Cover
Cover - shares | 3 Months Ended | |
May 04, 2024 | Jun. 06, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | May 04, 2024 | |
Document Transition Report | false | |
Entity File Number | 000-20969 | |
Entity Registrant Name | HIBBETT, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-8159608 | |
Entity Address, Address Line One | 2700 Milan Court | |
Entity Address, City or Town | Birmingham | |
Entity Address, State or Province | AL | |
Entity Address, Postal Zip Code | 35211 | |
City Area Code | 205 | |
Local Phone Number | 942-4292 | |
Title of 12(b) Security | Common Stock, $0.01 Par Value Per Share | |
Trading Symbol | HIBB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,948,003 | |
Entity Central Index Key | 0001017480 | |
Current Fiscal Year End Date | --02-01 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2025 | |
Document Fiscal Period Focus | Q1 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 |
Current assets: | |||
Cash and cash equivalents | $ 28,681 | $ 21,230 | $ 26,926 |
Receivables, net | 16,970 | 16,743 | 12,582 |
Inventories, net | 371,259 | 344,294 | 437,957 |
Other current assets | 19,213 | 24,448 | 13,662 |
Total current assets | 436,123 | 406,715 | 491,127 |
Property and equipment, net | 182,391 | 183,949 | 175,285 |
Operating right-of-use assets | 277,122 | 280,755 | 262,999 |
Finance right-of-use assets, net | 1,696 | 1,837 | 1,913 |
Tradename intangible asset | 23,500 | 23,500 | 23,500 |
Deferred income taxes, net | 2,874 | 3,024 | 2,744 |
Other assets, net | 11,625 | 9,442 | 7,777 |
Total assets | 935,331 | 909,222 | 965,345 |
Current liabilities: | |||
Accounts payable | 128,069 | 96,431 | 131,437 |
Operating lease obligations | 71,666 | 71,448 | 73,142 |
Credit facility | 7,545 | 45,296 | 103,577 |
Finance lease obligations | 534 | 538 | 929 |
Accrued payroll expenses | 14,656 | 8,488 | 7,707 |
Other accrued expenses | 14,452 | 14,013 | 14,183 |
Total current liabilities | 236,922 | 236,214 | 330,975 |
Operating lease obligations | 242,231 | 245,649 | 228,645 |
Finance lease obligations | 1,287 | 1,423 | 1,116 |
Other liabilities | 7,638 | 6,911 | 5,594 |
Total liabilities | 488,078 | 490,197 | 566,330 |
Stockholders' investment: | |||
Preferred stock, $0.01 par value, no shares issued | 0 | 0 | 0 |
Common stock - 40,384; 40,170; and 40,120 shares issued, respectively | 404 | 402 | 401 |
Paid-in capital | 224,616 | 221,668 | 216,309 |
Retained earnings | 1,257,805 | 1,228,257 | 1,170,180 |
Treasury stock, at cost - 28,436; 28,376; and 27,373 shares repurchased, respectively | (1,035,572) | (1,031,302) | (987,875) |
Total stockholders' investment | 447,253 | 419,025 | 399,015 |
Total liabilities and stockholders' investment | $ 935,331 | $ 909,222 | $ 965,345 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares issued (in shares) | 0 | 0 | 0 |
Common stock, shares issued (in shares) | 40,384,000 | 40,170,000 | 40,120,000 |
Treasury stock, shares at cost (in shares) | 28,436,000 | 28,376,000 | 27,373,000 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Income Statement [Abstract] | ||
Net sales | $ 447,163 | $ 455,497 |
Cost of goods sold | $ 286,957 | $ 301,877 |
Cost of goods sold, as a percent to sales | 64.20% | 66.30% |
Gross margin | $ 160,206 | $ 153,620 |
Gross margin, as a percent to sales | 35.80% | 33.70% |
Store operating, selling and administrative expenses | $ 105,927 | $ 96,014 |
Store operating, selling and administrative expenses, as a percent to sales | 23.70% | 21.10% |
Depreciation and amortization | $ 12,973 | $ 11,693 |
Depreciation and amortization, as a percent to sales | 2.90% | 2.60% |
Operating income | $ 41,306 | $ 45,913 |
Operating income, as a percent to sales | 9.20% | 10.10% |
Interest expense, net | $ 231 | $ 1,327 |
Interest expense, net, as a percent to sales | 0.10% | 0.30% |
Income before provision for income taxes | $ 41,075 | $ 44,586 |
Income before provision for income taxes, as a percent to sales | 9.20% | 9.80% |
Provision for income taxes | $ 8,575 | $ 8,711 |
Provision for income taxes, as a percent to sales | 1.90% | 1.90% |
Net income | $ 32,500 | $ 35,875 |
Net income, as a percent to sales | 7.30% | 7.90% |
Basic earnings per share (in dollars per share) | $ 2.73 | $ 2.80 |
Diluted earnings per share (in dollars per share) | $ 2.67 | $ 2.74 |
Weighted-average shares: | ||
Basic (in shares) | 11,909 | 12,791 |
Diluted (in shares) | 12,153 | 13,111 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Cash Flows From Operating Activities: | ||
Net income | $ 32,500 | $ 35,875 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 12,973 | 11,693 |
Stock-based compensation | 2,481 | 2,005 |
Impairment charges | 825 | 199 |
Other non-cash adjustments | 1,067 | 1,449 |
Changes in operating assets and liabilities: | ||
Inventories, net | (26,965) | (17,119) |
Receivables, net | 7,158 | 7,277 |
Accounts payable | 28,374 | (62,361) |
Other assets and liabilities | 2,225 | (5,815) |
Net cash provided by (used in) operating activities | 60,638 | (26,797) |
Cash Flows From Investing Activities: | ||
Capital expenditures | (8,456) | (14,219) |
Other, net | (90) | (12) |
Net cash used in investing activities | (8,546) | (14,231) |
Cash Flows From Financing Activities: | ||
Proceeds under credit facilities | 104,999 | 214,075 |
Repayments under credit facilities | (142,750) | (146,762) |
Stock repurchases | 0 | (10,199) |
Cash dividends paid to stockholders | (2,949) | (3,173) |
Payments of finance lease obligations | (139) | (281) |
Proceeds from options exercised and purchase of shares under employee stock purchase plan | 469 | 1,124 |
Other, net | (4,271) | (2,845) |
Net cash (used in) provided by financing activities | (44,641) | 51,939 |
Net increase in cash and cash equivalents | 7,451 | 10,911 |
Cash and cash equivalents, beginning of period | 21,230 | 16,015 |
Cash and cash equivalents, end of period | $ 28,681 | $ 26,926 |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Stockholders' Investment - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance-beginning of period | $ 419,025 | $ 376,231 |
Balance - beginning of period (in shares) | 28,376 | |
Net income | $ 32,500 | 35,875 |
Issuance of shares through the Company's equity plans | 469 | 1,124 |
Purchase of shares under the stock repurchase program | 0 | (10,199) |
Settlement of net share equity awards | (4,270) | (2,833) |
Excise tax on stock repurchases | 0 | (12) |
Cash dividends declared | (2,953) | (3,176) |
Stock-based compensation | 2,481 | 2,005 |
Balance-end of period | $ 447,253 | $ 399,015 |
Balance - end of period (in shares) | 28,436 | 27,373 |
Common Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance-beginning of period (in shares) | 40,170 | 39,917 |
Balance-beginning of period | $ 402 | $ 399 |
Issuance of shares through the Company's equity plans (in shares) | 213 | 203 |
Issuance of shares through the Company's equity plans | $ 2 | $ 2 |
