Citi Trends (CTRN) 10-Q 9 Jun 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 30, 2022	May 20, 2022
Document and Entity Information
Document Type	10-Q
Document Period End Date	Apr. 30, 2022
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-51315
Entity Registrant Name	CITI TRENDS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2150697
Entity Address, Address Line One	104 Coleman Boulevard
Entity Address, City or Town	Savannah
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	31408
City Area Code	912
Local Phone Number	236-1561
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	CTRN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,395,402
Current Fiscal Year End Date	--01-28
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001318484
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022
Current assets:
Cash and cash equivalents	$ 61,657	$ 49,788
Inventory	129,715	123,835
Prepaid and other current assets	16,354	14,997
Income tax receivable		3,987
Total current assets	207,726	192,607
Property and equipment, net of accumulated depreciation of $268,982 and $283,445 as of April 30, 2022 and January 29, 2022, respectively	68,213	75,282
Operating lease right of use assets	241,686	201,827
Deferred income taxes	4,316	2,992
Other assets	1,287	1,317
Total assets	523,228	474,025
Current liabilities:
Accounts payable	87,857	98,879
Operating lease liabilities	46,910	47,803
Accrued expenses	22,439	14,532
Accrued compensation	11,175	25,896
Income tax payable	6,713
Layaway deposits	944	364
Total current liabilities	176,038	187,474
Noncurrent operating lease liabilities	203,856	168,304
Other long-term liabilities	2,155	2,104
Total liabilities	382,049	357,882
Stockholders' equity:
Common stock, $0.01 par value. Authorized 32,000,000 shares; 16,128,450 shares issued as of April 30, 2022 and 16,090,365 shares issued as of January 29, 2022; 8,500,859 shares outstanding as of April 30, 2022 and 8,617,210 shares outstanding as of January 29, 2022	159	159
Paid in capital	101,187	101,037
Retained earnings	302,361	272,158
Treasury stock, at cost; 7,627,591 shares held as of April 30, 2022 and 7,473,155 shares held as of January 29, 2022	(262,528)	(257,211)
Total stockholders' equity	141,179	116,143
Commitments and contingencies (Note 7)
Total liabilities and stockholders' equity	$ 523,228	$ 474,025

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022
Condensed Consolidated Balance Sheets
Accumulated depreciation	$ 268,982	$ 283,445
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares	32,000,000	32,000,000
Common stock, shares issued	16,159,393	16,090,365
Common stock, shares outstanding	8,515,802	8,617,210
Treasury stock, shares	7,643,591	7,473,155

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Consolidated Statements of Operations
Net sales	$ 208,215	$ 285,381
Revenue, Product and Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember
Cost of sales (exclusive of depreciation)	$ (127,011)	$ (163,791)
Selling, general and administrative expenses	(71,026)	(77,892)
Depreciation	(5,445)	(4,697)
Gain on sale-leaseback	34,920
Income from operations	39,653	39,001
Interest income		4
Interest expense	(76)	(47)
Income before income taxes	39,577	38,958
Income tax provision	(9,374)	(8,061)
Net income	$ 30,203	$ 30,897
Basic net income per common share	$ 3.59	$ 3.27
Diluted net income per common share	$ 3.59	$ 3.23
Weighted average number of shares outstanding
Basic	8,407,284	9,449,792
Diluted	8,407,284	9,570,836

