DICK'S Sporting Goods (DKS) 10-Q 25 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jul. 31, 2021	Aug. 20, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2021
Document Transition Report	false
Entity File Number	001-31463
Entity Registrant Name	DICK’S SPORTING GOODS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	16-1241537
Entity Address, Address Line One	345 Court Street
Entity Address, City or Town	Coraopolis
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15108
City Area Code	724
Local Phone Number	273-3400
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	DKS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001089063
Current Fiscal Year End Date	--01-29
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		64,892,258
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		23,695,633

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Income Statement [Abstract]
Net sales	$ 3,274,842	$ 2,713,372	$ 6,193,561	$ 4,046,600
Cost of goods sold, including occupancy and distribution costs	1,967,765	1,776,497	3,797,857	2,890,397
GROSS PROFIT	1,307,077	936,875	2,395,704	1,156,203
Selling, general and administrative expenses	640,268	543,033	1,248,562	946,254
Pre-opening expenses	3,256	2,485	7,780	4,765
INCOME FROM OPERATIONS	663,553	391,357	1,139,362	205,184
Interest expense	13,801	14,682	27,183	22,727
Other income	(6,795)	(14,508)	(14,146)	(986)
INCOME BEFORE INCOME TAXES	656,547	391,183	1,126,325	183,443
Provision for income taxes	161,038	114,340	269,060	50,022
NET INCOME	$ 495,509	$ 276,843	$ 857,265	$ 133,421
EARNINGS PER COMMON SHARE:
Basic (in dollars per share)	$ 5.86	$ 3.29	$ 10.13	$ 1.59
Diluted (in dollars per share)	$ 4.53	$ 3.12	$ 7.96	$ 1.53
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	84,512	84,130	84,631	83,932
Diluted (in shares)	109,271	88,826	107,641	87,360

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 495,509	$ 276,843	$ 857,265	$ 133,421
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of tax	(21)	53	43	(10)
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME	(21)	53	43	(10)
COMPREHENSIVE INCOME	$ 495,488	$ 276,896	$ 857,308	$ 133,411

CONSOLIDATED BALANCE SHEETS - U

CONSOLIDATED BALANCE SHEETS - UNAUDITED - USD ($) $ in Thousands	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 2,236,733	$ 1,658,067	$ 1,061,141
Accounts receivable, net	88,725	53,149	74,790
Income taxes receivable	700	6,396	7,223
Inventories, net	2,011,020	1,953,568	1,875,152
Prepaid expenses and other current assets	81,758	88,470	74,946
Total current assets	4,418,936	3,759,650	3,093,252
Property and equipment, net	1,323,174	1,300,265	1,348,059
Operating lease assets	2,083,010	2,149,913	2,213,158
Intangible assets, net	88,157	90,051	92,584
Goodwill	245,857	245,857	245,857
Deferred income taxes	34,672	51,475	21,538
Other assets	192,358	155,648	138,121
TOTAL ASSETS	8,386,164	7,752,859	7,152,569
CURRENT LIABILITIES:
Accounts payable	1,213,449	1,258,093	1,094,258
Accrued expenses	564,400	518,134	462,284
Operating lease liabilities	468,667	472,670	474,769
Income taxes payable	83,645	40,997	55,901
Deferred revenue and other liabilities	237,143	260,304	196,165
Total current liabilities	2,567,304	2,550,198	2,283,377
LONG-TERM LIABILITIES:
Revolving credit borrowings	0	0	0
Convertible senior notes due 2025	433,456	418,493	404,573
Long-term operating lease liabilities	2,173,897	2,259,308	2,373,173
Deferred income taxes	0	0	0
Other long-term liabilities	206,132	185,326	161,150
Total long-term liabilities	2,813,485	2,863,127	2,938,896
Commitments and contingencies
STOCKHOLDERS' EQUITY:
Additional paid-in capital	1,468,217	1,442,298	1,373,426
Retained earnings	3,857,257	3,064,702	2,724,424
Accumulated other comprehensive loss	(6)	(49)	(130)
Treasury stock, at cost	(2,320,935)	(2,168,266)	(2,168,266)
Total stockholders' equity	3,005,375	2,339,534	1,930,296
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	8,386,164	7,752,859	7,152,569
Common Stock
STOCKHOLDERS' EQUITY:
Common stock	605	612	601
Class B Common Stock
STOCKHOLDERS' EQUITY:
Common stock	$ 237	$ 237	$ 241

