Consolidated Balance Sheets - USD ($) |
Aug. 02, 2025 |
Feb. 01, 2025 |
Aug. 03, 2024 |
|---|---|---|---|
| Current assets: | |||
| Cash and cash equivalents | $ 562,746,000 | $ 331,718,000 | $ 209,039,000 |
| Short-term investment securities | 107,418,000 | 197,073,000 | 118,680,000 |
| Inventories | 799,602,000 | 659,500,000 | 639,881,000 |
| Prepaid income taxes and tax receivable | 4,657,000 | 4,649,000 | 14,140,000 |
| Prepaid expenses and other current assets | 110,495,000 | 158,427,000 | 136,899,000 |
| Total current assets | 1,584,918,000 | 1,351,367,000 | 1,118,639,000 |
| Property and equipment, net of accumulated depreciation and amortization of $841,073, $749,923, and $662,744, respectively. | 1,253,808,000 | 1,261,728,000 | 1,246,880,000 |
| Operating lease assets | 1,746,255,000 | 1,706,542,000 | 1,627,483,000 |
| Other assets | 21,557,000 | 19,937,000 | 20,142,000 |
| Total assets | 4,606,538,000 | 4,339,574,000 | 4,013,144,000 |
| Current liabilities: | |||
| Line of credit | 0 | 0 | 0 |
| Accounts payable | 371,801,000 | 260,343,000 | 255,965,000 |
| Income taxes payable | 0 | 51,998,000 | 0 |
| Accrued salaries and wages | 36,532,000 | 19,743,000 | 12,574,000 |
| Other accrued expenses | 204,926,000 | 149,495,000 | 164,226,000 |
| Operating lease liabilities | 311,365,000 | 274,863,000 | 252,440,000 |
| Total current liabilities | 924,624,000 | 756,442,000 | 685,205,000 |
| Other long-term liabilities | 10,288,000 | 8,210,000 | 8,662,000 |
| Long-term operating lease liabilities | 1,707,261,000 | 1,706,704,000 | 1,642,055,000 |
| Deferred income taxes | 57,118,000 | 59,891,000 | 69,481,000 |
| Total liabilities | 2,699,291,000 | 2,531,247,000 | 2,405,403,000 |
| Commitments and contingencies (note 6) | |||
| Shareholders’ equity: | |||
| Common stock, $0.01 par value. Authorized 120,000,000 shares; issued and outstanding 55,146,485, 55,028,682, and 55,006,099 shares, respectively. | 550,000 | 549,000 | 549,000 |
| Additional paid-in capital | 167,480,000 | 152,471,000 | 141,029,000 |
| Retained earnings | 1,739,217,000 | 1,655,307,000 | 1,466,163,000 |
| Total shareholders’ equity | 1,907,247,000 | 1,808,327,000 | 1,607,741,000 |
| Total liabilities and shareholders' equity (deficit) | $ 4,606,538,000 | $ 4,339,574,000 | $ 4,013,144,000 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Aug. 02, 2025 |
Feb. 01, 2025 |
Aug. 03, 2024 |
|---|---|---|---|
| Statement of Financial Position [Abstract] | |||
| Accumulated depreciation and amortization | $ 841,073 | $ 749,923 | $ 662,744 |
| 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) | 55,146,485 | 55,028,682 | 55,006,099 |
| Common stock, shares outstanding (in shares) | 55,146,485 | 55,028,682 | 55,006,099 |
Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Aug. 02, 2025 |
Aug. 03, 2024 |
Aug. 02, 2025 |
Aug. 03, 2024 |
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| Income Statement [Abstract] | ||||
| Net sales | $ 1,026,847 | $ 830,069 | $ 1,997,374 | $ 1,641,932 |
| Cost of goods sold (exclusive of items shown separately below) | 684,478 | 558,283 | 1,331,092 | 1,106,626 |
| Selling, general and administrative expenses | 242,314 | 188,809 | 468,816 | 378,995 |
| Depreciation and amortization | 47,690 | 41,468 | 94,254 | 78,652 |
| Operating income | 52,365 | 41,509 | 103,212 | 77,659 |
| Interest income and other income, net | 5,540 | 3,054 | 11,187 | 8,044 |
| Income before income taxes | 57,905 | 44,563 | 114,399 | 85,703 |
| Income tax expense | 15,143 | 11,563 | 30,489 | 21,236 |
| Net income | $ 42,762 | $ 33,000 | $ 83,910 | $ 64,467 |
| Basic income per common share (in dollars per share) | $ 0.78 | $ 0.60 | $ 1.52 | $ 1.17 |
| Diluted income per common share (in dollars per share) | $ 0.77 | $ 0.60 | $ 1.52 | $ 1.17 |