Balance-end of period (in shares) | 40,384 | 40,120 |
Balance-end of period | $ 404 | $ 401 |
Paid-In Capital | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance-beginning of period | 221,668 | 213,182 |
Issuance of shares through the Company's equity plans | 467 | 1,122 |
Stock-based compensation | 2,481 | 2,005 |
Balance-end of period | 224,616 | 216,309 |
Retained Earnings | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance-beginning of period | 1,228,257 | 1,137,481 |
Net income | 32,500 | 35,875 |
Cash dividends declared | (2,953) | (3,176) |
Balance-end of period | 1,257,805 | 1,170,180 |
Treasury Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance-beginning of period | $ (1,031,302) | $ (974,831) |
Balance - beginning of period (in shares) | 28,376 | 27,167 |
Purchase of shares under the stock repurchase program (in shares) | 160 | |
Purchase of shares under the stock repurchase program | $ (10,199) | |
Settlement of net share equity awards (in shares) | 59 | 47 |
Settlement of net share equity awards | $ (4,270) | $ (2,833) |
Excise tax on stock repurchases | (12) | |
Balance-end of period | $ (1,035,572) | $ (987,875) |
Balance - end of period (in shares) | 28,436 | 27,373 |
Unaudited Condensed Consolida_6
Unaudited Condensed Consolidated Statements of Stockholders' Investment (Parenthetical) - $ / shares | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared per share (in dollars per share) | $ 0.25 | $ 0.25 |
Basis of Presentation and Criti
Basis of Presentation and Critical Accounting Policies | 3 Months Ended |
May 04, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Critical Accounting Policies | Basis of Presentation and Critical Accounting Policies The accompanying unaudited condensed consolidated financial statements of Hibbett, Inc. and its wholly-owned subsidiaries (including the condensed consolidated balance sheet as of February 3, 2024, which has been derived from audited financial statements) have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") for interim financial information and are presented in accordance with the requirements of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. References to “Hibbett,” “we,” “our,” “us,” and the “Company” refer to Hibbett, Inc. and its subsidiaries, as well as its predecessors. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended February 3, 2024, filed on March 25, 2024, as amended by Amendment No. 1 thereto on Form 10-K/A, filed on May 29, 2024 (the "2024 Annual Report"). The unaudited condensed consolidated financial statements have been prepared on a basis consistent in all material respects with the accounting policies described in the 2024 Annual Report and reflect all adjustments of a normal recurring nature that are, in management’s opinion, necessary for the fair presentation of the results of operations, financial position and cash flows for the periods presented. Occasionally, certain reclassifications are made to conform previously reported data to the current presentation. Unless otherwise specifically noted, such reclassifications have no impact on total assets, total liabilities, net income, cash flows or stockholders’ investment in any of the periods presented. Property and Equipment Property and equipment are recorded at cost. Finance lease assets are shown as right-of-use ("ROU") assets and are excluded from property and equipment (see Note 4 , Leases ). Property and equipment consist of the following (in thousands): May 4, February 3, April 29, Land $ 7,289 $ 7,289 $ 7,277 Buildings 22,792 22,760 22,552 Equipment 142,530 141,989 140,265 Furniture and fixtures 71,602 72,460 68,836 Leasehold improvements 210,660 205,568 179,980 Construction in progress 5,881 6,089 4,151 Total property and equipment 460,754 456,155 423,061 Less: accumulated depreciation and amortization 278,363 272,206 247,776 Total property and equipment, net $ 182,391 $ 183,949 $ 175,285 Revenue Recognition We recognize revenue in accordance with Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers, when control of the merchandise is transferred to our customer at delivery. Sales are recorded net of expected returns at the time the customer takes possession of the merchandise. Net sales exclude sales taxes because we are a pass-through conduit for collecting and remitting these taxes. Gift Cards and Customer Orders: The net deferred revenue liability for gift cards and customer orders at May 4, 2024, February 3, 2024, and April 29, 2023 was $6.9 million, $7.1 million, and $10.4 million, respectively, recognized in accounts payable on our unaudited condensed consolidated balance sheets. During the 13-weeks ended May 4, 2024 and April 29, 2023, gift card deferred revenue realized from prior periods was immaterial. Loyalty Program : We offer the Hibbett/City Gear Rewards program whereby upon registration and in accordance with the terms of the program, customers earn points on certain purchases. Points convert into rewards at defined thresholds. The short-term future performance obligation liability is estimated at each reporting period based on historical conversion and redemption patterns. The liability is included in other accrued expenses on our unaudited condensed consolidated balance sheets and was $4.4 million, $4.2 million, and $4.2 million at May 4, 2024, February 3, 2024, and April 29, 2023, respectively. Revenues disaggregated by major product categories are as follows (in thousands): 13-Weeks Ended May 4, April 29, Footwear $ 323,850 $ 320,534 Apparel 69,522 88,833 Equipment 53,791 46,130 Total $ 447,163 $ 455,497 Indefinite-Lived Intangible Assets The City Gear tradename is an indefinite-lived asset which is not amortized, but rather tested for impairment at least annually, or on an interim basis if events and circumstances have occurred that indicate that it is more likely than not that an asset is impaired. No impairment related to the tradename intangible was recognized during the 13-weeks ended May 4, 2024 or April 29, 2023. |
Merger Agreement
Merger Agreement | 3 Months Ended |
