FIVE BELOW, INC, 10-Q filed on 12/5/2024
Quarterly Report
v3.24.3
Document and Entity Information - shares
 9 Months Ended
Nov. 02, 2024
Dec. 04, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Nov. 02, 2024  
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  
Trading Symbol FIVE  
Security Exchange Name NASDAQ  
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   55,009,629
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0001177609  
Current Fiscal Year End Date --02-01  
v3.24.3
Consolidated Balance Sheets - USD ($)
Nov. 02, 2024
Feb. 03, 2024
Oct. 28, 2023
Current assets:      
Cash and cash equivalents $ 169,702,000 $ 179,749,000 $ 162,928,000
Short-term investment securities 46,941,000 280,339,000 0
Inventories 817,832,000 584,627,000 763,349,000
Prepaid income taxes and tax receivable 20,348,000 4,834,000 23,906,000
Prepaid expenses and other current assets 157,396,000 153,993,000 140,816,000
Total current assets 1,212,219,000 1,203,542,000 1,090,999,000
Property and equipment, net of accumulated depreciation and amortization of $705,959, $584,090, and $547,682, respectively. 1,259,768,000 1,134,312,000 1,075,275,000
Operating lease assets 1,692,978,000 1,509,416,000 1,475,095,000
Long-term investment securities 0 7,791,000 0
Other assets 20,354,000 16,976,000 16,069,000
Total assets 4,185,319,000 3,872,037,000 3,657,438,000
Current liabilities:      
Line of credit 0 0 0
Accounts payable 352,180,000 256,275,000 349,340,000
Income taxes payable 0 41,772,000 0
Accrued salaries and wages 28,758,000 30,028,000 19,357,000
Other accrued expenses 143,388,000 146,887,000 158,272,000
Operating lease liabilities 351,062,000 240,964,000 231,197,000
Total current liabilities 875,388,000 715,926,000 758,166,000
Other long-term liabilities 8,962,000 6,826,000 4,625,000
Long-term operating lease liabilities 1,616,964,000 1,497,586,000 1,455,358,000
Deferred income taxes 68,153,000 66,743,000 61,364,000
Total liabilities 2,569,467,000 2,287,081,000 2,279,513,000
Commitments and contingencies (note 6)
Shareholders’ equity:      
Common stock, $0.01 par value. Authorized 120,000,000 shares; issued and outstanding 55,010,438, 55,197,875, and 55,192,500 shares, respectively. 549,000 551,000 551,000
Additional paid-in capital 147,453,000 182,709,000 177,877,000
Retained earnings 1,467,850,000 1,401,696,000 1,199,497,000
Total shareholders’ equity 1,615,852,000 1,584,956,000 1,377,925,000
Total liabilities and shareholders' equity (deficit) $ 4,185,319,000 $ 3,872,037,000 $ 3,657,438,000
v3.24.3
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Nov. 02, 2024
Feb. 03, 2024
Oct. 28, 2023
Statement of Financial Position [Abstract]      
Accumulated depreciation and amortization $ 705,959 $ 584,090 $ 547,682
Common stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 120,000,000 120,000,000 120,000,000
Common stock, shares issued (in shares) 55,010,438 55,197,875 55,192,500
Common stock, shares outstanding (in shares) 55,010,438 55,197,875 55,192,500
v3.24.3
Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Income Statement [Abstract]        
Net sales $ 843,710 $ 736,405 $ 2,485,642 $ 2,221,633
Cost of goods sold (exclusive of items shown separately below) 585,668 513,577 1,692,294 1,499,422
Selling, general and administrative expenses 215,367 173,121 594,362 511,430
Depreciation and amortization 43,281 33,584 121,933 93,652
Operating (loss) income (606) 16,123 77,053 117,129
Interest income and other income 2,808 3,434 10,852 11,423
Income before income taxes 2,202 19,557 87,905 128,552
Income tax expense 515 4,963 21,751 29,645
Net income $ 1,687 $ 14,594 $ 66,154 $ 98,907
Basic income per common share (in dollars per share) $ 0.03 $ 0.26 $ 1.20 $ 1.78
Diluted income per common share (in dollars per share) $ 0.03 $ 0.26 $ 1.20 $ 1.78
Weighted average shares outstanding:        
Basic shares (in shares) 55,007,054 55,452,533 55,067,467 55,592,536
Diluted shares (in shares) 55,110,433 55,576,140 55,152,976 55,717,987
v3.24.3
Consolidated Statement of Shareholders' Equity - USD ($)
Total
Unrestricted stock
Common stock
Common stock
Unrestricted stock
Additional paid-in capital
Additional paid-in capital
Unrestricted stock
Retained earnings
Balance, common stock, shares at Jan. 28, 2023     55,537,221        
Balance at Jan. 28, 2023 $ 1,361,929,000   $ 555,000   $ 260,784,000   $ 1,100,590,000
Share-based compensation expense and issuance of unrestricted stock awards 3,624,000 $ 112,000     3,624,000 $ 112,000  
Issuance of unrestricted stock awards (in shares)       579      
Exercise of options to purchase common stock (in shares)     600        
Exercise of options to purchase common stock 24,000       24,000    
Vesting of restricted and performance-based stock units (in shares)     208,461        
Vesting of restricted stock units and performance-based restricted stock units 2,000   $ 2,000        
Common shares withheld for taxes (in shares)     (81,622)        
Common shares withheld for taxes (15,868,000)   $ (1,000)   (15,867,000)    
Net income 37,478,000           37,478,000
Balance, common stock, shares at Apr. 29, 2023     55,665,239        
Balance at Apr. 29, 2023 1,387,301,000   $ 556,000   248,677,000   1,138,068,000
Balance, common stock, shares at Jan. 28, 2023     55,537,221        
Balance at Jan. 28, 2023 1,361,929,000   $ 555,000   260,784,000   1,100,590,000
Net income $ 98,907,000            
Balance, common stock, shares at Oct. 28, 2023 55,192,500   55,192,500        
Balance at Oct. 28, 2023 $ 1,377,925,000   $ 551,000   177,877,000   1,199,497,000
Balance, common stock, shares at Jan. 28, 2023     55,537,221        
Balance at Jan. 28, 2023 $ 1,361,929,000   $ 555,000   260,784,000   1,100,590,000
Repurchase and retirement of common stock (in shares) (504,369)            
Repurchase and retirement of common stock $ (80,000,000)            
Balance, common stock, shares at Feb. 03, 2024 55,197,875   55,197,875        
Balance at Feb. 03, 2024 $ 1,584,956,000   $ 551,000   182,709,000   1,401,696,000
Balance, common stock, shares at Apr. 29, 2023     55,665,239        
Balance at Apr. 29, 2023 1,387,301,000   $ 556,000   248,677,000   1,138,068,000
Share-based compensation expense and issuance of unrestricted stock awards 5,713,000 112,000     5,713,000 112,000  
Issuance of unrestricted stock awards (in shares)       539      
Exercise of options to purchase common stock (in shares)     700        
Exercise of options to purchase common stock 28,000       28,000    
Vesting of restricted and performance-based stock units (in shares)     19,517        
Common shares withheld for taxes (in shares)     (1,437)        
Common shares withheld for taxes (283,000)       (283,000)    
Issuance of common stock to employees under employee stock purchase plan (in shares)     2,300        
