling, General and Administrative Expenses (including Depreciation and Amortization)Selling, general and administrative expenses (including depreciation and amortization) include payroll and other compensation, marketing and advertising expense, depreciation and amortization expense, and other selling and administrative expenses.
Vendor Allowances Vendor Allowances
The Company receives various incentives in the form of allowances, free product and promotional funds from its vendors based on product purchases and advertising activities. The amounts received are subject to changes in market conditions, vendor marketing strategies and changes in the profitability or sell-through of the related merchandise for the Company. Merchandise allowances are recognized in the period the related merchandise is sold within cost of goods sold. Marketing allowances are recorded in selling, general and administrative expenses and are recognized in the period the related advertising occurs to the extent the allowance is a reimbursement that is specific and incremental, and identifiable costs have been incurred by the Company to sell the vendor’s products. To the extent these conditions are not met, these allowances are recorded as merchandise allowances.
Store Pre-Opening Costs Store Pre-Opening Costs
Costs incurred between completion of a new store location’s construction and its opening (pre-opening costs) are charged to expense as incurred. Pre-opening costs were $18.9 million, $18.3 million and $10.7 million in fiscal 2024, fiscal 2023, and fiscal 2022, respectively, and are recorded in the accompanying consolidated statements of operations based on the nature of the expense.
Advertising Costs Advertising Costs
Advertising costs are charged to expense as the advertising takes place. Advertising expenses were $64.3 million, $62.5 million and $54.1 million in fiscal 2024, fiscal 2023 and fiscal 2022, respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of operations.
Income Taxes Income Taxes
Income taxes are accounted for under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.
The Company records a valuation allowance to reduce its deferred tax assets when uncertainty regarding their realizability exists. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment.
Commitments and Contingencies Commitments and Contingencies
Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.
Use of Estimates Use of Estimates
The preparation of consolidated financial statements requires management of the Company to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the carrying
amount of property and equipment, net realizable value for inventories, income taxes, share-based compensation expense, the incremental borrowing rate utilized in operating lease liabilities, equity method investments, and notes receivable.
Recently Issued Accounting Standards Recently Issued Accounting Standards
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. This new guidance is designed to improve the disclosures about a public entity’s reportable segments and address requests from investors for more detailed information about a reportable segment’s expenses on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Public entities must adopt the changes to the segment reporting guidance on a retrospective basis. Early adoption is permitted. The Company adopted this guidance on February 1, 2025, and the adoption did not significantly impact the Company's disclosures on its consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes - Improvements to Income Tax Disclosures. This new guidance requires consistent categories and enhanced disaggregation of information in the rate reconciliation and enhanced disaggregation of income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. This new guidance requires public business entities to disclose in the notes to the financial statements, among other things, specific information about certain costs and expenses including purchases of inventory, employee compensation, and depreciation and amortization. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of ASU 2024-03 on its consolidated financial statements and related disclosures.
v3.25.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Feb. 01, 2025
Accounting Policies [Abstract]  
Held-to-maturity Securities Such securities are carried at amortized cost-plus accrued interest and consist of the following (in thousands):
