Five Below (FIVE) 10-Q 2 Sep 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 31, 2021	Sep. 01, 2021
Cover [Abstract]
Document Type	10-Q
Entity Registrant Name	Five Below, Inc.
Document Period End Date	Jul. 31, 2021
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-35600
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	75-3000378
Entity Address, Address Line One	701 Market Street
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Title of 12(b) Security	Common stock
Trading Symbol	FIVE
Security Exchange Name	NASDAQ
Entity Central Index Key	0001177609
Current Fiscal Year End Date	--01-29
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Entity Address, Postal Zip Code	19106
City Area Code	215
Local Phone Number	546-7909
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		56,021,792

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Current assets:
Cash and cash equivalents	$ 126,195,000	$ 268,783,000	$ 160,338,000
Short-term investment securities	286,929,000	140,928,000	41,670,000
Inventories	347,302,000	281,267,000	294,057,000
Prepaid income taxes and tax receivable	9,410,000	6,350,000	15,496,000
Prepaid expenses and other current assets	69,504,000	58,085,000	58,965,000
Total current assets	839,340,000	755,413,000	570,526,000
Property and equipment, net of accumulated depreciation and amortization of $317,499, $278,019, and $244,453, respectively.	677,183,000	565,351,000	505,299,000
Operating lease assets	1,086,386,000	975,862,000	911,631,000
Long-term investment securities	1,104,000	0	0
Other assets	18,921,000	18,144,000	12,791,000
Total assets	2,622,934,000	2,314,770,000	2,000,247,000
Current liabilities:
Line of credit	0	0	0
Accounts payable	167,704,000	138,622,000	121,372,000
Income taxes payable	931,000	2,025,000	775,000
Accrued salaries and wages	41,654,000	43,445,000	18,992,000
Other accrued expenses	141,520,000	108,504,000	90,117,000
Operating lease liabilities	150,041,000	143,074,000	134,937,000
Total current liabilities	501,850,000	435,670,000	366,193,000
Other long-term liabilities	1,291,000	1,048,000	1,540,000
Long-term operating lease liabilities	1,081,555,000	967,255,000	908,554,000
Deferred income taxes	35,778,000	28,911,000	5,000
Total liabilities	1,620,474,000	1,432,884,000	1,276,292,000
Commitments and contingencies (note 6)
Shareholders’ equity:
Common stock, $0.01 par value. Authorized 120,000,000 shares; issued and outstanding 56,022,278, 55,935,237, and 55,837,096 shares, respectively.	560,000	559,000	559,000
Additional paid-in capital	327,211,000	321,075,000	307,506,000
Retained earnings	674,689,000	560,252,000	415,890,000
Total shareholders’ equity	1,002,460,000	881,886,000	723,955,000
Total liabilities and shareholders' equity (deficit)	$ 2,622,934,000	$ 2,314,770,000	$ 2,000,247,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Statement of Financial Position [Abstract]
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 317,499	$ 278,019	$ 244,453
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	120,000,000	120,000,000	120,000,000
Common stock, shares issued (in shares)	56,022,278	55,935,237	55,837,096
Common stock, shares outstanding (in shares)	56,022,278	55,935,237	55,837,096

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ 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	$ 646,554	$ 426,110	$ 1,244,377	$ 627,009
Cost of goods sold	416,235	286,271	813,189	466,709
Gross profit	230,319	139,839	431,188	160,300
Selling, general and administrative expenses	144,151	106,697	281,333	199,354
Operating income (loss)	86,168	33,142	149,855	(39,054)
Interest (expense) income and other (expense) income, net	(1,071)	(500)	(2,048)	(357)
Income (loss) before income taxes	85,097	32,642	147,807	(39,411)
Income tax expense (benefit)	20,256	3,061	33,370	(18,410)
Net income (loss)	$ 64,841	$ 29,581	$ 114,437	$ (21,001)
Basic (loss) income per common share (dollars per share)	$ 1.16	$ 0.53	$ 2.04	$ (0.38)
Diluted (loss) income per common share (dollars per share)	$ 1.15	$ 0.53	$ 2.03	$ (0.38)
Weighted average shares outstanding:
Basic shares	56,007,970	55,786,823	55,989,399	55,844,418
Diluted shares	56,299,491	55,966,840	56,287,095	55,844,418

Consolidated Statement of Share

Consolidated Statement of Shareholders' Equity - USD ($)	Total	Common stock	Additional paid-in capital	Retained earnings
Balance, common stock, shares at Feb. 01, 2020		55,712,067
Balance at Feb. 01, 2020	$ 759,778,000	$ 557,000	$ 322,330,000	$ 436,891,000
Share-based compensation benefit	(3,536,000)		(3,536,000)
Exercise of options to purchase common stock (in shares)		2,136
Exercise of options to purchase common stock	65,000		65,000
Vesting of restricted and performance-based stock units (in shares)		204,769
Vesting of restricted stock units and performance-based restricted stock units	2,000	$ 2,000
Common Shares Withheld for Taxes		46,532
Common shares withheld for taxes	(3,299,000)		(3,299,000)
Repurchase and retirement of common stock (in shares)		(137,023)
Repurchase and retirement of common stock	(12,663,000)	$ (1,000)	(12,662,000)
Net income (loss)	(50,582,000)			(50,582,000)
Balance, common stock, shares at May. 02, 2020		55,735,417
Balance at May. 02, 2020	689,765,000	$ 558,000	302,898,000	386,309,000
Balance, common stock, shares at Feb. 01, 2020		55,712,067
Balance at Feb. 01, 2020	759,778,000	$ 557,000	322,330,000	436,891,000
Net income (loss)	$ (21,001,000)
Balance, common stock, shares at Aug. 01, 2020	55,837,096	55,837,096
Balance at Aug. 01, 2020	$ 723,955,000	$ 559,000	307,506,000	415,890,000
Balance, common stock, shares at May. 02, 2020		55,735,417
Balance at May. 02, 2020	689,765,000	$ 558,000	302,898,000	386,309,000
Share-based compensation benefit	2,416,000		2,416,000
Issuance of unrestricted stock awards (in shares)		584
Issuance of unrestricted stock awards	64,000		64,000
Exercise of options to purchase common stock (in shares)		83,814
Exercise of options to purchase common stock	2,197,000	$ 1,000	2,196,000
Vesting of restricted and performance-based stock units (in shares)		18,030
Common Shares Withheld for Taxes		2,885
Common shares withheld for taxes	(297,000)		(297,000)
Net income (loss)	$ 29,581,000			29,581,000
Balance, common stock, shares at Aug. 01, 2020	55,837,096	55,837,096
Balance at Aug. 01, 2020	$ 723,955,000	$ 559,000	307,506,000	415,890,000
Stock Issued During Period, Value, Employee Stock Purchase Plan	$ 229,000		229,000
Stock Issued During Period, Shares, Employee Stock Purchase Plans		2,136
Balance, common stock, shares at Jan. 30, 2021	55,935,237	55,935,237
Balance at Jan. 30, 2021	$ 881,886,000	$ 559,000	321,075,000	560,252,000
Share-based compensation benefit	5,695,000		5,695,000
Issuance of unrestricted stock awards (in shares)		400
Issuance of unrestricted stock awards	81,000		81,000
Exercise of options to purchase common stock (in shares)		200
Exercise of options to purchase common stock	6,000		6,000
Vesting of restricted and performance-based stock units (in shares)		92,914
Vesting of restricted stock units and performance-based restricted stock units	1,000	$ 1,000
Common Shares Withheld for Taxes		34,682
Common shares withheld for taxes	(6,623,000)		(6,623,000)
Net income (loss)	49,596,000			49,596,000
Balance, common stock, shares at May. 01, 2021		55,994,069
Balance at May. 01, 2021	$ 930,642,000	$ 560,000	320,234,000	609,848,000
Balance, common stock, shares at Jan. 30, 2021	55,935,237	55,935,237
Balance at Jan. 30, 2021	$ 881,886,000	$ 559,000	321,075,000	560,252,000
Exercise of options to purchase common stock (in shares)	10,446
Net income (loss)	$ 114,437,000
Balance, common stock, shares at Jul. 31, 2021	56,022,278	56,022,278
Balance at Jul. 31, 2021	$ 1,002,460,000	$ 560,000	327,211,000	674,689,000
Balance, common stock, shares at May. 01, 2021		55,994,069
Balance at May. 01, 2021	930,642,000	$ 560,000	320,234,000	609,848,000
Share-based compensation benefit	6,457,000		6,457,000
Issuance of unrestricted stock awards (in shares)		413
Issuance of unrestricted stock awards	80,000		80,000
Exercise of options to purchase common stock (in shares)		10,246
Exercise of options to purchase common stock	352,000		352,000
Vesting of restricted and performance-based stock units (in shares)		17,339
Common Shares Withheld for Taxes		1,879
Common shares withheld for taxes	$ (355,000)		(355,000)
Repurchase and retirement of common stock (in shares)	0
Net income (loss)	$ 64,841,000			64,841,000
Balance, common stock, shares at Jul. 31, 2021	56,022,278	56,022,278
Balance at Jul. 31, 2021	$ 1,002,460,000	$ 560,000	327,211,000	$ 674,689,000
Stock Issued During Period, Value, Employee Stock Purchase Plan	$ 443,000		$ 443,000
Stock Issued During Period, Shares, Employee Stock Purchase Plans		2,090