Issuance of common stock to employees under employee stock purchase plan 440,000       440,000    
Net income 46,835,000           46,835,000
Balance, common stock, shares at Jul. 29, 2023     55,686,858        
Balance at Jul. 29, 2023 1,440,146,000   $ 556,000   254,687,000   1,184,903,000
Share-based compensation expense and issuance of unrestricted stock awards 3,599,000 137,000     3,599,000 137,000  
Issuance of unrestricted stock awards (in shares)       795      
Exercise of options to purchase common stock (in shares)     6,500        
Exercise of options to purchase common stock 234,000       234,000    
Vesting of restricted and performance-based stock units (in shares)     4,184        
Common shares withheld for taxes (in shares)     (1,468)        
Common shares withheld for taxes (244,000)       (244,000)    
Repurchase and retirement of common stock (in shares)     (504,369)        
Repurchase and retirement of common stock (80,541,000)   $ (5,000)   (80,536,000)    
Net income $ 14,594,000           14,594,000
Balance, common stock, shares at Oct. 28, 2023 55,192,500   55,192,500        
Balance at Oct. 28, 2023 $ 1,377,925,000   $ 551,000   177,877,000   1,199,497,000
Balance, common stock, shares at Feb. 03, 2024 55,197,875   55,197,875        
Balance at Feb. 03, 2024 $ 1,584,956,000   $ 551,000   182,709,000   1,401,696,000
Share-based compensation expense and issuance of unrestricted stock awards 4,928,000 112,000     4,928,000 112,000  
Issuance of unrestricted stock awards (in shares)       626      
Vesting of restricted and performance-based stock units (in shares)     89,885        
Vesting of restricted stock units and performance-based restricted stock units 1,000   $ 1,000        
Common shares withheld for taxes (in shares)     (33,953)        
Common shares withheld for taxes (6,652,000)       (6,652,000)    
Repurchase and retirement of common stock (in shares)     (182,327)        
Repurchase and retirement of common stock (30,151,000)   $ (2,000)   (30,149,000)    
Net income 31,467,000           31,467,000
Balance, common stock, shares at May. 04, 2024     55,072,106        
Balance at May. 04, 2024 $ 1,584,661,000   $ 550,000   150,948,000   1,433,163,000
Balance, common stock, shares at Feb. 03, 2024 55,197,875   55,197,875        
Balance at Feb. 03, 2024 $ 1,584,956,000   $ 551,000   182,709,000   1,401,696,000
Repurchase and retirement of common stock (in shares) (266,997)            
Net income $ 66,154,000            
Balance, common stock, shares at Nov. 02, 2024 55,010,438   55,010,438        
Balance at Nov. 02, 2024 $ 1,615,852,000   $ 549,000   147,453,000   1,467,850,000
Balance, common stock, shares at May. 04, 2024     55,072,106        
Balance at May. 04, 2024 1,584,661,000   $ 550,000   150,948,000   1,433,163,000
Share-based compensation expense and issuance of unrestricted stock awards (454,000) 114,000     (454,000) 114,000  
Issuance of unrestricted stock awards (in shares)       1,834      
Vesting of restricted and performance-based stock units (in shares)     12,439        
Vesting of restricted stock units and performance-based restricted stock units 0            
Common shares withheld for taxes (in shares)     (938)        
Common shares withheld for taxes (105,000)       (105,000)    
Repurchase and retirement of common stock (in shares)     (84,670)        
Repurchase and retirement of common stock (10,075,000)   $ (1,000)   (10,074,000)    
Issuance of common stock to employees under employee stock purchase plan (in shares)     5,328        
Issuance of common stock to employees under employee stock purchase plan 600,000       600,000    
Net income 33,000,000           33,000,000
Balance, common stock, shares at Aug. 03, 2024     55,006,099        
Balance at Aug. 03, 2024 1,607,741,000   $ 549,000   141,029,000   1,466,163,000
Share-based compensation expense and issuance of unrestricted stock awards 6,367,000 $ 168,000     6,367,000 $ 168,000  
Issuance of unrestricted stock awards (in shares)       1,767      
Vesting of restricted and performance-based stock units (in shares)     3,930        
Vesting of restricted stock units and performance-based restricted stock units 0            
Common shares withheld for taxes (in shares)     (1,358)        
Common shares withheld for taxes (111,000)       (111,000)    
Net income $ 1,687,000           1,687,000
Balance, common stock, shares at Nov. 02, 2024 55,010,438   55,010,438        
Balance at Nov. 02, 2024 $ 1,615,852,000   $ 549,000   $ 147,453,000   $ 1,467,850,000
v3.24.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Operating activities:    
Net income $ 66,154 $ 98,907
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 121,933 93,652
Share-based compensation expense 11,303 13,366
Deferred income tax expense 1,410 2,213
Other non-cash expenses 861 172
Changes in operating assets and liabilities:    
Inventories (233,205) (235,629)
Prepaid income taxes and tax receivable (15,514) (15,008)
Prepaid expenses and other assets (6,889) (12,530)
Accounts payable 96,900 123,374
Income taxes payable (41,772) (19,928)
Accrued salaries and wages (1,270) (6,063)
Operating leases 45,914 33,841
Other accrued expenses 21,288 15,521
Net cash provided by operating activities 67,113 91,888
Investing activities:    
Purchases of investment securities and other investments (4,508) (128,950)
Sales, maturities, and redemptions of investment securities 245,696 195,795
Capital expenditures (271,855) (231,921)
Net cash used in investing activities (30,667) (165,076)
Financing activities:    
Net proceeds from issuance of common stock 600 440
Repurchase and retirement of common stock (40,226) (80,541)
Proceeds from exercise of options to purchase common stock and vesting of restricted and performance-based restricted stock units 1 288
Common shares withheld for taxes (6,868) (16,395)
Net cash used in financing activities (46,493) (96,208)
Net decrease in cash and cash equivalents (10,047) (169,396)
Cash and cash equivalents at beginning of period 179,749 332,324
Cash and cash equivalents at end of period 169,702 162,928
Supplemental disclosures of cash flow information:    
(Decrease) Increase in accrued purchases of property and equipment $ (23,715) $ 11,541
v3.24.3
Summary of Significant Accounting Policies
 9 Months Ended
Nov. 02, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting PoliciesDescription of Business
Five Below, Inc. 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. As used herein, “Five Below,” the “Company,” refers to Five Below, Inc. (collectively with its wholly owned subsidiaries), except as expressly indicated or unless the context otherwise requires. As used herein, references to “Crew” refer to the Company's employees, and references to “Shipcenters” refer to the Company's distribution and logistics centers.