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - UNAUDITED - USD ($) $ in Thousands	Total	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Treasury Stock	Common StockCommon Stock	Class B Common StockCommon Stock
BALANCE at Feb. 01, 2020	$ 1,731,598	$ 1,253,867	$ 2,645,281	$ (120)	$ (2,168,266)	$ 593	$ 243
BALANCE (in shares) at Feb. 01, 2020						59,256,000	24,291,000
Increase (Decrease) in Stockholders' Equity
Equity component value of convertible note issuance	160,693	160,693
Purchase of convertible note hedge	(161,057)	(161,057)
Sale of common stock warrants	105,225	105,225
Restricted stock vested	0	(7)				$ 7
Restricted stock vested (in shares)						745,000
Minimum tax withholding requirements	(3,390)	(3,388)				$ (2)
Minimum tax withholding requirements (in shares)						(185,000)
Net income	(143,422)		(143,422)
Stock-based compensation	9,235	9,235
Foreign currency translation adjustment, net of taxes	(63)			(63)
Cash dividend declared	(26,794)		(26,794)
BALANCE at May. 02, 2020	1,672,025	1,364,568	2,475,065	(183)	(2,168,266)	$ 598	$ 243
BALANCE (in shares) at May. 02, 2020						59,816,000	24,291,000
Increase (Decrease) in Stockholders' Equity
Foreign currency translation adjustment, taxes	$ 20
Cash dividend declared per share (in dollars per share)	$ 0.3125
BALANCE at Feb. 01, 2020	$ 1,731,598	1,253,867	2,645,281	(120)	(2,168,266)	$ 593	$ 243
BALANCE (in shares) at Feb. 01, 2020						59,256,000	24,291,000
Increase (Decrease) in Stockholders' Equity
Net income	133,421
BALANCE at Aug. 01, 2020	1,930,296	1,373,426	2,724,424	(130)	(2,168,266)	$ 601	$ 241
BALANCE (in shares) at Aug. 01, 2020						60,062,000	24,091,000
BALANCE at May. 02, 2020	1,672,025	1,364,568	2,475,065	(183)	(2,168,266)	$ 598	$ 243
BALANCE (in shares) at May. 02, 2020						59,816,000	24,291,000
Increase (Decrease) in Stockholders' Equity
Exercise of stock options	939	939				$ 0
Exercise of stock options (in shares)						28,000
Restricted stock vested	0	(1)				$ 1
Restricted stock vested (in shares)						26,000
Minimum tax withholding requirements	(294)	(294)				$ 0
Minimum tax withholding requirements (in shares)						(8,000)
Net income	276,843		276,843
Stock-based compensation	8,214	8,214
Foreign currency translation adjustment, net of taxes	53			53
Cash dividend declared	(27,484)		(27,484)
BALANCE at Aug. 01, 2020	1,930,296	1,373,426	2,724,424	(130)	(2,168,266)	$ 601	$ 241
BALANCE (in shares) at Aug. 01, 2020						60,062,000	24,091,000
Increase (Decrease) in Stockholders' Equity
Exchange of Class B common stock for common stock	0					$ (2)	$ (2)
Exchange of Class B common stock for common stock (in shares)						(200,000)	(200,000)
Foreign currency translation adjustment, taxes	$ (17)
Cash dividend declared per share (in dollars per share)	$ 0.3125
BALANCE at Jan. 30, 2021	$ 2,339,534	1,442,298	3,064,702	(49)	(2,168,266)	$ 612	$ 237
BALANCE (in shares) at Jan. 30, 2021						61,195,000	23,736,000
Increase (Decrease) in Stockholders' Equity
Exercise of stock options	12,333	12,330				$ 3
Exercise of stock options (in shares)						297,000
Restricted stock vested	0	(8)				$ 8
Restricted stock vested (in shares)						791,000
Minimum tax withholding requirements	(18,601)	(18,598)				$ (3)
Minimum tax withholding requirements (in shares)						(237,000)
Net income	361,756		361,756
Stock-based compensation	12,870	12,870
Foreign currency translation adjustment, net of taxes	64			64
Purchase of shares for treasury	(76,841)				(76,831)	$ (10)
Purchase of shares for treasury (in shares)						(1,030,000)
Cash dividend declared	(32,391)		(32,391)
BALANCE at May. 01, 2021	2,598,724	1,448,892	3,394,067	15	(2,245,097)	$ 610	$ 237
BALANCE (in shares) at May. 01, 2021						61,016,000	23,736,000
Increase (Decrease) in Stockholders' Equity
Foreign currency translation adjustment, taxes	$ (20)
Cash dividend declared per share (in dollars per share)	$ 0.3625
BALANCE at Jan. 30, 2021	$ 2,339,534	1,442,298	3,064,702	(49)	(2,168,266)	$ 612	$ 237
BALANCE (in shares) at Jan. 30, 2021						61,195,000	23,736,000
Increase (Decrease) in Stockholders' Equity
Net income	857,265
BALANCE at Jul. 31, 2021	3,005,375	1,468,217	3,857,257	(6)	(2,320,935)	$ 605	$ 237
BALANCE (in shares) at Jul. 31, 2021						60,458,000	23,696,000
BALANCE at May. 01, 2021	2,598,724	1,448,892	3,394,067	15	(2,245,097)	$ 610	$ 237
BALANCE (in shares) at May. 01, 2021						61,016,000	23,736,000
Increase (Decrease) in Stockholders' Equity
Exercise of stock options	8,315	8,313				$ 2
Exercise of stock options (in shares)						189,000
Restricted stock vested	0	(1)				$ 1
Restricted stock vested (in shares)						31,000
Minimum tax withholding requirements	(1,531)	(1,531)				$ 0
Minimum tax withholding requirements (in shares)						(10,000)
Net income	495,509		495,509
Stock-based compensation	12,544	12,544
Foreign currency translation adjustment, net of taxes	(21)			(21)
Purchase of shares for treasury	(75,846)				(75,838)	$ (8)
Purchase of shares for treasury (in shares)						(808,000)
Cash dividend declared	(32,319)		(32,319)
BALANCE at Jul. 31, 2021	3,005,375	$ 1,468,217	$ 3,857,257	$ (6)	$ (2,320,935)	$ 605	$ 237
BALANCE (in shares) at Jul. 31, 2021						60,458,000	23,696,000
Increase (Decrease) in Stockholders' Equity
Exchange of Class B common stock for common stock	0					$ 0	$ 0
Exchange of Class B common stock for common stock (in shares)						(40,000)	(40,000)
Foreign currency translation adjustment, taxes	$ 6
Cash dividend declared per share (in dollars per share)	$ 0.3625