| Weighted average shares outstanding: | ||||
| Basic shares (in shares) | 55,072,140 | 55,027,663 | 55,059,126 | 55,097,840 |
| Diluted shares (in shares) | 55,389,479 | 55,042,588 | 55,289,719 | 55,148,893 |
Summary of Significant Accounting Policies |
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| 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 August 2, 2025, operated in 44 states, excluding Alaska, Hawaii, Idaho, Montana, Oregon, and Washington. As of August 2, 2025 and August 3, 2024, the Company operated 1,858 stores and 1,667 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 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 2025" or "fiscal 2025" refer to the period from February 2, 2025 to January 31, 2026, which is a 52-week fiscal year. 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. The fiscal quarters ended August 2, 2025 and August 3, 2024 refer to the thirteen weeks ended as of those dates. The year-to-date periods ended August 2, 2025 and August 3, 2024 refer to the twenty-six weeks ended as of those dates.Basis of PresentationThe consolidated balance sheets as of August 2, 2025 and August 3, 2024, the consolidated statements of operations for the thirteen and twenty-six weeks ended August 2, 2025 and August 3, 2024, the consolidated statements of shareholders’ equity for the thirteen and twenty-six weeks ended August 2, 2025 and August 3, 2024 and the consolidated statements of cash flows for the twenty-six weeks ended August 2, 2025 and August 3, 2024 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 August 2, 2025 and August 3, 2024. The balance sheet as of February 1, 2025, presented herein, has been derived from the audited balance sheet included in the Company's Annual Report on Form 10-K for fiscal 2024 as filed with the Securities and Exchange Commission on March 20, 2025 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 1, 2025 and footnotes thereto included in the Annual Report. The consolidated results of operations for the thirteen and twenty-six weeks August 2, 2025 and August 3, 2024 are not necessarily indicative of the consolidated operating results for the year ending January 31, 2026 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 PronouncementsIn 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. In January 2025, the FASB issued ASU 2025-01, which clarifies the effective date of ASU 2024-03. The amendment is effective for fiscal years beginning after December 15, 2026 and interim reporting periods within fiscal years 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 InstrumentsFair 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 August 2, 2025, February 1, 2025 and August 3, 2024, the Company had cash equivalents of $528.7 million, $310.4 million and $187.2 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 August 2, 2025, February 1, 2025 and August 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):
Short-term investment securities as of August 2, 2025, February 1, 2025 and August 3, 2024 all mature in one year or less. Prepaid Expenses and Other Current AssetsPrepaid expenses as of August 2, 2025, February 1, 2025 and August 3, 2024 were $46.8 million, $37.7 million, and $33.9 million, respectively. Other current assets as of August 2, 2025, February 1, 2025 and August 3, 2024 were $63.7 million, $120.7 million, and $103.0 million, respectively. Other Accrued ExpensesOther accrued expenses include accrued capital expenditures of $31.0 million, $25.7 million, and $49.3 million as of August 2, 2025, February 1, 2025 and August 3, 2024, respectively. Deferred CompensationThe 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 August 2, 2025, the amount of obligations outstanding under the supply chain finance program was $6.9 million.
