Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Feb. 03, 2024 | Mar. 20, 2024 | Jul. 28, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Feb. 03, 2024 | ||
Current Fiscal Year End Date | --02-03 | ||
Document Transition Report | false | ||
Entity File Number | 1-32637 | ||
Entity Registrant Name | GameStop Corp. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 20-2733559 | ||
Entity Address, Address Line One | 625 Westport Parkway | ||
Entity Address, Postal Zip Code | 76051 | ||
Entity Address, City or Town | Grapevine, | ||
Entity Address, State or Province | TX | ||
City Area Code | 817 | ||
Local Phone Number | 424-2000 | ||
Title of 12(b) Security | Class A Common Stock | ||
Trading Symbol | GME | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 5.9 | ||
Entity Common Stock, Shares Outstanding | 305,873,200 | ||
Documents Incorporated by Reference | Portions of the definitive proxy statement of the registrant to be filed pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended, for the 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001326380 |
Audit Information
Audit Information | 12 Months Ended |
Feb. 03, 2024 | |
Audit Information [Abstract] | |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Location | Dallas, Texas |
Auditor Firm ID | 34 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 921.7 | $ 1,139 |
Marketable securities | 277.6 | 251.6 |
Receivables, net of allowance of $4.4 and $2.2, respectively | 91 | 153.9 |
Merchandise inventories, net | 632.5 | 682.9 |
Prepaid expenses and other current assets | 51.4 | 96.3 |
Total current assets | 1,974.2 | 2,323.7 |
Property and equipment, net of accumulated depreciation of $851.2 and $1,006.8, respectively | 94.9 | 136.5 |
Operating lease right-of-use assets | 555.8 | 560.8 |
Deferred income taxes | 17.3 | 18.3 |
Other noncurrent assets | 66.8 | 74.1 |
Total assets | 2,709 | 3,113.4 |
Current liabilities: | ||
Accounts payable | 324 | 531.3 |
Accrued liabilities and other current liabilities | 412 | 602.3 |
Current portion of operating lease liabilities | 187.7 | 194.7 |
Current portion of long-term debt | 10.8 | 10.8 |
Total current liabilities | 934.5 | 1,339.1 |
Long-term debt | 17.7 | 28.7 |
Operating lease liabilities | 386.6 | 382.4 |
Other long-term liabilities | 31.6 | 40.9 |
Total liabilities | 1,370.4 | 1,791.1 |
Stockholders’ equity: | ||
Class A common stock — $.001 par value; authorized 1,000 shares; 305.7 and 304.6 shares issued and outstanding, respectively | 0.1 | 0.1 |
Additional paid-in capital | 1,634.9 | 1,613.6 |
Accumulated other comprehensive loss | (83.6) | (71.9) |
Retained loss | (212.8) | (219.5) |
Total stockholders' equity | 1,338.6 | 1,322.3 |
Total liabilities and stockholders’ equity | $ 2,709 | $ 3,113.4 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 |
Statement of Financial Position [Abstract] | ||
Receivables, net of allowances | $ 4.4 | $ 2.2 |
Accumulated depreciation | $ 851.2 | $ 1,006.8 |
Class A common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Class A common stock, shares authorized (in shares) | 1,000 | 1,000 |
Class A common stock, shares issued (in shares) | 305.7 | 304.6 |
Class A common stock, shares outstanding (in shares) | 305.7 | 304.6 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Income Statement [Abstract] | |||
Net sales | $ 5,272.8 | $ 5,927.2 | $ 6,010.7 |
Cost of sales | 3,978.6 | 4,555.1 | 4,662.9 |
Gross profit | 1,294.2 | 1,372.1 | 1,347.8 |
Selling, general, and administrative expenses | 1,323.9 | 1,681 | 1,709.6 |
Asset impairments | 4.8 | 2.7 | 6.7 |
Operating loss | (34.5) | (311.6) | (368.5) |
Interest (income) expense, net | (49.5) | (9.5) | 26.9 |
Other loss, net | 1.9 | 0 | 0 |
Income (loss) before income taxes | 13.1 | (302.1) | (395.4) |
Income tax expense (benefit), net | 6.4 | 11 | (14.1) |
Net (loss) income | $ 6.7 | $ (313.1) | $ (381.3) |
Net income (loss) per share: | |||
Basic (in dollars per share) | $ 0.02 | $ (1.03) | $ (1.31) |
Diluted (in dollars per share) | $ 0.02 | $ (1.03) | $ (1.31) |
Weighted-average shares outstanding: | |||
Basic (in shares) | 305.1 | 304.2 | 290.4 |
Diluted (in shares) | 305.2 | 304.2 | 290.4 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 6.7 | $ (313.1) | $ (381.3) |
Other comprehensive loss: | |||
Foreign currency translation adjustments | (11.6) | (2.3) | (19.4) |
Reclassification of foreign currency gain included in net income | (1) | 0 | 0 |
Net change in unrealized loss on available-for-sale securities | (0.1) | (0.9) | 0 |
Reclassification of realized loss on available-for-sale securities included in net income | 1 | 0 | 0 |
Total comprehensive loss | $ (5) | $ (316.3) | $ (400.7) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 6.7 | $ (313.1) | $ (381.3) |
Adjustments to reconcile net income (loss) to net cash flows from operating activities: | |||
Depreciation and amortization | 56.2 | 61.7 | 77.2 |
Stock-based compensation expense, net | 22.2 | 40.1 | 30.5 |
Gain on sale of digital assets | 0 | (7.2) | 0 |
Digital asset impairments | 0 | 34 | 0 |
Asset impairments | 4.8 | 2.7 | 6.7 |
Loss on retirement of debt | 0 | 0 | 18.2 |
Deferred income taxes | (0.1) | (2.6) | (16.3) |
Loss on disposal of property and equipment, net | 1.5 | 2.5 | 5.4 |
Other, net | 0.8 | 1.2 | (3.5) |
Changes in operating assets and liabilities: | |||
Receivables, net | 65 | (16.8) | (38.4) |
Merchandise inventories, net | 39.9 | 229.6 | (329.6) |
Prepaid expenses and other assets | 10.4 | (25.2) | (6.5) |
Prepaid income taxes and income taxes payable | (2.4) | 172.4 | (21.7) |
Accounts payable and accrued liabilities | (397.7) | (66.2) | 224.4 |
Operating lease right-of-use assets and lease liabilities | (8.1) | (4.9) | (0.9) |
Changes in other long-term liabilities | (2.9) | 0 | 1.5 |
Net cash flows (used in) provided by operating activities | (203.7) | 108.2 | (434.3) |
Cash flows from investing activities: | |||
Capital expenditures | (34.9) | (55.9) | (62) |
Purchases of marketable securities | (326.8) | (276.8) | 0 |
Proceeds from maturities and sales of marketable securities | 312.6 | 27.5 | 0 |
Proceeds from sale of property and equipment | 13.1 | 0 | 0 |
Proceeds from sale of digital assets | 2.8 | 81.9 | 0 |
Other | 0 | 0.6 | (2.8) |
Net cash flows used in investing activities | (33.2) | (222.7) | (64.8) |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock, net of costs | 0 | 0 | 1,672.8 |
Net repayments of senior notes | 0 | 0 | (307.4) |
Repayments of French term loans | (10.7) | (3.9) | 0 |
Repayments of revolver borrowings | 0 | 0 | (25) |
Settlement of stock-based awards | (0.9) | (4) | (136.8) |
Payments of financing costs | 0 | 0 | (3) |
Net cash flows (used in) provided by financing activities | (11.6) | (7.9) | 1,200.6 |
Exchange rate effect on cash, cash equivalents and restricted cash | (8.6) | (1.5) | (16.6) |
(Decrease) increase in cash, cash equivalents and restricted cash | (257.1) | (123.9) | 684.9 |
Cash, cash equivalents and restricted cash at beginning of period | 1,196 | 1,319.9 | 635 |
Cash, cash equivalents and restricted cash at end of period | 938.9 | 1,196 | 1,319.9 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Cash received for interest income | 47.9 | 8.2 | 0 |
Cash paid for interest | (3.2) | (2.6) | (18.3) |
Cash received (paid) for interest, net | 44.7 | 5.6 | (18.3) |
Cash paid for income taxes | (11.2) | (13.5) | (21.4) |
Cash tax refunds received | 3 | 176 | 4.5 |
Cash (paid) refunded for income taxes, net | (8.2) | 162.5 | (16.9) |
Cash paid for operating leases | (270.6) | (257.7) | (262.3) |
Leased assets obtained in exchange for new operating lease liabilities | 263.7 | 242.8 | 205.4 |
Non-cash investing and financing activities: | |||
Accruals related to purchases of property and equipment | $ 0.3 | $ 1.1 | $ 9.6 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions | Total | Class A Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings (Loss) |
Beginning balance (in shares) at Jan. 30, 2021 | 261.2 | ||||
Beginning balance at Jan. 30, 2021 | $ 436.7 | $ 0.1 | $ 11 | $ (49.3) | $ 474.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (381.3) | (381.3) | |||
Foreign currency translation | (19.4) | (19.4) | |||
Reclassification of foreign currency gain included in net income | 0 | ||||
Stock-based compensation expense | 30.5 | 30.5 | |||
Issuance of common stock, net of cost (in shares) | 34 | ||||
Issuance of common stock, net of cost | 1,672.8 | 1,672.8 | |||
Settlement of stock-based awards (in shares) | 8.4 | ||||
Settlement of stock-based awards | (136.8) | (136.8) | |||
Reclassification of realized loss on available-for-sale securities included in net income | 0 | ||||
Ending balance (in shares) at Jan. 29, 2022 | 303.6 | ||||
Ending balance at Jan. 29, 2022 | 1,602.5 | $ 0.1 | 1,577.5 | (68.7) | 93.6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (313.1) | (313.1) | |||
Foreign currency translation | (2.3) | (2.3) | |||
Reclassification of foreign currency gain included in net income | 0 | ||||
Stock-based compensation expense | 40.1 | 40.1 | |||
Settlement of stock-based awards (in shares) | 1 | ||||
Settlement of stock-based awards | (4) | (4) | |||
Net change in unrealized loss on available-for-sale securities | (0.9) | (0.9) | |||
Reclassification of realized loss on available-for-sale securities included in net income | 0 | ||||
Ending balance (in shares) at Jan. 28, 2023 | 304.6 | ||||
Ending balance at Jan. 28, 2023 | 1,322.3 | $ 0.1 | 1,613.6 | (71.9) | (219.5) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | 6.7 | 6.7 | |||
Foreign currency translation | (11.6) | (11.6) | |||
Reclassification of foreign currency gain included in net income | (1) | (1) | |||
Stock-based compensation expense | 22.2 | 22.2 | |||
Settlement of stock-based awards (in shares) | 1.1 | ||||
Settlement of stock-based awards | (0.9) | (0.9) | |||
Net change in unrealized loss on available-for-sale securities | (0.1) | (0.1) | |||
Reclassification of realized loss on available-for-sale securities included in net income | 1 | 1 | |||
Ending balance (in shares) at Feb. 03, 2024 | 305.7 | ||||
Ending balance at Feb. 03, 2024 | $ 1,338.6 | $ 0.1 | $ 1,634.9 | $ (83.6) | $ (212.8) |
General Information
General Information | 12 Months Ended |
Feb. 03, 2024 | |
Accounting Policies [Abstract] | |
General Information | General Information The Company GameStop Corp. ("GameStop," "we," "us," "our" or the "Company"), a Delaware corporation established in 1996, is a leading specialty retailer offering games and entertainment products through its thousands of stores and ecommerce platforms. We operate our business in four geographic segments: United States, Canada, Australia and Europe. The information contained in these consolidated financial statements refers to continuing operations unless otherwise noted. See Note 5 , "Segment Information," for additional information. Basis of Presentation and Consolidation Our consolidated financial statements include our accounts and the accounts of our wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Our fiscal year is composed of the 52 or 53 weeks ending on the Saturday closest to the last day of January. Fiscal year 2023 consisted of the 53 weeks ended on February 3, 2024 ("fiscal 2023"). Fiscal year 2022 consisted of the 52 weeks ended on January 28, 2023 ("fiscal 2022"). Fiscal year 2021 consisted of the 52 weeks ended on January 29, 2022 ("fiscal 2021"). Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In preparing these financial statements, we have made our best estimates and judgments of certain amounts included in the financial statements, giving due consideration to materiality. Changes in the estimates and assumptions used by us could have a significant impact on our financial results. Actual results could differ from those estimates. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Feb. 03, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Cash and Cash Equivalents and Restricted Cash Our cash and cash equivalents on our Consolidated Balance Sheets are carried at fair value and consist primarily of cash, money market funds, cash deposits with commercial banks and highly rated direct short-term instruments with an original maturity of 90 days or less. Restricted cash consists primarily of bank deposits that collateralize our obligations to vendors and landlords. The following table presents a reconciliation of cash, cash equivalents and restricted cash in our Consolidated Balance Sheets to total cash, cash equivalents and restricted cash in our Consolidated Statements of Cash Flows: Fiscal 2023 Fiscal 2022 Cash and cash equivalents $ 921.7 $ 1,139.0 Restricted cash (1) 3.5 41.3 Long-term restricted cash (2) 13.7 15.7 Total cash, cash equivalents and restricted cash $ 938.9 $ 1,196.0 _________________________________________________ (1) Recognized in prepaid expenses and other current assets on our Consolidated Balance Sheets. (2) Recognized in other noncurrent assets on our Consolidated Balance Sheets. Investments We have traditionally invested our excess cash in investment grade short-term fixed income securities, which consist of U.S. government and agency securities and time deposits. Such investments with an original maturity in excess of 90 days and less than one year are classified as marketable securities on our Consolidated Balance Sheets. Such investments are classified as available-for-sale debt securities and reported at fair value. Unrealized holding gains and losses are recognized in accumulated other comprehensive loss on our Consolidated Balance Sheets. Realized gains and losses upon sale or extinguishment are reported in other loss, net in our Consolidated Statements of Operations. Each reporting period, we evaluate whether declines in fair value below carrying value are due to expected credit losses, as well as our ability and intent to hold the investment until a forecasted recovery occurs. On December 5, 2023, the Board of Directors approved a new investment policy (the “Investment Policy”). Subsequently, on March 21, 2024, the Board of Directors unanimously authorized revisions to the Investment Policy to codify the role of certain members of the Board of Directors in overseeing the Company’s investments. In accordance with the revised Investment Policy, the Board of Directors has delegated authority to manage the Company’s portfolio of securities investments to an Investment Committee consisting of Mr. Cohen and two independent members of the Board of Directors, together with such personnel and advisors as the Investment Committee may choose. Merchandise Inventories Our merchandise inventories are carried at the lower of cost or net realizable value generally using the average cost method. Under the average cost method, as new product is received from vendors, its current cost is added to the existing cost of product on-hand and this amount is re-averaged over the cumulative units. Pre-owned gaming systems and other products traded in by customers are recorded as inventory at the amount of cash or store credit given to the customer. We are required to make adjustments to inventory to reflect potential obsolescence or over-valuation as a result of cost exceeding market. In valuing inventory, we consider quantities on hand, recent sales, potential price protections, returns to vendors and other factors. Our ability to assess these factors is dependent upon our ability to forecast customer demand and to provide a well-balanced merchandise assortment. Inventory is adjusted based on anticipated physical inventory losses or shrinkage and actual losses resulting from periodic physical inventory counts. Inventory reserves as of February 3, 2024 and January 28, 2023 were $38.8 million and $46.7 million, respectively. Property and Equipment Property and equipment are carried at cost less accumulated depreciation and amortization. Depreciation on fixtures and equipment is computed using the straight-line method over their estimated useful lives. Maintenance and repairs are expensed as incurred, while improvements and major remodeling costs are capitalized. Leasehold improvements are capitalized and amortized over the shorter of their estimated useful lives or the terms of the respective leases, which includes reasonably certain renewal options. Costs incurred in purchasing or developing management