As of February 1, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Market Value
Short-term:
Corporate bonds
$197,073 $115 $196,958 
Total$197,073 $— $115 $196,958 
As of February 3, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Market Value
Short-term:
Corporate bonds$280,067 $— $154 $279,913 
Municipal bonds272 — — 272 
Total$280,339 $— $154 $280,185 
Long-term:
Corporate bonds$7,791 $— $8 $7,783 
Total$7,791 $— $8 $7,783 
Property and Equipment, Net
Property and equipment, net, consists of the following (in thousands):
February 1, 2025February 3, 2024
Land$30,371 $30,371 
Furniture and fixtures630,465 544,054 
Leasehold improvements843,044 697,953 
Computers and equipment424,282 365,269 
Construction in process83,489 80,755 
Property and equipment, gross2,011,651 1,718,402 
Less: Accumulated depreciation and amortization(749,923)(584,090)
Property and equipment, net$1,261,728 $1,134,312 
v3.25.1
Revenue Recognition (Tables)
 12 Months Ended
Feb. 01, 2025
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
202420232022
AmountPercentage of Net SalesAmountPercentage of Net SalesAmountPercentage of Net Sales
Leisure$1,715,847 44.3 %$1,644,171 46.2 %$1,465,402 47.6 %
Fashion and home1,171,541 30.2 %1,043,579 29.3 %898,187 29.2 %
Snack and seasonal989,139 25.5 %871,619 24.5 %712,719 23.2 %
Total$3,876,527 100.0 %$3,559,369 100.0 %$3,076,308 100.0 %
v3.25.1
Income Per Common Share (Tables)
 12 Months Ended
Feb. 01, 2025
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
 202420232022
Numerator:
Net income$253,611 $301,106 $261,528 
Denominator:
Weighted average common shares outstanding - basic55,055,064 55,487,252 55,547,267 
Dilutive impact of options, restricted stock units, and employee stock purchase plan101,278 134,367 198,012 
Weighted average common shares outstanding - diluted55,156,342 55,621,619 55,745,279 
Per common share:
Basic income per common share$4.61 $5.43 $4.71 
Diluted income per common share$4.60 $5.41 $4.69 
v3.25.1
Leases (Tables)
 12 Months Ended
Feb. 01, 2025
Leases [Abstract]  
Lease, Cost
The following table is a summary of the Company's components for net lease costs as of February 1, 2025 and February 3, 2024 (in thousands):
Fiscal Year Ended
Lease CostFebruary 1, 2025February 3, 2024
Operating lease cost$311,841 $268,096 
Variable lease cost92,195 76,505 
Net lease cost*$404,036 $344,601 
* Excludes short-term lease cost, which is immaterial
The following table summarizes the supplemental cash flow disclosures related to leases as of February 1, 2025 and February 3, 2024 (in thousands):
Fiscal Year Ended
February 1, 2025February 3, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments arising from operating lease liabilities (1)
$245,950 $229,491 
Supplemental non-cash information:
Operating lease liabilities arising from obtaining right-of-use assets$400,021 $358,383 
Lessee, Operating Lease, Liability, Maturity
The following table summarizes the maturity of lease liabilities under operating leases as of February 1, 2025 (in thousands):
Maturity of Lease LiabilitiesOperating Leases
2025$361,905 
2026354,708 
2027333,920 
2028310,988 
2029278,196 
After 2029762,089 
Total lease payments2,401,806 
Less: imputed interest420,237 
Present value of lease liabilities$1,981,569 
v3.25.1
Share-Based Compensation (Tables)
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
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 January 29, 202239,763 $34.48 2.3
Exercised(21,737)34.11
Balance as of January 28, 202318,026 34.921.8
Forfeited(100)41.67
Exercised(7,800)36.70
Balance as of February 3, 202410,126 33.481.6
Exercised(10,126)33.48
Balance as of February 1, 2025— — 
Exercisable as of February 1, 2025— — 
  
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 2024, fiscal 2023 and fiscal 2022.
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 2024, fiscal 2023 and fiscal 2022 was $0.6 million, $1.1 million and $3.1 million, respectively. There were no stock options outstanding and exercisable as of February 1, 2025. In fiscal 2024, fiscal 2023 and fiscal 2022, the Company received cash from the exercise of options of $0.3 million, $0.3 million and $0.8 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 January 29, 2022254,295 $126.93 349,236 $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, 2023226,389 142.20458,062 163.56
Granted70,858 198.09129,442 244.95