May 04, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Merger Agreement | Merger Agreement On April 23, 2024, we entered into an Agreement and Plan of Merger ("Merger Agreement") by and among the Company, Genesis Holdings, Inc., an Indiana corporation ("Parent"), Steps Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of Parent ("Merger Sub"), and, solely for purposes of certain provisions specified therein, JD Sports Fashion plc, a company incorporated under the laws of England and Wales and the ultimate parent company of Parent and Merger Sub ("JD Sports"). Pursuant to the terms of the Merger Agreement and subject to the satisfaction or waiver of certain conditions set forth in the Merger Agreement, Merger Sub will be merged with and into the Company (the "Merger") effective as of the effective time of the Merger ("Effective Time"). As a result of the Merger, Merger Sub will cease to exist, and Hibbett will survive as a wholly owned subsidiary of Parent (the "Surviving Corporation"). As a result of the Merger, except as otherwise provided in the Merger Agreement, at the Effective Time, each share of our common stock issued and outstanding immediately prior to the Effective Time (other than (i) shares of our common stock held as treasury stock or owned by any direct or indirect wholly owned subsidiary of the Company, JD Sports or any direct or indirect wholly owned subsidiary of JD Sports and (ii) shares of our common stock held by a stockholder who has not voted in favor of the adoption of the Merger Agreement and who has complied with all of the provisions of the General Corporation Law of the State of Delaware concerning the right of holders of shares or our common stock to demand appraisal of their shares) will automatically be converted into the right to receive $87.50 in cash, without interest. The consummation of the Merger is subject to the satisfaction or waiver of various customary conditions set forth in the Merger Agreement, including, but not limited to: • the approval of the Merger Agreement by the affirmative vote of the holders of a majority of the issued and outstanding shares of our common stock; • the absence of any restraint or law preventing or prohibiting the consummation of the Merger; • the accuracy of Parent's, Merger Sub's, and our representations and warranties (subject to certain materiality qualifiers); • Parent's, Merger Sub's, and our compliance in all material respects with their respective covenants and agreements required by the Merger Agreement to be performed or complied with before the Effective Time; and • the absence of any Company Material Adverse Effect (as defined in the Merger Agreement) occurring since April 23, 2024. The consummation of the Merger was also subject to the expiration of any applicable waiting period (or extension thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act"). Hibbett and the Pentland Group, the majority shareholder of JD Sports, made the filings required by the HSR Act on May 8, 2024. The applicable waiting period under the HSR Act expired at 11:59 p.m. Eastern Time on June 7, 2024. The consummation of the Merger is not subject to a financing condition. The Merger is expected to close in the third calendar quarter of 2024. If the Merger is consummated, shares of our common stock will be delisted from the Nasdaq Stock Market and deregistered under the Securities Exchange Act of 1934, as amended. The foregoing description of the Merger and the Merger Agreement does not purport to be and is not complete and is subject to and qualified in its entirety by reference to the full text of the Merger Agreement, a copy of which is filed as Exhibit 2.1 of our Current Report on Form 8-K filed with the Securities and Exchange Commission on April 25, 2024. On April 23, 2024, upon entering into the Merger Agreement, we incurred $2.5 million of financial advisory fees, which we recorded during the 13-weeks ended May 4, 2024. Total expenses incurred during the 13-weeks ended May 4, 2024 related to the proposed Merger were $2.6 million, which are reported as selling, general and administrative expenses in the unaudited consolidated statements of operations. See Item 1A. Risk Factors for a discussion of certain risks related to the Merger. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
May 04, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Standards that were adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280 ) : Improvements to Reportable Segment Disclosures that requires disclosures about significant segment expenses and additional interim disclosure requirements. This standard also requires a single reportable segment to provide all disclosures required by ASC 280. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Amendments should be applied retrospectively for all prior periods presented in the consolidated financial statements. We are currently evaluating the potential impact of adopting this standard on our disclosures but do not expect its adoption to have a material impact on our financial position, results of operations or cash flows. Standards that are not yet adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures . The ASU requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures of state versus federal income tax expense and taxes paid. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued. The amendments should be applied on a prospective basis although retrospective application is permitted. We are currently evaluating the potential impact of adopting this standard on our disclosures. We continuously monitor and review all current accounting pronouncements and standards from the Financial Accounting Standards Board of U.S. GAAP for applicability to our operations and financial reporting. As of May 4, 2024, there were no new pronouncements or interpretations that had or were expected to have a significant impact on our financial reporting. |
Leases
Leases | 3 Months Ended |
May 04, 2024 | |
Leases [Abstract] | |
Leases | Leases ROU lease assets are periodically reviewed for impairment losses. We use the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment - Overall , to determine when to evaluate assets and asset groups, including ROU assets, for impairment and to calculate any impairment loss to be recognized. Asset group impairment charges in the 13-weeks ended May 4, 2024 and April 29, 2023, were immaterial. Lease costs are as follows (in thousands): 13-Weeks Ended May 4, 2024 April 29, 2023 Operating lease cost $ 21,278 $ 20,038 Finance lease cost: Amortization of assets 141 255 Interest on lease liabilities 21 27 Variable lease cost 5,017 5,068 $ 26,457 $ 25,388 Finance ROU assets on the unaudited condensed consolidated balance sheets at May 4, 2024, February 3, 2024, and April 29, 2023 are shown net of accumulated amortization of $4.5 million, $4.4 million, and $3.6 million, respectively. The following table provides ROU assets obtained in exchange for lease obligations (in thousands): 13-Weeks Ended May 4, 2024 April 29, 2023 ROU assets obtained in exchange for lease obligations, net: Operating leases $ 16,835 $ 18,433 Finance leases $ — $ — As of May 4, 2024, we have entered into approximately $14.0 million of operating lease obligations related to future store locations that have not yet commenced. |