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Operating activities:
Net income	$ 30,203	$ 30,897
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	5,445	4,697
Non-cash operating lease costs	12,468	12,210
Loss on disposal of property and equipment		53
Deferred income taxes	(1,324)	1,054
Insurance proceeds related to operating activities	794	451
Non-cash stock-based compensation expense	2,277	1,087
Gain on sale-leaseback	(34,920)
Changes in assets and liabilities:
Inventory	(6,493)	1,653
Prepaid and other current assets	(1,539)	(1,932)
Other assets	30	(402)
Accounts payable	(11,266)	24,530
Accrued expenses and other long-term liabilities	(11,113)	(8,598)
Accrued compensation	(14,721)	(11,248)
Income tax payable	10,700	6,980
Layaway deposits	580	307
Net cash (used in) provided by operating activities	(18,879)	61,739
Investing activities:
Purchases of property and equipment	(8,012)	(5,936)
Insurance proceeds related to investing activities	691	191
Proceeds from sale-leaseback	45,513
Net cash provided by (used in) investing activities	38,192	(5,745)
Financing activities:
Payments of debt issuance costs		(270)
Cash used to settle withholding taxes on the vesting of nonvested restricted stock	(2,127)	(2,155)
Repurchases of common stock	(5,317)	(45,470)
Net cash used in financing activities	(7,444)	(47,895)
Net increase in cash and cash equivalents	11,869	8,099
Cash and cash equivalents:
Beginning of period	49,788	123,177
End of period	61,657	131,276
Supplemental disclosures of cash flow information:
Cash paid for interest	39	32
Cash (refunds) payments of income taxes	2	(27)
Supplemental disclosures of non-cash investing activities:
Accrual for purchases of property and equipment	$ 1,647	$ 1,023

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Paid in Capital	Retained Earnings	Treasury Stock	Total
Balances at Jan. 30, 2021	$ 158	$ 95,484	$ 209,918	$ (141,926)	$ 163,634
Balances (in shares) at Jan. 30, 2021	15,981,394			6,104,493
Increase (Decrease) in Stockholders' Equity
Issuance of nonvested shares under incentive plan (in shares)	17,278
Forfeiture of nonvested shares (in shares)	(3,005)
Stock-based compensation expense		1,087			1,087
Net share settlement of nonvested shares		(2,155)			(2,155)
Net share settlement of nonvested shares (in shares)	(22,666)
Repurchase of common stock				$ (45,470)	$ (45,470)
Repurchase of common stock (in shares)				537,496	537,000
Net income			30,897		$ 30,897
Balances at May. 01, 2021	$ 158	94,416	240,815	$ (187,396)	147,993
Balances (in shares) at May. 01, 2021	15,973,001			6,641,989
Balances at Jan. 29, 2022	$ 159	101,037	272,158	$ (257,211)	$ 116,143
Balances (in shares) at Jan. 29, 2022	16,090,365			7,473,155	16,090,365
Increase (Decrease) in Stockholders' Equity
Vesting of nonvested shares	$ 1				$ 1
Issuance of nonvested shares (in shares)	109,157
Issuance of nonvested shares under incentive plan (in shares)	15,977
Forfeiture of nonvested shares (in shares)	(15,761)
Stock-based compensation expense		2,277			2,277
Net share settlement of nonvested shares	$ (1)	(2,127)			(2,128)
Net share settlement of nonvested shares (in shares)	(40,345)
Repurchase of common stock				$ (5,317)	$ (5,317)
Repurchase of common stock (in shares)				170,436	170,000
Net income			30,203		$ 30,203
Balances at Apr. 30, 2022	$ 159	$ 101,187	$ 302,361	$ (262,528)	$ 141,179
Balances (in shares) at Apr. 30, 2022	16,159,393			7,643,591	16,159,393

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Apr. 30, 2022
Significant Accounting Policies
Significant Accounting Policies	1. Significant Accounting Policies ​ Basis of Presentation Citi Trends, Inc. and its subsidiary (the “Company”) is a growing specialty value retailer of apparel, accessories and home trends for way less spend primarily for African American and Latinx families. As of April 30, 2022, the Company operated 614 stores in urban, suburban and rural markets in 33 states. ​ The condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim reporting and are unaudited. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The condensed consolidated balance sheet as of January 29, 2022 is derived from the audited financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2022 (the “2021 Form 10-K”). These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 2021 Form 10-K. Operating results for the first quarter of 2022 are not necessarily indicative of the results that may be expected for the fiscal year as a result of the seasonality of the business, the current economic uncertainty and the extent to which future business will be impacted by the COVID-19 pandemic. ​ Fiscal Year The following contains references to fiscal years 2022 and 2021, which represent fiscal years ending or ended on January 28, 2023 and January 29, 2022, respectively. Fiscal 2022 and 2021 both have 52 -week accounting periods.