Vested(78,268)135.48(157,192)151.73
Forfeited(22,670)152.87(130,918)161.02
Non-vested balance as of February 3, 2024196,309 163.82299,394 206.07
Granted443,967 93.26214,080 147.04
Vested(79,687)144.11(29,075)195.43
Forfeited(97,810)139.81(300,535)181.96
Non-vested balance as of February 1, 2025462,779 $104.60 183,864 $178.44 
  
v3.25.1
Income Taxes (Tables)
 12 Months Ended
Feb. 01, 2025
Income Tax Disclosure [Abstract]  
Components of Income Tax (Benefit) Expense
The components of the income tax expense are as follows (in thousands): 
 Fiscal Year
202420232022
Current:
Federal$73,565 $70,615 $49,470 
State18,341 21,788 13,541 
91,906 92,403 63,011 
Deferred:
Federal(7,312)8,052 21,232 
State460 (460)1,763 
(6,852)7,592 22,995 
Income tax expense$85,054 $99,995 $86,006 
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
202420232022
Statutory federal tax rate21.0 %21.0 %21.0 %
State taxes, net of federal benefit3.8 3.8 3.5 
Other (1)
0.3 0.1 0.2 
25.1 %24.9 %24.7 %
Significant Components of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to deferred tax assets and liabilities are (in thousands):
February 1, 2025February 3, 2024
Deferred tax assets:
Net operating loss carryforwards$155 $297 
Inventories24,259 18,955 
Deferred revenue5,220 4,145 
Accrued bonus2,129 4,437 
Operating lease liabilities513,464 426,524 
Other11,438 9,190 
Deferred tax assets556,665 463,548 
Valuation allowance(1,442)(1,442)
Deferred tax assets, net of valuation allowance555,223 462,106 
Deferred tax liabilities:
Property and equipment(170,871)(139,348)
Operating lease assets(442,098)(386,612)
Other(2,145)(2,889)
Deferred tax liabilities(615,114)(528,849)
$(59,891)$(66,743)
v3.25.1
Segment Reporting (Tables)
 12 Months Ended
Feb. 01, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following table details segment profit and loss for the Company's one reportable segment:
 Fiscal Year
202420232022
Net sales$3,876,527 $3,559,369 $3,076,308 
Cost of goods sold2,523,865 2,285,544 1,980,817 
Advertising costs64,338 62,466 54,067 
Store and corporate expenses797,060 695,041 590,764 
Depreciation and amortization167,447 130,747 105,617 
Interest income and other income, net14,848 15,530 2,491 
Income tax expense85,054 99,995 86,006 
Net income$253,611 $301,106 $261,528 
v3.25.1
Quarterly Results of Operations and Seasonality (Unaudited) (Tables)
 12 Months Ended
Feb. 01, 2025
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Results of Operations
Quarterly financial results for fiscal 2024 and fiscal 2023 were as follows (in thousands except for per share data):
 
Fiscal Year 2024 (1)
Fiscal Year 2023 (1)
Fourth
Quarter		Third
Quarter		Second
Quarter		First
Quarter		Fourth
Quarter		Third
Quarter		Second
Quarter		First
Quarter
Net sales$1,390,885 $843,710 $830,069 $811,863 $1,337,736 $736,405 $758,981 $726,247 
Operating income$246,764 $(606)$41,509 $36,150 $268,442 $16,123 $58,594 $42,412 
Net income $187,457 $1,687 $33,000 $31,467 $202,199 $14,594 $46,835 $37,478 
Basic income per common share$3.41 $0.03 $0.60 $0.57 $3.66 $0.26 $0.84 $0.67 
Diluted income per common share$3.39 $0.03 $0.60 $0.57 $3.65 $0.26 $0.84 $0.67 
(1)The sum of the quarterly per share amounts may not equal per share amounts reported for the fiscal year due to rounding.
v3.25.1
Summary of Significant Accounting Policies (Description of Business) (Details)
Feb. 01, 2025
Feb. 01, 2025
USD ($)
Feb. 01, 2025
Feb. 01, 2025
store
Feb. 01, 2025
state
Feb. 03, 2024
store
Accounting Policies [Abstract]            
Products offering price, maximum price   $ 5        
Number of states in which entity operates     44   44  
Number of operated stores | store       1,771   1,544
Supplier Finance Program, Obligation   $ 700,000        
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] Accounts payable          
v3.25.1
Summary of Significant Accounting Policies (Fiscal Year) (Details)
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Jan. 30, 2021
Accounting Policies [Abstract]        
Fiscal year period 364 days 371 days 364 days 364 days
v3.25.1
Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Significant Accounting Policies [Line Items]    
Cash Equivalents $ 310.4 $ 154.9
Cash and Cash Equivalents [Member]    
Significant Accounting Policies [Line Items]    
Cash Equivalents $ 24.7 $ 22.4
Minimum [Member]    
Significant Accounting Policies [Line Items]    
Debit and credit card transaction processing period (hours) 24 hours  