Leases | Leases ROU lease assets are periodically reviewed for impairment losses. We use the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment - Overall , to determine when to evaluate assets and asset groups, including ROU assets, for impairment and to calculate any impairment loss to be recognized. Asset group impairment charges in the 13-weeks ended May 4, 2024 and April 29, 2023, were immaterial. Lease costs are as follows (in thousands): 13-Weeks Ended May 4, 2024 April 29, 2023 Operating lease cost $ 21,278 $ 20,038 Finance lease cost: Amortization of assets 141 255 Interest on lease liabilities 21 27 Variable lease cost 5,017 5,068 $ 26,457 $ 25,388 Finance ROU assets on the unaudited condensed consolidated balance sheets at May 4, 2024, February 3, 2024, and April 29, 2023 are shown net of accumulated amortization of $4.5 million, $4.4 million, and $3.6 million, respectively. The following table provides ROU assets obtained in exchange for lease obligations (in thousands): 13-Weeks Ended May 4, 2024 April 29, 2023 ROU assets obtained in exchange for lease obligations, net: Operating leases $ 16,835 $ 18,433 Finance leases $ — $ — As of May 4, 2024, we have entered into approximately $14.0 million of operating lease obligations related to future store locations that have not yet commenced. |
Debt
Debt | 3 Months Ended |
May 04, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt On February 28, 2023, we entered into an unsecured Credit Agreement (the "2023 Credit Facility") with Regions Bank, as administrative agent for the lenders, swingline lender and issuing bank. The 2023 Credit Facility matures on February 28, 2028. Terms and conditions include the following: • aggregate principal amount of commitments of $160 million, which includes a $25 million sublimit for the issuance of standby letters of credit and $25 million sublimit for swingline loans; • permits us to increase the aggregate principal amount of commitments by up to an additional $50 million, subject to certain terms and conditions; • provides that borrowings bear interest at either (i) an annual rate equal to the BSBY Rate, plus an applicable margin ranging from 1.0% to 2.0% depending on specified leverage levels (the "Applicable Margin"), or (ii) at the Company's option, (x) a base rate as set forth in the 2023 Credit Facility plus the Applicable Margin or (y) the BSBY Rate plus the Applicable Margin; and • provides for an annual commitment fee, dependent on the amount of debt outstanding, between 12.5 and 25 basis points of the unused portion of the 2023 Credit Facility. On February 26, 2024, we secured an irrevocable standby letter of credit ("Letter of Credit") with Regions Bank in the amount of $0.6 million which effectively reduced the aggregate principal amount of commitments under the 2023 Credit Facility to $159.4 million. Under the 2023 Credit Facility, we are subject to certain financial covenants, which include: • advance limitation of 55% of the net book value of the Company's inventory; • a Consolidated Lease-Adjusted Leverage Ratio comparing lease-adjusted funded debt (funded debt plus all lease liabilities) to EBITDAR (as defined under the 2023 Credit Facility) with a maximum of 3.5x; and • a Consolidated Fixed Coverage Charge Ratio comparing EBITDAR to fixed charges and certain current liabilities (as defined) with a minimum of 1.2x. As of May 4, 2024, we were in compliance with these covenants. Activity against our credit facilities during the periods indicated are as follows (dollars in millions): May 4, 2024 February 3, 2024 April 29, 2023 13-Weeks Ended 53-Weeks Ended 13-Weeks Ended Number of days borrowings incurred 56 359 91 Average borrowings $13.3 $85.8 $96.7 Maximum borrowings $52.0 $134.1 $124.9 Average interest rate 6.61% 6.35% 5.81% At May 4, 2024, we had a balance of $7.5 million and a total of $151.9 million, net of the Letter of Credit, available to us under the 2023 Credit Facility. Pursuant to Section 5.1(b)(viii) of the Merger Agreement, net borrowings under the 2023 Credit Facility are limited to $110.0 million in the aggregate, leaving a total of $102.5 million available to us at May 4, 2024. (See Note 2, Merger Agreement .) |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
May 04, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The stock-based compensation costs that have been charged against income were as follows (in thousands): 13-Weeks Ended May 4, April 29, Stock-based compensation expense by type: Stock options $ — $ 220 Restricted stock units 2,320 1,653 Employee stock purchases 134 106 Director deferred compensation 27 26 Total stock-based compensation expense 2,481 2,005 Income tax benefit recognized 572 454 Stock-based compensation expense, net of income tax $ 1,909 $ 1,551 Expense for restricted stock units is shown net of forfeitures, which were immaterial for the 13-weeks ended May 4, 2024 and April 29, 2023. We granted the following equity awards: 13-Weeks Ended May 4, April 29, Stock options — 8,188 Restricted stock unit awards 59,841 78,515 Performance-based restricted stock unit awards 33,211 39,567 Deferred stock units 359 450 At May 4, 2024, the total compensation cost not yet recognized related to unvested restricted stock unit awards was $10.4 million and the weighted-average period over which such awards are expected to be recognized was 1.3 years. There were no unrecognized compensation costs related to unvested stock options at May 4, 2024. Details of stock options granted, exercise price per share and the weighted-average grant date fair value were as follows: 13-Weeks Ended May 4, April 29, Total stock options granted — 8,188 Exercise price $ — $ 58.38 Fair value of stock options $ — $ 26.87 Under the Hibbett, Inc. Amended and Restated Non-Employee Director Equity Plan, 12,689 shares of our common stock were subject to awards granted during the 13-weeks ended May 4, 2024 and 10,469 shares of our common stock were awarded during the 13-weeks ended April 29, 2023. The number of shares purchased, the average price per share and the weighted-average grant date fair value of shares purchased through our employee stock purchase plan were as follows: 13-Weeks Ended May 4, April 29, Shares purchased 7,170 7,026 Average price per share $ 61.22 $ 50.13 Weighted-average fair value at grant date $ 18.90 $ 17.60 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