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Operating activities:
Net income (loss)	$ 114,437	$ (21,001)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	39,480	33,200
Share-based compensation expense (benefit)	12,353	(1,033)
Deferred income tax expense (benefit)	6,867	(8,711)
Other non-cash expenses	354	1,278
Changes in operating assets and liabilities:
Inventories	(66,035)	29,971
Prepaid income taxes and tax receivable	(3,060)	(11,433)
Prepaid expenses and other assets	(9,050)	21,631
Accounts payable	29,616	(13,965)
Income taxes payable	(1,094)	(8,730)
Accrued salaries and wages	(1,791)	(881)
Operating leases	10,743	26,755
Other accrued expenses	15,987	14,381
Net cash provided by operating activities	148,807	61,462
Investing activities:
Purchases of investment securities and other investments	(251,447)	(48,344)
Sales, maturities, and redemptions of investment securities	100,842	60,903
Capital expenditures	(134,614)	(100,652)
Net cash used in investing activities	(285,219)	(88,093)
Financing activities:
Borrowing on note payable under Revolving Credit Facility	0	50,000
Repayment of note payable under Revolving Credit Facility	0	(50,000)
Cash paid for Revolving Credit Facility financing costs	0	(1,755)
Proceeds from Issuance of Common Stock	443	229
Repurchase and retirement of common stock	0	(12,663)
Proceeds from exercise of options to purchase common stock and vesting of restricted and performance-based restricted stock units	359	2,264
Common shares withheld for taxes	(6,978)	(3,596)
Net cash used in financing activities	(6,176)	(15,521)
Net decrease in cash and cash equivalents	(142,588)	(42,152)
Cash and cash equivalents at beginning of period	268,783	202,490
Cash and cash equivalents at end of period	126,195	160,338
Supplemental disclosures of cash flow information:
Increase (decrease) in accrued purchases of property and equipment	$ (16,698)	$ (106)

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jul. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting PoliciesDescription of Business Five Below, Inc. (collectively referred to herein with its wholly owned subsidiary as the "Company") is a specialty value retailer offering merchandise targeted at the tween and teen demographic. The Company offers an edited assortment of products, with most priced at $5 and below. The Company’s edited assortment of products includes select brands and licensed merchandise. The Company believes its merchandise is readily available, and that there are a number of potential vendors that could be utilized, if necessary, under approximately the same terms the Company is currently receiving; thus, it is not dependent on a single vendor or a group of vendors. The Company is incorporated in the Commonwealth of Pennsylvania and, as of July 31, 2021, operated in 39 states that include Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Massachusetts, New Hampshire, West Virginia, North Carolina, New York, Connecticut, Rhode Island, Ohio, Illinois, Indiana, Michigan, Missouri, Georgia, Texas, Tennessee, Maine, Alabama, Kentucky, Kansas, Florida, South Carolina, Mississippi, Louisiana, Wisconsin, Oklahoma, Minnesota, California, Arkansas, Iowa, Nebraska, Arizona, Nevada, Colorado and Utah. As of July 31, 2021 and August 1, 2020, the Company operated 1,121 stores and 982 stores, respectively, each operating under the name “Five Below,” and sells merchandise on the internet, through the Company's fivebelow.com e-commerce website. As a result of the COVID-19 pandemic, the Company's business operations and results of operations, including its net sales, earnings and cash flows, were materially impacted in fiscal 2020 as a result of the temporary closures of its stores in the first half of 2020, and decreased customer traffic in stores, as the result of limitations on the number of persons permitted in stores at one time by certain local and state regulations. The Company's ability to operate improved beginning in the second half of fiscal 2020 and extending into fiscal 2021. However, the ultimate health and economic impact of the COVID-19 pandemic remains uncertain, especially in light of the recent surge due to the Delta variant. If the pandemic were to continue to worsen, the Company's business operations, including net sales, earnings and cash flows, may be materially impacted. Further, the Company may determine to reinstate any of the mitigation measures implemented in fiscal 2020 that have since been modified or terminated, or take any additional steps that we consider necessary or as required by local, state or federal authorities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation at the measurement date: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Inputs, other than Level 1, that are either directly or indirectly observable. Level 3: Unobservable inputs developed using the Company’s estimates and assumptions which reflect those that market participants would use. The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement. The Company’s financial instruments consist primarily of cash equivalents, investment securities, accounts payable, and borrowings, if any, under a line of credit. The Company believes that: (1) the carrying value of cash equivalents and accounts payable are representative of their respective fair value due to the short-term nature of these instruments; and (2) the carrying value of the borrowings, if any, under the line of credit approximates fair value because the line of credit’s interest rates vary with market interest rates. Under the fair value hierarchy, the fair market values of the investments in corporate bonds are Level 1 while the investments in municipal bonds are Level 2. The fair market values of Level 2 instruments are determined by management with the assistance of a third-party pricing service. Since quoted prices in active markets for identical assets are not available, these prices are determined by the third-party pricing service using observable market information such as quotes from less active markets and quoted prices of similar securities. As of July 31, 2021, January 30, 2021, and August 1, 2020, the Company had cash equivalents of $73.9 million , $250.7 million and $144.1 million, respectively. The Company’s cash equivalents consist of credit and debit card receivables, money market funds, and corporate bonds with original maturities of 90 days or less. Fair value for cash equivalents was determined based on Level 1 inputs. As of July 31, 2021, January 30, 2021, and August 1, 2020, the Company's investment securities are classified as held-to-maturity since the Company has the intent and ability to hold the investments to maturity. Such securities are carried at amortized cost plus accrued interest and consist of the following (in thousands): As of July 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Short-term: Corporate bonds $ 234,909 $ — $ 49 $ 234,860 Municipal bonds 52,020 — 6 52,014 Total $ 286,929 $ — $ 55 $ 286,874 Long-term: Municipal bonds $ 1,104 $ 1 $ — $ 1,105 Total $ 1,104 $ 1 $ — $ 1,105 As of January 30, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Short-term: Corporate bonds $ 95,530 $ — $ 53 $ 95,477 Municipal bonds 45,398 — 7 45,391 Total $ 140,928 $ — $ 60 $ 140,868 As of August 1, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Short-term: Corporate bonds $ 41,670 $ 65 $ — $ 41,735 Total $ 41,670 $ 65 $ — $ 41,735 Prepaid expenses as of July 31, 2021, January 30, 2021, and August 1, 2020 were $23.4 million, $19.0 million, and $18.8 million, respectively. Other current assets as of July 31, 2021, January 30, 2021, and August 1, 2020 were $46.1 million Other accrued expenses include accrued capital expenditures of $46.4 million , $29.2 million, and $23.7 million as of July 31, 2021, January 30, 2021, and August 1, 2020, respectively.