Maximum [Member]    
Significant Accounting Policies [Line Items]    
Debit and credit card transaction processing period (hours) 48 hours  
v3.25.1
Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($)
$ in Thousands
Feb. 01, 2025
Feb. 03, 2024
Significant Accounting Policies [Line Items]    
Amortized Cost   $ 7,791
Gross Unrealized Gains   0
Gross Unrealized Losses   8
Fair Market Value   7,783
Corporate Bond Securities [Member]    
Significant Accounting Policies [Line Items]    
Amortized Cost $ 197,073 280,067
Gross Unrealized Gains 0
Gross Unrealized Losses 115 154
Fair Market Value 196,958 279,913
Municipal Bonds [Member]    
Significant Accounting Policies [Line Items]    
Amortized Cost   272
Gross Unrealized Gains   0
Gross Unrealized Losses   0
Fair Market Value   272
Short-Term Investments    
Significant Accounting Policies [Line Items]    
Amortized Cost 197,073 280,339
Gross Unrealized Gains 0 0
Gross Unrealized Losses 115 154
Fair Market Value $ 196,958 280,185
Corporate Bond Securities - Long Term [Member]    
Significant Accounting Policies [Line Items]    
Amortized Cost   7,791
Gross Unrealized Gains   0
Gross Unrealized Losses   8
Fair Market Value   $ 7,783
v3.25.1
Summary of Significant Accounting Policies (Property and Equipment) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Property, Plant and Equipment [Line Items]      
Depreciation and amortization expense $ 167,447 $ 130,747 $ 105,617
Property and equipment, gross 2,011,651 1,718,402  
Less: Accumulated depreciation and amortization (749,923) (584,090)  
Property and equipment, net 1,261,728 1,134,312  
Land [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross 30,371 30,371  
Furniture and fixtures [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 630,465 544,054  
Leasehold improvements [Member]      
Property, Plant and Equipment [Line Items]      
Estimated useful lives 10 years    
Property and equipment, gross $ 843,044 697,953  
Computer and equipment [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross 424,282 365,269  
Construction in process [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, gross $ 83,489 $ 80,755  
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    
v3.25.1
Summary of Significant Accounting Policies (Deferred Financing Costs) (Details) - USD ($)
$ in Millions
Feb. 01, 2025
Feb. 03, 2024
Other Assets [Member]    
Debt Instrument [Line Items]    
Deferred financing costs $ 0.4 $ 0.5
v3.25.1
Summary of Significant Accounting Policies (Leases) (Details)
 12 Months Ended
Feb. 01, 2025
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
v3.25.1
Summary of Significant Accounting Policies (Deferred Rent) (Details) - USD ($)
$ in Thousands
Feb. 01, 2025
Feb. 03, 2024
Liabilities, Noncurrent [Abstract]    
Other Liabilities, Noncurrent $ 8,210 $ 6,826
v3.25.1
Summary of Significant Accounting Policies (Share-Based Compensation) (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Accounting Policies [Abstract]      
Compensation expense $ 15.6 $ 17.9 $ 23.6
v3.25.1
Summary of Significant Accounting Policies (Store Pre-Opening Costs) (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Accounting Policies [Abstract]      
Pre-opening costs $ 18.9 $ 18.3 $ 10.7
v3.25.1
Summary of Significant Accounting Policies (Advertising Costs) (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Accounting Policies [Abstract]      
Advertising costs $ 64.3 $ 62.5 $ 54.1
v3.25.1
Summary of Significant Accounting Policies Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Millions
Feb. 01, 2025
Feb. 03, 2024
Accounting Policies [Abstract]    
Current prepaid expenses $ 37.7 $ 30.5
Current other assets $ 120.7 $ 123.5
v3.25.1
Summary of Significant Accounting Policies Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Income Tax [Line Items]      
Deferred Federal Income Tax Expense (Benefit) $ (7,312) $ 8,052 $ 21,232
Deferred Income Tax Expense (Benefit) $ (6,852) $ 7,592 $ 22,995
Effective Income Tax Rate Reconciliation, Percent 25.10% 24.90% 24.70%
Deferred Tax Assets, Deferred Income $ 5,220 $ 4,145  
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00% 21.00% 21.00%
v3.25.1
Summary of Significant Accounting Policies Other Accrued Expenses (Details) - USD ($)
$ in Millions
Feb. 01, 2025
Feb. 03, 2024
Accounting Policies [Abstract]    
Capital Expenditures Incurred but Not yet Paid $ 25.7 $ 48.3