information systems are capitalized and included in fixtures and equipment. These costs are amortized over their estimated useful lives from the date the technology becomes operational. We periodically review our property and equipment when events or changes in circumstances indicate that its carrying amounts may not be recoverable or its depreciation or amortization periods should be accelerated. We assess recoverability based on several factors, including our intention with respect to our stores and those stores' projected undiscounted cash flows. An impairment loss is recognized for the amount by which the carrying amount of the assets exceeds its fair value, determined based on an estimate of discounted future cash flows or readily available market information for similar assets. Assets Held for Sale We consider assets to be held for sale when management, with appropriate authority, approves and commits to a formal plan to actively market the assets for sale at a price reasonable in relation to their estimated fair value, the assets are available for immediate sale in their present condition, an active program to locate a buyer has been initiated, the sale of the assets is probable and expected to be completed within one year, and it is unlikely that significant changes will be made to the plan. Upon designation as held for sale, we record the assets at the lower of their carrying value or their estimated fair value, reduced for the cost to dispose the assets. During the fourth quarter of fiscal 2022, we committed to a plan to sell property in our Europe segment consisting of a building, land and other property and equipment with a total net carrying value of $7.1 million. In April 2023, the Company entered into an agreement to sell the building and land for approximately $13.1 million. The transaction closed in August 2023 and the related gain was recognized in SG&A expenses in our Consolidated Statements of Operations. During the first half of fiscal 2023, we committed to a plan to sell additional properties in our Europe segment consisting of buildings and land with a total net carrying value of $9.4 million. There were no impairment charges recognized on these asset groups as the estimated fair value exceeded their respective carrying values. The building, land and other property and equipment are classified as assets held for sale in other noncurrent assets on our Consolidated Balance Sheets. Intangible Assets Indefinite-lived intangible assets are expected to contribute to cash flows indefinitely and, therefore, are not subject to amortization but are required to be evaluated at least annually for impairment. If the carrying value of an individual indefinite-lived intangible asset exceeds its fair value, such individual indefinite-lived intangible asset is impaired by the amount of the excess. We test our indefinite-lived intangible assets on an annual basis during the fourth quarter or when circumstances indicate the carrying value might be impaired. Our indefinite-lived intangible assets consist of digital assets and trade names. Digital Assets We account for digital assets in accordance with ASC 350, Intangibles-Goodwill and Other (Topic 350). Our digital assets are initially recorded at cost. Accordingly, if the fair market value at any point during the reporting period is lower than the carrying value, an impairment loss equal to the difference will be recognized in selling, general, and administrative ("SG&A") expenses in our Consolidated Statement of Operations. This new cost basis will not be adjusted upward for any subsequent increase in fair value. Gains or losses on the sale of digital assets, if any, will be recognized based on the fair value upon sale or disposal of the assets in SG&A expenses in our Consolidated Statement of Operations. See Note 11 , "Intangible Assets" for additional information. Trade Names The fair value of our trade names are estimated by using a relief-from-royalty approach, which assumes the value of the trade name is the discounted cash flows of the amount that would be paid by a hypothetical market participant had they not owned the trade name and instead licensed the trade name from another company. We recognized no impairment charges during fiscal 2023, 2022, and 2021. See Note 11 , "Intangible Assets" for additional information. Definite-lived Intangible Assets Our definite-lived intangible assets consist primarily of leasehold rights. The estimated useful life and amortization methodology of intangible assets are determined based on the period in which they are expected to contribute directly to cash flows. Intangible assets that are determined to have a definite life are amortized over the life of the asset. Revenue Recognition We recognize revenue when performance obligations are satisfied by transferring goods or services to the customer in an amount that we expect to collect in exchange for those goods or services. The satisfaction of a performance obligation with a single customer may occur at a point in time or may occur over time. The significant majority of our revenue is recognized at a point in time, generally when a customer purchases and takes possession of merchandise through our stores or when merchandise purchased through our ecommerce platforms is delivered to a customer. Revenue is recognized net of sales discounts, sales returns, and estimated sales return reserves. Our sales return policy is generally limited to 15 days or less and as such our sales returns are, and historically have been, immaterial. Revenues do not include sales taxes or other taxes collected from customers. We have arrangements with customers where our performance obligations are satisfied over time, which primarily relate to extended warranties and our GameStop Pro ® rewards program, formerly known as PowerUp Rewards®. Our GameStop Pro ® rewards program includes a subscription to Game Informer® magazine. Subscription revenues for our GameStop Pro ® rewards program are recognized on a straight-line basis over the subscription period. Advertising revenues for Game Informer ® are recorded upon release of magazines for distribution to consumers. Revenues for extended warranties sold are recognized on a straight-line basis over the life of the contract. Contract liabilities and other deferred revenues associated with gift cards, extended warranties, customer credits, and subscriptions to our GameStop Pro ® rewards program are included in accrued liabilities and other current liabilities on our Consolidated Balance Sheets. We also sell a variety of digital products which generally allow consumers to download software or play games on the internet. The significant majority of the digital products we sell are unbundled and do not require us to purchase inventory or take physical possession of, or take title to, inventory. When purchasing these products from us, consumers pay a retail price and we earn a commission based on a percentage of the retail sale as negotiated with the digital product publisher. We recognize the sale of these digital products on a net basis, whereby the commissions earned are recorded as revenue. Rewards Program Our GameStop Pro ® rewards program allows paid members to earn points on purchases that can be redeemed for rewards that include discounts or coupons. When rewards program members purchase our product, we allocate the transaction price between the product and loyalty points earned based on the relative stand-alone selling prices and expected point redemption. The portion allocated to the loyalty points is initially recorded as deferred revenue and subsequently recognized as revenue upon redemption or expiration. The two primary estimates utilized to record the deferred revenue for loyalty points earned by members are the estimated retail price per point and estimated breakage. The estimated retail price per point is based on the actual historical retail prices of product purchased through the redemption of loyalty points. We estimate breakage of loyalty points based on historical redemption rates. We continually evaluate our methodology and assumptions based on developments in retail price per point redeemed, redemption patterns and other factors. Changes in the retail price per point and redemption rates have the effect of either increasing or decreasing the deferred revenue liability through current period revenue by an amount estimated to represent the retail value of all points previously earned but not yet redeemed by loyalty program members as of the end of the reporting period. The cost of administering the loyalty program, including program administration fees, program communications and cost of loyalty cards, is recognized in SG&A expenses in our Consolidated Statement of Operations. Contract Liabilities We establish a liability upon the issuance of merchandise credits and the sale of gift cards. Revenue is subsequently recognized when the credits and gift cards are redeemed. In addition, we recognize breakage in revenue upon redemption and in proportion to historical redemption patterns, regardless of the age of the unused gift cards and merchandise credit liabilities. To the extent that future redemption patterns differ from those historically experienced, there will be variations in the recorded breakage. Vendor Arrangements We participate in vendor cooperative advertising programs and other vendor marketing programs in which vendors provide us with cash consideration in exchange for marketing and advertising the vendors’ products. Our accounting for cooperative advertising arrangements and other vendor marketing programs results in a significant portion of the consideration received from our vendors reducing the product costs in inventory rather than as an offset to our marketing and advertising costs. The consideration serving as a reduction in inventory is recognized in cost of sales as inventory is sold. The amount of vendor allowances to be recorded as a reduction of inventory is determined based on the nature of the consideration received and the merchandise inventory to which the consideration relates. We apply a sell-through rate to determine the timing in which the consideration should be recognized in cost of sales. Consideration received that relates to gaming products that have not yet been released to the public is deferred as a reduction of inventory. The cooperative advertising programs and other vendor marketing programs generally cover a period from a few days up to a few weeks and include items such as product catalog advertising, in-store display promotions, internet advertising, co-op print advertising and other programs. The allowance for each event is negotiated with the vendor and requires specific performance by us to be earned. Vendor allowances of $63.9 million, $70.3 million and $71.7 million were recorded as a reduction of cost of sales for fiscal 2023, 2022 and 2021, respectively, in our Consolidated Statements of Operations. Cost of Sales and Selling, General, and Administrative Expenses Classification The classification of cost of sales and SG&A expenses varies across the retail industry. We include certain purchasing, receiving and distribution costs in SG&A in the Consolidated Statements of Operations. We include processing fees associated with purchases made by credit cards and other payment methods in cost of sales in our Consolidated Statements of Operations. Advertising Expenses We expense advertising costs for television, print, digital advertising, and other media when the advertising takes place. Advertising expenses for fiscal 2023, 2022 and 2021 totaled $39.3 million, $75.0 million and $93.6 million, respectively. Income Taxes Income tax expense includes federal, state, local and international income taxes. Income taxes are accounted for utilizing an asset and liability approach and deferred tax assets and liabilities are recognized for the tax consequences of temporary differences between the financial reporting basis and the tax basis of existing assets and liabilities using enacted tax rates. Deferred tax assets and liabilities are measured using the 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 the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. In accordance with GAAP, we maintain liabilities for uncertain tax positions until examination of the tax year is completed by the applicable taxing authority, available review periods expire or additional facts and circumstances cause us to change our assessment of the appropriate accrual amount. See Note 15 , "Income Taxes," for additional information. We do not assert indefinite reinvestment on the undistributed earnings of our foreign subsidiaries. Income tax and/or withholding tax associated with any amounts available for distribution as of February 3, 2024 is not expected to be material to our financial statements. Leases We conduct the substantial majority of our business with leased real estate properties, including retail stores, warehouse facilities and office space. We also lease certain equipment and vehicles. These are generally leased under non-cancelable agreements and include various renewal options for additional periods. These agreements generally provide for minimum, and in some cases, percentage rentals, and require us to pay insurance, taxes and other maintenance costs. Percentage rentals are based on sales performance in excess of specified minimums at various stores and are accounted for in the period in which the amount of percentage rentals can be accurately estimated. All of our lease agreements are classified as operating leases. We determine if an arrangement is considered a lease at inception. We recognize right-of-use ("ROU") assets, on the commencement date based on the present value of future minimum lease payments over the lease term, including reasonably certain renewal options. As the rate implicit in the lease is not readily determinable for most leases, we utilize our incremental borrowing rate ("IBR") to determine the present value of future payments. The incremental borrowing rate represents a significant judgment that is based on an analysis of our credit rating, country risk, corporate bond yields and the effect of collateralization. For our real estate leases, we do not separate the components of a contract, thus our future payments include minimum rent payments and fixed executory costs. For our non-real estate leases, future payments include only fixed minimum rent payments. We record the amortization of our ROU assets and the accretion of our lease liabilities as a single lease cost on a straight-line basis over the lease term, which includes option terms we are reasonably certain to exercise. We recognize our cash or lease incentives as a reduction to the ROU asset. We assess ROU assets for impairment in accordance with our long-lived asset impairment policy, which is performed periodically or when events or changes in circumstances indicate that the carrying amount may not be recoverable. Foreign Currency Generally, we have determined that the functional currencies of our foreign subsidiaries are the subsidiaries’ local currencies. The assets and liabilities of the subsidiaries are translated into U.S. dollars at the applicable exchange rate as of the end of the balance sheet date and revenue and expenses are translated into U.S. dollars at an average rate over the period. Currency translation adjustments are recorded as a component of other comprehensive income in our Consolidated Statement of Comprehensive Loss. Currency translation adjustments related to divested foreign businesses are reclassified into earnings as a component of SG&A in our Consolidated Statements of Operations once the liquidation of the respective foreign businesses is substantially complete. Gains and losses arising from transactions denominated in nonfunctional currencies and derivatives resulted in a net gain of $2.0 million, a net loss of $2.6 million, and a net loss of $3.4 million, for fiscal 2023, 2022 and 2021, respectively. These costs were recognized in SG&A expenses in our Consolidated Statements of Operations. We have historically used forward exchange contracts to manage currency risk primarily related to foreign-currency denominated intercompany assets and liabilities. The forward exchange contracts are not designated as hedges and, therefore, changes in the fair values of these derivatives are recognized in earnings, thereby offsetting the current earnings effect of the re-measurement of related intercompany loans. See Note 12 , "Fair Value Measurements," for additional information regarding our forward exchange contracts. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Feb. 03, 2024 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements The Company did not adopt any Accounting Standard Updates (“ASU”) during fiscal 2023. Recent Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." This standard requires disclosure of significant segment expenses and other segment items by reportable segment. This ASU becomes effective for annual periods beginning in 2024 and interim periods in 2025. The Company is assessing the impact of this ASU and upon adoption expects that any impact would be limited to additional segment expense disclosures in the footnotes to its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-08, "Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets." This standard provides accounting and disclosure guidance for crypto assets that meet the definition of an intangible asset and certain other criteria. In-scope assets are subsequently measured at fair value with changes recorded in the income statement. The standard requires separate presentation of (1) in-scope crypto assets from other intangible assets and (2) changes in the fair value of those crypto assets. Disclosure of significant crypto asset holdings and an annual reconciliation of the beginning and ending balances of crypto assets are also required. This ASU becomes effective for annual periods beginning in 2025, including interim periods, with early adoption permitted. The Company does not anticipate a material impact of this standard on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." This standard enhances disclosures related to income taxes, including the rate reconciliation and information on income taxes paid. This ASU becomes effective January 1, 2025. The Company is assessing the impact of this ASU and upon adoption expects to include certain additional disclosures in the footnotes to its consolidated financial statements. |