Revenue from Contracts With Cus

Revenue from Contracts With Customers	6 Months Ended
	Jul. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer	Revenue from Contracts with Customers Revenue Transactions Revenue from store operations is recognized at the point of sale when control of the product is transferred to the customer at such time. Internet sales, through the Company's fivebelow.com e-commerce website, are recognized when the customer receives the product as control transfers upon delivery. Returns subsequent to the period end are immaterial; accordingly, no significant reserve has been recorded. Gift card sales to customers are initially recorded as liabilities and recognized as sales upon redemption for merchandise or as breakage revenue in proportion to the pattern of redemption of the gift cards by the customer in net sales. The transaction price for the Company’s sales is based on the item’s stated price. To the extent that the Company charges customers for shipping and handling on e-commerce sales, the Company records such amounts in net sales. Shipping and handling costs, which include fulfillment and shipping costs related to the Company's e-commerce operations, are included in costs of goods sold. As permitted by applicable accounting guidance, the Company has elected to exclude all sales taxes from net sales in the accompanying consolidated statements of operations. Disaggregation of Revenue The following table provides information about disaggregated revenue by groups of products: leisure, fashion and home, and party and snack (in thousands): Thirteen Weeks Ended Thirteen Weeks Ended July 31, 2021 August 1, 2020 Amount Percentage of Net Sales Amount Percentage of Net Sales Leisure $ 328,517 50.8 % $ 206,362 48.4 % Fashion and home 191,241 29.6 % 156,665 36.8 % Party and snack 126,796 19.6 % 63,083 14.8 % Total $ 646,554 100.0 % $ 426,110 100.0 % Twenty-Six Weeks Ended Twenty-Six Weeks Ended July 31, 2021 August 1, 2020 Amount Percentage of Net Sales Amount Percentage of Net Sales Leisure $ 625,290 50.2 % $ 302,712 48.3 % Fashion and home 370,933 29.8 % 223,843 35.7 % Party and snack 248,154 20.0 % 100,454 16.0 % Total $ 1,244,377 100.0 % $ 627,009 100.0 %

Leases

Leases	6 Months Ended
	Jul. 31, 2021
Leases [Abstract]
Leases	Leases The Company determines if an arrangement contains a lease at the inception of a contract. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. In response to the COVID-19 pandemic, certain of the Company's landlords agreed to temporary rent concessions. These rent concessions generally related to deferrals and abatements of certain rent payments due between April 2020 through October 2020 into future periods. In accordance with the Financial Accounting Standards Board's staff guidance regarding rent concessions related to the effects of the COVID-19 pandemic, the Company has elected to account for the concessions agreed to by landlords that do not result in a substantial increase in the obligations of the lessee as if the enforceable rights and obligations for those concessions existed in the original lease agreements and the Company has elected to not remeasure the related lease liabilities and right-of-use assets. For qualifying rent abatement concessions, the Company has recorded negative variable lease expense for the amount of the concession during the period of relief, and for qualifying deferrals of rental payments, the Company has recognized a non-interest bearing payable in lieu of recognizing a decrease in cash for the lease payment that would have been made based on the original terms of the lease agreement, which will be reduced when the deferred payment is made in the future. During the thirteen weeks ended July 31, 2021, the Company committed to 30 new store leases with average terms of approximately 10 years that have future minimum lease payments of approximately $68.6 million. All of the Company's leases are classified as operating leases and the associated assets and liabilities are presented as separate captions in the consolidated balance sheets. As of July 31, 2021 and August 1, 2020, the weighted average remaining lease term for the Company's operating leases was 7.9 years and 8.0 years, respectively, and the weighted average discount rate was 6.2% and 6.6% , respectively. The following table is a summary of the Company's components for net lease costs (in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended Lease Cost July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Operating lease cost $ 49,265 $ 42,273 $ 96,794 $ 82,621 Variable lease cost 14,020 10,619 27,650 21,962 Net lease cost* $ 63,285 $ 52,892 $ 124,444 $ 104,583 * Excludes short-term lease cost, which is immaterial. The following table summarizes the maturity of lease liabilities under operating leases as of July 31, 2021 (in thousands): Maturity of Lease Liabilities Operating Leases 2021 $ 109,500 2022 210,299 2023 203,841 2024 193,741 2025 178,842 After 2025 620,838 Total lease payments 1,517,061 Less: imputed interest 285,465 Present value of lease liabilities $ 1,231,596 The following table summarizes the supplemental cash flow disclosures related to leases (in thousands): Twenty-Six Weeks Ended July 31, 2021 August 1, 2020 Cash paid for amounts included in the measurement of lease liabilities: Cash payments arising from operating lease liabilities (1) $ 96,384 $ 57,311 Supplemental non-cash information: Operating lease liabilities arising from obtaining right-of-use assets $ 171,581 $ 118,189 (1) Included within operating activities in the Company's Consolidated Statements of Cash Flows.

Income Per Common Share

Income Per Common Share	6 Months Ended
	Jul. 31, 2021
Earnings Per Share [Abstract]
Income Per Common Share	Income (Loss) Per Common ShareBasic income (loss) per common share amounts are calculated using the weighted average number of common shares outstanding for the period. Diluted income (loss) per common share amounts are calculated using the weighted average number of common shares outstanding for the period and include the dilutive impact of exercised stock options as well as assumed vesting of restricted stock awards and shares currently available for purchase under the Company's Employee Stock Purchase Plan, using the treasury stock method. Performance-based restricted stock units are considered contingently issuable shares for diluted income per common share purposes and the dilutive impact, if any, is not included in the weighted average shares until the performance conditions are met. The dilutive impact, if any, for performance-based restricted stock units, which are subject to market conditions based on the Company's total shareholder return relative to a pre-defined peer group, are included in the weighted average shares. The following table reconciles net income (loss) and the weighted average common shares outstanding used in the computations of basic and diluted income (loss) per common share (in thousands, except for share and per share data): Thirteen Weeks Ended Twenty-Six Weeks Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Numerator: Net income (loss) $ 64,841 $ 29,581 $ 114,437 $ (21,001) Denominator: Weighted average common shares outstanding - basic 56,007,970 55,786,823 55,989,399 55,844,418 Dilutive impact of options, restricted stock units and employee stock purchase plan 291,521 180,017 297,696 — Weighted average common shares outstanding - diluted 56,299,491 55,966,840 56,287,095 55,844,418 Per common share: Basic income (loss) per common share $ 1.16 $ 0.53 $ 2.04 $ (0.38) Diluted income (loss) per common share $ 1.15 $ 0.53 $ 2.03 $ (0.38) The effects of the assumed vesting of restricted stock units for 22,845 shares of common stock for the thirteen weeks ended July 31, 2021 were excluded from the calculation of diluted net income per share, as their impact would have been anti-dilutive. The effects of the assumed vesting of restricted stock units for 11,835 shares of common stock for the twenty-six weeks ended July 31, 2021 were excluded from the calculation of diluted net income per share, as their impact would have been anti-dilutive. The effects of the assumed vesting of restricted stock units for 7,837 shares of common stock for the thirteen weeks ended August 1, 2020 were excluded from the calculation of diluted net income per share, as their impact would have been anti-dilutive. For the twenty-six weeks ended August 1, 2020, all common stock equivalents related to outstanding stock options and unvested restricted units were excluded from the calculation of diluted net loss per share, as their impact would have been anti-dilutive due to the Company's net loss for the period.