v3.25.1
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
v3.25.1
Revenue Recognition (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Feb. 01, 2025
Nov. 02, 2024
Aug. 03, 2024
May 04, 2024
Feb. 03, 2024
Oct. 28, 2023
Jul. 29, 2023
Apr. 29, 2023
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Disaggregation of Revenue [Line Items]                      
Net sales $ 1,390,885 $ 843,710 $ 830,069 $ 811,863 $ 1,337,736 $ 736,405 $ 758,981 $ 726,247 $ 3,876,527 $ 3,559,369 $ 3,076,308
Retail                      
Disaggregation of Revenue [Line Items]                      
Net sales                 $ 3,876,527 $ 3,559,369 $ 3,076,308
Percentage of Net Sales                 100.00% 100.00% 100.00%
Retail | Leisure [Member]                      
Disaggregation of Revenue [Line Items]                      
Net sales                 $ 1,715,847 $ 1,644,171 $ 1,465,402
Percentage of Net Sales                 44.30% 46.20% 47.60%
Retail | Fashion And Home [Member]                      
Disaggregation of Revenue [Line Items]                      
Net sales                 $ 1,171,541 $ 1,043,579 $ 898,187
Percentage of Net Sales                 30.20% 29.30% 29.20%
Retail | Party And Snack [Member]                      
Disaggregation of Revenue [Line Items]                      
Net sales                 $ 989,139 $ 871,619 $ 712,719
Percentage of Net Sales                 25.50% 24.50% 23.20%
v3.25.1
Income Per Common Share (Computations Of Basic And Diluted Income (Loss) Per Share) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Feb. 01, 2025
Nov. 02, 2024
Aug. 03, 2024
May 04, 2024
Feb. 03, 2024
Oct. 28, 2023
Jul. 29, 2023
Apr. 29, 2023
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Numerator:                      
Net income $ 187,457 $ 1,687 $ 33,000 $ 31,467 $ 202,199 $ 14,594 $ 46,835 $ 37,478 $ 253,611 $ 301,106 $ 261,528
Denominator:                      
Weighted-average common shares outstanding - basic (shares)                 55,055,064 55,487,252 55,547,267
Dilutive impact of options and warrants (shares)                 101,278 134,367 198,012
Weighted average common share outstanding - diluted (shares)                 55,156,342 55,621,619 55,745,279
Per common share:                      
Basic income (loss) per common share (dollars per share) $ 3.41 $ 0.03 $ 0.60 $ 0.57 $ 3.66 $ 0.26 $ 0.84 $ 0.67 $ 4.61 $ 5.43 $ 4.71
Diluted income per common share (dollars per share) $ 3.39 $ 0.03 $ 0.60 $ 0.57 $ 3.65 $ 0.26 $ 0.84 $ 0.67 $ 4.60 $ 5.41 $ 4.69
v3.25.1
Income Per Common Share (Narrative) (Details) - shares
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
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) 99,741 19,152 72,043
v3.25.1
Leases (Narrative) (Details)
$ in Thousands
 2 Months Ended 12 Months Ended
Mar. 20, 2025
USD ($)
lease
Feb. 01, 2025
USD ($)
lease
Feb. 03, 2024
USD ($)
Jan. 28, 2023
USD ($)
Lessee, Lease, Description [Line Items]        
Weighted Average Remaining Lease Term   7 years 4 months 24 days 7 years 6 months  
Operating Lease, Weighted Average Discount Rate, Percent   5.30% 5.30%  
Cash payments arising from operating lease liabilities   $ 245,950 $ 229,491  
Operating leases   45,891 $ 51,515 $ 30,022
Lessor, Operating Lease, Lease Not yet Commenced, Assumption and Judgment, Value of Underlying Asset, Amount   $ 79,000    
Number Of Leases | lease   179    
Lessee, Operating Lease, Renewal Term   5 years    
Long-term Purchase Commitment, Amount   $ 249,600    
Present value of lease liabilities   $ 1,981,569    
Subsequent Event [Member]        
Lessee, Lease, Description [Line Items]        
Number Of Leases | lease 13      
Average Lease Term Period 10 years      
Present value of lease liabilities $ 24,000      
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    
v3.25.1
Leases (Schedule of Lease Cost) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Commitments and Contingencies [Line Items]    
Operating Lease, Cost $ 311,841 $ 268,096
Variable Lease, Cost 92,195 76,505
Lease, Cost $ 404,036 $ 344,601
v3.25.1
Leases (Schedule of Lease Maturity - Current Year) (Details)
$ in Thousands
Feb. 01, 2025
USD ($)
Leases [Abstract]  
2025 $ 361,905
2026 354,708
2027 333,920
2028 310,988
2029 278,196
After 2029 762,089
Total lease payments 2,401,806
Less: imputed interest 420,237
Present value of lease liabilities $ 1,981,569
v3.25.1