Revenue
Revenue | 12 Months Ended |
Feb. 03, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The following table presents net sales by significant product category: Fiscal 2023 2022 2021 Hardware and accessories (1) $ 2,996.8 $ 3,140.0 $ 3,171.7 Software (2) 1,522.0 1,822.6 2,014.8 Collectibles 754.0 964.6 824.2 Total $ 5,272.8 $ 5,927.2 $ 6,010.7 (1) Includes sales of new and pre-owned hardware, accessories, hardware bundles in which hardware and digital or physical software are sold together in a single SKU, interactive game figures, strategy guides, mobile and consumer electronics. (2) Includes sales of new and pre-owned gaming software, digital software and PC entertainment software. See Note 5 , "Segment Information," for net sales by geographic location. Performance Obligations We have arrangements with customers where our performance obligations are satisfied over time, which primarily relate to extended warranties and our GameStop Pro ® rewards program, formerly known as PowerUp Rewards ® . Our GameStop Pro ® rewards program includes a subscription to Game Informer® magazine. We expect to recognize revenue in future periods for remaining performance obligations we have associated with unredeemed gift cards, trade-in credits, reservation deposits and loyalty points earned as part of our GameStop Pro ® rewards program (collectively, "unredeemed customer liabilities"), extended warranties, and subscriptions to our GameStop Pro ® rewards program. Performance obligations associated with unredeemed customer liabilities are primarily satisfied at the time customers redeem gift cards, trade-in credits, customer deposits or loyalty program points for products that we offer. Unredeemed customer liabilities are generally redeemed within one year of issuance. We offer extended warranties on certain new and pre-owned products with terms generally ranging from 12 to 24 months, depending on the product. Revenues for extended warranties sold are recognized on a straight-line basis over the life of the contract. Revenues for subscriptions to our GameStop Pro ® rewards program are recognized on a straight-line basis over a 12-month subscription term. The following table presents our performance obligations recognized in accrued liabilities and other current liabilities on our Consolidated Statements of Operations: Fiscal 2023 2022 Unredeemed customer liabilities $ 149.5 $ 189.3 Extended warranties 74.8 98.5 Subscriptions 49.8 50.4 Total performance obligations $ 274.1 $ 338.2 Significant Judgments and Estimates We accrue loyalty points related to our GameStop Pro ® rewards program at the estimated retail price per point, net of estimated breakage, which can be redeemed by loyalty program members for products we offer. The estimated retail price per point is based on the actual historical retail prices of products purchased through the redemption of loyalty points. We estimate breakage of loyalty points and unredeemed gift cards based on historical redemption rates. Contract Balances Our contract liabilities primarily consist of unredeemed customer liabilities and deferred revenues associated with gift cards, extended warranties and subscriptions to our GameStop Pro ® rewards program. The following table presents a roll forward of our contract liabilities: Fiscal 2023 2022 Contract liability beginning balance $ 338.2 $ 378.3 Increase to contract liabilities (1) 798.7 730.5 Decrease to contract liabilities (2) (860.6) (769.7) Other adjustments (3) (2.2) (0.9) Contract liability ending balance $ 274.1 $ 338.2 __________________________________________ (1) Includes issuances of gift cards, trade-in credits and loyalty points, new reservation deposits, new subscriptions to our GameStop Pro® rewards program and extended warranties sold. (2) Consists of redemptions and breakage of gift cards and trade-in credits, redemptions of reservation deposits, and redemptions, breakage, and expirations of loyalty points. Additionally, this includes revenues recognized for our GameStop Pro® rewards program and extended warranties. During fiscal 2023, there were $35.4 million of gift cards redeemed that were outstanding as of February 3, 2024. During fiscal 2022, there were $52.6 million of gift cards redeemed that were outstanding as of January 28, 2023. (3) Primarily includes foreign currency translation adjustments. |
Segment Information
Segment Information | 12 Months Ended |
Feb. 03, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We operate our business in four geographic segments: United States, Canada, Australia and Europe. We identified segments based on a combination of geographic areas and management responsibility. Segment results for the United States include retail operations in 50 states; our ecommerce website www.gamestop.com; our GameStop Pro ® rewards program; and our digital asset wallet and NFT marketplace. The United States segment also includes general and administrative expenses related to our corporate offices in Grapevine, Texas. Segment results for Canada include retail and ecommerce operations in Canada. Segment results for Australia include retail and ecommerce operations in Australia and New Zealand. Segment results for Europe include retail and ecommerce operations in six countries. We measure segment profit using operating earnings, which is defined as income from continuing operations before net interest expense and income taxes. Transactions between reportable segments consist primarily of royalties, management fees, inter-segment loans and related interest. There were no material inter-segment sales during fiscal 2023, 2022 and 2021. Information on total assets by segment is not disclosed as such information is not used by our chief operating decision makers to evaluate segment performance or to allocate resources and capital. The following table presents segment information: United Canada Australia Europe Total As of and for the Fiscal Year Ended February 3, 2024 Net sales $ 3,429.4 $ 292.5 $ 522.5 $ 1,028.4 $ 5,272.8 Operating (loss) earnings (2.4) (8.4) (3.5) (20.2) (34.5) Depreciation and amortization 39.7 2.2 6.6 7.7 56.2 Asset impairments 3.0 — 0.2 1.6 4.8 Capital expenditures 21.5 0.2 7.8 5.4 34.9 Property and equipment, net 56.8 1.7 19.8 16.6 94.9 As of and for the Fiscal Year Ended January 28, 2023 Net sales $ 4,093.0 $ 344.1 $ 588.7 $ 901.4 $ 5,927.2 Operating (loss) earnings (286.2) (8.6) 13.8 (30.6) (311.6) Depreciation and amortization 40.6 4.1 6.7 10.3 61.7 Asset impairments — — — 2.7 2.7 Capital expenditures 37.6 — 12.7 5.6 55.9 Property and equipment, net 83.3 3.7 20.9 28.6 136.5 As of and for the Fiscal Year Ended January 29, 2022 Net sales $ 4,186.5 $ 332.3 $ 591.8 $ 900.1 $ 6,010.7 Operating (loss) earnings (358.1) (1.1) 30.6 (39.9) (368.5) Depreciation and amortization 50.7 2.9 7.0 15.9 76.5 Asset impairments 0.2 — — 6.5 6.7 Capital expenditures 42.3 3.1 9.4 7.2 62.0 Property and equipment, net 100.1 8.3 15.6 39.6 163.6 |
Associates' Defined Contributio
Associates' Defined Contribution Plan | 12 Months Ended |
Feb. 03, 2024 | |
Retirement Benefits [Abstract] | |
Associates' Defined Contribution Plan | Associates' Defined Contribution Plan We sponsor a defined contribution plan (the “Savings Plan”) for the benefit of substantially all of our U.S. associates who meet certain eligibility requirements, primarily age and length of service. The Savings Plan allows associates to invest up to 60%, subject to IRS limitations, of their eligible gross cash compensation on a pre-tax basis. Historically, the Company provided matching contributions to the Savings Plan based upon a certain percentage of the associates’ contributions. Our contributions to the Savings Plan during fiscal 2023, 2022 and 2021, were $3.6 million, $3.9 million and $4.5 million, respectively. Effective January 1, 2024, the Company suspended employer matching contributions for employees. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Feb. 03, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic net income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted-average number of common shares outstanding and potentially dilutive securities outstanding during the period. Potentially dilutive securities include unvested restricted stock and unvested restricted stock units outstanding during the period, using the treasury stock method. Potentially dilutive securities are excluded from the computations of diluted earnings per share if their effect would be antidilutive. A net loss from continuing operations causes all potentially dilutive securities to be antidilutive. The following is a reconciliation of shares used in calculating basic and diluted net income (loss) per common share: Fiscal 2023 2022 2021 Weighted-average common shares outstanding 305.1 304.2 290.4 Dilutive effect of restricted stock units and restricted stock 0.1 — — Weighted-average diluted common shares 305.2 304.2 290.4 Anti-dilutive shares: Restricted stock units 2.7 5.9 3.6 Restricted stock — 0.3 1.6 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Feb. 03, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment The following table presents property and equipment, net: Estimated Useful Lives (Years) February 3, 2024 January 28, 2023 Land N/A $ — $ 0.6 Buildings and leasehold improvements 1-10 384.1 437.3 Fixtures and equipment 3-10 332.1 380.1 Software and hardware 3 224.5 306.3 Construction-in-progress 5.4 19.0 Total property and equipment 946.1 1,143.3 Accumulated depreciation (851.2) (1,006.8) Property and equipment, net $ 94.9 $ 136.5 Our total depreciation expense was $55.3 million, $60.3 million and $73.6 million for fiscal 2023, 2022 and 2021, respectively, in SG&A expenses in our Consolidated Statements of Operations. |
Asset Impairments
Asset Impairments | 12 Months Ended |
Feb. 03, 2024 | |
Restructuring and Related Activities [Abstract] | |
Asset Impairments | Asset Impairments The following is a summary of our asset impairment charges, by reportable segment: United Canada Australia Europe Total Fiscal 2023 Store and other asset impairment charges $ 3.0 $ — $ 0.2 $ 1.6 $ 4.8 Total $ 3.0 $ — $ 0.2 $ 1.6 $ 4.8 Fiscal 2022 Store and other asset impairment charges $ — $ — $ — $ 2.7 $ 2.7 Total $ — $ — $ — $ 2.7 $ 2.7 Fiscal 2021 Store and other asset impairment charges 0.2 — — 6.5 6.7 Total $ 0.2 $ — $ — $ 6.5 $ 6.7 |
Leases
Leases | 12 Months Ended |
Feb. 03, 2024 | |
Leases [Abstract] | |
Leases | Leases The following table presents rent expenses under operating leases: Fiscal 2023 2022 2021 Operating lease cost $ 284.0 $ 278.3 $ 296.3 Variable lease cost (1) 57.5 64.3 64.1 Total rent expense $ 341.5 $ 342.6 $ 360.4 __________________________________________ (1) Variable lease cost includes percentage rentals and variable executory costs. In fiscal 2023, we recognized $2.7 million of store-level ROU asset impairment charges compared to $0.1 million and $1.3 million of store-level ROU asset impairment charges in fiscal 2022 and 2021, respectively. The following table presents the weighted-average remaining lease term, which includes reasonably certain renewal options, and the weighted-average discount rate for operating leases included in the measurement of our lease liabilities: February 3, 2024 January 28, 2023 Weighted-average remaining lease term (years) (1) 4.1 4.3 Weighted-average discount rate (2) 6.1 % 5.7 % (1) The weighted-average remaining lease term is weighted based on the lease liability balance for each lease as of February 3, 2024 and January 28, 2023. (2) The weighted-average discount rate weights the IBR determined for each lease based on each lease's respective liability balance as of February 3, 2024 and January 28, 2023. The following table presents expected lease payments associated with our operating lease liabilities, excluding percentage rentals, for the next five fiscal years: Period Operating Leases (1) Fiscal 2024 $ 207.2 Fiscal 2025 159.8 Fiscal 2026 110.1 Fiscal 2027 79.8 Fiscal 2028 48.7 Thereafter 57.5 Total remaining lease payments 663.1 Less: Interest (88.8) Present value of lease liabilities (2) $ 574.3 __________________________________________ (1) Operating lease payments exclude legally binding lease payments for leases signed but not yet commenced. (2) The present value of lease liabilities consist of $187.7 million classified as current portion of operating lease liabilities and $386.6 million classified as long-term operating lease liabilities on our Consolidated Balance Sheets. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Feb. 03, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets The following table presents the gross carrying amount and accumulated amortization of our intangible assets: February 3, 2024 January 28, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets with indefinite lives: Digital Assets $ — $ — $ — $ 0.1 $ — $ 0.1 Trade name 5.1 — 5.1 5.1 — 5.1 Intangible assets with finite lives: Leasehold rights 67.3 (65.9) 1.4 70.3 (67.9) 2.4 Other 21.3 (21.3) — 21.3 (21.3) — Total $ 93.7 $ (87.2) $ 6.5 $ 96.8 $ (89.2) $ 7.6 Indefinite-lived Intangible Assets Digital Assets In January 2022, we entered into contractual agreements with Immutable X Pty Limited (“IMX”) and Digital Worlds NFTs Ltd. pursuant to which the Company was entitled to receive up to $150 million in digital assets in the form of IMX tokens once certain contractual milestones had been achieved. Upon announcement, we achieved our first milestone under the agreement with IMX and recognized a $79.0 million noncurrent receivable and corresponding deferred income liability related to our entitlement to IMX tokens as of January 29, 2022. During fiscal 2022, we achieved our second and third milestones under our agreement with IMX, and recognized an additional $33.8 million of deferred income liability on our Consolidated Balance Sheets. The deferred income is recognized over the term of the contractual agreement. We liquidated all tokens received under our agreements with IMX in fiscal 2022 and have no IMX token assets recorded on the Consolidated Balance Sheets as of February 3, 2024. During fiscal 2022, we recognized a loss of $7.2 million on the noncurrent receivable, impairment of $33.7 million on the digital assets, gain of $6.9 million on the sale of digital assets, and deferred income of $56.0 million in SG&A expenses in our Consolidated Statements of Operations. During fiscal 2023, we recognized previously deferred income of $57.2 million in SG&A expenses in our Consolidated Statements of Operations. As of February 3, 2024, there was no remaining deferred income liability related to our agreements with IMX. During 2022, we also launched beta versions of a non-custodial digital asset wallet and a peer-to-peer non-fungible token ("NFT") marketplace that enables the purchases, sales, and trades of NFTs. Revenues earned related to our NFT digital asset wallet and marketplace are recognized in net sales in our Consolidated Statement of Operations. Revenues earned from our digital asset wallet and NFT marketplace were not material to the consolidated financial statements in fiscal 2023 and 2022. In the fourth quarter of 2023 we began the process of winding down our digital asset wallet and NFT marketplace. Trade Name Our trade name relates to SFMI Micromania SAS (“Micromania”), our retail operations business in France, which we acquired in 2008. There were no impairment charges recognized during fiscal 2023, 2022 and 2021 related to our trade name. Finite-lived Intangible Assets Leasehold rights, the majority of which were recorded as a result of the purchase of Micromania in 2008, represent the value of rights of tenancy under commercial property leases for properties located in France. Rights pertaining to individual leases can be sold by us to a new tenant or recovered by us from the landlord if the exercise of the automatic right of renewal is refused. Leasehold rights are amortized on a straight-line basis over the expected lease term, not to exceed 20 years, with no residual value. Other intangible assets include design portfolio interests. The design portfolio reflects the collection of product designs and ideas that were created by Geeknet and recorded as a result of the Geeknet acquisition, which have been fully amortized as of February 3, 2024. As of February 3, 2024, the total weighted-average amortization period for our finite-lived intangible assets was approximately 7 years. The intangible assets are being amortized based upon the pattern in which the economic benefits of the intangible assets are being utilized, with no expected residual value. Intangible asset amortization expense during fiscal 2023, 2022 and 2021 was $0.9 million, $1.4 million and $3.6 million, respectively. The following table presents the estimated aggregate intangible asset amortization expense for the next five fiscal years: Period Projected Amortization Expense Fiscal 2024 $ 0.6 Fiscal 2025 0.4 Fiscal 2026 0.3 Fiscal 2027 0.1 Fiscal 2028 — |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Feb. 03, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Applicable accounting standards require disclosures that categorize assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. Each fair value measurement is reported in one of the following three levels: • Level 1 inputs are quoted prices in active markets for identical assets or liabilities. • Level 2 inputs are observable inputs other than quoted prices included in Level 1 for the asset or liability, either directly or indirectly through market-corroborated inputs. • Level 3 inputs are unobservable inputs for the asset or liability reflecting our assumptions about pricing by market participants. Assets and Liabilities that are Measured at Fair Value on a Recurring Basis Assets and liabilities that are measured at fair value on a recurring basis include our cash equivalents, marketable securities, foreign currency contracts, company-owned life insurance policies with a cash surrender value, and certain nonqualified deferred compensation liabilities. We measure the fair value of cash equivalents and certain marketable securities based on quoted prices in active markets for identical assets. Other marketable securities were valued either based on recent trades of securities in inactive markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data. In August 2022, the Company opened investment portfolios consisting of U.S. government treasury notes and bills. These investments are classified as available-for-sale debt securities and reported at fair value on a recurring basis and utilize Level 1 inputs for measurement. Additionally, in the second quarter of fiscal 2023 the Company invested in certain time deposits, which are reported at fair value utilizing Level 1 inputs for measurement. As of February 3, 2024, the investment portfolios' aggregate balance was $280.2 million, of which $277.6 million are recognized in marketable securities and $2.6 million are recognized in cash and cash equivalents on our Consolidated Balance Sheets. As of January 28, 2023, the investment portfolios aggregate balance was $252.6 million, of which $251.6 million are recognized in marketable securities and $1.0 million are recognized in cash and cash equivalents on our Consolidated Balance Sheets During fiscal 2023, we realized a $1.0 million loss on sales of U.S. government securities, which is included within other loss, net in our Consolidated Statements of Operations. There were no sales of U.S. government securities during fiscal 2022. We measure the fair value of our foreign currency contracts, life insurance policies with cash surrender values and certain nonqualified deferred compensation liabilities based on Level 2 inputs using quotations provided by major market news services, such as Bloomberg, and industry-standard models that consider various assumptions, including quoted forward prices, time value, volatility factors, contractual prices for the underlying instruments and other relevant economic measures, all of which are observable in active markets. When appropriate, valuations are adjusted to reflect credit considerations, generally based on available market evidence. The following tables presents our assets and liabilities measured at fair value on a recurring basis: February 3, 2024 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Assets Level 1: U.S. government securities (1) $ 265.3 $ — $ — $ 265.3 Time deposits (2) $ 14.9 $ — $ — $ 14.9 Level 2: Company-owned life insurance (3) 0.5 — — 0.5 Total assets $ 280.7 $ — $ — $ 280.7 Liabilities Level 2: Foreign currency contracts (4) $ — $ — $ — $ — Nonqualified deferred compensation (4) 0.4 — — 0.4 Total liabilities $ 0.4 $ — $ — $ 0.4 January 28, 2023 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Assets Level 1: U.S. government securities (1) $ 253.5 $ — $ (0.9) $ 252.6 Level 2: Company-owned life insurance (3) 0.5 — — 0.5 Total assets $ 254.0 $ — $ (0.9) $ 253.1 Liabilities Level 2: Foreign currency contracts (4) $ 5.9 $ — $ — $ 5.9 Nonqualified deferred compensation (4) 0.4 — — 0.4 Total liabilities $ 6.3 $ — $ — $ 6.3 ___________________ (1) Recognized in cash and cash equivalents and marketable securities on our Consolidated Balance Sheets. (2) Recognized in marketable securities on our Consolidated Balance Sheets. (3) Recognized in other noncurrent assets on our Consolidated Balance Sheets. (4) Recognized in accrued liabilities and other current liabilities on our Consolidated Balance Sheets. Assets that are Measured at Fair Value on a Nonrecurring Basis Assets that are measured at fair value on a nonrecurring basis relate primarily to property and equipment, operating lease ROU assets and other intangible assets, including digital assets, which are remeasured when the estimated fair value is below its carrying value. When we determine that impairment has occurred, the carrying value of the asset is reduced to its fair value. Fair value of digital assets held are based on Level 1 inputs, as described above, and impairment losses for digital assets cannot be recovered for any subsequent increase in fair value until the sale or disposal of the asset. The fair value estimates of trade name intangibles and store-level property and equipment are based on significant unobservable inputs (Level 3) developed using company-specific information. These assets were valued using variations of the discounted cash flow method, which require assumptions associated with, among others, projected sales and cost estimates, capital expenditures, royalty rates, discount rates, terminal values and remaining useful lives. The carrying values of our cash, restricted cash, net receivables, accounts payable and current portion of debt approximate their fair values due to their short-term maturities. |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 12 Months Ended |
Feb. 03, 2024 | |
Payables and Accruals [Abstract] | |
Accrued and Other Current Liabilities | Accrued and Other Current Liabilities The following table presents our accrued and other current liabilities: February 3, 2024 January 28, 2023 Customer-related liabilities $ 155.0 $ 192.2 Deferred revenue 128.6 211.9 Employee benefits, compensation and related taxes 54.6 95.6 Income and other taxes payable 24.8 28.3 Other accrued liabilities 49.0 74.3 Total accrued and other current liabilities $ 412.0 $ 602.3 |
Debt
Debt | 12 Months Ended |
Feb. 03, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt French Term Loans During fiscal 2021, our French subsidiary, Micromania SAS, entered into six separate unsecured term loans for a total of €40.0 million. In the second quarter of 2021, at the request of Micromania SAS, these term loans were extended for five years, with an amortization plan for the principal starting in October 2022. In connection with the extension, the interest rate increased from zero to 0.7% for three of the term loans totaling €20.0 million, and 1% for the remaining three term loans totaling €20.0 million. The French government has guaranteed 90% of the term loans pursuant to a state guaranteed loan program instituted in connection with the COVID-19 pandemic. As of February 3, 2024 and January 28, 2023, there was $28.5 million and $39.5 million of outstanding debt, respectively, which represents the French Term Loans described above. Total outstanding debt includes $10.8 million and $10.8 million of short-term debt as of February 3, 2024 and January 28, 2023, respectively, which represents the current portion of the French Term Loans. Each of Micromania SAS's term loans, as described above, restrict the ability of Micromania SAS to make distributions and loans to its affiliates, and include various events that would result in the automatic acceleration of the loans thereunder, including failure to pay any principal or interest when due, acceleration of other indebtedness, a change of control and certain bankruptcy, insolvency or receivership events. The following table presents the future principal payments for French term loans: Period Annual Maturities Fiscal 2024 10.8 Fiscal 2025 10.8 Fiscal 2026 6.9 Total $ 28.5 Credit Facility In November 2021 we entered into a credit agreement (the "Credit Agreement") for a secured asset-based credit facility comprised of a $500 million revolving line of credit which matures in November 2026 ("2026 Revolver"). The 2026 Revolver includes a $50 million swing loan revolving sub-facility, a $50 million Canadian revolving sub-facility, and a $250 million letter of credit sublimit. Borrowings under the 2026 Revolver accrue interest at a SOFR rate plus an applicable margin (ranging from 1.25% to 1.50%) or an adjusted prime rate plus an applicable margin (ranging from 0.25% to 0.50%). The obligations of the borrowers under the Credit Agreement are guaranteed by the Company and certain of its subsidiaries, subject to exceptions that, among other things, limit the ability of the Company’s foreign subsidiaries to guarantee obligations owing by the Company and its domestic subsidiaries. The obligations of the Company and each subsidiary of the Company that is a borrower and/or a guarantor under the Credit Agreement are secured by substantially all of the assets of the Company and each such subsidiary, subject to customary exceptions. The Credit Agreement places certain restrictions on the Company and its subsidiaries, including, but not limited to, limitations on additional liens, investments, acquisitions, loans, guarantees, the incurrence of additional indebtedness, certain fundamental changes, certain dispositions, certain dividends and distributions, and certain related party transactions. The Credit Agreement also provides for customary events of default, including, but not limited to, payment defaults, breaches of covenants and certain events of bankruptcy, insolvency and reorganization. In addition, in the event that excess availability under the 2026 Revolver is at any time less than the greater of (1) $12.5 million or (2) 10% of the lesser of the total commitment or the borrowing base, we will be subject to a fixed charge coverage ratio covenant of 1.0:1.0. As of February 3, 2024, available borrowing capacity under the 2026 Revolver was $475.7 million, with no outstanding borrowings and outstanding standby letters of credit of $5.1 million. On March 22, 2024, the Company delivered an irrevocable notice pursuant to the 2026 Revolver that reduces the $500 million revolving line of credit to $250 million. The 2026 Revolver will continue to include a $50 million swing loan sub-facility, a $50M Canadian sub-facility and a $250 million letter of credit sublimit. After giving effect to this notice, availability under the 2026 Revolver would have been $225.7 million as of February 3, 2024. |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 03, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table presents the (benefit) provision for income taxes from continuing operations: Fiscal 2023 2022 2021 Current tax (benefit) expense: Federal $ (0.7) $ (2.1) $ (13.2) State 1.2 4.0 7.6 Foreign 6.0 11.7 7.8 6.5 13.6 2.2 Deferred tax (benefit) expense: Federal — — — State — — — Foreign (0.1) (2.6) (16.3) (0.1) (2.6) (16.3) Total income tax expense (benefit) $ 6.4 $ 11.0 $ (14.1) The following table presents the components of income/(loss) from continuing operations before income taxes: Fiscal 2023 2022 2021 United States $ 48.6 $ (272.7) $ (362.7) International (35.5) (29.4) (32.7) Total $ 13.1 $ (302.1) $ (395.4) The following is a reconciliation of income tax expense (benefit) from continuing operations computed at the U.S. Federal statutory tax rate to income tax (benefit) expense reported in our Consolidated Statements of Operations: Fiscal 2023 2022 2021 Federal statutory tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal effect 151.5 2.3 3.1 Foreign income tax rate differential (35.0) 0.2 0.4 Change in valuation allowance (133.4) (27.2) (33.6) Change in unrecognized tax benefits (20.2) (0.4) (1.4) Withholding tax expense 5.0 (0.3) (0.3) Stock-based compensation 30.5 (0.2) 6.4 Incremental benefit of net operating loss carryback — 1.1 3.6 Loss on worthless debt and related investment — — 5.5 Other (including permanent differences) (1) 29.5 (0.1) (1.1) 48.9 % (3.6) % 3.6 % __________________ (1) Other is comprised of numerous items, none of which is individually or in the aggregate greater than 5% of income tax expense calculated at the statutory rate. Differences between financial accounting principles and tax laws cause differences between the bases of certain assets and liabilities for financial reporting purposes and tax purposes. The tax effects of these differences, to the extent they are temporary, are recorded as deferred tax assets and liabilities which are presented in the table below. February 3, 2024 January 28, 2023 Deferred tax asset: Inventory $ 13.6 $ 6.8 Deferred rents 0.7 1.0 Operating lease liabilities 140.8 162.9 Stock-based compensation 4.5 10.0 Net operating losses and other loss carryforwards 273.7 280.7 Customer liabilities 21.7 34.3 Credits 7.7 25.2 Accrued compensation 3.1 6.4 Intangible assets 0.7 13.9 Goodwill 0.5 0.7 Other 33.9 48.4 Total deferred tax assets 500.9 590.3 Valuation allowance (355.2) (408.5) Total deferred tax assets, net 145.7 181.8 Deferred tax liabilities: Property and equipment (1.0) (4.8) Prepaid expenses (0.3) (0.2) Operating lease right-of-use assets (127.1) (157.8) Other — (0.8) Total deferred tax liabilities (128.4) (163.6) Net deferred