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Revenue from Contracts With Customers |
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| 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 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 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):
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Leases |
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| 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 August 2, 2025, the Company committed to 51 new store leases with average terms of approximately 10 years that have future minimum lease payments of approximately $102.7 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 August 2, 2025 and August 3, 2024, the weighted average remaining lease term for the Company's operating leases was 7.2 years and 7.5 years, respectively, and the weighted average discount rate was 5.4% and 5.4%, respectively. The following table is a summary of the Company's components for net lease costs (in thousands):
* Excludes short-term lease cost, which is immaterial. The following table summarizes the maturity of lease liabilities under operating leases as of August 2, 2025 (in thousands):
The following table summarizes the supplemental cash flow disclosures related to leases (in thousands):
(1) Included within operating activities in the Company's Consolidated Statements of Cash Flows.
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Income Per Common Share |
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| 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):
The effects of the assumed vesting of restricted stock units for 20,093 shares of common stock for the thirteen weeks ended August 2, 2025 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 169,941 shares of common stock for the thirteen weeks ended August 3, 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 115,447 shares of common stock for the twenty-six weeks ended August 2, 2025 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 90,272 shares of common stock for the twenty-six weeks ended August 3, 2024 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.
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Line of Credit |
6 Months Ended |
|---|---|
Aug. 02, 2025 | |
| 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 "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 August 2, 2025, the Company had no borrowings under the Revolving Credit Facility and had approximately $225 million available on the Revolving Credit Facility. As of August 2, 2025 and August 3, 2024, the Company was in compliance with the covenants applicable to it under the Credit Agreement.
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Commitments and Contingencies |
6 Months Ended |
|---|---|
Aug. 02, 2025 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Commitments and Contingencies Commitments Other Contractual Commitments As of August 2, 2025, the Company has other purchase commitments of approximately $0.8 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 the Company's 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 the Company's 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 the Company. On October 28, 2024, the court entered an order consolidating the actions and appointing lead plaintiff. On January 13, 2025, lead plaintiff filed its Consolidated Amended Complaint. On March 14, 2025, Defendants filed their Motion to Dismiss the Consolidated Amended Complaint. On May 13, 2025, lead plaintiff filed a response in opposition to Defendants' Motion to Dismiss. Defendants filed their reply in support of their Motion to Dismiss on June 12, 2025. 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.
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Share-Based Compensation |
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| 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 August 2, 2025, approximately 2.8 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 grantThe 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 twenty-six weeks ended August 2, 2025Restricted Stock Units and Performance-Based Restricted Stock Units All restricted stock units ("RSU") and performance-based restricted stock units ("PSU") vest in accordance with vesting conditions set by the compensation committee of the Company’s Board of Directors. RSUs granted to date generally have vesting periods ranging from less than one year to five 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 generally 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 twenty-six weeks ended August 2, 2025 was as follows:
In connection with the vesting of RSUs and PSUs during the twenty-six weeks ended August 2, 2025, the Company withheld 34,962 shares with an aggregate value of $3.8 million in satisfaction of minimum tax withholding obligations due upon vesting. In connection with the vesting of RSUs and PSUs during the twenty-six weeks ended August 3, 2024, the Company withheld 34,891 shares with an aggregate value of $6.8 million in satisfaction of minimum tax withholding obligations due upon vesting. As of August 2, 2025, there was $48.5 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 2.0 years. Share Repurchase Program 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. In fiscal 2024, the Company purchased 266,997 shares at an aggregate cost of approximately $40.0 million, or an average price of $149.79 per share. There were no repurchases during the twenty-six weeks ended August 2, 2025. 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. Since March 2018, the Company has purchased approximately 1.9 million shares for an aggregate cost of approximately $270 million.
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Income Taxes |
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| 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 twenty-six weeks ended August 2, 2025 and August 3, 2024 (dollars in thousands):
The effective tax rates for the thirteen and twenty-six weeks ended August 2, 2025 and August 3, 2024 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 August 2, 2025 was higher than the thirteen weeks ended August 3, 2024 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 twenty-six weeks ended August 2, 2025 was higher than the twenty-six weeks ended August 3, 2024 primarily due to discrete items, which includes the impact of share-based accounting, and 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 August 2, 2025, February 1, 2025 or August 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 the thirteen and twenty-six weeks ended August 2, 2025 or August 3, 2024. 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.