May 04, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The computation of basic earnings per share ("EPS") is based on the weighted-average number of common shares outstanding during the period. The computation of diluted EPS is based on the weighted-average number of shares outstanding plus the incremental shares that would be outstanding assuming exercise of dilutive stock options and issuance of restricted stock. The number of incremental shares is calculated by applying the treasury stock method. The following table sets forth the weighted-average number of common shares outstanding (in thousands): 13-Weeks Ended May 4, April 29, Weighted-average shares used in basic computations 11,909 12,791 Dilutive equity awards 244 320 Weighted-average shares used in diluted computations 12,153 13,111 For the 13-weeks ended May 4, 2024, we did not exclude any options from the computations of diluted weighted-average common shares or common stock equivalents outstanding because of their anti-dilutive effect. For the 13-weeks ended May 4, 2024, we did not exclude any unvested stock awards granted to certain employees from the computations of diluted weighted-average common shares and common share equivalents outstanding because they are subject to certain performance-based annual vesting conditions which had not been achieved as of May 4, 2024. For the 13-weeks ended April 29, 2023, 88,001 options were excluded from the computation of diluted weighted-average common shares or common share equivalents outstanding because of their anti-dilutive effect. For the 13-weeks ended April 29, 2023, we also excluded 117,037 unvested stock awards granted to certain employees from the computations of diluted weighted-average common shares and common share equivalents outstanding because they are subject to certain performance-based annual vesting conditions which had not been achieved by April 29, 2023, respectively. There would have been 49,203 dilutive impact on shares assuming the performance criteria had been achieved as of April 29, 2023. |
Stock Repurchase Program
Stock Repurchase Program | 3 Months Ended |
May 04, 2024 | |
Equity [Abstract] | |
Stock Repurchase Program | Stock Repurchase Program Our Board of Directors (the "Board") has authorized a stock repurchase program (the "Repurchase Program") since August 2004; replacing, amending, renewing and extending the Repurchase Program periodically. In the most recent amendment in May 2021, the Board authorized an expansion of the Repurchase Program by $500.0 million to a total of $800.0 million to repurchase our common stock through February 1, 2025. The Repurchase Program authorizes repurchases of our common stock in open market or negotiated transactions, with the amount and timing of repurchases dependent on market conditions and at the discretion of our management. In addition to the Repurchase Program, we also acquire shares of our common stock from holders of restricted stock unit awards to satisfy withholding tax requirements due at vesting. Neither excise taxes nor the cost of shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements reduces the authorized amount of repurchases under the Repurchase Program. The number of shares repurchased under the Repurchase Program and acquired from holders of restricted stock unit awards to satisfy tax withholding requirements were as follows (dollars in thousands): 13-Weeks Ended May 4, April 29, Common stock repurchased under the Repurchase Program — 159,592 Aggregate cost of repurchases under the Repurchase Program $ — $ 10,199 Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements 59,490 47,177 Tax withholding requirement from holders of restricted stock unit awards $ 4,270 $ 2,833 Excise tax on stock repurchases $ — $ 12 As of May 4, 2024, we had approximately $276.9 million remaining under the Repurchase Program for stock repurchases. Pursuant to the terms and conditions of the Merger Agreement, the Company has agreed to suspend the Repurchase Program until the earlier of the consummation of the Merger or the termination of the Merger Agreement (See Note 2, Merger Agreement ). |
Dividends
Dividends | 3 Months Ended |
May 04, 2024 | |
Equity [Abstract] | |
Dividends | Dividends In June 2021, the Board instituted a recurring quarterly cash dividend. Since inception, our quarterly dividend has been $0.25 per share. Cash dividends paid were as follows: 13-Weeks Ended May 4, April 29, Cash dividends paid (in millions) $2.9 $3.2 Total paid per share during period $0.25 $0.25 On March 6, 2024, the Board authorized and declared a quarterly dividend in the amount of $0.25 per share on our common stock, which was paid on April 2, 2024 to stockholders of record as of the close of business on March 21, 2024. The aggregate payment was $2.9 million. Pursuant to the terms and conditions of the Merger Agreement, the Company has agreed to suspend the payment of dividends until the earlier of the consummation of the Merger or the termination of the Merger Agreement (See Note 2, Merger Agreement ). |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
May 04, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings and Contingencies. From time to time, We are a party to various legal matters in the ordinary course of its business, including actions by employees, consumers, suppliers, government agencies or others. We have recorded accruals with respect to these matters, where appropriate, which are reflected in our unaudited condensed consolidated financial statements. For some matters, a liability is not probable or the amount cannot be reasonably estimated and therefore an accrual has not been made. We believe that pending legal matters, both individually and in the aggregate, will be resolved without a material adverse effect on our consolidated financial statements as a whole. However, litigation and other legal matters involve an element of uncertainty. Adverse decisions and settlements, including any required changes to our business, or other developments in such matters could affect our operating results in future periods or result in a liability or other amounts material to our annual consolidated financial statements. No material amounts were accrued at May 4, 2024, February 3, 2024, or April 29, 2023 pertaining to legal proceedings or other contingencies. |
Income Taxes
Income Taxes | 3 Months Ended |
May 04, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our effective tax rate is based on expected annual income, statutory tax rates, and tax planning opportunities available in the various jurisdictions in which we operate. For interim financial reporting, we estimate the annual effective tax rate based on expected taxable income or loss for the full year and record a quarterly income tax provision (benefit) in accordance with the anticipated annual effective rate and adjust for discrete items. We update the estimates of the taxable income or loss throughout the year as new information becomes available, including year-to-date financial results. This process often results in a change to our expected effective tax rate for the year. When this occurs, we adjust the income tax provision (benefit) during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected annual effective tax rate. We apply the provisions of ASC Subtopic 740-10 in accounting for uncertainty in income taxes. We recognize a tax benefit associated with an uncertain tax position when, in our judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. At May 4, 2024, February 3, 2024, and April 29, 2023, the liability associated with unrecognized tax benefits was immaterial. We file income tax returns in U.S. federal and various state jurisdictions. Generally, we are not subject to changes in income taxes by the U.S. federal taxing jurisdiction for years prior to Fiscal 2021 or by most state taxing jurisdictions for years prior to Fiscal 2020. |