COVID-19 Pandemic

COVID-19 Pandemic	3 Months Ended
	Apr. 30, 2022
COVID-19
COVID-19 Pandemic
COVID-19 Pandemic	2. COVID-19 Pandemic ​ The COVID-19 pandemic continues to evolve and has caused significant volatility and disruptions in our business, particularly during fiscal 2021 and 2020. Despite the recent improvement in trends, we cannot reasonably predict the extent to which our future business will be impacted by the pandemic. ​

Cash and Cash Equivalents Conce

Cash and Cash Equivalents Concentration of Credit Risk	3 Months Ended
	Apr. 30, 2022
Cash and Cash Equivalents/Concentration of Credit Risk
Cash and Cash Equivalents/Concentration of Credit Risk	3. Cash and Cash Equivalents/Concentration of Credit Risk ​ For purposes of the condensed consolidated balance sheets and condensed consolidated statements of cash flows, the Company considers all highly liquid investments with maturities at date of purchase of three months or less to be cash equivalents. Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and cash equivalents. The Company places its cash and cash equivalents in what it believes to be high credit quality banks and institutional money market funds. The Company maintains cash accounts that exceed federally insured limits.

Earnings per Share

Earnings per Share	3 Months Ended
	Apr. 30, 2022
Earnings per Share
Earnings per Share	4. Earnings per Share ​ Basic earnings per common share amounts are calculated using the weighted average number of common shares outstanding for the period. Diluted earnings per common share amounts are calculated using the weighted average number of common shares outstanding plus the additional dilution for all potentially dilutive securities, such as nonvested restricted stock. During loss periods, diluted loss per share amounts are based on the weighted average number of common shares outstanding, because the inclusion of common stock equivalents would be antidilutive. ​ The dilutive effect of stock-based compensation arrangements is accounted for using the treasury stock method. The Company includes as assumed proceeds the amount of compensation cost attributed to future services and not yet recognized. For the first quarter of 2022 and 2021, there were 222,000 and 38,000 shares of nonvested restricted stock, respectively, excluded from the calculation of diluted earnings per share because of antidilution. ​ The following table provides a reconciliation of the weighted average number of common shares outstanding used to calculate basic earnings per share to the number of common shares and common stock equivalents outstanding used in calculating diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ April 30, 2022 May 1, 2021 Weighted average number of common shares outstanding ​ 8,407,284 ​ 9,449,792 Incremental shares from assumed vesting of nonvested restricted stock ​ — ​ 121,044 Weighted average number of common shares and common stock equivalents outstanding ​ 8,407,284 ​ 9,570,836 ​

Revolving Credit Facility

Revolving Credit Facility	3 Months Ended
	Apr. 30, 2022
Revolving Credit Facility
Revolving Credit Facility	5. Revolving Credit Facility ​ In October 2011, the Company entered into a five-year , $50 million credit facility with Bank of America. The facility was amended in August 2015 and May 2020 to extend the maturity dates. The facility was further amended on April 15, 2021 to modify terms and extend the maturity date to April 15, 2026. The amended facility provides a $75 million credit commitment and a $25 million uncommitted “accordion” feature that under certain circumstances could allow the Company to increase the size of the facility to $100 million. The facility is secured by the Company’s inventory, accounts receivable and related assets, but not its real estate, fixtures and equipment, and it contains one financial covenant, a fixed charge coverage ratio, which is applicable and tested only in certain circumstances. The facility has an unused commitment fee of 0.20% and permits the payment of cash dividends subject to certain limitations. Borrowings under the credit facility bear interest (a) for Eurodollar Loans, at a rate equal to the Eurodollar Rate plus either 1.25% , 1.50% or 1.75% , or (b) for Base Rate Loans, at a rate equal to the highest of (i) the prime rate, (ii) the Federal Funds Rate plus 0.5% or (iii) the Eurodollar Rate plus 1.0% , plus, in each case either 0.25% , 0.50% or 0.75% , based in any such case on the average daily availability for borrowings under the facility. ​ As of April 30, 2022, the Company had no borrowings under the credit facility and $0.6 million of letters of credit outstanding. ​