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 857,265	$ 133,421
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and other	158,009	162,755
Amortization of convertible notes discount and issuance costs	14,963	7,662
Non-cash lease costs	(54,582)	28,395
Deferred income taxes	16,803	(16,313)
Stock-based compensation	25,414	17,449
Changes in assets and liabilities:
Accounts receivable	(22,754)	(8,402)
Inventories	(57,452)	327,123
Prepaid expenses and other assets	1,559	7,026
Accounts payable	13,578	103,379
Accrued expenses	35,853	48,497
Income taxes payable / receivable	48,344	43,985
Construction allowances provided by landlords	18,344	30,850
Deferred revenue and other liabilities	(24,563)	(9,120)
Net cash provided by operating activities	1,030,781	876,707
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(167,689)	(94,256)
Proceeds from sale of other assets	9,671	0
Deposits and other investing activities	(19,130)	0
Net cash used in investing activities	(177,148)	(94,256)
CASH FLOWS FROM FINANCING ACTIVITIES:
Revolving credit borrowings	0	1,291,700
Revolving credit repayments	0	(1,515,800)
Proceeds from issuance of convertible notes	0	575,000
Payments for purchase of bond hedges	0	(161,057)
Proceeds from issuance of warrants	0	105,225
Transaction costs paid in connection with convertible notes issuance	0	(17,396)
Payments on other long-term debt and finance lease obligations	(385)	(403)
Proceeds from exercise of stock options	20,648	939
Minimum tax withholding requirements	(20,132)	(3,684)
Cash paid for treasury stock	(152,687)	0
Cash dividends paid to stockholders	(64,232)	(54,448)
Decrease in bank overdraft	(58,222)	(10,710)
Net cash (used in) provided by financing activities	(275,010)	209,366
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	43	(10)
NET INCREASE IN CASH AND CASH EQUIVALENTS	578,666	991,807
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		69,334
CASH AND CASH EQUIVALENTS, END OF PERIOD	2,236,733	1,061,141
Supplemental disclosure of cash flow information:
Accrued property and equipment	37,468	30,924
Cash paid for interest	11,487	9,156
Cash paid for income taxes	$ 210,168	$ 24,260