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Segment Reporting |
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| 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 1,858 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 1 “Consolidated Financial Statements” of this Form 10-Q. 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 1 “Consolidated Financial Statements" of this Form 10Q. The following table details segment profit and loss for the Company's one reportable segment:
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Aug. 02, 2025 |
May 03, 2025 |
Aug. 03, 2024 |
May 04, 2024 |
Aug. 02, 2025 |
Aug. 03, 2024 |
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| Pay vs Performance Disclosure | ||||||
| Net income | $ 42,762 | $ 41,148 | $ 33,000 | $ 31,467 | $ 83,910 | $ 64,467 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Aug. 02, 2025 | |
| 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 |
Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
|---|---|
Aug. 02, 2025 | |
| 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 August 2, 2025, operated in 44 states, excluding Alaska, Hawaii, Idaho, Montana, Oregon, and Washington. As of August 2, 2025 and August 3, 2024, the Company operated 1,858 stores and 1,667 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 services to enable its customers to shop online and receive convenient delivery.
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| 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 2025" or "fiscal 2025" refer to the period from February 2, 2025 to January 31, 2026, which is a 52-week fiscal year. 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. The fiscal quarters ended August 2, 2025 and August 3, 2024 refer to the thirteen weeks ended as of those dates. The year-to-date periods ended August 2, 2025 and August 3, 2024 refer to the twenty-six weeks ended as of those dates. |
| Basis of Presentation | Basis of Presentation The consolidated balance sheets as of August 2, 2025 and August 3, 2024, the consolidated statements of operations for the thirteen and twenty-six weeks ended August 2, 2025 and August 3, 2024, the consolidated statements of shareholders’ equity for the thirteen and twenty-six weeks ended August 2, 2025 and August 3, 2024 and the consolidated statements of cash flows for the twenty-six weeks ended August 2, 2025 and August 3, 2024 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 August 2, 2025 and August 3, 2024. The balance sheet as of February 1, 2025, presented herein, has been derived from the audited balance sheet included in the Company's Annual Report on Form 10-K for fiscal 2024 as filed with the Securities and Exchange Commission on March 20, 2025 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 1, 2025 and footnotes thereto included in the Annual Report. The consolidated results of operations for the thirteen and twenty-six weeks August 2, 2025 and August 3, 2024 are not necessarily indicative of the consolidated operating results for the year ending January 31, 2026 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.
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| Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements 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. In January 2025, the FASB issued ASU 2025-01, which clarifies the effective date of ASU 2024-03. The amendment is effective for fiscal years beginning after December 15, 2026 and interim reporting periods within fiscal years 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.
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| 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.
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| 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 August 2, 2025, February 1, 2025 and August 3, 2024, the Company had cash equivalents of $528.7 million, $310.4 million and $187.2 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 August 2, 2025, February 1, 2025 and August 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.Short-term investment securities as of August 2, 2025, February 1, 2025 and August 3, 2024 all mature in one year or less.
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| 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.
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| 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 August 2, 2025, the amount of obligations outstanding under the supply chain finance program was $6.9 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 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 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.
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Summary of Significant Accounting Policies (Tables) |
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Aug. 02, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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):
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Revenue from Contracts With Customers (Tables) |
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Aug. 02, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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):
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 02, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of net lease cost | The following table is a summary of the Company's components for net lease costs (in thousands):
The following table summarizes the supplemental cash flow disclosures related to leases (in thousands):
(1) Included within operating activities in the Company's Consolidated Statements of Cash Flows.