Leases - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Leases [Abstract]    
Cash payments arising from operating lease liabilities $ 245,950 $ 229,491
Operating lease liabilities arising from obtaining right-of-use assets $ 400,021 $ 358,383
v3.25.1
Term Loan and Line of Credit (Financing Transactions) (Details) - USD ($)
 12 Months Ended
Sep. 16, 2022
Feb. 01, 2025
Feb. 03, 2024
Amended Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Line of Credit Borrowed and Repaid During Period   $ 0  
Amended Revolving Credit Facility [Member] | Line of Credit [Member]      
Debt Instrument [Line Items]      
Line of Credit Facility, Remaining Borrowing Capacity   225,000,000 $ 216,000,000
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) 0.125%    
The First Amendement [Member] | Line of Credit [Member] | Minimum [Member] | Secured Overnight Financing Rate (SOFR)      
Debt Instrument [Line Items]      
Interest rate on borrowings (percent) 1.12%    
The First Amendement [Member] | Line of Credit [Member] | Maximum [Member]      
Debt Instrument [Line Items]      
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage 1.50%    
The First Amendement [Member] | Line of Credit [Member] | Maximum [Member] | Base Rate [Member]      
Debt Instrument [Line Items]      
Interest rate on borrowings (percent) 0.50%    
The First Amendement [Member] | Line of Credit [Member] | Maximum [Member] | Secured Overnight Financing Rate (SOFR)      
Debt Instrument [Line Items]      
Interest rate on borrowings (percent) 1.50%    
v3.25.1
Term Loan and Line of Credit (Line of Credit) (Details) - USD ($)
 12 Months Ended
Sep. 16, 2022
Feb. 01, 2025
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] | Secured Overnight Financing Rate (SOFR)    
Debt Instrument [Line Items]    
Interest rate on borrowings (percent) 1.12%  
Line of Credit [Member] | The First Amendement [Member] | Minimum [Member] | Base Rate [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] | Secured Overnight Financing Rate (SOFR)    
Debt Instrument [Line Items]    
Interest rate on borrowings (percent) 1.50%  
Line of Credit [Member] | The First Amendement [Member] | Maximum [Member] | Base Rate [Member]    
Debt Instrument [Line Items]    
Interest rate on borrowings (percent) 0.50%  
v3.25.1
Commitments and Contingencies (Narrative) (Details)
$ in Millions
Feb. 01, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Purchase Commitment, Remaining Minimum Amount Committed $ 2.1
v3.25.1
Shareholders' Equity (Narrative) (Details)
Feb. 01, 2025
votes
$ / shares
shares
Feb. 03, 2024
$ / 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  
v3.25.1
Shareholders' Equity (Common Stock) (Details) - USD ($)
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
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 $ 15,600,000 $ 17,900,000 $ 23,600,000  
Employee stock purchase plan        
Class of Stock [Line Items]        
Stock Issued During Period, Shares, Employee Stock Purchase Plans 9,908 4,818 6,489  
Compensation expense $ 88,000 $ 96,000 $ 78  
Proceeds from Issuance of Common Stock $ 1,100,000 $ 1,000,000.0 $ 800,000  
v3.25.1
Share-Based Compensation (2002 Equity Incentive Plan) (Details) - shares
Feb. 01, 2025
Jun. 14, 2022
2002 Equity Incentive Plan [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock options and restricted shares available for grant (shares) 3,200,000  
2022 Equity Incentive Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares available for issuance (shares)   4,300,000
v3.25.1
Share-Based Compensation (Schedule Of Stock Option Activity Under Plan) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
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) 10,126 18,026 39,763  
Options outstanding, Forfeited (shares)   (100)    
Options outstanding, Exercised (shares) (10,126) (7,800) (21,737)  
Options outstanding, Balance (shares) 0 10,126 18,026 39,763
Options outstanding, Exercisable (in shares) 0      
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) $ 33.48 $ 34.92 $ 34.48  
Weighted average exercise price, Forfeited (dollars per share)   41.67    
Weighted average exercise price, Exercised (dollars per share) $ 33.48 36.70 34.11  
Weighted average exercise price, Balance (dollars per share)   $ 33.48 $ 34.92 $ 34.48
Weighted average remaining contractual term   1 year 7 months 6 days 1 year 9 months 18 days 2 years 3 months 18 days