Income Taxes

Income Taxes	3 Months Ended
	Apr. 30, 2022
Income Taxes
Income Taxes	6. Income Taxes ​ Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. If there is a change in tax rates, the Company would recognize the impact of such change in income in the period that includes the enactment date. ​ For the first quarter of 2022 and 2021, the Company utilized the annual effective tax rate method to calculate income taxes. The effective income tax rate was 23.7% for the first quarter of 2022, compared to 20.7% for the first quarter of 2021. The difference in the tax rate was due to a favorable tax impact of restricted stock vestings in the prior year.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 30, 2022
Commitments and Contingencies
Commitments and Contingencies	7. Commitments and Contingencies ​ The Company from time to time is involved in various legal proceedings incidental to the conduct of its business, including claims by customers, landlords, employees or former employees. Once it becomes probable that the Company will incur costs in connection with a legal proceeding and such costs can be reasonably estimated, the Company establishes appropriate reserves. While legal proceedings are subject to uncertainties and the outcome of any such matter is not predictable, the Company is not aware of any legal proceedings pending or threatened against it that it expects to have a material adverse effect on its financial condition, results of operations or liquidity.

Stock Repurchases

Stock Repurchases	3 Months Ended
	Apr. 30, 2022
Stock Repurchases
Stock Repurchases	8. Stock Repurchases ​ Repurchases of Common Stock The Company periodically repurchases shares of its common stock under board-authorized repurchase programs. Such repurchases may be made in the open market, through block trades or through other negotiated transactions. Share repurchases were as follows (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ April 30, 2022 May 1, 2021 Total number of shares purchased ​ 170 ​ ​ 537 Average price paid per share (including commissions) $ 31.20 ​ $ 84.60 Total investment $ 5,317 ​ $ 45,470 ​ ​ On March 15, 2022, the Company announced that its board of directors approved an additional $30 million stock repurchase program. At April 30, 2022, $54.7 million remained available under the Company’s stock repurchase authorization.

Revenue

Revenue	3 Months Ended
	Apr. 30, 2022
Revenue
Revenue	9. Revenue ​ Revenue Recognition The Company’s primary source of revenue is derived from the sale of clothing and accessories to its customers with the Company’s performance obligations satisfied immediately when the customer pays for their purchase and receives the merchandise. Sales taxes collected by the Company from customers are excluded from revenue. Revenue from layaway sales is recognized at the point in time when the merchandise is paid for and control of the goods is transferred to the customer, thereby satisfying the Company’s performance obligation. The Company defers revenue from the sale of gift cards and recognizes the associated revenue upon the redemption of the cards by customers to purchase merchandise. ​ Sales Returns The Company allows customers to return merchandise for up to 30 days after the date of sale. Expected refunds to customers are recorded based on estimated margin using historical return information. ​ Disaggregation of Revenue The Company’s retail operations represent a single operating segment based on the way the Company manages its business. Operating decisions and resource allocation decisions are made at the Company level in order to maintain a consistent retail store presentation. The Company’s retail stores sell similar products, use similar processes to sell those products, and sell their products to similar classes of customers. ​ In the following table, the Company’s revenue from contracts with customers is disaggregated by “CITI” or major merchandise category. The percentage of net sales for each CITI with the merchandise assortment was approximately: ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ April 30, May 1, ​ 2022 2021 Ladies 28 % ​ 29 % Kids 21 % ​ 20 % Accessories & Beauty 18 % ​ 17 % Mens 16 % ​ 18 % Home & Lifestyle 9 % ​ 8 % Footwear 8 % ​ 8 % ​