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| Maturity of lease liabilities under operating leases | The following table summarizes the maturity of lease liabilities under operating leases as of August 2, 2025 (in thousands):
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Income Per Common Share (Tables) |
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| 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):
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Share-Based Compensation (Tables) |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of share-based compensation, restricted stock units award activity | RSU and PSU activity during the twenty-six weeks ended August 2, 2025 was as follows:
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Income Taxes (Tables) |
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| 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 twenty-six weeks ended August 2, 2025 and August 3, 2024 (dollars in thousands):
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Segment Reporting (Tables) |
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Aug. 02, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of segment profit and loss | The following table details segment profit and loss for the Company's one reportable segment:
|
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Summary of Significant Accounting Policies - Nature of business (Details) |
3 Months Ended | |
|---|---|---|
|
Aug. 02, 2025
USD ($)
store
state
|
Aug. 03, 2024
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 | 1,858 | 1,667 |
| Deferred compensation, maximum amount of eligible compensation as a percentage of gross pay | 80.00% |
Summary of Significant Accounting Policies - Fair value of financial instruments (Details) - USD ($) $ in Thousands |
Aug. 02, 2025 |
Feb. 01, 2025 |
Aug. 03, 2024 |
|---|---|---|---|
| Significant Accounting Policies [Line Items] | |||
| Amortized Cost | $ 118,680 | ||
| Gross Unrealized Gains | 0 | ||
| Gross Unrealized Losses | 52 | ||
| Fair Market Value | 118,628 | ||
| Fair Value, Inputs, Level 1 | |||
| Significant Accounting Policies [Line Items] | |||
| Cash equivalents | $ 528,700 | $ 310,400 | 187,200 |
| Short-term: | |||
| Significant Accounting Policies [Line Items] | |||
| Amortized Cost | 107,418 | 197,073 | |
| Gross Unrealized Gains | 0 | 0 | |
| Gross Unrealized Losses | 58 | 115 | |
| Fair Market Value | 107,360 | 196,958 | |
| Corporate bonds | Fair Value, Inputs, Level 2 | |||
| Significant Accounting Policies [Line Items] | |||
| Amortized Cost | 107,418 | 197,073 | 118,680 |
| Gross Unrealized Gains | 0 | 0 | 0 |
| Gross Unrealized Losses | 58 | 115 | 52 |
| Fair Market Value | $ 107,360 | $ 196,958 | $ 118,628 |
Summary of Significant Accounting Policies - Prepaid expenses and other current assets (Details) - USD ($) $ in Millions |
Aug. 02, 2025 |
Feb. 01, 2025 |
Aug. 03, 2024 |
|---|---|---|---|
| Accounting Policies [Abstract] | |||
| Prepaid expense | $ 46.8 | $ 37.7 | $ 33.9 |
| Other current assets | $ 63.7 | $ 120.7 | $ 103.0 |
Summary of Significant Accounting Policies - Other accrued expenses (Details) - USD ($) $ in Millions |
Aug. 02, 2025 |
Feb. 01, 2025 |
Aug. 03, 2024 |
|---|---|---|---|
| Accounting Policies [Abstract] | |||
| Other accrued expenses | $ 31.0 | $ 25.7 | $ 49.3 |
Summary of Significant Accounting Policies (Details) - store |
Aug. 02, 2025 |
Aug. 03, 2024 |
|---|---|---|
| Accounting Policies [Abstract] | ||
| Number of company operated stores | 1,858 | 1,667 |
Summary of Significant Accounting Policies - Supply Chain Finance (Details) $ in Millions |
Aug. 02, 2025
USD ($)
|
|---|---|
| Accounting Policies [Abstract] | |
| Supplier finance program, obligation | $ 6.9 |