tax assets $ 17.3 $ 18.2 The above amounts are reflected in the consolidated financial statements as: Deferred income taxes - assets $ 17.3 $ 18.3 Deferred income taxes - liabilities $ — $ — During fiscal 2023, we decreased our valuation allowances by approximately $53.3 million in various jurisdictions where it was determined that it was more likely than not that existing gross and/or net deferred tax assets would not be realized, primarily due to cumulative losses in those jurisdictions. As of February 3, 2024, we maintain full valuation allowances on our deferred tax assets in all jurisdictions except for Australia and New Zealand. We will continue to assess the realizability of our gross and net deferred tax assets in all tax jurisdictions in which we do business in future periods. With respect to state and local jurisdictions and countries outside of the United States, we and our subsidiaries are typically subject to examination for 3 to 6 years after the income tax returns have been filed. Although the outcome of tax audits is always uncertain, we believe that adequate amounts of tax, interest and penalties have been provided for in the accompanying consolidated financial statements for any adjustments that might be incurred due to state, local or foreign audits. As of February 3, 2024, we have approximately $594.2 million of U.S. federal net operating loss carryforwards, of which $544.6 million have no expiration date and $49.6 million, acquired through the ThinkGeek acquisition, will expire in years 2025 through 2034. We also have $365.4 million of state net operating loss carryforwards, of which $304.5 million will expire in years 2025 to 2044, $49.2 million have no expiration date, and $11.7 million, acquired through the ThinkGeek acquisition, will expire in years 2028 through 2035. Section 382 under the Internal Revenue Code imposes limits on the amount of tax attributes that can be utilized where there has been an ownership change. The federal and state net operating loss carryovers acquired through the ThinkGeek acquisition experienced an ownership change on July 17, 2015, and we have determined that these net operating loss carryforwards will be subject to future limitation. We have approximately $3.6 million of foreign tax credit carryforwards that expire in years 2024 through 2027. We have approximately $17.4 million of net operating loss carryforwards in Canada that expire in years 2043 through 2044, as well as $414.2 million of foreign net operating loss carryforwards in various jurisdictions that have no expiration date. As of February 3, 2024, the gross amount of unrecognized tax benefits was approximately $6.8 million. If we were to prevail on all uncertain tax positions, the net effect would be a benefit to our effective tax rate of approximately $6.8 million, exclusive of any benefits related to interest and penalties. The following table presents a reconciliation of the changes in the gross balances of unrecognized tax benefits: Fiscal 2023 2022 2021 Beginning balance of unrecognized tax benefits $ 9.5 $ 9.1 $ 5.7 Increases related to current period tax positions 0.6 0.1 4.0 Increases related to prior period tax positions 0.8 1.6 0.7 Reductions as a result of a lapse of the applicable statute of limitations (1.1) (1.3) (0.8) Reductions as a result of settlements with taxing authorities (3.0) — (0.5) Ending balance of unrecognized tax benefits $ 6.8 $ 9.5 $ 9.1 We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense in our Consolidated Statement of Operations. As of February 3, 2024, January 28, 2023, and January 29, 2022, we had approximately $1.6 million, $3.7 million and $3.8 million, respectively, in interest and penalties related to unrecognized tax benefit accrued, of which approximately $2.1 million of benefit, $0.1 million of benefit and $0.4 million of expense were recognized through income tax expense in fiscal 2023, 2022 and 2021, respectively. If we were to prevail on all uncertain tax positions, the reversal of these accruals related to interest and penalties would also be a benefit to our effective tax rate. It is reasonably possible that the amount of the unrecognized benefit with respect to certain of our unrecognized tax positions could significantly increase or decrease within the next 12 months as a result of settling ongoing audits. However, as audit outcomes and the timing of audit resolutions are subject to significant uncertainty and given the nature and complexity of the issues involved, we are unable to reasonably estimate the possible amount of change in the unrecognized tax benefits, if any, that may occur within the next 12 months as a result of ongoing examinations. Nevertheless, we believe we are adequately reserved for our uncertain tax positions as of February 3, 2024. We do not assert indefinite reinvestment on the undistributed earnings of our foreign subsidiaries. Income tax and/or withholding tax associated with any amounts available for distribution as of February 3, 2024 is not expected to be material to our financial statements. The Organization for Economic Co-operation and Development ("OECD"), supported by 140 of their member countries, have agreed to implement a minimum 15% tax rate on certain multinational enterprises and have released model guidance. This global minimum tax, known as the Pillar Two framework, will become effective across various countries starting in 2024, as each country works to enact legislation influenced by the OECD Pillar Two rules. While the Company does not expect the adoption of the Pillar Two framework to have a material impact on its effective tax rate, the Company continues to evaluate additional guidance released by the OECD, along with the pending and adopted legislation in each of the countries in which we operate. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 03, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments We maintain uncommitted letter of credit facilities with certain lenders that provide for the issuance of letters of credit and bank guarantees, at times supported by cash collateral. As of February 3, 2024, we had approximately $10.1 million of outstanding letters of credit and other bank guarantees under facilities outside of our $500 million revolving line of credit which matures in November 2026, of which $8.8 million are supported by cash collateral and included in restricted cash. As of February 3, 2024, we have purchase obligations of $157.9 million with payment dates through fiscal 2024 that represent outstanding purchase orders for merchandise from vendors. These purchase orders are generally cancellable until shipment of the products. See Note 10 , "Leases," for information regarding commitments related to our non-cancelable operating leases. Legal Proceedings In the ordinary course of business, we are, from time to time, subject to various legal proceedings, including matters involving wage and hour employee class actions, stockholder actions, consumer class actions, violent acts, and other conflicts. We may enter into discussions regarding settlement of these and other types of lawsuits, and may enter into settlement agreements, if we believe settlement is in the best interest of our stockholders. We do not believe that any such existing legal proceedings or settlements, individually or in the aggregate, will have a material effect on our financial condition, results of operations or liquidity. |
Common Stock and Share-Based Co
Common Stock and Share-Based Compensation | 12 Months Ended |
Feb. 03, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Common Stock and Share-Based Compensation | Common Stock and Share-Based Compensation Common Stock The holders of Class A Common Stock are entitled to one vote per share on all matters to be voted on by stockholders. Holders of Class A Common Stock will share in any dividend declared by our Board of Directors. In the event of our liquidation, dissolution or winding up, all holders of common stock are entitled to share ratably in any assets available for distribution to holders of shares of common stock. During fiscal 2021, we sold an aggregate of 34,000,000 shares of our common stock under two at-the-market equity offering programs (the "ATM Transactions"). We generated $1.68 billion in aggregate gross proceeds from sales under the ATM Transactions and paid an aggregate of $10.1 million in commissions to the sales agent, among other legal and administrative fees. These commissions and fees were recognized in additional paid-in capital on our Consolidated Balance Sheets and SG&A expenses in our Consolidated Statements of Operations. Share-Based Compensation In June 2022, we adopted the GameStop Corp. 2022 Incentive Plan (the "2022 Plan"), which provides for the grant of equity awards to our officers, associates, consultants, advisors and directors, and which replaced the GameStop Corp. 2019 Incentive Plan (the "2019 Incentive Plan") and the Amended and Restated GameStop Corp. 2011 Incentive Plan (the "2011 Plan"). Awards under the 2022 Plan may take the form of stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance awards and other share-based awards, or any combination of the foregoing. The 2022 Plan allows for 32,000,000 shares of Class A Common Stock, plus any shares subject to 2019 Plan awards that expire, are forfeited, canceled or terminated after the adoption of the 2019 Plan. No awards were granted under the 2019 or 2011 Plan after the adoption of the 2022 Plan. We have also granted restricted stock pursuant to certain "inducement" (i.e., non-plan) award agreements, in accordance with NYSE Listing Rule 303A.08. These inducement awards have generally mirrored the terms of restricted stock awards issued under our stockholder approved equity plans. Restricted Stock Units Restricted Stock Units ("RSUs") represent a right to receive one share or the value of one share upon the terms and conditions set forth in the applicable plan and award agreement. We grant RSUs to certain of our associates, officers and non-associate directors. We used the stock price on the grant date to estimate the fair value of our RSUs. The grant date fair value of RSUs is amortized to expense on a straight-line basis over the vesting period. RSUs granted in fiscal 2023 are not dividend eligible. Restricted Stock Award The fair value of restricted stock awards ("RSAs") is recognized as compensation expense on a straight-line basis between the grant date and the date the RSAs become fully vested. We have granted RSAs to certain associates, officers and non-associate directors. We estimate the fair value of RSAs on the grant date based on the quoted market price of our common stock. RSAs granted by us are considered to be legally issued and outstanding as of the date of grant, notwithstanding that the shares remain subject to risk of forfeiture if the vesting conditions for such shares are not met and are included in the number of shares of Class A Common Stock outstanding disclosed on the cover page of this annual report on Form 10-K as of March 20, 2024. The total number of shares presented on our consolidated financial statements represents shares of our Class A common stock that are legally issued and outstanding. Time-based RSAs and RSUs generally vest in installments, subject to continued service with us, and subject further to accelerated vesting in the case of retirement eligibility and certain termination events. The following table presents a summary of our RSAs activity: Time-Based Restricted Stock Awards Shares Weighted- Nonvested shares at January 28, 2023 280,020 $ 23.40 Granted — — Vested (108,860) 18.63 Forfeited (167,772) 26.38 Nonvested shares at February 3, 2024 3,388 $ 28.84 The following table presents a summary of our RSUs activity: Time-Based Restricted Stock Units Shares Weighted- Nonvested shares at January 28, 2023 5,911,378 $ 34.84 Granted 2,425,236 17.27 Vested (1,322,906) 31.04 Forfeited (2,966,901) 34.49 Nonvested shares at February 3, 2024 4,046,807 $ 25.86 In fiscal 2023, 2022 and 2021, there were 4.1 million, 6.2 million and 5.2 million, respectively, of RSAs and RSUs. In fiscal 2021, we granted 742,972 shares of time-based RSAs with a weighted-average grant date fair value of $29.42. There were no grants of time-based RSAs in fiscal 2023 and 2022. In fiscal 2023, 2022 and 2021, we granted 2,425,236, 5,536,250 and 4,006,260 shares, respectively, of time-based RSUs, with a weighted-average grant date fair value of $17.27, $31.43, and $44.87, respectively. During fiscal 2023, 2022 and 2021, we included compensation expense inclusive of forfeitures relating to the grants of RSAs and RSUs in the amounts of $22.2 million, $40.1 million and $30.5 million, respectively, in SG&A expenses in our Consolidated Statements of Operations. As of February 3, 2024, there was $0.1 million of unrecognized compensation expense related to nonvested time-based RSAs that is expected to be recognized over a weighted-average period of 0.2 years. As of February 3, 2024, there was $78.2 million of unrecognized compensation expense related to nonvested time-based RSUs that is expected to be recognized over a weighted-average period of 2.4 years. There was no income tax expense, inclusive of excess tax deficiencies and valuation allowances, associated with stock-based compensation for fiscal 2023, 2022 and 2021. The total fair value of RSAs and RSUs vested, as of their respective vesting dates, was $43.2 million, $12.7 million and $16.8 million during fiscal 2023, 2022 and 2021, respectively. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Feb. 03, 2024 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II — Valuation and Qualifying Accounts | Schedule II — Valuation and Qualifying Accounts For fiscal 2023, 2022 and 2021: Balance at Charged to Charged to Other Accounts- Accounts Payable (1) Deductions- Balance at (In millions) Inventory Reserve Fiscal 2023 $ 46.7 $ 81.3 $ — $ (89.2) $ 38.8 Fiscal 2022 34.6 37.0 10.7 $ (35.6) 46.7 Fiscal 2021 45.2 26.9 21.2 (58.7) 34.6 Valuation Allowance for Deferred Tax Assets Fiscal 2023 $ 408.5 $ — $ — $ (53.3) $ 355.2 Fiscal 2022 338.3 70.2 — — 408.5 Fiscal 2021 225.7 128.9 — (16.3) 338.3 ___________________ (1) Consists primarily of amounts received from vendors for defective allowances. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 6.7 | $ (313.1) | $ (381.3) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Feb. 03, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 03, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation Our consolidated financial statements include our accounts and the accounts of our wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Fiscal Period | Our fiscal year is composed of the 52 or 53 weeks ending on the Saturday closest to the last day of January. Fiscal year 2023 consisted of the 53 weeks ended on February 3, 2024 ("fiscal 2023"). Fiscal year 2022 consisted of the 52 weeks ended on January 28, 2023 ("fiscal 2022"). Fiscal year 2021 consisted of the 52 weeks ended on January 29, 2022 ("fiscal 2021"). |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In preparing these financial statements, we have made our best estimates and judgments of certain amounts included in the financial statements, giving due consideration to materiality. Changes in the estimates and assumptions used by us could have a significant impact on our financial results. Actual results could differ from those estimates. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash Our cash and cash equivalents on our Consolidated Balance Sheets are carried at fair value and consist primarily of cash, money market funds, cash deposits with commercial banks and highly rated direct short-term instruments with an original maturity of 90 days or less. Restricted cash consists primarily of bank deposits that collateralize our obligations to vendors and landlords. |