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 November 2, 2024, operated in 44 states, excluding Alaska, Hawaii, Idaho, Montana, Oregon, and Washington. As of November 2, 2024 and October 28, 2023, the Company operated 1,749 stores and 1,481 stores, respectively, each operating under the name “Five Below.” The Company also sells its merchandise on the internet, through the Company's fivebelow.com e-commerce website, offering home delivery and the option to buy online and pick up in store. Additionally, the Company sells merchandise through on-demand third-party delivery services to enable its customers to shop online and receive convenient delivery.
Fiscal YearThe 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 is a 52-week fiscal year. References to "fiscal year 2023" or "fiscal 2023" refer to the period from January 29, 2023 to February 3, 2024, which is a 53-week fiscal year. The fiscal quarters ended November 2, 2024 and October 28, 2023 refer to the thirteen weeks ended as of those dates. The year-to-date periods ended November 2, 2024 and October 28, 2023 refer to the thirty-nine weeks ended as of those dates.Basis of Presentation
The consolidated balance sheets as of November 2, 2024 and October 28, 2023, the consolidated statements of operations for the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023, the consolidated statements of shareholders’ equity for the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023 and the consolidated statements of cash flows for the thirty-nine weeks ended November 2, 2024 and October 28, 2023 have been prepared by the Company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim reporting and are unaudited. In the opinion of management, the aforementioned financial statements include all known adjustments (which consist primarily of normal, recurring accruals, estimates and assumptions that impact the financial statements) necessary to present fairly the financial position at the balance sheet dates and the results of operations and cash flows for the periods ended November 2, 2024 and October 28, 2023. The balance sheet as of February 3, 2024, presented herein, has been derived from the audited balance sheet included in the Company's Annual Report on Form 10-K for fiscal 2023 as filed with the Securities and Exchange Commission on March 21, 2024 and referred to herein as the “Annual Report,” but does not include all annual disclosures required by U.S. GAAP. These consolidated financial statements should be read in conjunction with the consolidated financial statements for the fiscal year ended February 3, 2024 and footnotes thereto included in the Annual Report. The consolidated results of operations for the thirteen and thirty-nine weeks November 2, 2024 and October 28, 2023 are not necessarily indicative of the consolidated operating results for the year ending February 1, 2025 or any other period. The Company's business is seasonal and as a result, the Company's net sales fluctuate from quarter to quarter. Net sales are usually highest in the fourth fiscal quarter due to the year-end holiday season.
Recently Issued Accounting Pronouncements
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 is currently evaluating the impact of ASU 2023-07 on its consolidated financial statements and related disclosures.
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.
Use of EstimatesThe preparation of the 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, 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, 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 November 2, 2024, February 3, 2024 and October 28, 2023, the Company had cash equivalents of $150.3 million, $154.9 million and $115.1 million, respectively. The Company’s cash equivalents typically 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. Fair value for cash equivalents was determined based on Level 1 inputs.
As of November 2, 2024, February 3, 2024 and October 28, 2023, the Company's investment securities are classified as held-to-maturity since the Company has the intent and ability to hold the investments to maturity. Such securities are carried at amortized cost plus accrued interest and consist of the following (in thousands):
As of November 2, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Market Value
Short-term:
Corporate bonds$46,941 $— $2 $46,939 
Total$46,941 $— $2 $46,939 
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 
As of October 28, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Market Value
Short-term:
Corporate bonds$66,845 $— $292 $66,553 
Total$66,845 $— $292 $66,553 
Short-term investment securities as of November 2, 2024, February 3, 2024 and October 28, 2023 all mature in one year or less. Long-term investment securities as of February 3, 2024 all mature after one year but in less than two years.
Prepaid Expenses and Other Current Assets
Prepaid expenses as of November 2, 2024, February 3, 2024 and October 28, 2023 were $42.0 million, $30.5 million, and $31.1 million, respectively. Other current assets as of November 2, 2024, February 3, 2024 and October 28, 2023 were $115.4 million, $123.5 million, and $109.7 million, respectively.
Other Accrued Expenses
Other accrued expenses include accrued capital expenditures of $25.5 million, $48.3 million, and $50.3 million as of November 2, 2024, February 3, 2024 and October 28, 2023, respectively.
Deferred Compensation
The Five Below, Inc. Non qualified Deferred Compensation Plan (the "Deferred Comp Plan") and a related, irrevocable grantor trust (the "Trust") 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.
Supply Chain Finance The Company utilizes the 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. As of November 2, 2024, the amount of obligations outstanding under the supply chain finance program was $1.4 million.
v3.24.3
Revenue from Contracts With Customers
 9 Months Ended
Nov. 02, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customer Revenue from Contracts with Customers
Revenue Transactions
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, 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 primarily included in costs of goods sold. As permitted by applicable accounting guidance, ASU 2014-09 "Revenue from Contracts with Customers," the Company has elected to exclude all sales taxes collected from customers and remitted to governmental authorities from net sales in the accompanying consolidated statements of operations.
Disaggregation of Revenue
The following table provides information about disaggregated revenue by groups of products: leisure, fashion and home, and snack and seasonal (dollars in thousands):
Thirteen Weeks EndedThirteen Weeks Ended
November 2, 2024October 28, 2023
AmountPercentage of Net SalesAmountPercentage of Net Sales
Leisure
$361,790 42.9 %$329,364 44.7 %
Fashion and home270,262 32.0 %232,321 31.6 %
Snack and seasonal
211,658 25.1 %174,720 23.7 %
Total$843,710 100.0 %$736,405 100.0 %
Thirty-Nine Weeks EndedThirty-Nine Weeks Ended
November 2, 2024October 28, 2023
AmountPercentage of Net SalesAmountPercentage of Net Sales
Leisure
$1,110,520 44.7 %$1,039,685 46.8 %
Fashion and home747,928 30.1 %647,811 29.2 %
Snack and seasonal
627,194 25.2 %534,137 24.0 %
Total$2,485,642 100.0 %$2,221,633 100.0 %
v3.24.3
Leases
 9 Months Ended
Nov. 02, 2024
Leases [Abstract]  
Leases Leases
The Company determines if an arrangement contains a lease at the inception of a contract. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease.
During the thirteen weeks ended November 2, 2024, the Company committed to 38 new store leases with average terms of approximately 10 years that have future minimum lease payments of approximately $15.5 million.
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 November 2, 2024 and October 28, 2023, the weighted average remaining lease term for the Company's operating leases was 7.5 years and 7.5 years, respectively, and the weighted average discount rate was 5.3% and 5.2%, respectively.
The following table is a summary of the Company's components for net lease costs (in thousands):
Thirteen Weeks EndedThirty-Nine Weeks Ended
Lease CostNovember 2, 2024October 28, 2023November 2, 2024October 28, 2023
Operating lease cost$79,990 $69,298 $230,001 $196,725 
Variable lease cost23,129 19,435 68,102 56,181 
Net lease cost*$103,119 $88,733 $298,103 $252,906 

* Excludes short-term lease cost, which is immaterial.