Leases

Leases	3 Months Ended
	Apr. 30, 2022
Leases
Leases	10. Leases ​ The Company leases its retail store locations and certain office space and equipment. Leases for store locations are typically for a term of five years with options to extend for one or more five-year periods. The Company analyzes all leases at inception to determine if a right-of-use asset and lease liability should be recognized. Leases with an initial term of 12 months or less and leases with mutual termination clauses are not included on the condensed consolidated balance sheets. The lease liability is measured at the present value of future lease payments as of the lease commencement date. In April 2022, the Company completed a sale-leaseback of its distribution center in Darlington, South Carolina for net proceeds of approximately $45.5 million. The total annual rent for this property starts at approximately $3.2 million with increases of 2% annually over the 20-year lease term. The net proceeds included $5.6 million of advance funding for a capital improvement project that will be amortized over the 20-year lease term. The lease contains the option to extend for six additional periods of five years each. The transaction met the requirements for sale-leaseback accounting, resulting in a gain of approximately $34.9 million on the condensed consolidated statements of operations. The related land and property were removed from property and equipment, and an operating lease right-of-use asset and lease liability of $42.6 million and $37.0 million, respectively, were recorded in the condensed consolidated balance sheets. ​ Total lease cost is comprised of operating lease costs, short-term lease costs, and variable lease costs, which include rent paid as a percentage of sales, common area maintenance, real estate taxes and insurance for the Company’s real estate leases. Lease costs consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ ​ April 30, 2022 ​ May 1, 2021 Operating lease cost ​ $ 13,861 ​ $ 12,953 Variable lease cost ​ 2,333 ​ 2,981 Short term lease cost ​ 346 ​ 316 Total lease cost ​ $ 16,540 ​ $ 16,250 ​ Future minimum lease payments as of April 30, 2022 are as follows (in thousands): ​ ​ ​ ​ ​ ​ Fiscal Year Lease Costs Remainder of 2022 $ 41,190 ​ 2023 ​ ​ 56,306 ​ 2024 ​ 48,025 ​ 2025 ​ 37,547 ​ 2026 ​ 27,194 ​ Thereafter ​ 100,676 ​ Total future minimum lease payments ​ ​ 310,938 ​ Less: imputed interest ​ ​ (60,172) (1) Total present value of lease liabilities ​ $ 250,766 (2) ​ (1) Calculated using the discount rate for each lease. (2) Includes short-term and long-term portions of operating lease liabilities. ​ Certain operating leases provide for fixed monthly rents, while others provide for contingent rents computed as a percentage of net sales and others provide for a combination of both fixed monthly rents and contingent rents computed as a percentage of net sales. ​ Supplemental cash flows and other information related to operating leases are as follows (in thousands, except for weighted average amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ ​ April 30, 2022 ​ May 1, 2021 Cash paid for operating leases $ 14,557 ​ $ 13,919 Right of use assets obtained in exchange for new operating lease liabilities ​ $ 52,327 ​ $ 17,529 ​ ​ ​ ​ ​ Weighted average remaining lease term (years) - operating leases ​ 7.37 ​ 5.17 Weighted average discount rate - operating leases ​ ​ 3.71% ​ ​ 3.07% ​

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Apr. 30, 2022
Significant Accounting Policies
Basis of Presentation	Basis of Presentation Citi Trends, Inc. and its subsidiary (the “Company”) is a growing specialty value retailer of apparel, accessories and home trends for way less spend primarily for African American and Latinx families. As of April 30, 2022, the Company operated 614 stores in urban, suburban and rural markets in 33 states. ​ The condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim reporting and are unaudited. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The condensed consolidated balance sheet as of January 29, 2022 is derived from the audited financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2022 (the “2021 Form 10-K”). These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 2021 Form 10-K. Operating results for the first quarter of 2022 are not necessarily indicative of the results that may be expected for the fiscal year as a result of the seasonality of the business, the current economic uncertainty and the extent to which future business will be impacted by the COVID-19 pandemic.
Fiscal Year	Fiscal Year The following contains references to fiscal years 2022 and 2021, which represent fiscal years ending or ended on January 28, 2023 and January 29, 2022, respectively. Fiscal 2022 and 2021 both have 52 -week accounting periods.

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Apr. 30, 2022
Earnings per Share
Schedule of reconciliation of the number of average common shares outstanding used to calculate basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ April 30, 2022 May 1, 2021 Weighted average number of common shares outstanding ​ 8,407,284 ​ 9,449,792 Incremental shares from assumed vesting of nonvested restricted stock ​ — ​ 121,044 Weighted average number of common shares and common stock equivalents outstanding ​ 8,407,284 ​ 9,570,836

Stock Repurchases (Tables)

Stock Repurchases (Tables)	3 Months Ended
	Apr. 30, 2022
Stockholders' Equity
Schedule of activity related to stock repurchases	​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ April 30, 2022 May 1, 2021 Total number of shares purchased ​ 170 ​ ​ 537 Average price paid per share (including commissions) $ 31.20 ​ $ 84.60 Total investment $ 5,317 ​ $ 45,470