Investments | Investments We have traditionally invested our excess cash in investment grade short-term fixed income securities, which consist of U.S. government and agency securities and time deposits. Such investments with an original maturity in excess of 90 days and less than one year are classified as marketable securities on our Consolidated Balance Sheets. Such investments are classified as available-for-sale debt securities and reported at fair value. Unrealized holding gains and losses are recognized in accumulated other comprehensive loss on our Consolidated Balance Sheets. Realized gains and losses upon sale or extinguishment are reported in other loss, net in our Consolidated Statements of Operations. Each reporting period, we evaluate whether declines in fair value below carrying value are due to expected credit losses, as well as our ability and intent to hold the investment until a forecasted recovery occurs. On December 5, 2023, the Board of Directors approved a new investment policy (the “Investment Policy”). Subsequently, on March 21, 2024, the Board of Directors unanimously authorized revisions to the Investment Policy to codify the role of certain members of the Board of Directors in overseeing the Company’s investments. In accordance with the revised Investment Policy, the Board of Directors has delegated authority to manage the Company’s portfolio of securities investments to an Investment Committee consisting of Mr. Cohen and two independent members of the Board of Directors, together with such personnel and advisors as the Investment Committee may choose. |
Merchandise Inventories | Merchandise Inventories |
Property and Equipment and Assets Held for Sale | Property and Equipment Property and equipment are carried at cost less accumulated depreciation and amortization. Depreciation on fixtures and equipment is computed using the straight-line method over their estimated useful lives. Maintenance and repairs are expensed as incurred, while improvements and major remodeling costs are capitalized. Leasehold improvements are capitalized and amortized over the shorter of their estimated useful lives or the terms of the respective leases, which includes reasonably certain renewal options. Costs incurred in purchasing or developing management information systems are capitalized and included in fixtures and equipment. These costs are amortized over their estimated useful lives from the date the technology becomes operational. We periodically review our property and equipment when events or changes in circumstances indicate that its carrying amounts may not be recoverable or its depreciation or amortization periods should be accelerated. We assess recoverability based on several factors, including our intention with respect to our stores and those stores' projected undiscounted cash flows. An impairment loss is recognized for the amount by which the carrying amount of the assets exceeds its fair value, determined based on an estimate of discounted future cash flows or readily available market information for similar assets. Assets Held for Sale We consider assets to be held for sale when management, with appropriate authority, approves and commits to a formal plan to actively market the assets for sale at a price reasonable in relation to their estimated fair value, the assets are available for immediate sale in their present condition, an active program to locate a buyer has been initiated, the sale of the assets is probable and expected to be completed within one year, and it is unlikely that significant changes will be made to the plan. Upon designation as held for sale, we record the assets at the lower of their carrying value or their estimated fair value, reduced for the cost to dispose the assets. During the fourth quarter of fiscal 2022, we committed to a plan to sell property in our Europe segment consisting of a building, land and other property and equipment with a total net carrying value of $7.1 million. In April 2023, the Company entered into an agreement to sell the building and land for approximately $13.1 million. The transaction closed in August 2023 and the related gain was recognized in SG&A expenses in our Consolidated Statements of Operations. During the first half of fiscal 2023, we committed to a plan to sell additional properties in our Europe segment consisting of buildings and land with a total net carrying value of $9.4 million. There were no impairment charges recognized on these asset groups as the estimated fair value exceeded their respective carrying values. The building, land and other property and equipment are classified as assets held for sale in other noncurrent assets on our Consolidated Balance Sheets. |
Intangible Assets, Digital Assets, Trade Names and Definite-lived Intangible Assets | Intangible Assets Indefinite-lived intangible assets are expected to contribute to cash flows indefinitely and, therefore, are not subject to amortization but are required to be evaluated at least annually for impairment. If the carrying value of an individual indefinite-lived intangible asset exceeds its fair value, such individual indefinite-lived intangible asset is impaired by the amount of the excess. We test our indefinite-lived intangible assets on an annual basis during the fourth quarter or when circumstances indicate the carrying value might be impaired. Our indefinite-lived intangible assets consist of digital assets and trade names. Digital Assets We account for digital assets in accordance with ASC 350, Intangibles-Goodwill and Other (Topic 350). Our digital assets are initially recorded at cost. Accordingly, if the fair market value at any point during the reporting period is lower than the carrying value, an impairment loss equal to the difference will be recognized in selling, general, and administrative ("SG&A") expenses in our Consolidated Statement of Operations. This new cost basis will not be adjusted upward for any subsequent increase in fair value. Gains or losses on the sale of digital assets, if any, will be recognized based on the fair value upon sale or disposal of the assets in SG&A expenses in our Consolidated Statement of Operations. See Note 11 , "Intangible Assets" for additional information. Trade Names The fair value of our trade names are estimated by using a relief-from-royalty approach, which assumes the value of the trade name is the discounted cash flows of the amount that would be paid by a hypothetical market participant had they not owned the trade name and instead licensed the trade name from another company. We recognized no impairment charges during fiscal 2023, 2022, and 2021. See Note 11 , "Intangible Assets" for additional information. Definite-lived Intangible Assets |
Revenue Recognition, Rewards Program, Contract Liabilities, Vendor Arrangements, Cost of Sales and Selling, General and Administrative Expenses Classification | Revenue Recognition We recognize revenue when performance obligations are satisfied by transferring goods or services to the customer in an amount that we expect to collect in exchange for those goods or services. The satisfaction of a performance obligation with a single customer may occur at a point in time or may occur over time. The significant majority of our revenue is recognized at a point in time, generally when a customer purchases and takes possession of merchandise through our stores or when merchandise purchased through our ecommerce platforms is delivered to a customer. Revenue is recognized net of sales discounts, sales returns, and estimated sales return reserves. Our sales return policy is generally limited to 15 days or less and as such our sales returns are, and historically have been, immaterial. Revenues do not include sales taxes or other taxes collected from customers. We have arrangements with customers where our performance obligations are satisfied over time, which primarily relate to extended warranties and our GameStop Pro ® rewards program, formerly known as PowerUp Rewards®. Our GameStop Pro ® rewards program includes a subscription to Game Informer® magazine. Subscription revenues for our GameStop Pro ® rewards program are recognized on a straight-line basis over the subscription period. Advertising revenues for Game Informer ® are recorded upon release of magazines for distribution to consumers. Revenues for extended warranties sold are recognized on a straight-line basis over the life of the contract. Contract liabilities and other deferred revenues associated with gift cards, extended warranties, customer credits, and subscriptions to our GameStop Pro ® rewards program are included in accrued liabilities and other current liabilities on our Consolidated Balance Sheets. We also sell a variety of digital products which generally allow consumers to download software or play games on the internet. The significant majority of the digital products we sell are unbundled and do not require us to purchase inventory or take physical possession of, or take title to, inventory. When purchasing these products from us, consumers pay a retail price and we earn a commission based on a percentage of the retail sale as negotiated with the digital product publisher. We recognize the sale of these digital products on a net basis, whereby the commissions earned are recorded as revenue. Rewards Program Our GameStop Pro ® rewards program allows paid members to earn points on purchases that can be redeemed for rewards that include discounts or coupons. When rewards program members purchase our product, we allocate the transaction price between the product and loyalty points earned based on the relative stand-alone selling prices and expected point redemption. The portion allocated to the loyalty points is initially recorded as deferred revenue and subsequently recognized as revenue upon redemption or expiration. The two primary estimates utilized to record the deferred revenue for loyalty points earned by members are the estimated retail price per point and estimated breakage. The estimated retail price per point is based on the actual historical retail prices of product purchased through the redemption of loyalty points. We estimate breakage of loyalty points based on historical redemption rates. We continually evaluate our methodology and assumptions based on developments in retail price per point redeemed, redemption patterns and other factors. Changes in the retail price per point and redemption rates have the effect of either increasing or decreasing the deferred revenue liability through current period revenue by an amount estimated to represent the retail value of all points previously earned but not yet redeemed by loyalty program members as of the end of the reporting period. The cost of administering the loyalty program, including program administration fees, program communications and cost of loyalty cards, is recognized in SG&A expenses in our Consolidated Statement of Operations. Contract Liabilities We establish a liability upon the issuance of merchandise credits and the sale of gift cards. Revenue is subsequently recognized when the credits and gift cards are redeemed. In addition, we recognize breakage in revenue upon redemption and in proportion to historical redemption patterns, regardless of the age of the unused gift cards and merchandise credit liabilities. To the extent that future redemption patterns differ from those historically experienced, there will be variations in the recorded breakage. Vendor Arrangements We participate in vendor cooperative advertising programs and other vendor marketing programs in which vendors provide us with cash consideration in exchange for marketing and advertising the vendors’ products. Our accounting for cooperative advertising arrangements and other vendor marketing programs results in a significant portion of the consideration received from our vendors reducing the product costs in inventory rather than as an offset to our marketing and advertising costs. The consideration serving as a reduction in inventory is recognized in cost of sales as inventory is sold. The amount of vendor allowances to be recorded as a reduction of inventory is determined based on the nature of the consideration received and the merchandise inventory to which the consideration relates. We apply a sell-through rate to determine the timing in which the consideration should be recognized in cost of sales. Consideration received that relates to gaming products that have not yet been released to the public is deferred as a reduction of inventory. The cooperative advertising programs and other vendor marketing programs generally cover a period from a few days up to a few weeks and include items such as product catalog advertising, in-store display promotions, internet advertising, co-op print advertising and other programs. The allowance for each event is negotiated with the vendor and requires specific performance by us to be earned. Vendor allowances of $63.9 million, $70.3 million and $71.7 million were recorded as a reduction of cost of sales for fiscal 2023, 2022 and 2021, respectively, in our Consolidated Statements of Operations. Cost of Sales and Selling, General, and Administrative Expenses Classification The classification of cost of sales and SG&A expenses varies across the retail industry. We include certain purchasing, receiving and distribution costs in SG&A in the Consolidated Statements of Operations. We include processing fees associated with purchases made by credit cards and other payment methods in cost of sales in our Consolidated Statements of Operations. |
Advertising Expenses | Advertising Expenses |
Income Taxes | Income Taxes |
Leases | Leases We conduct the substantial majority of our business with leased real estate properties, including retail stores, warehouse facilities and office space. We also lease certain equipment and vehicles. These are generally leased under non-cancelable agreements and include various renewal options for additional periods. These agreements generally provide for minimum, and in some cases, percentage rentals, and require us to pay insurance, taxes and other maintenance costs. Percentage rentals are based on sales performance in excess of specified minimums at various stores and are accounted for in the period in which the amount of percentage rentals can be accurately estimated. All of our lease agreements are classified as operating leases. We determine if an arrangement is considered a lease at inception. We recognize right-of-use ("ROU") assets, on the commencement date based on the present value of future minimum lease payments over the lease term, including reasonably certain renewal options. As the rate implicit in the lease is not readily determinable for most leases, we utilize our incremental borrowing rate ("IBR") to determine the present value of future payments. The incremental borrowing rate represents a significant judgment that is based on an analysis of our credit rating, country risk, corporate bond yields and the effect of collateralization. For our real estate leases, we do not separate the components of a contract, thus our future payments include minimum rent payments and fixed executory costs. For our non-real estate leases, future payments include only fixed minimum rent payments. We record the amortization of our ROU assets and the accretion of our lease liabilities as a single lease cost on a straight-line basis over the lease term, which includes option terms we are reasonably certain to exercise. We recognize our cash or lease incentives as a reduction to the ROU asset. We assess ROU assets for impairment in accordance with our long-lived asset impairment policy, which is performed periodically or when events or changes in circumstances indicate that the carrying amount may not be recoverable. |