The following table summarizes the maturity of lease liabilities under operating leases as of November 2, 2024 (in thousands):
Maturity of Lease LiabilitiesOperating Leases
2024$58,209 
2025353,580 
2026346,167 
2027325,343 
2028300,393 
After 2028982,836 
Total lease payments2,366,528 
Less: imputed interest398,502 
Present value of lease liabilities$1,968,026 

The following table summarizes the supplemental cash flow disclosures related to leases (in thousands):
Thirty-Nine Weeks Ended
November 2, 2024October 28, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments arising from operating lease liabilities (1)
$180,885 $170,156 
Supplemental non-cash information:
Operating lease liabilities arising from obtaining right-of-use assets$330,139 $282,147 
(1) Included within operating activities in the Company's Consolidated Statements of Cash Flows.
v3.24.3
Income Per Common Share
 9 Months Ended
Nov. 02, 2024
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):
Thirteen Weeks EndedThirty-Nine Weeks Ended
 November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Numerator:
Net income $1,687 $14,594 $66,154 $98,907 
Denominator:
Weighted average common shares outstanding - basic55,007,054 55,452,533 55,067,467 55,592,536 
Dilutive impact of options, restricted stock units and employee stock purchase plan103,379 123,607 85,509 125,451 
Weighted average common shares outstanding - diluted55,110,433 55,576,140 55,152,976 55,717,987 
Per common share:
Basic income per common share$0.03 $0.26 $1.20 $1.78 
Diluted income per common share$0.03 $0.26 $1.20 $1.78 
The effects of the assumed vesting of restricted stock units for 153,344 shares of common stock for the thirteen weeks ended November 2, 2024 were excluded from the calculation of diluted income per share, as their impact would have been anti-dilutive.
The effects of the assumed vesting of restricted stock units for 56,695 shares of common stock for the thirteen weeks ended October 28, 2023 were excluded from the calculation of diluted income per share, as their impact would have been anti-dilutive.
The effects of the assumed vesting of restricted stock units for 111,239 shares of common stock for the thirty-nine weeks ended November 2, 2024 were excluded from the calculation of diluted income per share, as their impact would have been anti-dilutive.
The effects of the assumed vesting of restricted stock units for 25,119 shares of common stock for the thirty-nine weeks ended October 28, 2023 were excluded from the calculation of diluted income per 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.
v3.24.3
Line of Credit
 9 Months Ended
Nov. 02, 2024
Debt Disclosure [Abstract]  
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 $225.0 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 London Interbank Offered Rate ("LIBOR") provisions with Secured Overnight Financing Rate ("SOFR") 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 $50.0 million within the Accordion. 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 November 2, 2024, the Company had no borrowings under the Revolving Credit Facility and had approximately $225 million available under the Revolving Credit Facility.
As of November 2, 2024 and October 28, 2023, the Company was in compliance with the covenants applicable to it under the Credit Agreement.
v3.24.3
Commitments and Contingencies
 9 Months Ended
Nov. 02, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
Other Contractual Commitments
As of November 2, 2024, the Company has other purchase commitments of approximately $1.3 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. The deadline for lead plaintiff to file its Consolidated Amended Complaint is January 13, 2025. Defendants’ response thereto, including any motion to dismiss the Consolidated Amended Complaint, is due sixty (60) days from the filing of the Consolidated Amended Complaint. The Company intends to vigorously defend against these actions, which the Company believes to be without merit. The potential impact of these actions, which seek unspecified damages, attorneys’ fees and expenses, is uncertain.
v3.24.3
Share-Based Compensation
 9 Months Ended
Nov. 02, 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 November 2, 2024, approximately 3.1 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 during the thirty-nine weeks ended November 2, 2024 was as follows:
Options
Outstanding		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term
(in years)
Balance as of February 3, 202410,126 $33.48 1.6
Granted— — 
Forfeited— — 
Exercised— — 
Balance as of November 2, 202410,126 33.48 0.8
Exercisable as of November 2, 202410,126 $33.48 0.8
The fair value of each option award granted to crew, including outside directors, is estimated on the date of grant using the Black-Scholes option-pricing model. There were no stock options granted, forfeited or exercised during the thirty-nine weeks ended November 2, 2024.
Restricted Stock Units and Performance-Based Restricted Stock Units
All restricted stock units ("RSU") and performance-based restricted stock units ("PSU") vest in accordance with vesting conditions set by the compensation committee of the Company’s Board of Directors. RSUs and PSUs granted to date generally have vesting periods ranging from less than one year to four years from the date of grant. The fair value of RSUs is the market price of the underlying common stock on the date of grant. PSUs granted to date have vesting periods ranging from less than one year to five years from the date of grant.
PSUs that have a performance condition are subject to satisfaction of the applicable performance goals established for the respective grant. The Company periodically assesses the probability of achievement of the performance criteria and adjusts the amount of compensation expense accordingly. The fair value of these PSUs is the market price of the underlying common stock on the date of grant. Compensation is recognized over the vesting period and adjusted for the probability of achievement of the performance criteria.
PSUs that have a market condition based on the Company's total shareholder return relative to a pre-defined peer group are subject to multi-year performance objectives with vesting periods of approximately three years from the date of grant (if the applicable performance objectives are achieved). The fair value of these PSUs are determined using a Monte Carlo simulation model, which utilizes multiple input variables such as (i) total shareholder return from the beginning of the performance cycle through the performance measurement date(s); (ii) volatility; (iii) risk-free interest rates; and (iv) the correlation of the pre-defined peer group's total shareholder return.
RSU and PSU activity during the thirty-nine weeks ended November 2, 2024 was as follows:
Restricted Stock UnitsPerformance-Based Restricted Stock Units
NumberWeighted-Average Grant Date Fair ValueNumberWeighted-Average Grant Date Fair Value
Non-vested balance as of February 3, 2024196,309 $163.82 299,394 $206.07 
Granted403,988 92.10 214,080 147.04 
Vested(77,179)136.35 (29,075)195.43 
Forfeited(51,907)167.47 (214,047)193.30 
Non-vested balance as of November 2, 2024471,211 $106.43 270,352 $170.58 
In connection with the vesting of RSUs and PSUs during the thirty-nine weeks ended November 2, 2024, the Company withheld 36,249 shares with an aggregate value of $6.9 million in satisfaction of minimum tax withholding obligations due upon vesting.
In connection with the vesting of RSUs and PSUs during the thirty-nine weeks ended October 28, 2023, the Company withheld 84,527 shares with an aggregate value of $16.4 million in satisfaction of minimum tax withholding obligations due upon vesting.
As of November 2, 2024, there was $44.7 million of total unrecognized compensation costs related to non-vested share-based compensation arrangements (including RSUs and PSUs) granted under the Plan. The cost is expected to be recognized over a weighted average vesting period of 2.1 years.