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Jul. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation DICK’S Sporting Goods, Inc. (together with its subsidiaries, referred to as “the Company”, “we”, “us” and “our” unless specified otherwise) is a leading omni-channel sporting goods retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories through a blend of dedicated teammates, in-store services and unique specialty shop-in-shops. The Company also owns and operates Golf Galaxy and Field & Stream specialty stores, as well as GameChanger, a youth sports mobile app for video streaming, scorekeeping, scheduling and communications. In addition, the Company offers its products through an eCommerce platform that is integrated with its store network, providing athletes with expertise as well as the convenience of a 24-hour storefront. When used in this Quarterly Report on Form 10-Q, unless the context otherwise requires or otherwise specifies, any reference to a “year” is to the Company’s fiscal year. Basis of Presentation and Use of Estimates The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the requirements for Quarterly Reports on Form 10-Q and do not include all the disclosures normally required in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The interim consolidated financial statements are unaudited and have been prepared on the same basis as the annual audited consolidated financial statements. In the opinion of management, such unaudited consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the interim financial information. The unaudited interim financial information should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended January 30, 2021 as filed with the Securities and Exchange Commission on March 24, 2021. Operating results for the 13 and 26 weeks ended July 31, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending January 29, 2022 or any other period. COVID-19 The pandemic caused by the coronavirus and its variants (“COVID-19”) continues to evolve. Its impact on the Company’s business remains uncertain and includes the longer-term economic recovery and what consumer discretionary spending behavior patterns may emerge when the pandemic subsides. COVID-19 has also caused disruptions and rising costs to global supply chains, and although the Company has successfully managed these challenges thus far, the Company’s ability to continue to replenish its inventory to meet continued levels of consumer demand could be impacted by further delays or disruptions. Accordingly , the Company currently cannot estimate the full impact that the COVID-19 pandemic may have on its financial condition and future results of operations, and it will continue to actively monitor its impact to the Company’s business. The Company continues to consider and assess the potential impact that the COVID-19 pandemic could have on its operations, as well as the assumptions and estimates used to prepare its financial statements such as inventory valuations, fair value measurements and potential asset impairment charges. Recently Adopted Accounting Pronouncements Income Taxes In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This update simplifies the accounting for income taxes by removing certain exceptions to the general principles in Accounting Standard Codification (“ASC”) 740 and also clarifies and amends existing guidance to improve consistent application. The Company adopted ASU 2019-12 during the first quarter of 2021. The adoption did not have a significant impact on the Company’s financial condition, results of operations, cash flows or disclosures. Recently Issued Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The update provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as the London Interbank Offered Rate (“LIBOR”). The amendments in this ASU can be applied anytime between the first quarter of fiscal 2020 and the fourth quarter of fiscal 2022 and apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The impact of Topic 848 on the Company's financial statements and related disclosures is not expected to be significant. Convertible Instruments

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jul. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share Basic earnings per common share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed based on the weighted average number of shares of common stock outstanding, plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include shares the Company could be obligated to issue from its Convertible Senior Notes and warrants, and stock-based awards, such as stock options and restricted stock. Dilutive potential common shares are excluded from the computation of earnings per share if their effect is anti-dilutive. The computations for basic and diluted earnings per common share were as follows for the periods presented ( in thousands, except per share data) 13 Weeks Ended 26 Weeks Ended July 31, August 1, July 31, August 1, Net income $ 495,509 $ 276,843 $ 857,265 $ 133,421 Weighted average common shares outstanding - basic 84,512 84,130 84,631 83,932 Dilutive effect of stock-based awards 6,297 3,577 6,352 2,868 Dilutive effect of Convertible Senior Notes and warrants 18,462 1,119 16,658 560 Weighted average common shares outstanding - diluted 109,271 88,826 107,641 87,360 Earnings per common share - basic $ 5.86 $ 3.29 $ 10.13 $ 1.59 Earnings per common share - diluted $ 4.53 $ 3.12 $ 7.96 $ 1.53 Stock-based awards excluded from diluted shares 2 2,796 82 3,090 For the 13 weeks and 26 weeks ended July 31, 2021, the dilutive effect of the Convertible Senior Notes includes approximately 10.7 million and 9.9 million shares, respectively, that are designed to be offset at settlement by shares delivered from the bond hedge purchased by the Company. The shares provided by the bond hedge are anti-dilutive; accordingly, they are not treated as a reduction to diluted weighted average shares outstanding for any periods presented.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements ASC 820, Fair Value Measurement and Disclosures , outlines a valuation framework and creates a fair value hierarchy for assets and liabilities as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Recurring The Company measures its deferred compensation plan assets held in trust at fair value on a recurring basis using Level 1 inputs. Such assets consist of investments in various mutual funds made by eligible individuals as part of the Company’s deferred compensation plans. As of July 31, 2021 and January 30, 2021, the fair value of the Company’s deferred compensation plans was $148.2 million and $125.7 million, respectively, as determined by quoted prices in active markets. The Company bases the fair value of its Convertible Senior Notes on Level 2 inputs, specifically their quoted price in an inactive market on the last trading day in a reporting period. On July 31, 2021, the fair value of the Convertible Senior Notes was approximately $1.8 billion, compared to their carrying value of $433.5 million. Because the closing price of the Company’s common stock of $104.14 at the 26 weeks ended July 31, 2021 exceeded the conversion price of $34.43, the if-converted value exceeded the principal amount of the Convertible Senior Notes by approximately $1.2 billion at July 31, 2021. The carrying value excluded amounts classified within additional paid-in capital and any unamortized discounts. Due to the short-term nature of these instruments, the fair value of cash and cash equivalents, accounts receivable, accounts payable, borrowings under the Credit Facility and certain other liabilities approximated their carrying values at both July 31, 2021 and January 30, 2021. Nonrecurring