Line of Credit

Line of Credit	6 Months Ended
	Jul. 31, 2021
Debt Disclosure [Abstract]
Line of Credit	Line of Credit On January 27, 2021, the Company entered into a First Amendment to Credit Agreement (the "First Amendment") which amended the Fifth Amended and Restated Credit Agreement (as amended by the First Amendment, the “Credit Agreement”) dated April 24, 2020 among the Company, 1616 Holdings, Inc., a wholly-owned subsidiary of the Company ("1616 Holdings" and together with the Company, the "Loan Parties"), Wells Fargo Bank, National Association as administrative agent (the “Agent”), and other lenders party thereto (the "Lenders"). The Credit Agreement provides for a secured asset-based revolving line of credit in the amount of up to $225.0 million (the "Revolving Credit Facility"). Advances under the Revolving Credit Facility are tied to a borrowing base consisting of eligible credit card receivables and inventory, as reduced by certain reserves in effect from time to time. Pursuant to the Credit Agreement, inventory appraisals and certain other diligence items are deferred, with reduced advance rates during the period that such appraisals have not been delivered. The Revolving Credit Facility expires on the earliest to occur of (i) April 24, 2023 or (ii) an event of default. The Revolving Credit Facility may be increased by up to $150.0 million, subject to certain conditions, including obtaining commitments from one or more Lenders (the "Accordion"). Pursuant to the First Amendment, the Company obtained commitments from the Lenders that would allow the Company at its election (subject only to satisfaction of certain customary conditions such as the absence of any Event of Default), to increase the amount of the Revolving Credit Facility by an aggregate principal amount up to $50.0 million within the Accordion (the "Committed Increase"). The entire amount of the Revolving Credit Facility is available for the issuance of letters of credit and allows for swingline loans. The Credit Agreement provides that the interest rate payable on borrowings shall be, at the Company’s option, a per annum rate equal to (a) a base rate plus an applicable margin ranging from 0.25% to 0.75% or (b) a LIBOR rate plus a margin ranging from 1.25% to 1.75%. Letter of credit fees range from 1.25% to 1.75%. The interest rate and letter of credit fees under the Credit Agreement are subject to an increase of 2.00% per annum upon an event of default. The Credit Agreement contains customary covenants that limit, absent lender approval, the ability of Company and certain of its affiliates to, among other things, pay cash dividends, incur debt, create liens and encumbrances, redeem or repurchase stock, enter into certain acquisition transactions or transactions with affiliates, merge, dissolve, repay certain indebtedness, change the nature of Company’s business, enter sale or leaseback transactions, make investments or dispose of assets. In some cases, these restrictions are subject to certain negotiated exceptions or permit Company to undertake otherwise restricted activities if it satisfies certain required conditions. In addition, the Company will be required to maintain availability of not less than (i) 12.5% of the lesser of (x) aggregate commitments under the Revolving Credit Facility and (y) the borrowing base (the "loan cap") during the period that inventory appraisals have not been delivered as described above and (ii) at all other times 10% of the loan cap. If there exists an event of default or availability under the Revolving Credit Facility is less than 15% of the loan cap, amounts in any of the Loan Parties’ or subsidiary guarantors' designated deposit accounts will be transferred daily into a blocked account held by the Agent and applied to reduce outstanding amounts under the Revolving Credit Facility (the “Cash Dominion Event”), so long as (i) such event of default has not been waived and/or (ii) until availability has exceeded 15% of the loan cap for sixty (60) consecutive calendar days (provided that such ability to discontinue the Cash Dominion Event shall be limited to two times during the term of the Credit Agreement). The Credit Agreement contains customary events of default including, among other things, failure to pay obligations when due, initiation of bankruptcy or insolvency proceedings, defaults on certain other indebtedness, change of control, incurrence of certain material judgments that are not stayed, satisfied, bonded or discharged within 30 days, certain ERISA events, invalidity of the credit documents, and violation of affirmative and negative covenants or breach of representations and warranties set forth in the Credit Agreement. Amounts under the Revolving Credit Facility's may become due upon events of default (subject to any applicable grace or cure periods). All obligations under the Revolving Credit Facility are guaranteed by 1616 Holdings and are secured by substantially all of the assets of the Company and 1616 Holdings. As of July 31, 2021, the Company had no borrowings under the Revolving Credit Facility and had approximately $225.0 million available under the Revolving Credit Facility.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Other Contractual Commitments As of July 31, 2021, the Company has other purchase commitments of approximately $11.2 million consisting of purchase agreements for materials that will be used in the construction of new stores. During the thirteen weeks ended August 1, 2020, the Company acquired land in Buckeye, Arizona, to build an approximately 860,000 square foot distribution center to support the Company's anticipated growth. The total cost of the land and building is expected to be approximately $65 million, of which approximately $58 million has been paid through July 31, 2021. The Company began operating the distribution center in August 2021. During the thirteen weeks ended May 1, 2021, the Company acquired land in Indianapolis, Indiana, to build an approximately 1,030,000 square foot distribution center to support the Company's anticipated growth. The total cost of the land and building is expected to be approximately $61 million, of which approximately $11 million has been paid through July 31, 2021. The Company expects to occupy the distribution center in 2022. Contingencies Legal Matters