Related-Party Transactions
Related-Party Transactions | 3 Months Ended |
May 04, 2024 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions Preferred Growth Properties, LLC ("PGP") The Company leases one store under a lease arrangement with PGP, a wholly owned subsidiary of Books-A-Million, Inc. ("BAMM"). One of our directors is an executive officer of BAMM. Minimum annual lease payments are $0.1 million, if not in co-tenancy, and the lease termination date is February 28, 2027. Minimum lease payments remaining under the lease at May 4, 2024 and April 29, 2023 were immaterial. T.I.G. Management, LLC ("TIG") TIG performs certain new store and store remodel construction for the Company and is 70% owned by a close relative of the Company's President and CEO. For the 13-weeks ended May 4, 2024 and April 29, 2023, payments to TIG for its services were $3.2 million and $2.4 million, respectively. The amount outstanding to TIG, included in accounts payable on our unaudited condensed consolidated balance sheets at May 4, 2024, February 3, 2024, and April 29, 2023, was immaterial. Retail Security Gates, LLC ("RSG") RSG provides specially manufactured store front security gates used in certain of our store locations and is 50% owned by a close relative of the Company's President and CEO. For the 13-weeks ended May 4, 2024 and April 29, 2023, payments to RSG were $0.5 million and $0.2 million, respectively. The amount outstanding to RSG, included in accounts payable on our unaudited condensed consolidated balance sheets at May 4, 2024, February 3, 2024 and April 29, 2023, was immaterial. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) Attributable to Parent | $ 32,500 | $ 35,875 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
May 04, 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 |
Basis of Presentation and Cri_2
Basis of Presentation and Critical Accounting Policies (Policies) | 3 Months Ended |
May 04, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Property and Equipment | Property and Equipment |
Revenue Recognition | Revenue Recognition We recognize revenue in accordance with Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers, when control of the merchandise is transferred to our customer at delivery. Sales are recorded net of expected returns at the time the customer takes possession of the merchandise. Net sales exclude sales taxes because we are a pass-through conduit for collecting and remitting these taxes. Gift Cards and Customer Orders: The net deferred revenue liability for gift cards and customer orders at May 4, 2024, February 3, 2024, and April 29, 2023 was $6.9 million, $7.1 million, and $10.4 million, respectively, recognized in accounts payable on our unaudited condensed consolidated balance sheets. During the 13-weeks ended May 4, 2024 and April 29, 2023, gift card deferred revenue realized from prior periods was immaterial. Loyalty Program |
Indefinite-Lived Intangible Assets | Indefinite-Lived Intangible Assets |
Recent Accounting Pronouncements | Standards that were adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280 ) : Improvements to Reportable Segment Disclosures that requires disclosures about significant segment expenses and additional interim disclosure requirements. This standard also requires a single reportable segment to provide all disclosures required by ASC 280. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Amendments should be applied retrospectively for all prior periods presented in the consolidated financial statements. We are currently evaluating the potential impact of adopting this standard on our disclosures but do not expect its adoption to have a material impact on our financial position, results of operations or cash flows. Standards that are not yet adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures . The ASU requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures of state versus federal income tax expense and taxes paid. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued. The amendments should be applied on a prospective basis although retrospective application is permitted. We are currently evaluating the potential impact of adopting this standard on our disclosures. We continuously monitor and review all current accounting pronouncements and standards from the Financial Accounting Standards Board of U.S. GAAP for applicability to our operations and financial reporting. As of May 4, 2024, there were no new pronouncements or interpretations that had or were expected to have a significant impact on our financial reporting. |
Basis of Presentation and Cri_3
Basis of Presentation and Critical Accounting Policies (Tables) | 3 Months Ended |
May 04, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Property and Equipment | Property and equipment consist of the following (in thousands): May 4, February 3, April 29, Land $ 7,289 $ 7,289 $ 7,277 Buildings 22,792 22,760 22,552 Equipment 142,530 141,989 140,265 Furniture and fixtures 71,602 72,460 68,836 Leasehold improvements 210,660 205,568 179,980 Construction in progress 5,881 6,089 4,151 Total property and equipment 460,754 456,155 423,061 Less: accumulated depreciation and amortization 278,363 272,206 247,776 Total property and equipment, net $ 182,391 $ 183,949 $ 175,285 |
Schedule of Revenue Disaggregated | Revenues disaggregated by major product categories are as follows (in thousands): 13-Weeks Ended May 4, April 29, Footwear $ 323,850 $ 320,534 Apparel 69,522 88,833 Equipment 53,791 46,130 Total $ 447,163 $ 455,497 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
May 04, 2024 | |
Leases [Abstract] | |
Schedule of Lease Cost | Lease costs are as follows (in thousands): 13-Weeks Ended May 4, 2024 April 29, 2023 Operating lease cost $ 21,278 $ 20,038 Finance lease cost: Amortization of assets 141 255 Interest on lease liabilities 21 27 Variable lease cost 5,017 5,068 $ 26,457 $ 25,388 |
Schedule of Supplemental Information Related to Leases | The following table provides ROU assets obtained in exchange for lease obligations (in thousands): 13-Weeks Ended May 4, 2024 April 29, 2023 ROU assets obtained in exchange for lease obligations, net: Operating leases $ 16,835 $ 18,433 Finance leases $ — $ — |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
May 04, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | Activity against our credit facilities during the periods indicated are as follows (dollars in millions): May 4, 2024 February 3, 2024 April 29, 2023 13-Weeks Ended 53-Weeks Ended 13-Weeks Ended Number of days borrowings incurred 56 359 91 Average borrowings $13.3 $85.8 $96.7 Maximum borrowings $52.0 $134.1 $124.9 Average interest rate 6.61% 6.35% 5.81% |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