Revenue from Contracts With Customers (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Aug. 02, 2025 |
Aug. 03, 2024 |
Aug. 02, 2025 |
Aug. 03, 2024 |
|
| Net sales | $ 1,026,847 | $ 830,069 | $ 1,997,374 | $ 1,641,932 |
| Net sales as a percentage of net sales | 100.00% | 100.00% | 100.00% | 100.00% |
| Leisure | ||||
| Net sales | $ 470,463 | $ 374,905 | $ 905,369 | $ 748,739 |
| Net sales as a percentage of net sales | 45.80% | 45.20% | 45.30% | 45.60% |
| Fashion and home | ||||
| Net sales | $ 309,295 | $ 249,386 | $ 593,064 | $ 477,658 |
| Net sales as a percentage of net sales | 30.10% | 30.00% | 29.70% | 29.10% |
| Snack and seasonal | ||||
| Net sales | $ 247,089 | $ 205,778 | $ 498,941 | $ 415,535 |
| Net sales as a percentage of net sales | 24.10% | 24.80% | 25.00% | 25.30% |
Leases - Narrative (Details) $ in Millions |
3 Months Ended | |
|---|---|---|
|
Aug. 02, 2025
USD ($)
store
|
Aug. 03, 2024 |
|
| Leases [Abstract] | ||
| Number of leases (lease) | store | 51 | |
| Lessee, operating lease, term of contracts (years) | 10 years | |
| Long-term purchase commitment, amount | $ | $ 102.7 | |
| Operating lease, weighted average remaining lease term (years) | 7 years 2 months 12 days | 7 years 6 months |
| Operating lease, weighted average discount rate, percent | 5.40% | 5.40% |
Leases - Components of net lease cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Aug. 02, 2025 |
Aug. 03, 2024 |
Aug. 02, 2025 |
Aug. 03, 2024 |
|
| Leases [Abstract] | ||||
| Operating lease cost | $ 86,467 | $ 76,393 | $ 170,035 | $ 150,011 |
| Variable lease cost | 25,830 | 23,241 | 51,676 | 44,972 |
| Net lease cost | $ 112,297 | $ 99,634 | $ 221,711 | $ 194,983 |
Leases - Maturity of lease liabilities under operating leases (Details) $ in Thousands |
Aug. 02, 2025
USD ($)
|
|---|---|
| Leases [Abstract] | |
| 2025 | $ 186,525 |
| 2026 | 380,648 |
| 2027 | 360,671 |
| 2028 | 337,689 |
| 2029 | 304,549 |
| After 2029 | 874,318 |
| Total lease payments | 2,444,400 |
| Less: imputed interest | 425,774 |
| Present value of lease liabilities | $ 2,018,626 |
Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Aug. 02, 2025 |
Aug. 03, 2024 |
|
| Cash paid for amounts included in the measurement of lease liabilities: | ||
| Cash payments arising from operating lease liabilities | $ 144,819 | $ 112,933 |
| Supplemental non-cash information: | ||
| Operating lease liabilities arising from obtaining right-of-use assets | $ 150,187 | $ 212,454 |
Income Per Common Share - Computations of basic and diluted income (loss) per share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Aug. 02, 2025 |
May 03, 2025 |
Aug. 03, 2024 |
May 04, 2024 |
Aug. 02, 2025 |
Aug. 03, 2024 |
|
| Numerator: | ||||||
| Net income | $ 42,762 | $ 41,148 | $ 33,000 | $ 31,467 | $ 83,910 | $ 64,467 |
| Denominator: | ||||||
| Weighted average common shares outstanding - basic (in shares) | 55,072,140 | 55,027,663 | 55,059,126 | 55,097,840 | ||
| Dilutive impact of options, restricted stock units and employee stock purchase plan (in shares) | 317,339 | 14,925 | 230,593 | 51,053 | ||
| Weighted average common share outstanding - diluted (in shares) | 55,389,479 | 55,042,588 | 55,289,719 | 55,148,893 | ||
| Per common share: | ||||||
| Basic income per common share (in dollars per share) | $ 0.78 | $ 0.60 | $ 1.52 | $ 1.17 | ||
| Diluted income per common share (in dollars per share) | $ 0.77 | $ 0.60 | $ 1.52 | $ 1.17 | ||
Income Per Common Share - Narrative (Details) - shares |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Aug. 02, 2025 |
Aug. 03, 2024 |
Aug. 02, 2025 |
Aug. 03, 2024 |
|
| 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 | 20,093 | 169,941 | 115,447 | 90,272 |
Commitments and Contingencies (Details) $ in Millions |
Aug. 02, 2025
USD ($)
|
|---|---|
| Commitments and Contingencies Disclosure [Abstract] | |