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jul. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation Equity Incentive Plan Pursuant to the Company's 2002 Equity Incentive Plan (the “Plan”), the Company’s Board of Directors may grant stock options, restricted shares, and restricted stock units to officers, directors, key employees and professional service providers. The Plan, as amended, allows for the issuance of up to a total of 7.6 million shares under the Plan. As of July 31, 2021, approximately 2.6 million stock options, restricted shares, or restricted stock units were available for grant. Common Stock Options All stock options have a term not greater than ten years. Stock options vest and become exercisable in whole or in part, in accordance with vesting conditions set by the Company’s Board of Directors. Options granted to date generally vest over four years from the date of grant. Stock option activity during the twenty-six weeks ended July 31, 2021 was as follows: Options Weighted Weighted Balance as of January 30, 2021 53,029 $ 33.22 3.2 Forfeited (346) 4.28 Exercised (10,446) 34.32 Balance as of July 31, 2021 42,237 33.18 2.9 Exercisable as of July 31, 2021 42,237 $ 33.18 2.9 Restricted Stock Units and Performance-Based Restricted Stock Units All restricted stock units ("RSU") and performance-based restricted stock units ("PSU") vest in accordance with vesting conditions set by the compensation committee of the Company’s Board of Directors. RSUs granted to date have vesting periods ranging from less than one year to five years from the date of grant and the fair value of RSUs is the market price of the underlying common stock on the date of grant. PSUs granted to date have vesting periods ranging from less than one year to five years from the date of grant. PSUs that have a performance condition are subject to satisfaction of the applicable performance goals established for the respective grant. The Company periodically assesses the probability of achievement of the performance criteria and adjusts the amount of compensation expense accordingly. The fair value of these PSUs is the market price of the underlying common stock on the date of grant. Compensation is recognized over the vesting period and adjusted for the probability of achievement of the performance criteria. PSUs that have a market condition based on our total shareholder return relative to a pre-defined peer group are subject to multi-year performance objectives with vesting periods of approximately three years from the date of grant (if the applicable performance objectives are achieved). The fair value of these PSUs are determined using a Monte Carlo valuation model. RSU and PSU activity during the twenty-six weeks ended July 31, 2021 was as follows: Restricted Stock Units Performance-Based Restricted Stock Units Number Weighted-Average Grant Date Fair Value Number Weighted-Average Grant Date Fair Value Non-vested balance as of January 30, 2021 304,398 $ 99.94 259,776 $ 151.73 Granted 67,151 183.38 89,460 196.36 Vested (110,253) 95.50 — — Forfeited (6,535) 117.40 — — Non-vested balance as of July 31, 2021 254,761 $ 123.41 349,236 $ 163.16 In connection with the vesting of RSUs and PSUs during the twenty-six weeks ended July 31, 2021, the Company withheld 36,561 shares with an aggregate value of $7.0 million in satisfaction of minimum tax withholding obligations due upon vesting. In connection with the vesting of RSUs and PSUs during the twenty-six weeks ended August 1, 2020, the Company withheld 49,417 shares with an aggregate value of $3.6 million in satisfaction of minimum tax withholding obligations due upon vesting. As of July 31, 2021, there was $44.4 million of total unrecognized compensation costs related to non-vested share-based compensation arrangements (including stock options, RSUs and PSUs) granted under the Plan. The cost is expected to be recognized over a weighted average vesting period of 2.5 years.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesOn March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was enacted and signed into law. The CARES Act includes a number of income tax changes, including, but not limited to, (i) permitting taxpayers a five-year carryback period for net operating losses ("NOLs") arising in tax years beginning after December 31, 2017 and before January 1, 2021, (ii) temporarily suspending the 80% of taxable income limitation on the use of NOLs for tax years beginning before January 1, 2021, thereby permitting corporate taxpayers to use NOLs to fully offset taxable income in these years regardless of the year in which the NOL arose, (iii) accelerating Alternative Minimum Tax ("AMT") credit carryover refunds, (iv) temporarily increasing the allowable business interest deduction from 30% to 50% of adjusted taxable income, and (v) providing a technical correction for depreciation as relates to the definition of qualified improvement property. The following table summarizes the Company’s income tax expense (benefit) and effective tax rates for the thirteen and twenty-six weeks ended July 31, 2021 and August 1, 2020 (dollars in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Income (loss) before income taxes $ 85,097 $ 32,642 $ 147,807 $ (39,411) Income tax expense (benefit) $ 20,256 $ 3,061 $ 33,370 $ (18,410) Effective tax rate 23.8 % 9.4 % 22.6 % 46.7 % The effective tax rates for the thirteen and twenty-six weeks ended July 31, 2021 and August 1, 2020 were based on the Company’s forecasted annualized effective tax rates and were adjusted for discrete items that occurred within the periods presented. The effective tax rate for the thirteen weeks ended July 31, 2021 was higher than the thirteen weeks ended August 1, 2020 primarily due to discrete items, which includes the impact of the CARES Act in the thirteen weeks ended August 1, 2020 and the impact of ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting" with respect to the requirement to recognize excess income tax benefits or deficiencies as income tax benefit or expense in the Company's consolidated statements of operations. The effective tax rate for the twenty-six weeks ended July 31, 2021 was lower than the twenty-six weeks ended August 1, 2020 primarily due to discrete items, which includes the impact of the CARES Act in the twenty-six weeks ended August 1, 2020 and the impact of ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting." The Company had no material accrual for uncertain tax positions or interest and/or penalties related to income taxes on the Company’s balance sheets as of July 31, 2021, January 30, 2021, or August 1, 2020 and has not recognized any material uncertain tax positions or interest and/or penalties related to income taxes in the consolidated statements of operations for the thirteen and twenty-six weeks ended July 31, 2021 or August 1, 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 31, 2021
Accounting Policies [Abstract]
Nature of Business	Description of Business Five Below, Inc. (collectively referred to herein with its wholly owned subsidiary as the "Company") is a specialty value retailer offering merchandise targeted at the tween and teen demographic. The Company offers an edited assortment of products, with most priced at $5 and below. The Company’s edited assortment of products includes select brands and licensed merchandise. The Company believes its merchandise is readily available, and that there are a number of potential vendors that could be utilized, if necessary, under approximately the same terms the Company is currently receiving; thus, it is not dependent on a single vendor or a group of vendors. The Company is incorporated in the Commonwealth of Pennsylvania and, as of July 31, 2021, operated in 39 states that include Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Massachusetts, New Hampshire, West Virginia, North Carolina, New York, Connecticut, Rhode Island, Ohio, Illinois, Indiana, Michigan, Missouri, Georgia, Texas, Tennessee, Maine, Alabama, Kentucky, Kansas, Florida, South Carolina, Mississippi, Louisiana, Wisconsin, Oklahoma, Minnesota, California, Arkansas, Iowa, Nebraska, Arizona, Nevada, Colorado and Utah. As of July 31, 2021 and August 1, 2020, the Company operated 1,121 stores and 982 stores, respectively, each operating under the name “Five Below,” and sells merchandise on the internet, through the Company's fivebelow.com e-commerce website.
Fiscal Year	The Company operates on a 52/53-week fiscal year ending on the Saturday closest to January 31. References to "fiscal year 2021" or "fiscal 2021" refer to the period from January 31, 2021 to January 29, 2022, which is a 52-week fiscal year. References to "fiscal year 2020" or "fiscal 2020" refer to the period from February 2, 2020 to January 30, 2021, which is a 52-week fiscal year. The fiscal quarters ended July 31, 2021 and August 1, 2020 refer to the thirteen weeks ended as of those dates. The year-to-date periods ended July 31, 2021 and August 1, 2020 refer to the twenty-six weeks ended as of those dates.
Basis of Presentation	The consolidated balance sheets as of July 31, 2021 and August 1, 2020, the consolidated statements of operations for the thirteen and twenty-six weeks ended July 31, 2021 and August 1, 2020, the consolidated statements of shareholders’ equity for the thirteen and twenty-six weeks ended July 31, 2021 and August 1, 2020 and the consolidated statements of cash flows for the twenty-six weeks ended July 31, 2021 and August 1, 2020 have been prepared by the Company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim reporting and are unaudited. In the opinion of management, the aforementioned financial statements include all known adjustments (which consist primarily of normal, recurring accruals, estimates and assumptions that impact the financial statements) necessary to present fairly the financial position at the balance sheet dates and the results of operations and cash flows for the periods ended July 31, 2021 and August 1, 2020. The balance sheet as of January 30, 2021, presented herein, has been derived from the audited balance sheet included in the Company's Annual Report on Form 10-K for fiscal 2020 as filed with the Securities and Exchange Commission on March 18, 2021 and referred to herein as the “Annual Report,” but does not include all annual disclosures required by U.S. GAAP. These consolidated financial statements should be read in conjunction with the consolidated financial statements for the fiscal year ended January 30, 2021 and footnotes thereto included in the Annual Report. The consolidated results of operations for the thirteen and twenty-six weeks ended July 31, 2021 and August 1, 2020 are not necessarily indicative of the consolidated operating results for the year ending January 29, 2022 or any other period. The Company's business is seasonal and as a result, the Company's net sales fluctuate from quarter to quarter. Net sales are usually highest in the fourth fiscal quarter due to the year-end holiday season.
Recently Issued Accounting Pronouncements	In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04"). The pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The impact of the adoption of ASU 2020-04 is not expected to be significant to the Company's consolidated financial statements.
Use of Estimates	The preparation of the consolidated financial statements requires management of the Company to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the carrying amount of property and equipment, net realizable value for inventories, income taxes, share-based compensation expense and the incremental borrowing rate utilized in operating lease liabilities.
Fair Value of Financial Instruments	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation at the measurement date: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Inputs, other than Level 1, that are either directly or indirectly observable. Level 3: Unobservable inputs developed using the Company’s estimates and assumptions which reflect those that market participants would use. The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement. The Company’s financial instruments consist primarily of cash equivalents, investment securities, accounts payable, and borrowings, if any, under a line of credit. The Company believes that: (1) the carrying value of cash equivalents and accounts payable are representative of their respective fair value due to the short-term nature of these instruments; and (2) the carrying value of the borrowings, if any, under the line of credit approximates fair value because the line of credit’s interest rates vary with market interest rates. Under the fair value hierarchy, the fair market values of the investments in corporate bonds are Level 1 while the investments in municipal bonds are Level 2. The fair market values of Level 2 instruments are determined by management with the assistance of a third-party pricing service. Since quoted prices in active markets for identical assets are not available, these prices are determined by the third-party pricing service using observable market information such as quotes from less active markets and quoted prices of similar securities. As of July 31, 2021, January 30, 2021, and August 1, 2020, the Company had cash equivalents of $73.9 million , $250.7 million and $144.1 million, respectively. The Company’s cash equivalents consist of credit and debit card receivables, money market funds, and corporate bonds with original maturities of 90 days or less. Fair value for cash equivalents was determined based on Level 1 inputs. As of July 31, 2021, January 30, 2021, and August 1, 2020, the Company's investment securities are classified as held-to-maturity since the Company has the intent and ability to hold the investments to maturity. Such securities are carried at amortized cost plus accrued interest and consist of the following (in thousands): As of July 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Short-term: Corporate bonds $ 234,909 $ — $ 49 $ 234,860 Municipal bonds 52,020 — 6 52,014 Total $ 286,929 $ — $ 55 $ 286,874 Long-term: Municipal bonds $ 1,104 $ 1 $ — $ 1,105 Total $ 1,104 $ 1 $ — $ 1,105 As of January 30, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Short-term: Corporate bonds $ 95,530 $ — $ 53 $ 95,477 Municipal bonds 45,398 — 7 45,391 Total $ 140,928 $ — $ 60 $ 140,868 As of August 1, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Short-term: Corporate bonds $ 41,670 $ 65 $ — $ 41,735 Total $ 41,670 $ 65 $ — $ 41,735
Revenue Transactions	Revenue from Contracts with Customers Revenue Transactions Revenue from store operations is recognized at the point of sale when control of the product is transferred to the customer at such time. Internet sales, through the Company's fivebelow.com e-commerce website, are recognized when the customer receives the product as control transfers upon delivery. Returns subsequent to the period end are immaterial; accordingly, no significant reserve has been recorded. Gift card sales to customers are initially recorded as liabilities and recognized as sales upon redemption for merchandise or as breakage revenue in proportion to the pattern of redemption of the gift cards by the customer in net sales. The transaction price for the Company’s sales is based on the item’s stated price. To the extent that the Company charges customers for shipping and handling on e-commerce sales, the Company records such amounts in net sales. Shipping and handling costs, which include fulfillment and shipping costs related to the Company's e-commerce operations, are included in costs of goods sold. As permitted by applicable accounting guidance, the Company has elected to exclude all sales taxes from net sales in the accompanying consolidated statements of operations. Disaggregation of Revenue The following table provides information about disaggregated revenue by groups of products: leisure, fashion and home, and party and snack (in thousands): Thirteen Weeks Ended Thirteen Weeks Ended July 31, 2021 August 1, 2020 Amount Percentage of Net Sales Amount Percentage of Net Sales Leisure $ 328,517 50.8 % $ 206,362 48.4 % Fashion and home 191,241 29.6 % 156,665 36.8 % Party and snack 126,796 19.6 % 63,083 14.8 % Total $ 646,554 100.0 % $ 426,110 100.0 % Twenty-Six Weeks Ended Twenty-Six Weeks Ended July 31, 2021 August 1, 2020 Amount Percentage of Net Sales Amount Percentage of Net Sales Leisure $ 625,290 50.2 % $ 302,712 48.3 % Fashion and home 370,933 29.8 % 223,843 35.7 % Party and snack 248,154 20.0 % 100,454 16.0 % Total $ 1,244,377 100.0 % $ 627,009 100.0 %
Deferred Compensation	The Company approved and adopted the Five Below, Inc. Nonqualified Deferred Compensation Plan (the "Plan") and a related, irrevocable grantor trust (the "Trust") during the thirteen weeks ended July 31, 2021. The Plan provides eligible key employees with the opportunity to elect to defer up to 80% of their eligible compensation. The Company may make discretionary contributions, at the discretion of the Board. Payments under the Plan will be made from the general assets of the Company or from the assets of the Trust, funded by the Company. The related liability will be recorded as deferred compensation and included in other long-term liabilities in the consolidated balance sheets.