Foreign Currency | Foreign Currency Generally, we have determined that the functional currencies of our foreign subsidiaries are the subsidiaries’ local currencies. The assets and liabilities of the subsidiaries are translated into U.S. dollars at the applicable exchange rate as of the end of the balance sheet date and revenue and expenses are translated into U.S. dollars at an average rate over the period. Currency translation adjustments are recorded as a component of other comprehensive income in our Consolidated Statement of Comprehensive Loss. Currency translation adjustments related to divested foreign businesses are reclassified into earnings as a component of SG&A in our Consolidated Statements of Operations once the liquidation of the respective foreign businesses is substantially complete. Gains and losses arising from transactions denominated in nonfunctional currencies and derivatives resulted in a net gain of $2.0 million, a net loss of $2.6 million, and a net loss of $3.4 million, for fiscal 2023, 2022 and 2021, respectively. These costs were recognized in SG&A expenses in our Consolidated Statements of Operations. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." This standard requires disclosure of significant segment expenses and other segment items by reportable segment. This ASU becomes effective for annual periods beginning in 2024 and interim periods in 2025. The Company is assessing the impact of this ASU and upon adoption expects that any impact would be limited to additional segment expense disclosures in the footnotes to its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-08, "Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets." This standard provides accounting and disclosure guidance for crypto assets that meet the definition of an intangible asset and certain other criteria. In-scope assets are subsequently measured at fair value with changes recorded in the income statement. The standard requires separate presentation of (1) in-scope crypto assets from other intangible assets and (2) changes in the fair value of those crypto assets. Disclosure of significant crypto asset holdings and an annual reconciliation of the beginning and ending balances of crypto assets are also required. This ASU becomes effective for annual periods beginning in 2025, including interim periods, with early adoption permitted. The Company does not anticipate a material impact of this standard on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." This standard enhances disclosures related to income taxes, including the rate reconciliation and information on income taxes paid. This ASU becomes effective January 1, 2025. The Company is assessing the impact of this ASU and upon adoption expects to include certain additional disclosures in the footnotes to its consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Reconciliation of Cash and Cash Equivalents | The following table presents a reconciliation of cash, cash equivalents and restricted cash in our Consolidated Balance Sheets to total cash, cash equivalents and restricted cash in our Consolidated Statements of Cash Flows: Fiscal 2023 Fiscal 2022 Cash and cash equivalents $ 921.7 $ 1,139.0 Restricted cash (1) 3.5 41.3 Long-term restricted cash (2) 13.7 15.7 Total cash, cash equivalents and restricted cash $ 938.9 $ 1,196.0 _________________________________________________ (1) Recognized in prepaid expenses and other current assets on our Consolidated Balance Sheets. (2) Recognized in other noncurrent assets on our Consolidated Balance Sheets. |
Schedule of Reconciliation of Restricted Cash | The following table presents a reconciliation of cash, cash equivalents and restricted cash in our Consolidated Balance Sheets to total cash, cash equivalents and restricted cash in our Consolidated Statements of Cash Flows: Fiscal 2023 Fiscal 2022 Cash and cash equivalents $ 921.7 $ 1,139.0 Restricted cash (1) 3.5 41.3 Long-term restricted cash (2) 13.7 15.7 Total cash, cash equivalents and restricted cash $ 938.9 $ 1,196.0 _________________________________________________ (1) Recognized in prepaid expenses and other current assets on our Consolidated Balance Sheets. (2) Recognized in other noncurrent assets on our Consolidated Balance Sheets. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Sales and Percentage of Total Net Sales by Significant Product Category | The following table presents net sales by significant product category: Fiscal 2023 2022 2021 Hardware and accessories (1) $ 2,996.8 $ 3,140.0 $ 3,171.7 Software (2) 1,522.0 1,822.6 2,014.8 Collectibles 754.0 964.6 824.2 Total $ 5,272.8 $ 5,927.2 $ 6,010.7 (1) Includes sales of new and pre-owned hardware, accessories, hardware bundles in which hardware and digital or physical software are sold together in a single SKU, interactive game figures, strategy guides, mobile and consumer electronics. (2) Includes sales of new and pre-owned gaming software, digital software and PC entertainment software. |
Schedule of Performance Obligations Associated with Subscriptions | The following table presents our performance obligations recognized in accrued liabilities and other current liabilities on our Consolidated Statements of Operations: Fiscal 2023 2022 Unredeemed customer liabilities $ 149.5 $ 189.3 Extended warranties 74.8 98.5 Subscriptions 49.8 50.4 Total performance obligations $ 274.1 $ 338.2 |
Schedule of Contract with Customer, Asset and Liability | The following table presents a roll forward of our contract liabilities: Fiscal 2023 2022 Contract liability beginning balance $ 338.2 $ 378.3 Increase to contract liabilities (1) 798.7 730.5 Decrease to contract liabilities (2) (860.6) (769.7) Other adjustments (3) (2.2) (0.9) Contract liability ending balance $ 274.1 $ 338.2 __________________________________________ (1) Includes issuances of gift cards, trade-in credits and loyalty points, new reservation deposits, new subscriptions to our GameStop Pro® rewards program and extended warranties sold. (2) Consists of redemptions and breakage of gift cards and trade-in credits, redemptions of reservation deposits, and redemptions, breakage, and expirations of loyalty points. Additionally, this includes revenues recognized for our GameStop Pro® rewards program and extended warranties. During fiscal 2023, there were $35.4 million of gift cards redeemed that were outstanding as of February 3, 2024. During fiscal 2022, there were $52.6 million of gift cards redeemed that were outstanding as of January 28, 2023. (3) Primarily includes foreign currency translation adjustments. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Information on Segments and Reconciliation to Earnings Before Income Taxes | The following table presents segment information: United Canada Australia Europe Total As of and for the Fiscal Year Ended February 3, 2024 Net sales $ 3,429.4 $ 292.5 $ 522.5 $ 1,028.4 $ 5,272.8 Operating (loss) earnings (2.4) (8.4) (3.5) (20.2) (34.5) Depreciation and amortization 39.7 2.2 6.6 7.7 56.2 Asset impairments 3.0 — 0.2 1.6 4.8 Capital expenditures 21.5 0.2 7.8 5.4 34.9 Property and equipment, net 56.8 1.7 19.8 16.6 94.9 As of and for the Fiscal Year Ended January 28, 2023 Net sales $ 4,093.0 $ 344.1 $ 588.7 $ 901.4 $ 5,927.2 Operating (loss) earnings (286.2) (8.6) 13.8 (30.6) (311.6) Depreciation and amortization 40.6 4.1 6.7 10.3 61.7 Asset impairments — — — 2.7 2.7 Capital expenditures 37.6 — 12.7 5.6 55.9 Property and equipment, net 83.3 3.7 20.9 28.6 136.5 As of and for the Fiscal Year Ended January 29, 2022 Net sales $ 4,186.5 $ 332.3 $ 591.8 $ 900.1 $ 6,010.7 Operating (loss) earnings (358.1) (1.1) 30.6 (39.9) (368.5) Depreciation and amortization 50.7 2.9 7.0 15.9 76.5 Asset impairments 0.2 — — 6.5 6.7 Capital expenditures 42.3 3.1 9.4 7.2 62.0 Property and equipment, net 100.1 8.3 15.6 39.6 163.6 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Shares Used in Calculating Basic and Diluted Net Loss Per Common Share | The following is a reconciliation of shares used in calculating basic and diluted net income (loss) per common share: Fiscal 2023 2022 2021 Weighted-average common shares outstanding 305.1 304.2 290.4 Dilutive effect of restricted stock units and restricted stock 0.1 — — Weighted-average diluted common shares 305.2 304.2 290.4 Anti-dilutive shares: Restricted stock units 2.7 5.9 3.6 Restricted stock — 0.3 1.6 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | The following table presents property and equipment, net: Estimated Useful Lives (Years) February 3, 2024 January 28, 2023 Land N/A $ — $ 0.6 Buildings and leasehold improvements 1-10 384.1 437.3 Fixtures and equipment 3-10 332.1 380.1 Software and hardware 3 224.5 306.3 Construction-in-progress 5.4 19.0 Total property and equipment 946.1 1,143.3 Accumulated depreciation (851.2) (1,006.8) Property and equipment, net $ 94.9 $ 136.5 |
Asset Impairments (Tables)
Asset Impairments (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Asset Impairment | The following is a summary of our asset impairment charges, by reportable segment: United Canada Australia Europe Total Fiscal 2023 Store and other asset impairment charges $ 3.0 $ — $ 0.2 $ 1.6 $ 4.8 Total $ 3.0 $ — $ 0.2 $ 1.6 $ 4.8 Fiscal 2022 Store and other asset impairment charges $ — $ — $ — $ 2.7 $ 2.7 Total $ — $ — $ — $ 2.7 $ 2.7 Fiscal 2021 Store and other asset impairment charges 0.2 — — 6.5 6.7 Total $ 0.2 $ — $ — $ 6.5 $ 6.7 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Leases [Abstract] | |
Schedule of Lease Cost | The following table presents rent expenses under operating leases: Fiscal 2023 2022 2021 Operating lease cost $ 284.0 $ 278.3 $ 296.3 Variable lease cost (1) 57.5 64.3 64.1 Total rent expense $ 341.5 $ 342.6 $ 360.4 __________________________________________ (1) Variable lease cost includes percentage rentals and variable executory costs. The following table presents the weighted-average remaining lease term, which includes reasonably certain renewal options, and the weighted-average discount rate for operating leases included in the measurement of our lease liabilities: February 3, 2024 January 28, 2023 Weighted-average remaining lease term (years) (1) 4.1 4.3 Weighted-average discount rate (2) 6.1 % 5.7 % (1) The weighted-average remaining lease term is weighted based on the lease liability balance for each lease as of February 3, 2024 and January 28, 2023. (2) The weighted-average discount rate weights the IBR determined for each lease based on each lease's respective liability balance as of February 3, 2024 and January 28, 2023. |
Schedule of Operating Lease Liability | The following table presents expected lease payments associated with our operating lease liabilities, excluding percentage rentals, for the next five fiscal years: Period Operating Leases (1) Fiscal 2024 $ 207.2 Fiscal 2025 159.8 Fiscal 2026 110.1 Fiscal 2027 79.8 Fiscal 2028 48.7 Thereafter 57.5 Total remaining lease payments 663.1 Less: Interest (88.8) Present value of lease liabilities (2) $ 574.3 __________________________________________ (1) Operating lease payments exclude legally binding lease payments for leases signed but not yet commenced. (2) The present value of lease liabilities consist of $187.7 million classified as current portion of operating lease liabilities and $386.6 million classified as long-term operating lease liabilities on our Consolidated Balance Sheets. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Accumulated Amortization of Our Intangible Assets | The following table presents the gross carrying amount and accumulated amortization of our intangible assets: February 3, 2024 January 28, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets with indefinite lives: Digital Assets $ — $ — $ — $ 0.1 $ — $ 0.1 Trade name 5.1 — 5.1 5.1 — 5.1 Intangible assets with finite lives: Leasehold rights 67.3 (65.9) 1.4 70.3 (67.9) 2.4 Other 21.3 (21.3) — 21.3 (21.3) — Total $ 93.7 $ (87.2) $ 6.5 $ 96.8 $ (89.2) $ 7.6 |
Schedule of Estimated Aggregate Intangible Asset Amortization Expense | The following table presents the estimated aggregate intangible asset amortization expense for the next five fiscal years: Period Projected Amortization Expense Fiscal 2024 $ 0.6 Fiscal 2025 0.4 Fiscal 2026 0.3 Fiscal 2027 0.1 Fiscal 2028 — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis | The following tables presents our assets and liabilities measured at fair value on a recurring basis: February 3, 2024 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Assets Level 1: U.S. government securities (1) $ 265.3 $ — $ — $ 265.3 Time deposits (2) $ 14.9 $ — $ — $ 14.9 Level 2: Company-owned life insurance (3) 0.5 — — 0.5 Total assets $ 280.7 $ — $ — $ 280.7 Liabilities Level 2: Foreign currency contracts (4) $ — $ — $ — $ — Nonqualified deferred compensation (4) 0.4 — — 0.4 Total liabilities $ 0.4 $ — $ — $ 0.4 January 28, 2023 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Assets Level 1: U.S. government securities (1) $ 253.5 $ — $ (0.9) $ 252.6 Level 2: Company-owned life insurance (3) 0.5 — — 0.5 Total assets $ 254.0 $ — $ (0.9) $ 253.1 Liabilities Level 2: Foreign currency contracts (4) $ 5.9 $ — $ — $ 5.9 Nonqualified deferred compensation (4) 0.4 — — 0.4 Total liabilities $ 6.3 $ — $ — $ 6.3 ___________________ (1) Recognized in cash and cash equivalents and marketable securities on our Consolidated Balance Sheets. (2) Recognized in marketable securities on our Consolidated Balance Sheets. (3) Recognized in other noncurrent assets on our Consolidated Balance Sheets. |
Accrued and Other Current Lia_2
Accrued and Other Current Liabilities (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | The following table presents our accrued and other current liabilities: February 3, 2024 January 28, 2023 Customer-related liabilities $ 155.0 $ 192.2 Deferred revenue 128.6 211.9 Employee benefits, compensation and related taxes 54.6 95.6 Income and other taxes payable 24.8 28.3 Other accrued liabilities 49.0 74.3 Total accrued and other current liabilities $ 412.0 $ 602.3 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-Term Debt | The following table presents the future principal payments for French term loans: Period Annual Maturities Fiscal 2024 10.8 Fiscal 2025 10.8 Fiscal 2026 6.9 Total $ 28.5 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Tax | The following table presents the (benefit) provision for income taxes from continuing operations: Fiscal 2023 2022 2021 Current tax (benefit) expense: Federal $ (0.7) $ (2.1) $ (13.2) State 1.2 4.0 7.6 Foreign 6.0 11.7 7.8 6.5 13.6 2.2 Deferred tax (benefit) expense: Federal — — — State — — — Foreign (0.1) (2.6) (16.3) (0.1) (2.6) (16.3) Total income tax expense (benefit) $ 6.4 $ 11.0 $ (14.1) |
Schedule of Components of Earnings Before Income Tax expense | The following table presents the components of income/(loss) from continuing operations before income taxes: Fiscal 2023 2022 2021 United States $ 48.6 $ (272.7) $ (362.7) International (35.5) (29.4) (32.7) Total $ 13.1 $ (302.1) $ (395.4) |
Schedule of Difference in Income Tax Provided and Amounts Determined by Applying Statutory Rate to Income Before Income Taxes | The following is a reconciliation of income tax expense (benefit) from continuing operations computed at the U.S. Federal statutory tax rate to income tax (benefit) expense reported in our Consolidated Statements of Operations: Fiscal 2023 2022 2021 Federal statutory tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal effect 151.5 2.3 3.1 Foreign income tax rate differential (35.0) 0.2 0.4 Change in valuation allowance (133.4) (27.2) (33.6) Change in unrecognized tax benefits (20.2) (0.4) (1.4) Withholding tax expense 5.0 (0.3) (0.3) Stock-based compensation 30.5 (0.2) 6.4 Incremental benefit of net operating loss carryback — 1.1 3.6 Loss on worthless debt and related investment — — 5.5 Other (including permanent differences) (1) 29.5 (0.1) (1.1) 48.9 % (3.6) % 3.6 % __________________ (1) Other is comprised of numerous items, none of which is individually or in the aggregate greater than 5% of income tax expense calculated at the statutory rate. |
Schedule of Components of Deferred Tax Assets and Liabilities | Differences between financial accounting principles and tax laws cause differences between the bases of certain assets and liabilities for financial reporting purposes and tax purposes. The tax effects of these differences, to the extent they are temporary, are recorded as deferred tax assets and liabilities which are presented in the table below. February 3, 2024 January 28, 2023 Deferred tax asset: Inventory $ 13.6 $ 6.8 Deferred rents 0.7 1.0 Operating lease liabilities 140.8 162.9 Stock-based compensation 4.5 10.0 Net operating losses and other loss carryforwards 273.7 280.7 Customer liabilities 21.7 34.3 Credits 7.7 25.2 Accrued compensation 3.1 6.4 Intangible assets 0.7 13.9 Goodwill 0.5 0.7 Other 33.9 48.4 Total deferred tax assets 500.9 590.3 Valuation allowance (355.2) (408.5) Total deferred tax assets, net 145.7 181.8 Deferred tax liabilities: Property and equipment (1.0) (4.8) Prepaid expenses (0.3) (0.2) Operating lease right-of-use assets (127.1) (157.8) Other — (0.8) Total deferred tax liabilities (128.4) (163.6) Net deferred tax assets $ 17.3 $ 18.2 The above amounts are reflected in the consolidated financial statements as: Deferred income taxes - assets $ 17.3 $ 18.3 Deferred income taxes - liabilities $ — $ — |