Proceeds from exercise of options to purchase common stock and vesting of restricted and performance-based restricted stock units $ 340 $ 288 $ 777  
v3.25.1
Share-Based Compensation (Stock-Based Compensation Expense) (Details) - USD ($)
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total intrinsic value of stock options exercised $ 600,000 $ 1,100,000 $ 3,100,000
Proceeds from Stock Options Exercised 340,000 288,000 777,000
Common stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Proceeds from Stock Options Exercised $ 300,000 $ 300,000 $ 800,000
v3.25.1
Share-Based Compensation (Activity Related to Restricted Stock Units) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Jan. 29, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Repurchase and retirement of common stock $ 40,213 $ 80,541 $ 40,007  
Unrecognized compensation costs related to non-vested share-based compensation $ 36,200      
Unrecognized compensation costs related to nonvested share-based compensation, recognized period (years) 1 year 9 months 18 days      
Additional paid-in capital        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common Shares Withheld $ (6,900) (16,600) (5,000)  
Repurchase and retirement of common stock 40,210 80,536 40,005  
Common stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Repurchase and retirement of common stock $ 3 $ 5 $ 2  
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 462,779 196,309 226,389 254,295
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 443,967 70,858 123,661  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (79,687) (78,268) (122,349)  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (97,810) (22,670) (29,218)  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 104.60 $ 163.82 $ 142.20 $ 126.93
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value 93.26 198.09 142.37  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value 144.11 135.48 110.96  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value $ 139.81 $ 152.87 $ 140.85  
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 183,864 299,394 458,062 349,236
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 214,080 129,442 127,598  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (29,075) (157,192) 0  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (300,535) (130,918) (18,772)  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 178.44 $ 206.07 $ 163.56 $ 163.16
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value 147.04 244.95 165.90  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value 195.43 151.73 0  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value $ 181.96 $ 161.02 $ 172.01  
v3.25.1
Share-Based Compensation (Share Repurchase Program) (Details) - USD ($)
 12 Months Ended 83 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Feb. 01, 2025
Nov. 27, 2023
Jun. 14, 2022
Equity, Class of Treasury Stock [Line Items]            
Repurchase and retirement of common stock $ 40,213,000 $ 80,541,000 $ 40,007,000      
Stock Repurchased and Retired To Date, Valu       1,900,000    
Stock Repurchased And Retired To Date, Value       $ 270,000,000    
The 2022 Share Repurchase Plan            
Equity, Class of Treasury Stock [Line Items]            
Share Repurchase Program, Authorized, Amount           $ 100,000,000
Stock Repurchased and Retired During Period, Shares   504,369        
Repurchase and retirement of common stock   $ 80,000,000.0        
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased   $ 158.63        
The November 2023 Share Repurchase Plan            
Equity, Class of Treasury Stock [Line Items]            
Share Repurchase Program, Authorized, Amount         $ 100,000,000  
Stock Repurchased and Retired During Period, Shares 266,997          
Repurchase and retirement of common stock $ 40,000,000          
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased $ 149.79     $ 149.79    
v3.25.1
Income Taxes (Schedule of Income Tax Components) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Current:      
Federal $ 73,565 $ 70,615 $ 49,470
State 18,341 21,788 13,541
Current income tax expense (benefit) 91,906 92,403 63,011
Deferred:      
Federal (7,312) 8,052 21,232
State 460 (460) 1,763
Deferred income tax expense (benefit) (6,852) 7,592 22,995
Income tax expense $ 85,054 $ 99,995 $ 86,006
v3.25.1
Income Taxes (Schedule Of Income Tax Rate Reconciliation) (Details)