Revenue from Contracts With C_2

Revenue from Contracts With Customers (Tables)	6 Months Ended
	Jul. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Disaggregation of Revenue The following table provides information about disaggregated revenue by groups of products: leisure, fashion and home, and party and snack (in thousands): Thirteen Weeks Ended Thirteen Weeks Ended July 31, 2021 August 1, 2020 Amount Percentage of Net Sales Amount Percentage of Net Sales Leisure $ 328,517 50.8 % $ 206,362 48.4 % Fashion and home 191,241 29.6 % 156,665 36.8 % Party and snack 126,796 19.6 % 63,083 14.8 % Total $ 646,554 100.0 % $ 426,110 100.0 % Twenty-Six Weeks Ended Twenty-Six Weeks Ended July 31, 2021 August 1, 2020 Amount Percentage of Net Sales Amount Percentage of Net Sales Leisure $ 625,290 50.2 % $ 302,712 48.3 % Fashion and home 370,933 29.8 % 223,843 35.7 % Party and snack 248,154 20.0 % 100,454 16.0 % Total $ 1,244,377 100.0 % $ 627,009 100.0 %

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jul. 31, 2021
Leases [Abstract]
Components of net lease cost	The following table is a summary of the Company's components for net lease costs (in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended Lease Cost July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Operating lease cost $ 49,265 $ 42,273 $ 96,794 $ 82,621 Variable lease cost 14,020 10,619 27,650 21,962 Net lease cost* $ 63,285 $ 52,892 $ 124,444 $ 104,583 The following table summarizes the supplemental cash flow disclosures related to leases (in thousands): Twenty-Six Weeks Ended July 31, 2021 August 1, 2020 Cash paid for amounts included in the measurement of lease liabilities: Cash payments arising from operating lease liabilities (1) $ 96,384 $ 57,311 Supplemental non-cash information: Operating lease liabilities arising from obtaining right-of-use assets $ 171,581 $ 118,189 (1) Included within operating activities in the Company's Consolidated Statements of Cash Flows.
Maturity of lease liabilities under operating leases	The following table summarizes the maturity of lease liabilities under operating leases as of July 31, 2021 (in thousands): Maturity of Lease Liabilities Operating Leases 2021 $ 109,500 2022 210,299 2023 203,841 2024 193,741 2025 178,842 After 2025 620,838 Total lease payments 1,517,061 Less: imputed interest 285,465 Present value of lease liabilities $ 1,231,596