Share Repurchase Program
On June 14, 2022, the Company's Board of Directors approved a new share repurchase program for up to $100 million of the Company's common stock through June 30, 2025. In fiscal 2023, the Company repurchased 504,369 shares under this program at an aggregate cost of approximately $80.0 million, or an average price of $158.63 per share. This program was retired on November 27, 2023.
On November 27, 2023, the Company's Board of Directors approved a new share repurchase program for up to $100 million of the Company's common stock through November 27, 2026. During the thirty-nine weeks ended November 2, 2024, the Company repurchased 266,997 shares at an aggregate cost of approximately $40.0 million, or average price of $149.79 per share.
Since approval of the share repurchase program in March 2018, the Company has purchased approximately 1.9 million shares for an aggregate cost of approximately $270 million. There can be no assurances that any additional repurchases will be completed, or as to the timing or amount of any repurchases. The share repurchase program may be modified or discontinued at any time.
v3.24.3
Income Taxes
 9 Months Ended
Nov. 02, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The following table summarizes the Company’s income tax expense and effective tax rates for the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023 (dollars in thousands):
Thirteen Weeks EndedThirty-Nine Weeks Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Income before income taxes$2,202 $19,557 $87,905 $128,552 
Income tax expense$515 $4,963 $21,751 $29,645 
Effective tax rate23.4 %25.4 %24.7 %23.1 %
The effective tax rates for the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023 were based on the Company’s forecasted annualized effective tax rates and were adjusted for discrete items that occurred within the periods presented. The effective tax rate for the thirteen weeks ended November 2, 2024 was lower than the thirteen weeks ended October 28, 2023 primarily due to non-deductible expenses, partially offset by discrete items, which includes the impact of share-based accounting. The effective tax rate for the thirty-nine weeks ended November 2, 2024 was higher than the thirty-nine weeks ended October 28, 2023 primarily due to discrete items, which includes the impact of share-based accounting, partially offset by non-deductible expenses.
The Company had no material accrual for uncertain tax positions or interest and/or penalties related to income taxes on the Company’s balance sheets as of November 2, 2024, February 3, 2024 or October 28, 2023 and has not recognized any material uncertain tax positions or interest and/or penalties related to income taxes in the consolidated statements of operations for the thirteen and thirty-nine weeks ended November 2, 2024 or October 28, 2023.
The Company files a federal income tax return as well as state tax returns. The Company’s U.S. federal income tax returns for the fiscal years ended January 30, 2021 and thereafter remain subject to examination by the U.S. Internal Revenue Service. State returns are filed in various state jurisdictions, as appropriate, with varying statutes of limitation and remain subject to examination for varying periods up to three years to four years depending on the state.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Aug. 03, 2024
May 04, 2024
Oct. 28, 2023
Jul. 29, 2023
Apr. 29, 2023
Nov. 02, 2024
Oct. 28, 2023
Pay vs Performance Disclosure                
Net income $ 1,687 $ 33,000 $ 31,467 $ 14,594 $ 46,835 $ 37,478 $ 66,154 $ 98,907
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Nov. 02, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Nov. 02, 2024
Accounting Policies [Abstract]  
Description of Business Description of Business
Five Below, Inc. 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. As used herein, “Five Below,” the “Company,” refers to Five Below, Inc. (collectively with its wholly owned subsidiaries), except as expressly indicated or unless the context otherwise requires. As used herein, references to “Crew” refer to the Company's employees, and references to “Shipcenters” refer to the Company's distribution and logistics centers.
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 November 2, 2024, operated in 44 states, excluding Alaska, Hawaii, Idaho, Montana, Oregon, and Washington. As of November 2, 2024 and October 28, 2023, the Company operated 1,749 stores and 1,481 stores, respectively, each operating under the name “Five Below.” The Company also sells its merchandise on the internet, through the Company's fivebelow.com e-commerce website, offering home delivery and the option to buy online and pick up in store. Additionally, the Company sells merchandise through on-demand third-party delivery services to enable its customers to shop online and receive convenient delivery.
Fiscal Year Fiscal YearThe Company operates on a 52/53-week fiscal year ending on the Saturday closest to January 31. References to "fiscal year 2024" or "fiscal 2024" refer to the period from February 4, 2024 to February 1, 2025, which is a 52-week fiscal year. References to "fiscal year 2023" or "fiscal 2023" refer to the period from January 29, 2023 to February 3, 2024, which is a 53-week fiscal year. The fiscal quarters ended November 2, 2024 and October 28, 2023 refer to the thirteen weeks ended as of those dates. The year-to-date periods ended November 2, 2024 and October 28, 2023 refer to the thirty-nine weeks ended as of those dates.
Basis of Presentation Basis of Presentation
The consolidated balance sheets as of November 2, 2024 and October 28, 2023, the consolidated statements of operations for the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023, the consolidated statements of shareholders’ equity for the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023 and the consolidated statements of cash flows for the thirty-nine weeks ended November 2, 2024 and October 28, 2023 have been prepared by the Company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim reporting and are unaudited. In the opinion of management, the aforementioned financial statements include all known adjustments (which consist primarily of normal, recurring accruals, estimates and assumptions that impact the financial statements) necessary to present fairly the financial position at the balance sheet dates and the results of operations and cash flows for the periods ended November 2, 2024 and October 28, 2023. The balance sheet as of February 3, 2024, presented herein, has been derived from the audited balance sheet included in the Company's Annual Report on Form 10-K for fiscal 2023 as filed with the Securities and Exchange Commission on March 21, 2024 and referred to herein as the “Annual Report,” but does not include all annual disclosures required by U.S. GAAP. These consolidated financial statements should be read in conjunction with the consolidated financial statements for the fiscal year ended February 3, 2024 and footnotes thereto included in the Annual Report. The consolidated results of operations for the thirteen and thirty-nine weeks November 2, 2024 and October 28, 2023 are not necessarily indicative of the consolidated operating results for the year ending February 1, 2025 or any other period. The Company's business is seasonal and as a result, the Company's net sales fluctuate from quarter to quarter. Net sales are usually highest in the fourth fiscal quarter due to the year-end holiday season.
Recently Issued Accounting Pronouncement Recently Issued Accounting Pronouncements
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 is currently evaluating the impact of ASU 2023-07 on its consolidated financial statements and related disclosures.
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.
Use of Estimates Use of Estimates
The preparation of the 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.
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, 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 November 2, 2024, February 3, 2024 and October 28, 2023, the Company had cash equivalents of $150.3 million, $154.9 million and $115.1 million, respectively. The Company’s cash equivalents typically 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. Fair value for cash equivalents was determined based on Level 1 inputs.
As of November 2, 2024, February 3, 2024 and October 28, 2023, the Company's investment securities are classified as held-to-maturity since the Company has the intent and ability to hold the investments to maturity.
Short-term investment securities as of November 2, 2024, February 3, 2024 and October 28, 2023 all mature in one year or less. Long-term investment securities as of February 3, 2024 all mature after one year but in less than two years.
Deferred Compensation Deferred Compensation
The Five Below, Inc. Non qualified Deferred Compensation Plan (the "Deferred Comp Plan") and a related, irrevocable grantor trust (the "Trust") 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.