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Income Tax Disclosure [Abstract]      
Statutory federal tax rate 21.00% 21.00% 21.00%
State taxes, net of federal benefit 3.80% 3.80% 3.50%
Other (1) 0.30% 0.10% 0.20%
Effective tax rate 25.10% 24.90% 24.70%
v3.25.1
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Feb. 01, 2025
Feb. 03, 2024
Deferred tax assets:    
Net operating loss carryforwards $ 155 $ 297
Inventories 24,259 18,955
Deferred revenue 5,220 4,145
Accrued bonus 2,129 4,437
Operating lease liabilities 513,464 426,524
Other 11,438 9,190
Deferred tax assets 556,665 463,548
Valuation allowance (1,442) (1,442)
Deferred tax assets 555,223 462,106
Deferred tax liabilities:    
Property and equipment (170,871) (139,348)
Operating lease assets (442,098) (386,612)
Other (2,145) (2,889)
Deferred tax liabilities (615,114) (528,849)
Deferred tax liabilities $ (59,891) $ (66,743)
v3.25.1
Income Taxes (Narrative) (Details) - USD ($)
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Income Tax Disclosure [Abstract]      
Accrual for uncertain tax, interest or penalties $ 0    
Income Tax [Line Items]      
Effective Income Tax Rate Reconciliation, Percent 25.10% 24.90% 24.70%
Deferred Income Tax Expense (Benefit) $ (6,852,000) $ 7,592,000 $ 22,995,000
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00% 21.00% 21.00%
Deferred Tax Assets, Deferred Income $ 5,220,000 $ 4,145,000  
Deferred Federal Income Tax Expense (Benefit) $ (7,312,000) $ 8,052,000 $ 21,232,000
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    
v3.25.1
Employee Benefit Plan (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Retirement Benefits [Abstract]      
Employer discretionary contribution amount $ 6.1 $ 5.1 $ 5.0
v3.25.1
Segment Reporting (Narrative) (Details) - 12 months ended Feb. 01, 2025
segment
store
state
Segment Reporting [Abstract]      
Operating segment 1    
Reportable segment 1    
Number of stores | store   1,771  
Number of states in which entity operates 44   44
v3.25.1
Segment Reporting - Schedule of segment information (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Feb. 01, 2025
Nov. 02, 2024
Aug. 03, 2024
May 04, 2024
Feb. 03, 2024
Oct. 28, 2023
Jul. 29, 2023
Apr. 29, 2023
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Segment Reporting Information [Line Items]                      
Net sales $ 1,390,885 $ 843,710 $ 830,069 $ 811,863 $ 1,337,736 $ 736,405 $ 758,981 $ 726,247 $ 3,876,527 $ 3,559,369 $ 3,076,308
Cost of goods sold                 2,523,865 2,285,544 1,980,817
Advertising costs                 64,300 62,500 54,100
Depreciation and amortization                 167,447 130,747 105,617
Interest income and other income, net                 14,848 15,530 2,491
Income tax expense                 85,054 99,995 86,006
Net income $ 187,457 $ 1,687 $ 33,000 $ 31,467 $ 202,199 $ 14,594 $ 46,835 $ 37,478 253,611 301,106 261,528
Reporting Segment                      
Segment Reporting Information [Line Items]                      
Net sales                 3,876,527 3,559,369 3,076,308
Cost of goods sold                 2,523,865 2,285,544 1,980,817
Advertising costs                 64,338 62,466 54,067
Store and corporate expenses                 797,060 695,041 590,764
Depreciation and amortization                 167,447 130,747 105,617
Interest income and other income, net                 14,848 15,530 2,491
Income tax expense                 85,054 99,995 86,006
Net income                 $ 253,611 $ 301,106 $ 261,528
v3.25.1
Quarterly Results of Operations and Seasonality (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Feb. 01, 2025
Nov. 02, 2024
Aug. 03, 2024
May 04, 2024
Feb. 03, 2024
Oct. 28, 2023
Jul. 29, 2023
Apr. 29, 2023
Feb. 01, 2025
Feb. 03, 2024
Jan. 28, 2023
Quarterly Financial Information Disclosure [Abstract]                      
Net sales $ 1,390,885 $ 843,710 $ 830,069 $ 811,863 $ 1,337,736 $ 736,405 $ 758,981 $ 726,247 $ 3,876,527 $ 3,559,369 $ 3,076,308
Operating Income (Loss) 246,764 (606) 41,509 36,150 268,442 16,123 58,594 42,412 323,817 385,571 345,043
Net income $ 187,457 $ 1,687 $ 33,000 $ 31,467 $ 202,199 $ 14,594 $ 46,835 $ 37,478 $ 253,611 $ 301,106 $ 261,528
Basic income per common share (dollars per share) $ 3.41 $ 0.03 $ 0.60 $ 0.57 $ 3.66 $ 0.26 $ 0.84 $ 0.67 $ 4.61 $ 5.43 $ 4.71
Diluted income per common share (dollars per share) $ 3.39 $ 0.03 $ 0.60 $ 0.57 $ 3.65 $ 0.26 $ 0.84 $ 0.67 $ 4.60 $ 5.41 $ 4.69