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Apr. 30, 2022
Revenue
Schedule of revenue from contracts with customers disaggregated by major product line	​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ April 30, May 1, ​ 2022 2021 Ladies 28 % ​ 29 % Kids 21 % ​ 20 % Accessories & Beauty 18 % ​ 17 % Mens 16 % ​ 18 % Home & Lifestyle 9 % ​ 8 % Footwear 8 % ​ 8 %

Leases (Tables)

Leases (Tables)	3 Months Ended
	Apr. 30, 2022
Leases
Schedule of lease expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ ​ April 30, 2022 ​ May 1, 2021 Operating lease cost ​ $ 13,861 ​ $ 12,953 Variable lease cost ​ 2,333 ​ 2,981 Short term lease cost ​ 346 ​ 316 Total lease cost ​ $ 16,540 ​ $ 16,250
Schedule of future minimum rent payments under operating leases	Future minimum lease payments as of April 30, 2022 are as follows (in thousands): ​ ​ ​ ​ ​ ​ Fiscal Year Lease Costs Remainder of 2022 $ 41,190 ​ 2023 ​ ​ 56,306 ​ 2024 ​ 48,025 ​ 2025 ​ 37,547 ​ 2026 ​ 27,194 ​ Thereafter ​ 100,676 ​ Total future minimum lease payments ​ ​ 310,938 ​ Less: imputed interest ​ ​ (60,172) (1) Total present value of lease liabilities ​ $ 250,766 (2) ​ (1) Calculated using the discount rate for each lease. (2) Includes short-term and long-term portions of operating lease liabilities.
Schedule of supplemental cash flow and other information	Supplemental cash flows and other information related to operating leases are as follows (in thousands, except for weighted average amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ ​ April 30, 2022 ​ May 1, 2021 Cash paid for operating leases $ 14,557 ​ $ 13,919 Right of use assets obtained in exchange for new operating lease liabilities ​ $ 52,327 ​ $ 17,529 ​ ​ ​ ​ ​ Weighted average remaining lease term (years) - operating leases ​ 7.37 ​ 5.17 Weighted average discount rate - operating leases ​ ​ 3.71% ​ ​ 3.07%

Significant Accounting Polici_3

Significant Accounting Policies (Details)	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Apr. 30, 2022storestate
Significant Accounting Policies
Number of stores operated | store			614
Number of states in which company operates | state			33
Length of fiscal year	364 days	364 days

Earnings per Share (Details)

Earnings per Share (Details) - shares	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Reconciliation of average number of common shares outstanding used to calculate basic and diluted earnings per share
Weighted average number of common shares outstanding	8,407,284	9,449,792
Incremental shares from assumed vesting of nonvested restricted stock		121,044
Average number of common shares and common stock equivalents outstanding	8,407,284	9,570,836
Restricted Stock
Antidilutive securities
Shares excluded from the calculation of diluted earnings per share	222,000	38,000

Revolving Credit Facility (Deta

Revolving Credit Facility (Details) $ in Millions	May 12, 2020USD ($)agreement	Oct. 27, 2011USD ($)	Apr. 30, 2022USD ($)
Revolving Line of Credit
Number of covenants | agreement	1
Line of Credit
Revolving Line of Credit
Term of credit facility		5 years
Maximum borrowing capacity	$ 75	$ 50
Borrowing capacity, accordion feature	25
Maximum borrowing capacity including accordion expansion	$ 100
Unused commitment fee (as a percent)	0.20%
Debt outstanding			$ 0
Line of Credit | Eurodollar Rate
Revolving Line of Credit
Increase pricing for loans (as a percent)	1.00%
Line of Credit | Federal Fund Rate
Revolving Line of Credit
Margin added to variable rate (as a percent)	0.50%
Letter of Credit
Revolving Line of Credit
Debt outstanding			$ 0.6
First interest rate | Line of Credit | Eurodollar Rate
Revolving Line of Credit
Margin added to variable rate (as a percent)	1.25%
First interest rate | Line of Credit | Base Rate
Revolving Line of Credit
Margin added to variable rate (as a percent)	0.25%
Second interest rate | Line of Credit | Eurodollar Rate
Revolving Line of Credit
Margin added to variable rate (as a percent)	1.50%
Second interest rate | Line of Credit | Base Rate
Revolving Line of Credit
Margin added to variable rate (as a percent)	0.50%
Third interest rate | Line of Credit | Eurodollar Rate
Revolving Line of Credit
Margin added to variable rate (as a percent)	1.75%
Third interest rate | Line of Credit | Base Rate
Revolving Line of Credit
Margin added to variable rate (as a percent)	0.75%