| Purchase commitment, remaining minimum amount committed | $ 0.8 |
Share-Based Compensation - 2002 Equity incentive plan (Details) - 2022 Equity Incentive Plan - shares |
Aug. 02, 2025 |
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) | 2,800,000 |
Share-Based Compensation - Schedule of stock option activity under plan (Details) |
6 Months Ended |
|---|---|
Aug. 02, 2025 | |
| Share-Based Payment Arrangement [Abstract] | |
| Stock option maximum term (in years) | 10 years |
| Stock option vesting period (in years) | 4 years |
Share-Based Compensation - Share-based compensation valuation of stock options (Details) |
6 Months Ended |
|---|---|
|
Aug. 02, 2025
shares
| |
| Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
| Stock options granted | 0 |
Share-Based Compensation - Share repurchase program (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 89 Months Ended | ||
|---|---|---|---|---|---|
Aug. 03, 2024 |
May 04, 2024 |
Aug. 02, 2025 |
Aug. 02, 2025 |
Nov. 27, 2023 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
| Authorized amount | $ 100,000,000 | ||||
| Repurchase and retirement of common stock (in shares) | 266,997 | 1,900,000 | |||
| Repurchase and retirement of common stock | $ 10,075,000 | $ 30,151,000 | $ 40,000,000 | $ 270,000,000 | |
| Average price (in dollars per share) | $ 149.79 | ||||
Income Taxes - Schedule of effective income tax rate reconciliation (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Aug. 02, 2025 |
Aug. 03, 2024 |
Aug. 02, 2025 |
Aug. 03, 2024 |
|
| Income Tax Disclosure [Abstract] | ||||
| Income before income taxes | $ 57,905 | $ 44,563 | $ 114,399 | $ 85,703 |
| Income tax expense | $ 15,143 | $ 11,563 | $ 30,489 | $ 21,236 |
| Effective tax rate | 26.20% | 25.90% | 26.70% | 24.80% |
Income Taxes - Narrative (Details) - USD ($) |
6 Months Ended | |
|---|---|---|
Aug. 02, 2025 |
Aug. 03, 2024 |
|
| Income Tax [Line Items] | ||
| Accrual for uncertain tax, interest or penalties | $ 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 |
Segment Reporting - Narrative (Details) |
6 Months Ended | |
|---|---|---|
|
Aug. 02, 2025
store
segment
state
|
Aug. 03, 2024
store
|
|
| Segment Reporting [Abstract] | ||
| Number of reportable segments | 1 | |
| Number of operating segments | 1 | |
| Number of company operated stores | store | 1,858 | 1,667 |
| Number of states in which entity operates (state) | state | 44 |
Segment Reporting - Schedule of segment profit and loss (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Aug. 02, 2025 |
May 03, 2025 |
Aug. 03, 2024 |
May 04, 2024 |
Aug. 02, 2025 |
Aug. 03, 2024 |
|
| Segment Reporting Information [Line Items] | ||||||
| Net sales | $ 1,026,847 | $ 830,069 | $ 1,997,374 | $ 1,641,932 | ||
| Cost of goods sold | 684,478 | 558,283 | 1,331,092 | 1,106,626 | ||
| Store and corporate expenses | 242,314 | 188,809 | 468,816 | 378,995 | ||
| Depreciation and amortization | 47,690 | 41,468 | 94,254 | 78,652 | ||
| Interest income and other income, net | 5,540 | 3,054 | 11,187 | 8,044 | ||
| Income tax expense | 15,143 | 11,563 | 30,489 | 21,236 | ||
| Net income | 42,762 | $ 41,148 | 33,000 | $ 31,467 | 83,910 | 64,467 |
| Reportable Segment | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Net sales | 1,026,847 | 830,069 | 1,997,374 | 1,641,932 | ||
| Cost of goods sold | 684,478 | 558,283 | 1,331,092 | 1,106,626 | ||
| Advertising costs | 13,951 | 13,465 | 29,000 | 25,284 | ||
| Store and corporate expenses | 228,363 | 175,343 | 439,816 | 353,711 | ||
| Depreciation and amortization | 47,690 | 41,469 | 94,254 | 78,652 | ||
| Interest income and other income, net | 5,540 | 3,054 | 11,187 | 8,044 | ||
| Income tax expense | 15,143 | 11,563 | 30,489 | 21,236 | ||
| Net income | $ 42,762 | $ 33,000 | $ 83,910 | $ 64,467 | ||