Leases

Leases	6 Months Ended
	Jul. 31, 2021
Leases [Abstract]
Leases	Leases The Company leases all of its stores, three of its distribution centers and certain equipment under non-cancellable operating leases that expire at various dates through 2033. The Company’s stores generally have initial lease terms of 10 to 15 years and contain multiple five-year renewal options and rent escalation provisions. The lease agreements are primarily for the payment of minimum annual rentals, costs of utilities, property taxes, maintenance, common areas and insurance. In response to the COVID-19 pandemic, the Company negotiated rent deferrals with its landlords, which reduced payments for the 26 weeks ended August 1, 2020. Supplemental cash flow information related to operating leases for the 26 weeks ended July 31, 2021 and August 1, 2020 were as follows ( in millions ): 26 Weeks Ended July 31, August 1, Cash paid for amounts included in the measurement of operating lease liabilities $ 342.1 $ 265.8 Non-cash operating lease assets and liabilities obtained in exchange for new or modified leases $ 169.0 $ 143.5

Income Taxes

Income Taxes	6 Months Ended
	Jul. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate decreased to 24.5% for the quarter ended July 31, 2021 from 29.2% for the quarter ended August 1, 2020. The Company’s effective tax rate in the first quarter of 2020 included an estimated benefit resulting from the CARES Act, which allows for the carry-back of net operating losses to periods prior to the Tax Cuts and Jobs Act, when the federal statutory tax rate was 35%. Based upon its net income for the second quarter of 2020, the Company no longer anticipated a net operating loss for fiscal 2020, which was reflected in its effective tax rate for the 13 weeks ended August 1, 2020. The Company’s effective tax rate was 23.9% for the 26 weeks ended July 31, 2021, and 27.3% for the 26 weeks ended August 1, 2020. The decrease was due primarily to the favorable tax impact from the vesting of certain share-based payments in the current year due to increases in the Company’s share price.

Subsequent Events

Subsequent Events	6 Months Ended
	Jul. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On August 19, 2021, the Company's Board of Directors authorized and declared a quarterly cash dividend in the amount of $0.4375 per share on the Company's common stock and Class B common stock. The dividend is payable on September 24, 2021 to stockholders of record as of the close of business on September 10, 2021. Also on August 19, 2021, the Company's Board of Directors authorized and declared a special dividend in the amount of $5.50 per share on the Company's common stock and Class B common stock. The dividend is payable on September 24, 2021 to stockholders of record at the close of business on September 10, 2021.

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Jul. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recently Adopted Accounting Pronouncements / Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Income Taxes In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This update simplifies the accounting for income taxes by removing certain exceptions to the general principles in Accounting Standard Codification (“ASC”) 740 and also clarifies and amends existing guidance to improve consistent application. The Company adopted ASU 2019-12 during the first quarter of 2021. The adoption did not have a significant impact on the Company’s financial condition, results of operations, cash flows or disclosures. Recently Issued Accounting Pronouncements Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The update provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as the London Interbank Offered Rate (“LIBOR”). The amendments in this ASU can be applied anytime between the first quarter of fiscal 2020 and the fourth quarter of fiscal 2022 and apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The impact of Topic 848 on the Company's financial statements and related disclosures is not expected to be significant. Convertible Instruments