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Income Taxes
Effective income tax rate	23.70%	20.70%

Stock Repurchases - Stock Repur

Stock Repurchases - Stock Repurchases (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021	Mar. 15, 2022
Stock Repurchases
Total number of shares purchased	170	537
Average price paid per share (including commissions)	$ 31.20	$ 84.60
Total investment	$ 5,317	$ 45,470
Remaining value of shares available for repurchase			$ 30,000
Stock purchase plan authorized amount	$ 54,700

Revenue - Returns and Disaggreg

Revenue - Returns and Disaggregation of Revenue (Details)	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Revenue, initial application period, cumulative effect transition
Period of time company allows customers to return merchandise	30 days
Ladies
Revenue, initial application period, cumulative effect transition
Revenue from contracts with customers disaggregated by major product line (as a percent)	28.00%	29.00%
Kids
Revenue, initial application period, cumulative effect transition
Revenue from contracts with customers disaggregated by major product line (as a percent)	21.00%	20.00%
Accessories & Beauty
Revenue, initial application period, cumulative effect transition
Revenue from contracts with customers disaggregated by major product line (as a percent)	18.00%	17.00%
Mens
Revenue, initial application period, cumulative effect transition
Revenue from contracts with customers disaggregated by major product line (as a percent)	16.00%	18.00%
Home & Lifestyle
Revenue, initial application period, cumulative effect transition
Revenue from contracts with customers disaggregated by major product line (as a percent)	9.00%	8.00%
Footwear
Revenue, initial application period, cumulative effect transition
Revenue from contracts with customers disaggregated by major product line (as a percent)	8.00%	8.00%

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Leases
Operating lease cost	$ 13,861	$ 12,953
Variable lease cost	2,333	2,981
Short term lease cost	346	316
Total lease cost	$ 16,540	$ 16,250

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Apr. 30, 2022USD ($)
Future minimum lease payments under operating leases
Remainder of 2021	$ 41,190
2022	56,306
2023	48,025
2024	37,547
2025	27,194
Thereafter	100,676
Total future minimum lease payments	310,938
Less: imputed interest	(60,172)
Total present value of lease liabilities	$ 250,766

Leases - Cash flow and other in

Leases - Cash flow and other information (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Supplemental cash flow and other information related to operating leases
Cash paid for operating leases	$ 14,557	$ 13,919
Right of use assets obtained in exchange for new operating lease liabilities	$ 52,327	$ 17,529
Weighted average remaining lease term - operating leases	7 years 4 months 13 days	5 years 2 months 1 day
Weighted average discount rate - operating leases (as a percent)	3.71%	3.07%

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2022USD ($)period	Apr. 30, 2022USD ($)	Jan. 29, 2022USD ($)
Leases
Lease term	5 years	5 years
Gain on sale-leaseback		$ 34,920
Operating lease right of use assets	$ 241,686	241,686	$ 201,827
Lease liability	250,766	250,766
Distribution Center Darlington South Carolina [Member]
Leases
Net proceeds from sale	45,500
Sale leaseback transaction, annual lease rent	$ 3,200
Sale leaseback transaction, percent of annual increase in lease rent	2.00%
Sale leaseback transaction, term of lease	20 years
Proceeds from advance funding for capital improvement project	$ 5,600
Sale leaseback transaction, number of additional periods | period	6
Sale leaseback transaction, renewal term	5 years
Gain on sale-leaseback	$ 34,900
Operating lease right of use assets	42,600	42,600
Lease liability	$ 37,000	$ 37,000
Minimum
Leases
Extension term	1 year	1 year
Maximum
Leases
Extension term	5 years	5 years