Supply Chain Finance Supply Chain Finance The Company utilizes the 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. As of November 2, 2024, the amount of obligations outstanding under the supply chain finance program was $1.4 million.
Revenue Transactions
Revenue Transactions
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, 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 primarily included in costs of goods sold. As permitted by applicable accounting guidance, ASU 2014-09 "Revenue from Contracts with Customers," the Company has elected to exclude all sales taxes collected from customers and remitted to governmental authorities from net sales in the accompanying consolidated statements of operations.
v3.24.3
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Nov. 02, 2024
Accounting Policies [Abstract]  
Schedule of securities held-to-maturity Such securities are carried at amortized cost plus accrued interest and consist of the following (in thousands):
As of November 2, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Market Value
Short-term:
Corporate bonds$46,941 $— $2 $46,939 
Total$46,941 $— $2 $46,939 
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 
As of October 28, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Market Value
Short-term:
Corporate bonds$66,845 $— $292 $66,553 
Total$66,845 $— $292 $66,553 
v3.24.3
Revenue from Contracts With Customers (Tables)
 9 Months Ended
Nov. 02, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of revenue
Disaggregation of Revenue
The following table provides information about disaggregated revenue by groups of products: leisure, fashion and home, and snack and seasonal (dollars in thousands):
Thirteen Weeks EndedThirteen Weeks Ended
November 2, 2024October 28, 2023
AmountPercentage of Net SalesAmountPercentage of Net Sales
Leisure
$361,790 42.9 %$329,364 44.7 %
Fashion and home270,262 32.0 %232,321 31.6 %
Snack and seasonal
211,658 25.1 %174,720 23.7 %
Total$843,710 100.0 %$736,405 100.0 %
Thirty-Nine Weeks EndedThirty-Nine Weeks Ended
November 2, 2024October 28, 2023
AmountPercentage of Net SalesAmountPercentage of Net Sales
Leisure
$1,110,520 44.7 %$1,039,685 46.8 %
Fashion and home747,928 30.1 %647,811 29.2 %
Snack and seasonal
627,194 25.2 %534,137 24.0 %
Total$2,485,642 100.0 %$2,221,633 100.0 %
v3.24.3
Leases (Tables)
 9 Months Ended
Nov. 02, 2024
Leases [Abstract]  
Components of net lease cost
The following table is a summary of the Company's components for net lease costs (in thousands):
Thirteen Weeks EndedThirty-Nine Weeks Ended
Lease CostNovember 2, 2024October 28, 2023November 2, 2024October 28, 2023
Operating lease cost$79,990 $69,298 $230,001 $196,725 
Variable lease cost23,129 19,435 68,102 56,181 
Net lease cost*$103,119 $88,733 $298,103 $252,906 
* Excludes short-term lease cost, which is immaterial
The following table summarizes the supplemental cash flow disclosures related to leases (in thousands):
Thirty-Nine Weeks Ended
November 2, 2024October 28, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments arising from operating lease liabilities (1)
$180,885 $170,156 
Supplemental non-cash information:
Operating lease liabilities arising from obtaining right-of-use assets$330,139 $282,147 
(1) Included within operating activities in the Company's Consolidated Statements of Cash Flows.
Maturity of lease liabilities under operating leases
The following table summarizes the maturity of lease liabilities under operating leases as of November 2, 2024 (in thousands):
Maturity of Lease LiabilitiesOperating Leases
2024$58,209 
2025353,580 
2026346,167 
2027325,343 
2028300,393 
After 2028982,836 
Total lease payments2,366,528 
Less: imputed interest398,502 
Present value of lease liabilities$1,968,026 
v3.24.3
Income Per Common Share (Tables)
 9 Months Ended
Nov. 02, 2024
Earnings Per Share [Abstract]  
Computations of basic and diluted income (loss) per share
The following table reconciles net income and the weighted average common shares outstanding used in the computations of basic and diluted income per common share (in thousands, except for share and per share data):
Thirteen Weeks EndedThirty-Nine Weeks Ended
 November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Numerator:
Net income $1,687 $14,594 $66,154 $98,907 
Denominator:
Weighted average common shares outstanding - basic55,007,054 55,452,533 55,067,467 55,592,536 
Dilutive impact of options, restricted stock units and employee stock purchase plan103,379 123,607 85,509 125,451 
Weighted average common shares outstanding - diluted55,110,433 55,576,140 55,152,976 55,717,987 
Per common share:
Basic income per common share$0.03 $0.26 $1.20 $1.78 
Diluted income per common share$0.03 $0.26 $1.20 $1.78 
v3.24.3
Share-Based Compensation (Tables)
 9 Months Ended
Nov. 02, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of share-based compensation, stock options, activity
Stock option activity during the thirty-nine weeks ended November 2, 2024 was as follows:
Options
Outstanding		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term
(in years)
Balance as of February 3, 202410,126 $33.48 1.6
Granted— — 
Forfeited— — 
Exercised— — 
Balance as of November 2, 202410,126 33.48 0.8
Exercisable as of November 2, 202410,126 $33.48 0.8
Schedule of share-based compensation, restricted stock units award activity
RSU and PSU activity during the thirty-nine weeks ended November 2, 2024 was as follows:
Restricted Stock UnitsPerformance-Based Restricted Stock Units
NumberWeighted-Average Grant Date Fair ValueNumberWeighted-Average Grant Date Fair Value
Non-vested balance as of February 3, 2024196,309 $163.82 299,394 $206.07 
Granted403,988 92.10 214,080 147.04 
Vested(77,179)136.35 (29,075)195.43 
Forfeited(51,907)167.47 (214,047)193.30 
Non-vested balance as of November 2, 2024471,211 $106.43 270,352 $170.58 
v3.24.3
Income Taxes (Tables)
 9 Months Ended
Nov. 02, 2024
Income Tax Disclosure [Abstract]  
Schedule of effective income tax rate reconciliation
The following table summarizes the Company’s income tax expense and effective tax rates for the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023 (dollars in thousands):
Thirteen Weeks EndedThirty-Nine Weeks Ended
November 2, 2024October 28, 2023November 2, 2024October 28, 2023
Income before income taxes$2,202 $19,557 $87,905 $128,552 
Income tax expense$515 $4,963 $21,751 $29,645 
Effective tax rate23.4 %25.4 %24.7 %23.1 %
v3.24.3
Summary of Significant Accounting Policies - Nature of business (Details)
 3 Months Ended
Nov. 02, 2024
USD ($)
store
state
Oct. 28, 2023
store
Accounting Policies [Abstract]    
Products offering price, maximum price | $ $ 5  
Number of states in which entity operates (state) | state 44  
Number of company operated stores | store 1,749 1,481
Deferred compensation, maximum amount of eligible compensation as a percentage of gross pay 80.00%  
v3.24.3