May 04, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Compensation Costs | The stock-based compensation costs that have been charged against income were as follows (in thousands): 13-Weeks Ended May 4, April 29, Stock-based compensation expense by type: Stock options $ — $ 220 Restricted stock units 2,320 1,653 Employee stock purchases 134 106 Director deferred compensation 27 26 Total stock-based compensation expense 2,481 2,005 Income tax benefit recognized 572 454 Stock-based compensation expense, net of income tax $ 1,909 $ 1,551 |
Schedule of Equity Awards Granted | We granted the following equity awards: 13-Weeks Ended May 4, April 29, Stock options — 8,188 Restricted stock unit awards 59,841 78,515 Performance-based restricted stock unit awards 33,211 39,567 Deferred stock units 359 450 |
Schedule of Stock Options Granted, Exercise Price Per Share and Weighted-average Grant Date Fair Value | Details of stock options granted, exercise price per share and the weighted-average grant date fair value were as follows: 13-Weeks Ended May 4, April 29, Total stock options granted — 8,188 Exercise price $ — $ 58.38 Fair value of stock options $ — $ 26.87 |
Schedule of Shares Purchased | The number of shares purchased, the average price per share and the weighted-average grant date fair value of shares purchased through our employee stock purchase plan were as follows: 13-Weeks Ended May 4, April 29, Shares purchased 7,170 7,026 Average price per share $ 61.22 $ 50.13 Weighted-average fair value at grant date $ 18.90 $ 17.60 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
May 04, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares | The following table sets forth the weighted-average number of common shares outstanding (in thousands): 13-Weeks Ended May 4, April 29, Weighted-average shares used in basic computations 11,909 12,791 Dilutive equity awards 244 320 Weighted-average shares used in diluted computations 12,153 13,111 |
Stock Repurchase Program (Table
Stock Repurchase Program (Tables) | 3 Months Ended |
May 04, 2024 | |
Equity [Abstract] | |
Schedule of Shares Repurchased | The number of shares repurchased under the Repurchase Program and acquired from holders of restricted stock unit awards to satisfy tax withholding requirements were as follows (dollars in thousands): 13-Weeks Ended May 4, April 29, Common stock repurchased under the Repurchase Program — 159,592 Aggregate cost of repurchases under the Repurchase Program $ — $ 10,199 Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements 59,490 47,177 Tax withholding requirement from holders of restricted stock unit awards $ 4,270 $ 2,833 Excise tax on stock repurchases $ — $ 12 |
Dividends (Tables)
Dividends (Tables) | 3 Months Ended |
May 04, 2024 | |
Equity [Abstract] | |
Schedule of Cash Dividends Paid | Cash dividends paid were as follows: 13-Weeks Ended May 4, April 29, Cash dividends paid (in millions) $2.9 $3.2 Total paid per share during period $0.25 $0.25 |
Basis of Presentation and Cri_4
Basis of Presentation and Critical Accounting Policies -Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 |
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 460,754 | $ 456,155 | $ 423,061 |
Less: accumulated depreciation and amortization | 278,363 | 272,206 | 247,776 |
Total property and equipment, net | 182,391 | 183,949 | 175,285 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 7,289 | 7,289 | 7,277 |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 22,792 | 22,760 | 22,552 |
Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 142,530 | 141,989 | 140,265 |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 71,602 | 72,460 | 68,836 |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 210,660 | 205,568 | 179,980 |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 5,881 | $ 6,089 | $ 4,151 |
Basis of Presentation and Cri_5
Basis of Presentation and Critical Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | ||
May 04, 2024 | Apr. 29, 2023 | Feb. 03, 2024 | |
Disaggregation of Revenue [Line Items] | |||
Liability included in other accrued expenses | $ 4,400,000 | $ 4,200,000 | $ 4,200,000 |
Intangible asset impairment | 0 | 0 | |
Gift cards, customer orders and layaways | |||
Disaggregation of Revenue [Line Items] | |||
Net deferred revenue liability | $ 6,900,000 | $ 10,400,000 | $ 7,100,000 |
Basis of Presentation and Cri_6
Basis of Presentation and Critical Accounting Policies - Schedule of Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 447,163 | $ 455,497 |
Footwear | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 323,850 | 320,534 |
Apparel | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 69,522 | 88,833 |
Equipment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 53,791 | $ 46,130 |
Merger Agreement (Details)
Merger Agreement (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Apr. 23, 2024 | May 04, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | ||
Merger agreement, transaction consideration, conversion price per share (in dollars per share) | $ 87.50 | |
Financial advisory fees | $ 2.5 | $ 2.6 |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Leases [Abstract] | ||
Operating lease cost | $ 21,278 | $ 20,038 |
Finance lease cost: | ||
Amortization of assets | 141 | 255 |
Interest on lease liabilities | 21 | 27 |
Variable lease cost | 5,017 | 5,068 |
Lease cost | $ 26,457 | $ 25,388 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 |
Leases [Abstract] | |||
Accumulated amortization | $ 4.5 | $ 4.4 | $ 3.6 |
Lease not yet commenced, amount | $ 14 |
Leases - Schedule of ROU Assets
Leases - Schedule of ROU Assets Obtained in Exchange for Lease Obligations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
ROU assets obtained in exchange for lease obligations, net: | ||
Operating leases | $ 16,835 | $ 18,433 |
Finance leases | $ 0 | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | Feb. 28, 2023 | May 04, 2024 | Feb. 26, 2024 | Feb. 03, 2024 | Apr. 29, 2023 |
Line of Credit Facility [Line Items] | |||||
Net borrowings under credit facility | $ 7,545,000 | $ 45,296,000 | $ 103,577,000 | ||
2023 Credit Facility | Revolving Credit Facility | Unsecured Debt | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 160,000,000 | ||||
Line of credit facility increase in principal amount | $ 50,000,000 | ||||
Remaining borrowing capacity | 151,900,000 | ||||
Advance limitation, percentage | 55% | ||||
Leverage ratio | 3.5 | ||||
Fixed coverage charge | 1.2 | ||||
Net borrowings under credit facility | 7,500,000 | ||||
Line of credit facility, limited borrowing capacity | 110,000,000 | ||||
Line of credit facility, merger agreement, remaining borrowing capacity | $ 102,500,000 | ||||
2023 Credit Facility | Revolving Credit Facility | Unsecured Debt | Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1% | ||||
Annual commitment fee | 0.00125 | ||||
2023 Credit Facility | Revolving Credit Facility | Unsecured Debt | Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 2% | ||||