Income Per Common Share (Tables

Income Per Common Share (Tables)	6 Months Ended
	Jul. 31, 2021
Earnings Per Share [Abstract]
Computations Of Basic And Diluted Income (Loss) Per Share	The following table reconciles net income (loss) and the weighted average common shares outstanding used in the computations of basic and diluted income (loss) per common share (in thousands, except for share and per share data): Thirteen Weeks Ended Twenty-Six Weeks Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Numerator: Net income (loss) $ 64,841 $ 29,581 $ 114,437 $ (21,001) Denominator: Weighted average common shares outstanding - basic 56,007,970 55,786,823 55,989,399 55,844,418 Dilutive impact of options, restricted stock units and employee stock purchase plan 291,521 180,017 297,696 — Weighted average common shares outstanding - diluted 56,299,491 55,966,840 56,287,095 55,844,418 Per common share: Basic income (loss) per common share $ 1.16 $ 0.53 $ 2.04 $ (0.38) Diluted income (loss) per common share $ 1.15 $ 0.53 $ 2.03 $ (0.38) The effects of the assumed vesting of restricted stock units for 22,845 shares of common stock for the thirteen weeks ended July 31, 2021 were excluded from the calculation of diluted net income per share, as their impact would have been anti-dilutive. The effects of the assumed vesting of restricted stock units for 11,835 shares of common stock for the twenty-six weeks ended July 31, 2021 were excluded from the calculation of diluted net income per share, as their impact would have been anti-dilutive. The effects of the assumed vesting of restricted stock units for 7,837 shares of common stock for the thirteen weeks ended August 1, 2020 were excluded from the calculation of diluted net income per share, as their impact would have been anti-dilutive. For the twenty-six weeks ended August 1, 2020, all common stock equivalents related to outstanding stock options and unvested restricted units were excluded from the calculation of diluted net loss per share, as their impact would have been anti-dilutive due to the Company's net loss for the period.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jul. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity	Stock option activity during the twenty-six weeks ended July 31, 2021 was as follows: Options Weighted Weighted Balance as of January 30, 2021 53,029 $ 33.22 3.2 Forfeited (346) 4.28 Exercised (10,446) 34.32 Balance as of July 31, 2021 42,237 33.18 2.9 Exercisable as of July 31, 2021 42,237 $ 33.18 2.9
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	RSU and PSU activity during the twenty-six weeks ended July 31, 2021 was as follows: Restricted Stock Units Performance-Based Restricted Stock Units Number Weighted-Average Grant Date Fair Value Number Weighted-Average Grant Date Fair Value Non-vested balance as of January 30, 2021 304,398 $ 99.94 259,776 $ 151.73 Granted 67,151 183.38 89,460 196.36 Vested (110,253) 95.50 — — Forfeited (6,535) 117.40 — — Non-vested balance as of July 31, 2021 254,761 $ 123.41 349,236 $ 163.16

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jul. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The following table summarizes the Company’s income tax expense (benefit) and effective tax rates for the thirteen and twenty-six weeks ended July 31, 2021 and August 1, 2020 (dollars in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Income (loss) before income taxes $ 85,097 $ 32,642 $ 147,807 $ (39,411) Income tax expense (benefit) $ 20,256 $ 3,061 $ 33,370 $ (18,410) Effective tax rate 23.8 % 9.4 % 22.6 % 46.7 %

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Nature of Business) (Details)	Jul. 31, 2021USD ($)stateStores	Aug. 01, 2020Stores
Accounting Policies [Abstract]
Products offering price, maximum price | $	$ 5
Number of states in which entity operates (state) | state	39
Number of stores (store) | Stores	1,121	982

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Significant Accounting Policies [Line Items]
Amortized Cost	$ 286,929	$ 140,928	$ 41,670
Gross Unrealized Gains	0	0	65
Gross Unrealized Losses	55	60	0
Fair Market Value	286,874	140,868	41,735
Other Long-term Investments
Significant Accounting Policies [Line Items]
Amortized Cost	1,104
Gross Unrealized Gains	1
Gross Unrealized Losses	0
Fair Market Value	1,105
Fair Value, Inputs, Level 1
Significant Accounting Policies [Line Items]
Cash equivalents	73,900	250,700	144,100
Corporate bonds | Fair Value, Inputs, Level 2
Significant Accounting Policies [Line Items]
Amortized Cost	234,909	95,530	41,670
Gross Unrealized Gains	0	0	65
Gross Unrealized Losses	49	53	0
Fair Market Value	234,860	95,477	$ 41,735
Municipal bonds | Fair Value, Inputs, Level 2
Significant Accounting Policies [Line Items]
Amortized Cost	52,020	45,398
Gross Unrealized Gains	0	0
Gross Unrealized Losses	6	7
Fair Market Value	52,014	$ 45,391
Municipal bonds | Fair Value, Inputs, Level 2 | Other Long-term Investments
Significant Accounting Policies [Line Items]
Amortized Cost	1,104
Gross Unrealized Gains	1
Gross Unrealized Losses	0
Fair Market Value	$ 1,105

Summary of Significant Accoun_5

Summary of Significant Accounting Policies Prepaid expenses and OCA (Details) - USD ($) $ in Millions	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expense	$ 23.4	$ 19	$ 18.8
Other current assets	$ 46.1	$ 39.1	$ 40.2

Summary of Significant Accoun_6

Summary of Significant Accounting Policies Other Accrued Expenses (Details) - USD ($) $ in Millions	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Payables and Accruals [Abstract]
Other accrued expenses	$ 46.4	$ 29.2	$ 23.7

Revenue from Contracts With C_3

Revenue from Contracts With Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Net sales	$ 646,554	$ 426,110	$ 1,244,377	$ 627,009
Net sales as a percentage of net sales	100.00%	100.00%	100.00%	100.00%
Leisure
Net sales	$ 328,517	$ 206,362	$ 625,290	$ 302,712
Net sales as a percentage of net sales	50.80%	48.40%	50.20%	48.30%
Fashion and home
Net sales	$ 191,241	$ 156,665	$ 370,933	$ 223,843
Net sales as a percentage of net sales	29.60%	36.80%	29.80%	35.70%
Total
Net sales	$ 126,796	$ 63,083	$ 248,154	$ 100,454
Net sales as a percentage of net sales	19.60%	14.80%	20.00%	16.00%

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 31, 2021USD ($)	Jul. 31, 2021lease	Aug. 01, 2020
Lessee, Lease, Description [Line Items]
Number of leases (lease) | lease		30
Long-term purchase commitment, amount | $	$ 68.6
Operating lease, weighted average remaining lease term (years)	7 years 10 months 24 days	7 years 10 months 24 days	8 years
Operating lease, weighted average discount rate, percent	6.20%	6.20%	6.60%
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contracts (years)	10 years	10 years

Leases - Components of Net Leas

Leases - Components of Net Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Leases [Abstract]
Operating lease cost	$ 49,265	$ 42,273	$ 96,794	$ 82,621
Variable lease cost	14,020	10,619	27,650	21,962
Net lease cost*	$ 63,285	$ 52,892	$ 124,444	$ 104,583

Leases - Maturity of Lease Liab

Leases - Maturity of Lease Liabilities Under Operating Leases (Details) $ in Thousands	Jul. 31, 2021USD ($)
Leases [Abstract]
2019	$ 109,500
2020	210,299
2021	203,841
2022	193,741
2023	178,842
After 2025	620,838
Total lease payments	1,517,061
Less: imputed interest	285,465
Present value of lease liabilities	$ 1,231,596