Summary of Significant Accounting Policies - Fair value of financial instruments (Details) - USD ($)
$ in Thousands
Nov. 02, 2024
Feb. 03, 2024
Oct. 28, 2023
Significant Accounting Policies [Line Items]      
Amortized Cost     $ 66,845
Gross Unrealized Gains     0
Gross Unrealized Losses     292
Fair Market Value     66,553
Fair Value, Inputs, Level 1      
Significant Accounting Policies [Line Items]      
Cash equivalents $ 150,300 $ 154,900 115,100
Short-term:      
Significant Accounting Policies [Line Items]      
Amortized Cost 46,941 280,339  
Gross Unrealized Gains 0 0  
Gross Unrealized Losses 2 154  
Fair Market Value 46,939 280,185  
Corporate bonds | Fair Value, Inputs, Level 2      
Significant Accounting Policies [Line Items]      
Amortized Cost 46,941 280,067 66,845
Gross Unrealized Gains 0 0 0
Gross Unrealized Losses 2 154 292
Fair Market Value $ 46,939 279,913 $ 66,553
Municipal bonds | Fair Value, Inputs, Level 2      
Significant Accounting Policies [Line Items]      
Amortized Cost   272  
Gross Unrealized Gains   0  
Gross Unrealized Losses   0  
Fair Market Value   272  
Long-term:      
Significant Accounting Policies [Line Items]      
Amortized Cost   7,791  
Gross Unrealized Gains   0  
Gross Unrealized Losses   8  
Fair Market Value   7,783  
Corporate bonds | Fair Value, Inputs, Level 2      
Significant Accounting Policies [Line Items]      
Amortized Cost   7,791  
Gross Unrealized Gains   0  
Gross Unrealized Losses   8  
Fair Market Value   $ 7,783  
v3.24.3
Summary of Significant Accounting Policies - Prepaid expenses and other current assets (Details) - USD ($)
$ in Millions
Nov. 02, 2024
Feb. 03, 2024
Oct. 28, 2023
Accounting Policies [Abstract]      
Prepaid expense $ 42.0 $ 30.5 $ 31.1
Other current assets $ 115.4 $ 123.5 $ 109.7
v3.24.3
Summary of Significant Accounting Policies - Other accrued expenses (Details) - USD ($)
$ in Millions
Nov. 02, 2024
Feb. 03, 2024
Oct. 28, 2023
Accounting Policies [Abstract]      
Other accrued expenses $ 25.5 $ 48.3 $ 50.3
v3.24.3
Summary of Significant Accounting Policies (Details) - store
Nov. 02, 2024
Oct. 28, 2023
Accounting Policies [Abstract]    
Number of company operated stores 1,749 1,481
v3.24.3
Summary of Significant Accounting Policies - Supply Chain Finance (Details)
$ in Millions
Nov. 02, 2024
USD ($)
Accounting Policies [Abstract]  
Supplier finance program, obligation $ 1.4
v3.24.3
Revenue from Contracts With Customers (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Net sales $ 843,710 $ 736,405 $ 2,485,642 $ 2,221,633
Net sales as a percentage of net sales 100.00% 100.00% 100.00% 100.00%
Leisure        
Net sales $ 361,790 $ 329,364 $ 1,110,520 $ 1,039,685
Net sales as a percentage of net sales 42.90% 44.70% 44.70% 46.80%
Fashion and home        
Net sales $ 270,262 $ 232,321 $ 747,928 $ 647,811
Net sales as a percentage of net sales 32.00% 31.60% 30.10% 29.20%
Snack and seasonal        
Net sales $ 211,658 $ 174,720 $ 627,194 $ 534,137
Net sales as a percentage of net sales 25.10% 23.70% 25.20% 24.00%
v3.24.3
Leases - Narrative (Details)
$ in Millions
 3 Months Ended
Nov. 02, 2024
USD ($)
lease
Oct. 28, 2023
Leases [Abstract]    
Number of leases (lease) | lease 38  
Lessee, operating lease, term of contracts (years) 10 years  
Long-term purchase commitment, amount | $ $ 15.5  
Operating lease, weighted average remaining lease term (years) 7 years 6 months 7 years 6 months
Operating lease, weighted average discount rate, percent 5.30% 5.20%
v3.24.3
Leases - Components of net lease cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Leases [Abstract]        
Operating lease cost $ 79,990 $ 69,298 $ 230,001 $ 196,725
Variable lease cost 23,129 19,435 68,102 56,181
Net lease cost $ 103,119 $ 88,733 $ 298,103 $ 252,906
v3.24.3
Leases - Maturity of lease liabilities under operating leases (Details)
$ in Thousands
Nov. 02, 2024
USD ($)
Leases [Abstract]  
2024 $ 58,209
2025 353,580
2026 346,167
2027 325,343
2028 300,393
After 2028 982,836
Total lease payments 2,366,528
Less: imputed interest 398,502
Present value of lease liabilities $ 1,968,026
v3.24.3
Leases - Supplemental cash flow information (Details) - USD ($)
$ in Thousands
 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Cash paid for amounts included in the measurement of lease liabilities:    
Cash payments arising from operating lease liabilities $ 180,885 $ 170,156
Supplemental non-cash information:    
Operating lease liabilities arising from obtaining right-of-use assets $ 330,139 $ 282,147
v3.24.3
Income Per Common Share - Computations of basic and diluted income (loss) per share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Aug. 03, 2024
May 04, 2024
Oct. 28, 2023
Jul. 29, 2023
Apr. 29, 2023
Nov. 02, 2024
Oct. 28, 2023
Numerator:                
Net income $ 1,687 $ 33,000 $ 31,467 $ 14,594 $ 46,835 $ 37,478 $ 66,154 $ 98,907
Denominator:                
Weighted average common shares outstanding - basic (in shares) 55,007,054     55,452,533     55,067,467 55,592,536
Dilutive impact of options, restricted stock units and employee stock purchase plan (in shares) 103,379     123,607     85,509 125,451
Weighted average common share outstanding - diluted (in shares) 55,110,433     55,576,140     55,152,976 55,717,987
Per common share:                
Basic income per common share (in dollars per share) $ 0.03     $ 0.26     $ 1.20 $ 1.78
Diluted income per common share (in dollars per share) $ 0.03     $ 0.26     $ 1.20 $ 1.78
v3.24.3
Income Per Common Share - Narrative (Details) - shares
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Restricted Stock Units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Common stock not included in the computations of diluted earnings per share 153,344 56,695 111,239 25,119
v3.24.3
Line of Credit (Details) - Line of Credit - Amended Revolving Credit Facility - USD ($)
Sep. 16, 2022
Nov. 02, 2024
Debt Instrument [Line Items]    
Revolving credit facility maximum borrowings $ 225,000,000.0  
Line of credit facility, accordion feature, increase limit 150,000,000.0  
Maximum allowed to be borrowed based on available cash balance $ 50,000,000.0  
Minimum availability of aggregate commitments and loan cap required, percent 12.50%  
Minimum availability of loan cap after stepdown date required, percent 10.00%  
Minimum availability of loan cap, percentage of availability (in excess of) 15.00%  
Period required for availability of loan cap requirement 60 days  
Line of credit facility, current borrowing capacity   $ 0
Line of credit facility, remaining borrowing capacity   $ 225,000,000
Minimum    
Debt Instrument [Line Items]    
Commitment fee percentage 1.125%  
Maximum    
Debt Instrument [Line Items]    
Commitment fee percentage 1.50%  
SOFR | Minimum    
Debt Instrument [Line Items]    
Interest rate on borrowings (percent) 1.12%  
SOFR | Maximum    
Debt Instrument [Line Items]    