Annual commitment fee | 0.0025 | ||||
2023 Credit Facility | Revolving Credit Facility | Secured Debt | |||||
Line of Credit Facility [Line Items] | |||||
Remaining borrowing capacity | $ 159,400,000 | ||||
2023 Credit Facility | Letter of Credit | Unsecured Debt | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 25,000,000 | ||||
2023 Credit Facility | Letter of Credit | Secured Debt | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 600,000 | ||||
2023 Credit Facility | Bridge Loan | Unsecured Debt | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 25,000,000 |
Debt - Schedule of Line of Cred
Debt - Schedule of Line of Credit Facilities (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
May 04, 2024 USD ($) day | Apr. 29, 2023 USD ($) day | Feb. 03, 2024 USD ($) day | |
Debt Disclosure [Abstract] | |||
Number of days borrowings incurred | day | 56 | 91 | 359 |
Average borrowings | $ 13.3 | $ 96.7 | $ 85.8 |
Maximum borrowings | $ 52 | $ 124.9 | $ 134.1 |
Average interest rate | 6.61% | 5.81% | 6.35% |
Stock-based Compensation -Sched
Stock-based Compensation -Schedule of Components of Compensation Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Stock options | $ 0 | $ 220 |
Restricted stock units | 2,320 | 1,653 |
Employee stock purchases | 134 | 106 |
Director deferred compensation | 27 | 26 |
Total stock-based compensation expense | 2,481 | 2,005 |
Income tax benefit recognized | 572 | 454 |
Stock-based compensation expense, net of income tax | $ 1,909 | $ 1,551 |
Stock-Based Compensation -Sch_2
Stock-Based Compensation -Schedule of Equity Awards Granted (Details) - shares | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options (in shares) | 0 | 8,188 |
Restricted stock unit awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock unit awards / performance-based restricted stock unit awards (in shares) | 59,841 | 78,515 |
Performance-based restricted stock unit awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock unit awards / performance-based restricted stock unit awards (in shares) | 33,211 | 39,567 |
Deferred stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred stock units (in shares) | 359 | 450 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares issued (in shares) | 12,689 | 10,469 |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation costs not yet recognized | $ 10,400,000 | |
Weighted-average period for recognition | 1 year 3 months 18 days | |
Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation costs not yet recognized | $ 0 |
Stock-Based Compensation -Sch_3
Stock-Based Compensation -Schedule of Stock Options Granted, Exercise Price Per Share and Weighted-average Grant Date Fair Value (Details) - $ / shares | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock options granted (in shares) | 0 | 8,188 |
Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock options granted (in shares) | 0 | 8,188 |
Exercise price (in dollars per share) | $ 0 | $ 58.38 |
Fair value of stock options (in dollars per share) | $ 0 | $ 26.87 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Shares Purchased (Details) - Employee Stock - Employee Stock Purchase Plan - $ / shares | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares purchased (in shares) | 7,170 | 7,026 |
Average price per share (in dollars per share) | $ 61.22 | $ 50.13 |
Weighted-average fair value at grant date (in dollars per share) | $ 18.90 | $ 17.60 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Weighted Average Number of Shares (Details) - shares shares in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Earnings Per Share [Abstract] | ||
Weighted-average shares used in basic computations (in shares) | 11,909 | 12,791 |
Dilutive equity awards (in shares) | 244 | 320 |
Weighted-average shares used in diluted computations (in shares) | 12,153 | 13,111 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - shares | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Employee Stock Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded in computation of earnings per share (in shares) | 0 | 88,001 |
Performance-based restricted stock unit awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded in computation of earnings per share (in shares) | 0 | 117,037 |
Incremental common shares (in shares) | 49,203 |
Stock Repurchase Program - Addi
Stock Repurchase Program - Additional Information (Details) - Repurchase Program - USD ($) | May 04, 2024 | May 31, 2021 |
Equity, Class of Treasury Stock [Line Items] | ||
Additional authorized amount | $ 500,000,000 | |
Authorized repurchased amount | $ 800,000,000 | |
Remaining authorized repurchase amount | $ 276,900,000 |
Stock Repurchase Program - Sche
Stock Repurchase Program - Schedule of Shares Repurchased (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Equity, Class of Treasury Stock [Line Items] | ||
Aggregate cost of repurchases under the Repurchase Program | $ 0 | $ 10,199 |
Excise tax on stock repurchases | $ 0 | $ 12 |
Repurchase Program | ||
Equity, Class of Treasury Stock [Line Items] | ||
Common stock repurchased under the Repurchase Program (in shares) | 0 | 159,592 |
Aggregate cost of repurchases under the Repurchase Program | $ 0 | $ 10,199 |
Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements (in shares) | 59,490 | 47,177 |
Tax withholding requirement from holders of restricted stock unit awards | $ 4,270 | $ 2,833 |
Excise tax on stock repurchases | $ 0 | $ 12 |
Dividends - Additional Informat
Dividends - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 06, 2024 | May 04, 2024 | Apr. 29, 2023 | |
Equity [Abstract] | |||
Cash dividends paid per share (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 |
Payments of ordinary dividends, common stock | $ 2,900 | $ 2,949 | $ 3,173 |
Dividends - Schedule of Number
Dividends - Schedule of Number of Declarations and Cash Dividends Paid (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 06, 2024 | May 04, 2024 | Apr. 29, 2023 | |
Equity [Abstract] | |||
Cash dividends paid | $ 2,900 | $ 2,949 | $ 3,173 |
Dividends paid (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 |
Related-Party Transactions (Det
Related-Party Transactions (Details) $ in Millions | 3 Months Ended | |
May 04, 2024 USD ($) store | Apr. 29, 2023 USD ($) | |
T.I.G. Management, LLC | ||
Related Party Transaction [Line Items] | ||
Ownership percentage | 70% | |
Retail Security Gates, LLC | ||
Related Party Transaction [Line Items] | ||
Ownership percentage | 50% | |
Lease Arrangement with PGP | ||
Related Party Transaction [Line Items] | ||
Number of store leases under lease arrangement | store | 1 | |
Minimum annual lease payments | $ 0.1 | |
New Store and Remodel Construction | ||
Related Party Transaction [Line Items] | ||
Payments to related party | 3.2 | $ 2.4 |
Store Front Security Gates | ||
Related Party Transaction [Line Items] | ||
Payments to related party | $ 0.5 | $ 0.2 |