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments arising from operating lease liabilities	$ 96,384	$ 57,311
Supplemental non-cash information:
Operating lease liabilities arising from obtaining right-of-use assets	$ 171,581	$ 118,189

Income Per Common Share (Comput

Income Per Common Share (Computations Of Basic And Diluted Income (Loss) Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jul. 31, 2021	May 01, 2021	Aug. 01, 2020	May 02, 2020	Jul. 31, 2021	Aug. 01, 2020
Numerator:
Net income (loss)	$ 64,841	$ 49,596	$ 29,581	$ (50,582)	$ 114,437	$ (21,001)
Denominator:
Weighted-average common shares outstanding - basic (shares)	56,007,970		55,786,823		55,989,399	55,844,418
Dilutive impact of options and warrants (shares)	291,521		180,017		297,696	0
Weighted average common share outstanding - diluted (shares)	56,299,491		55,966,840		56,287,095	55,844,418
Per common share:
Basic income (loss) per common share (dollars per share)	$ 1.16		$ 0.53		$ 2.04	$ (0.38)
Diluted income (loss) per common share (dollars per share)	$ 1.15		$ 0.53		$ 2.03	$ (0.38)

Income Per Common Share (Narrat

Income Per Common Share (Narrative) (Details) - shares	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock not included in the computations of diluted earnings per share	22,845	7,837	11,835

Line of Credit (Line of Credit)

Line of Credit (Line of Credit) (Details) - Line of Credit - Amended Revolving Credit Facility - USD ($)	Jan. 27, 2021	Jul. 31, 2021
Debt Instrument [Line Items]
Revolving credit facility maximum borrowings	$ 225,000,000
Line of credit facility, accordion feature, increase limit	$ 150,000,000
Debt instrument, interest rate, increase (decrease)	2.00%
Minimum availability of aggregate commitments and loan cap required, percent	12.50%
Minimum availability of loan cap after stepdown date required, percent	10.00%
Period required for availability of loan cap requirement	60 days
Maximum allowed to be borrowed based on available cash balance	$ 50,000,000
Line of credit facility, current borrowing capacity		$ 0
Line of credit facility, remaining borrowing capacity		$ 225,000,000
Minimum Availability Of Aggregate Commitments And Loan Cap Required In Event Of Default Or Availability, Percent	15.00%
Minimum
Debt Instrument [Line Items]
Commitment fee percentage	1.25%
Maximum
Debt Instrument [Line Items]
Commitment fee percentage	1.75%
Base Rate | Minimum
Debt Instrument [Line Items]
Interest rate on borrowings (percent)	0.25%
Base Rate | Maximum
Debt Instrument [Line Items]
Interest rate on borrowings (percent)	0.75%
LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate on borrowings (percent)	1.25%
LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate on borrowings (percent)	1.75%

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) ft² in Thousands, $ in Millions	6 Months Ended
	Jul. 31, 2021USD ($)ft²
Purchase commitment, remaining minimum amount committed	$ 11.2
Distribution center in Buckeye, Arizona
Area of real estate property (in sqft) | ft²	860
Payments to acquire buildings	$ 58
Expected payments to purchase land and construct building	$ 65
Distribution Center In Indianapolis, Indiana
Area of real estate property (in sqft) | ft²	1,030
Payments to acquire buildings	$ 11
Expected payments to purchase land and construct building	$ 61

Share-Based Compensation (2002

Share-Based Compensation (2002 Equity Incentive Plan) (Details) - 2002 Equity Incentive Plan - shares	Jul. 31, 2021	Jul. 24, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (shares)		7,600,000
Stock options and restricted shares available for grant (shares)	2,600,000

Share-Based Compensation (Sched

Share-Based Compensation (Schedule Of Stock Option Activity Under Plan) (Details)	3 Months Ended	6 Months Ended
	May 01, 2021$ / sharesshares	Jul. 31, 2021$ / sharesshares
Share-based Payment Arrangement [Abstract]
Stock option maximum term (years)		10 years
Stock option vesting period (years)		4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding, Balance (shares) | shares	53,029	53,029
Options outstanding, Forfeited (shares) | shares		(346)
Options outstanding, Exercised (shares) | shares		(10,446)
Options outstanding, Balance (shares) | shares		42,237
Options outstanding, Exercisable (shares) | shares		42,237
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Weighted average exercise price, Balance (dollars per share) | $ / shares	$ 33,220	$ 33,220
Weighted average exercise price, Exercised (dollars per share) | $ / shares		34,320
Weighted average exercise price, Forfeited (dollars per share) | $ / shares		4,280
Weighted average exercise price, Balance (dollars per share) | $ / shares		33,180
Weighted average exercise price, Exercisable (dollars per share) | $ / shares		$ 33,180
Weighted Average Remaining Contractual Term (in years)	3 years 2 months 12 days	2 years 10 months 24 days
Weighted Average Remaining Contractual Term, Exercisable		2 years 10 months 24 days

Share-Based Compensation (Share

Share-Based Compensation (Share-Based Compensation Valuation of Stock Options) (Details)	6 Months Ended
	Jul. 31, 2021shares
Share-based Payment Arrangement, Noncash Expense [Abstract]
Stock options granted	0

Share-Based Compensation (Restr

Share-Based Compensation (Restricted Stock Units and Performance-Based Restricted Stock Units) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		41 Months Ended
	Jan. 30, 2021	May 02, 2020	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period			(346)
Repurchase and retirement of common stock	$ 12,700	$ 12,663			$ 50,000
Unrecognized compensation costs related to non-vested share-based compensation			$ 44,400		$ 44,400
Compensation cost not yet recognized, period for recognition (years)			2 years 6 months
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	304,398		254,761		254,761
Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price	$ 99.94		$ 123.41		$ 123.41
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			67,151
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 183.38
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			(110,253)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value			$ 95.50
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period			(6,535)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value			$ 117.40
Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)			1 year
Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)			5 years
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	259,776		349,236		349,236
Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price	$ 151.73		$ 163.16		$ 163.16
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			89,460
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 196.36
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value			$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period			0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value			$ 0
Performance-Based Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)			1 year
Performance-Based Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (years)			5 years
Treasury Stoc | Restricted Stock Units And Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchased During Period, Shares			36,561	49,417
Additional paid-in capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase and retirement of common stock		$ 12,662
Additional paid-in capital | Restricted Stock Units And Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase and retirement of common stock			$ 7,000	$ 3,600

Share-Based Compensation (Sha_2

Share-Based Compensation (Share Repurchase Program) (Details) - USD ($)	3 Months Ended			41 Months Ended
	Jul. 31, 2021	Jan. 30, 2021	May 02, 2020	Jul. 31, 2021	Mar. 20, 2018
Share-based Payment Arrangement [Abstract]
Authorized amount					$ 100,000,000
Repurchase and retirement of common stock (in shares)	0	137,023		500,000
Repurchase and retirement of common stock		$ 12,700,000	$ 12,663,000	$ 50,000,000
Average price (dollars per share)		$ 92.42

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020	Aug. 03, 2019
Income Tax [Line Items]
Income before income taxes	$ 85,097,000	$ 32,642,000	$ 147,807,000	$ (39,411,000)
Income tax expense (benefit)	$ 20,256,000	$ 3,061,000	$ 33,370,000	$ (18,410,000)
Effective tax rate	23.80%	9.40%	22.60%	46.70%
Accrual for uncertain tax, interest or penalties	$ 0	$ 0	$ 0	$ 0	$ 0
Minimum
Income Tax [Line Items]
State income taxes, statute of limitations period (years)			3 years
Maximum
Income Tax [Line Items]
State income taxes, statute of limitations period (years)			4 years