Interest rate on borrowings (percent) 1.50%  
Base Rate | Minimum    
Debt Instrument [Line Items]    
Interest rate on borrowings (percent) 0.125%  
Base Rate | Maximum    
Debt Instrument [Line Items]    
Interest rate on borrowings (percent) 0.50%  
v3.24.3
Commitments and Contingencies (Details)
$ in Millions
Nov. 02, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Purchase commitment, remaining minimum amount committed $ 1.3
v3.24.3
Share-Based Compensation - 2002 Equity incentive plan (Details) - 2022 Equity Incentive Plan - shares
Nov. 02, 2024
Jun. 14, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares available for issuance (shares)   4,300,000
Stock options and restricted shares available for grant (shares) 3,100,000  
v3.24.3
Share-Based Compensation - Schedule of stock option activity under plan (Details) - $ / shares
 9 Months Ended 12 Months Ended
Nov. 02, 2024
Feb. 03, 2024
Share-Based Payment Arrangement [Abstract]    
Stock option maximum term (in years) 10 years  
Stock option vesting period (in years) 4 years  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]    
Options outstanding, Balance (in shares) 10,126  
Options outstanding, Balance (in shares) 10,126 10,126
Options outstanding, Exercisable (in shares) 10,126  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]    
Weighted average exercise price, Balance (in dollars per share) $ 33.48  
Weighted average exercise price, Balance (in dollars per share) 33.48 $ 33.48
Weighted average exercise price, Exercisable (in dollars per share) $ 33.48  
Weighted average remaining contractual term 9 months 18 days 1 year 7 months 6 days
Weighted average remaining contractual term, Exercisable 9 months 18 days  
v3.24.3
Share-Based Compensation - Share-based compensation valuation of stock options (Details)
 9 Months Ended
Nov. 02, 2024
shares
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock options granted 0
v3.24.3
Share-Based Compensation - Restricted stock units and performance-based restricted stock units (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended 80 Months Ended
Aug. 03, 2024
May 04, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Feb. 03, 2024
Nov. 02, 2024
Weighted-Average Grant Date Fair Value              
Repurchase and retirement of common stock $ 10,075 $ 30,151 $ 80,541     $ 80,000 $ 270,000
Unrecognized compensation costs related to non-vested share-based compensation       $ 44,700     $ 44,700
Compensation cost not yet recognized, period for recognition (in years)       2 years 1 month 6 days      
Performance-Based Restricted Stock Units Based On Market Condition              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award vesting period (in years)       3 years      
Restricted Stock Units              
Number              
Non-vested balance, beginning balance (in shares)   196,309   196,309      
Granted (in shares)       403,988      
Vested (in shares)       (77,179)      
Forfeited (in shares)       (51,907)      
Non-vested balance, ending balance (in shares)       471,211   196,309 471,211
Weighted-Average Grant Date Fair Value              
Non-vested balance, beginning balance (in dollars per share)   $ 163.82   $ 163.82      
Granted (in dollars per share)       92.10      
Vested (in dollars per share)       136.35      
Forfeited (in dollars per share)       167.47      
Non-vested balance, ending balance (in dollars per share)       $ 106.43   $ 163.82 $ 106.43
Restricted Stock Units | Minimum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award vesting period (in years)       1 year      
Restricted Stock Units | Maximum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award vesting period (in years)       4 years      
Performance-Based Restricted Stock Units              
Number              
Non-vested balance, beginning balance (in shares)   299,394   299,394      
Granted (in shares)       214,080      
Vested (in shares)       (29,075)      
Forfeited (in shares)       (214,047)      
Non-vested balance, ending balance (in shares)       270,352   299,394 270,352
Weighted-Average Grant Date Fair Value              
Non-vested balance, beginning balance (in dollars per share)   $ 206.07   $ 206.07      
Granted (in dollars per share)       147.04      
Vested (in dollars per share)       195.43      
Forfeited (in dollars per share)       193.30      
Non-vested balance, ending balance (in dollars per share)       $ 170.58   $ 206.07 $ 170.58
Performance Shares | Minimum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award vesting period (in years)       1 year      
Performance Shares | Maximum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award vesting period (in years)       5 years      
Treasury Stock | Shares withheld for tax obligations              
Weighted-Average Grant Date Fair Value              
Shares withheld for taxes (in shares)       (36,249) (84,527)    
Additional paid-in capital              
Weighted-Average Grant Date Fair Value              
Repurchase and retirement of common stock $ 10,074 $ 30,149 $ 80,536        
Additional paid-in capital | Shares withheld for tax obligations              
Weighted-Average Grant Date Fair Value              
Repurchase and retirement of common stock       $ 6,900 $ 16,400    
v3.24.3
Share-Based Compensation - Share repurchase program (Details) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended 80 Months Ended
Aug. 03, 2024
May 04, 2024
Oct. 28, 2023
Nov. 02, 2024
Feb. 03, 2024
Nov. 02, 2024
Nov. 27, 2023
Jun. 14, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Authorized amount             $ 100,000,000 $ 100,000,000
Repurchase and retirement of common stock (in shares)       266,997 504,369 1,900,000    
Repurchase and retirement of common stock $ 10,075,000 $ 30,151,000 $ 80,541,000   $ 80,000,000 $ 270,000,000    
Average price (in dollars per share)       $ 149.79 $ 158.63 $ 149.79    
2022 Equity Incentive Plan                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Repurchase and retirement of common stock       $ 40,000,000        
v3.24.3
Income Taxes - Schedule of effective income tax rate reconciliation (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Nov. 02, 2024
Oct. 28, 2023
Nov. 02, 2024
Oct. 28, 2023
Income Tax Disclosure [Abstract]        
Income before income taxes $ 2,202 $ 19,557 $ 87,905 $ 128,552
Income tax expense $ 515 $ 4,963 $ 21,751 $ 29,645
Effective tax rate 23.40% 25.40% 24.70% 23.10%
v3.24.3
Income Taxes - Narrative (Details) - USD ($)
 9 Months Ended
Nov. 02, 2024
Feb. 03, 2024
Oct. 28, 2023
Income Tax [Line Items]      
Accrual for uncertain tax, interest or penalties $ 0 $ 0 $ 0
Minimum      
Income Tax [Line Items]      
State income taxes, statute of limitations period (in years) 3 years    
Maximum      
Income Tax [Line Items]      
State income taxes, statute of limitations period (in years) 4 years