Earnings Per Common Share (Tabl

Earnings Per Common Share (Table)	6 Months Ended
	Jul. 31, 2021
Earnings Per Share [Abstract]
Schedule of the computations for basic and diluted earnings per common share	The computations for basic and diluted earnings per common share were as follows for the periods presented ( in thousands, except per share data) 13 Weeks Ended 26 Weeks Ended July 31, August 1, July 31, August 1, Net income $ 495,509 $ 276,843 $ 857,265 $ 133,421 Weighted average common shares outstanding - basic 84,512 84,130 84,631 83,932 Dilutive effect of stock-based awards 6,297 3,577 6,352 2,868 Dilutive effect of Convertible Senior Notes and warrants 18,462 1,119 16,658 560 Weighted average common shares outstanding - diluted 109,271 88,826 107,641 87,360 Earnings per common share - basic $ 5.86 $ 3.29 $ 10.13 $ 1.59 Earnings per common share - diluted $ 4.53 $ 3.12 $ 7.96 $ 1.53 Stock-based awards excluded from diluted shares 2 2,796 82 3,090

Leases (Table)

Leases (Table)	6 Months Ended
	Jul. 31, 2021
Leases [Abstract]
Other information related to operating leases	Supplemental cash flow information related to operating leases for the 26 weeks ended July 31, 2021 and August 1, 2020 were as follows ( in millions ): 26 Weeks Ended July 31, August 1, Cash paid for amounts included in the measurement of operating lease liabilities $ 342.1 $ 265.8 Non-cash operating lease assets and liabilities obtained in exchange for new or modified leases $ 169.0 $ 143.5

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jul. 31, 2021	May 01, 2021	Aug. 01, 2020	May 02, 2020	Jul. 31, 2021	Aug. 01, 2020
Earnings Per Share [Abstract]
Net income	$ 495,509	$ 361,756	$ 276,843	$ (143,422)	$ 857,265	$ 133,421
Weighted average common shares outstanding - basic (in shares)	84,512		84,130		84,631	83,932
Dilutive effect of stock-based awards (in shares)	6,297		3,577		6,352	2,868
Dilutive effect of Convertible Senior Notes and warrants (in shares)	18,462		1,119		16,658	560
Weighted average common shares outstanding - diluted (in shares)	109,271		88,826		107,641	87,360
Earnings per common share (in dollars per share) - basic	$ 5.86		$ 3.29		$ 10.13	$ 1.59
Earnings per common share (in dollars per share) - diluted	$ 4.53		$ 3.12		$ 7.96	$ 1.53
Share-based Payment Arrangement
Stock-based awards excluded from diluted shares
Stock-based awards excluded from diluted shares (in shares)	2		2,796		82	3,090
Bond Hedge
Stock-based awards excluded from diluted shares
Stock-based awards excluded from diluted shares (in shares)	10,700				9,900

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Fair Value Measurements
Carrying amount	$ 433,456	$ 418,493	$ 404,573
Closing price of the Company's common stock at the end of Q2 2021 (in dollars per share)	$ 104.14
Conversion price (in dollars per share)	$ 34.43
Amount in which the if-converted value exceeds the principal amount	$ 1,200,000
Level 1
Fair Value Measurements
Deferred compensation plan assets held in trust	148,200	$ 125,700
Level 2
Fair Value Measurements
Convertible Senior Notes, fair value	$ 1,800,000

Leases (Details)

Leases (Details) $ in Thousands	6 Months Ended
	Jul. 31, 2021USD ($)DistributionCenter	Aug. 01, 2020USD ($)
Leases
Number of distribution centers leased | DistributionCenter	3
Additional renewal period	5 years
Cash paid for amounts included in the measurement of operating lease liabilities	$ 342,100	$ 265,800
Non-cash operating lease assets and liabilities obtained in exchange for new or modified leases	$ 169,000	$ 143,500
Minimum
Leases
Initial tenure of operating leases	10 years
Maximum
Leases
Initial tenure of operating leases	15 years

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	24.50%	29.20%	23.90%	27.30%

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Events	Aug. 19, 2021$ / shares
Common Stock
Subsequent Events
Dividend amount (in dollars per share)	$ 0.4375
Special dividend (in dollars per share)	5.50
Class B Common Stock
Subsequent Events
Dividend amount (in dollars per share)	0.4375
Special dividend (in dollars per share)	$ 5.50