Schedule of Reconciliation of Changes in Gross Balances of Unrecognized Tax Benefits | The following table presents a reconciliation of the changes in the gross balances of unrecognized tax benefits: Fiscal 2023 2022 2021 Beginning balance of unrecognized tax benefits $ 9.5 $ 9.1 $ 5.7 Increases related to current period tax positions 0.6 0.1 4.0 Increases related to prior period tax positions 0.8 1.6 0.7 Reductions as a result of a lapse of the applicable statute of limitations (1.1) (1.3) (0.8) Reductions as a result of settlements with taxing authorities (3.0) — (0.5) Ending balance of unrecognized tax benefits $ 6.8 $ 9.5 $ 9.1 |
Common Stock and Share-Based _2
Common Stock and Share-Based Compensation (Tables) | 12 Months Ended |
Feb. 03, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Company's Restricted Stock Awards Activity | The following table presents a summary of our RSAs activity: Time-Based Restricted Stock Awards Shares Weighted- Nonvested shares at January 28, 2023 280,020 $ 23.40 Granted — — Vested (108,860) 18.63 Forfeited (167,772) 26.38 Nonvested shares at February 3, 2024 3,388 $ 28.84 The following table presents a summary of our RSUs activity: Time-Based Restricted Stock Units Shares Weighted- Nonvested shares at January 28, 2023 5,911,378 $ 34.84 Granted 2,425,236 17.27 Vested (1,322,906) 31.04 Forfeited (2,966,901) 34.49 Nonvested shares at February 3, 2024 4,046,807 $ 25.86 |
General Information (Details)
General Information (Details) | 12 Months Ended |
Feb. 03, 2024 segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 4 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 921.7 | $ 1,139 | ||
Restricted cash | 3.5 | 41.3 | ||
Long-term restricted cash | 13.7 | 15.7 | ||
Total cash, cash equivalents and restricted cash | $ 938.9 | $ 1,196 | $ 1,319.9 | $ 635 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Merchandise Inventories (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 |
Accounting Policies [Abstract] | ||
Inventory reserves | $ 38.8 | $ 46.7 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Assets Held for Sale (Details) - Europe Segment - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Apr. 30, 2023 | Jan. 28, 2023 | Jul. 29, 2023 | |
Property, Plant and Equipment [Line Items] | |||
Proceeds from sale of property held-for-sale | $ 13.1 | $ 7.1 | $ 9.4 |
Impairment charges from assets held for sale | $ 0 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Goodwill and Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Accounting Policies [Abstract] | |||
Intangible asset impairment charges | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Vendor Arrangements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Accounting Policies [Abstract] | |||
Cost of sales vendor allowances | $ 63.9 | $ 70.3 | $ 71.7 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Advertising Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Accounting Policies [Abstract] | |||
Advertising expense | $ 39.3 | $ 75 | $ 93.6 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Selling General And Administrative Expense | |||
Segment Reporting Information [Line Items] | |||
Foreign currency transaction gain (loss) | $ 2 | $ (2.6) | $ (3.4) |
Revenue - Narrative (Details)
Revenue - Narrative (Details) | 12 Months Ended |
Feb. 03, 2024 | |
Minimum | |
Disaggregation of Revenue [Line Items] | |
Extended product warranty term | 12 months |
Maximum | |
Disaggregation of Revenue [Line Items] | |
Extended product warranty term | 24 months |
Revenue - Sales of Total Net Sa
Revenue - Sales of Total Net Sales by Significant Product Category (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Product Information [Line Items] | |||
Net sales | $ 5,272.8 | $ 5,927.2 | $ 6,010.7 |
Hardware and accessories | |||
Product Information [Line Items] | |||
Net sales | 2,996.8 | 3,140 | 3,171.7 |
Software | |||
Product Information [Line Items] | |||
Net sales | 1,522 | 1,822.6 | 2,014.8 |
Collectibles | |||
Product Information [Line Items] | |||
Net sales | $ 754 | $ 964.6 | $ 824.2 |
Revenue - Performance Obligatio
Revenue - Performance Obligations (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 |
Disaggregation of Revenue [Line Items] | ||
Total performance obligations | $ 274.1 | $ 338.2 |
Unredeemed customer liabilities | ||
Disaggregation of Revenue [Line Items] | ||
Total performance obligations | 149.5 | 189.3 |
Extended warranties | ||
Disaggregation of Revenue [Line Items] | ||
Total performance obligations | 74.8 | 98.5 |
Subscriptions | ||
Disaggregation of Revenue [Line Items] | ||
Total performance obligations | $ 49.8 | $ 50.4 |
Revenue - Change in Contract Li
Revenue - Change in Contract Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Feb. 03, 2024 | Jan. 28, 2023 | |
Contract With Customer, Contract Liabilities [Roll Forward] | ||
Contract liability beginning balance | $ 338.2 | $ 378.3 |
Increase to contract liabilities | 798.7 | 730.5 |
Decrease to contract liabilities | (860.6) | (769.7) |
Other adjustments | (2.2) | (0.9) |
Contract liability ending balance | 274.1 | 338.2 |
Gift Cards Trade in Credits | ||
Contract With Customer, Contract Liabilities [Roll Forward] | ||
Revenue recognized | $ (35.4) | $ 52.6 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 12 Months Ended |
Feb. 03, 2024 country location segment | |
Segment Reporting Information [Line Items] | |
Number of operating segments | segment | 4 |
United States | |
Segment Reporting Information [Line Items] | |
Number of states the entity operates | location | 50 |
Europe | Retail And E-Commerce | |
Segment Reporting Information [Line Items] | |
Number of countries in which the entity operates, during the period | country | 6 |
Segment Information - Schedule
Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 5,272.8 | $ 5,927.2 | $ 6,010.7 |
Operating (loss) earnings | (34.5) | (311.6) | (368.5) |
Depreciation and amortization | 56.2 | 61.7 | 76.5 |
Asset impairments | 4.8 | 2.7 | 6.7 |
Capital expenditures | 34.9 | 55.9 | 62 |
Property and equipment, net | 94.9 | 136.5 | 163.6 |
United States | |||
Segment Reporting Information [Line Items] | |||
Net sales | 3,429.4 | 4,093 | 4,186.5 |
Operating (loss) earnings | (2.4) | (286.2) | (358.1) |
Depreciation and amortization | 39.7 | 40.6 | 50.7 |
Asset impairments | 3 | 0 | 0.2 |
Capital expenditures | 21.5 | 37.6 | 42.3 |
Property and equipment, net | 56.8 | 83.3 | 100.1 |
Canada | |||
Segment Reporting Information [Line Items] | |||
Net sales | 292.5 | 344.1 | 332.3 |
Operating (loss) earnings | (8.4) | (8.6) | (1.1) |
Depreciation and amortization | 2.2 | 4.1 | 2.9 |
Asset impairments | 0 | 0 | 0 |
Capital expenditures | 0.2 | 0 | 3.1 |
Property and equipment, net | 1.7 | 3.7 | 8.3 |
Australia | |||
Segment Reporting Information [Line Items] | |||
Net sales | 522.5 | 588.7 | 591.8 |
Operating (loss) earnings | (3.5) | 13.8 | 30.6 |
Depreciation and amortization | 6.6 | 6.7 | 7 |
Asset impairments | 0.2 | 0 | 0 |
Capital expenditures | 7.8 | 12.7 | 9.4 |
Property and equipment, net | 19.8 | 20.9 | 15.6 |
Europe | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,028.4 | 901.4 | 900.1 |
Operating (loss) earnings | (20.2) | (30.6) | (39.9) |
Depreciation and amortization | 7.7 | 10.3 | 15.9 |
Asset impairments | 1.6 | 2.7 | 6.5 |
Capital expenditures | 5.4 | 5.6 | 7.2 |
Property and equipment, net | $ 16.6 | $ 28.6 | $ 39.6 |
Associates' Defined Contribut_2
Associates' Defined Contribution Plan - (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Retirement Benefits [Abstract] | |||
Percentage of eligible gross cash compensation employees are allowed to invest in the savings plan | 60% | ||
Contributions to the Savings Plan | $ 3.6 | $ 3.9 | $ 4.5 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Common Shares Used in Calculating Basic and Diluted Net Income (Loss) Per Common Share (Details) - shares shares in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted-average common shares outstanding (in shares) | 305.1 | 304.2 | 290.4 |
Dilutive effect of restricted stock units and restricted stock (in shares) | 0.1 | 0 | 0 |
Weighted-average diluted common shares (in shares) | 305.2 | 304.2 | 290.4 |
Restricted stock units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive stock options and restricted stock awards (in shares) | 2.7 | 5.9 | 3.6 |
Restricted stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive stock options and restricted stock awards (in shares) | 0 | 0.3 | 1.6 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 |
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 946.1 | $ 1,143.3 | |
Accumulated depreciation | (851.2) | (1,006.8) | |
Property and equipment, net | 94.9 | 136.5 | $ 163.6 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 0 | 0.6 | |
Buildings and leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 384.1 | 437.3 | |
Buildings and leasehold improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 1 year | ||
Buildings and leasehold improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 10 years | ||
Fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 332.1 | 380.1 | |
Fixtures and equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 3 years | ||
Fixtures and equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 10 years | ||
Software and hardware | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives (Years) | 3 years | ||
Total property and equipment | $ 224.5 | 306.3 | |
Construction-in-progress | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 5.4 | $ 19 |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 55.3 | $ 60.3 | $ 73.6 |
Asset Impairments - Schedule of
Asset Impairments - Schedule of Asset Impairment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Impairment Costs [Line Items] | |||
Store and other asset impairment charges | $ 4.8 | $ 2.7 | $ 6.7 |
Total asset impairments | 4.8 | 2.7 | 6.7 |
United States | |||
Impairment Costs [Line Items] | |||
Store and other asset impairment charges | 3 | 0 | 0.2 |
Total asset impairments | 3 | 0 | 0.2 |
Canada | |||
Impairment Costs [Line Items] | |||
Store and other asset impairment charges | 0 | 0 | 0 |
Total asset impairments | 0 | 0 | 0 |
Australia | |||
Impairment Costs [Line Items] | |||
Store and other asset impairment charges | 0.2 | 0 | 0 |
Total asset impairments | 0.2 | 0 | 0 |
Europe | |||
Impairment Costs [Line Items] | |||
Store and other asset impairment charges | 1.6 | 2.7 | 6.5 |
Total asset impairments | $ 1.6 | $ 2.7 | $ 6.5 |
Leases - Rent Expense and Other
Leases - Rent Expense and Other Cost Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Leases [Abstract] | |||
Operating lease cost | $ 284 | $ 278.3 | $ 296.3 |
Variable lease cost | 57.5 | 64.3 | 64.1 |
Total rent expense | $ 341.5 | $ 342.6 | $ 360.4 |
Weighted-average remaining lease term (years) | 4 years 1 month 6 days | 4 years 3 months 18 days | |
Weighted-average discount rate | 6.10% | 5.70% |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Leases [Abstract] | |||
Impairment charges | $ 2.7 | $ 0.1 | $ 1.3 |
Leases - Minimum Lease Obligati
Leases - Minimum Lease Obligations for Operating Lease Liabilities (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 |
Leases [Abstract] | ||
Fiscal 2024 | $ 207.2 | |
Fiscal 2025 | 159.8 | |
Fiscal 2026 | 110.1 | |
Fiscal 2027 | 79.8 | |
Fiscal 2028 | 48.7 | |
Thereafter | 57.5 | |
Total remaining lease payments | 663.1 | |
Less: Interest | (88.8) | |
Present value of lease liabilities | 574.3 | |
Current portion of operating lease liabilities | 187.7 | $ 194.7 |
Operating lease liabilities | $ 386.6 | $ 382.4 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 |
Indefinite-lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (87.2) | $ (89.2) |
Indefinite and Finite-Lived Intangible Assets, Gross Carrying Amount | 93.7 | 96.8 |
Indefinite and Finite-Lived Intangible Assets, Net Carrying Amount | 6.5 | 7.6 |
Leasehold rights | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives, Gross Carrying Amount | 67.3 | 70.3 |
Accumulated Amortization | (65.9) | (67.9) |
Net Carrying Amount | 1.4 | 2.4 |
Other | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives, Gross Carrying Amount | 21.3 | 21.3 |
Accumulated Amortization | (21.3) | (21.3) |
Net Carrying Amount | 0 | 0 |
Digital Assets | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets with indefinite lives, Gross Carrying Amount | 0 | 0.1 |
Accumulated Amortization | 0 | 0 |
Trade name | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets with indefinite lives, Gross Carrying Amount | 5.1 | 5.1 |
Accumulated Amortization | $ 0 | $ 0 |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Line Items] | ||||
Deferred income liability | $ 274.1 | $ 338.2 | $ 378.3 | |
Digital asset impairments | 0 | 34 | 0 | |
Gain on sale of digital assets | 0 | 7.2 | 0 | |
Impairment of intangible assets | $ 0 | 0 | 0 | |
Total weighted-average amortization period for finite lived intangible assets | 7 years | |||
Amortization of intangible assets | $ 0.9 | 1.4 | $ 3.6 | |
Leases, Acquired-in-Place | Maximum | ||||
Goodwill and Intangible Assets Disclosure [Line Items] | ||||
Total weighted-average amortization period for finite lived intangible assets | 20 years | |||
Digital Assets | ||||
Goodwill and Intangible Assets Disclosure [Line Items] | ||||
Noncurrent receivable | $ 79 | |||
Deferred income liability | 33.8 | |||
Digital asset impairments | 33.7 | |||
Gain on sale of digital assets | 6.9 | |||
Other nonrecurring gain | $ 57.2 | 56 | ||
Digital Assets | Maximum | ||||
Goodwill and Intangible Assets Disclosure [Line Items] | ||||
Receivable | $ 150 | |||
Noncurrent Receivable | ||||
Goodwill and Intangible Assets Disclosure [Line Items] | ||||
Loss on noncurrent receivable | $ 7.2 |
Intangible Assets - Estimated A
Intangible Assets - Estimated Aggregate Intangible Asset Amortization Expense (Details) $ in Millions | Feb. 03, 2024 USD ($) |
Projected Amortization Expense | |
Fiscal 2024 | $ 0.6 |
Fiscal 2025 | 0.4 |
Fiscal 2026 | 0.3 |
Fiscal 2027 | 0.1 |
Fiscal 2028 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Feb. 03, 2024 | Jan. 28, 2023 | |
French Term Loans | Unsecured Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Term loans | $ 28.5 | $ 39.5 |
U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross losses realized on sales | 1 | 0 |
Level 1: | US Treasury and Government | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment portfolio | 280.2 | 252.6 |
Level 1: | US Treasury and Government | Marketable Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment portfolio | 277.6 | 251.6 |
Level 1: | US Treasury and Government | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment portfolio | 2.6 | $ 1 |
Level 2: | French Term Loans | Unsecured Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt | $ 25 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 |
Assets | ||
Adjusted Cost | $ 280.7 | $ 254 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | (0.9) |
Fair Value | 280.7 | 253.1 |
Liabilities | ||
Total liabilities | 0.4 | 6.3 |
Level 1: | U.S. government securities | ||
Assets | ||
Adjusted Cost | 265.3 | 253.5 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | (0.9) |
Fair Value | 265.3 | 252.6 |
Level 1: | Time deposits | ||
Assets | ||
Adjusted Cost | 14.9 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Fair Value | 14.9 | |
Level 2: | ||
Liabilities | ||
Foreign currency contracts | 0 | 5.9 |
Nonqualified deferred compensation | 0.4 | 0.4 |
Level 2: | Company-owned life insurance | ||
Assets | ||
Adjusted Cost | 0.5 | 0.5 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | $ 0.5 | $ 0.5 |
Accrued and Other Current Lia_3
Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 |
Payables and Accruals [Abstract] | ||
Customer-related liabilities | $ 155 | $ 192.2 |
Deferred revenue | 128.6 | 211.9 |
Employee benefits, compensation and related taxes | 54.6 | 95.6 |
Income and other taxes payable | 24.8 | 28.3 |
Other accrued liabilities | 49 | 74.3 |
Total accrued and other current liabilities | $ 412 | $ 602.3 |
Debt - Narrative (Details)
Debt - Narrative (Details) € in Millions | 1 Months Ended | 3 Months Ended | |||||
Nov. 30, 2021 USD ($) | Jul. 31, 2021 EUR (€) loan | Mar. 22, 2024 USD ($) | Mar. 21, 2024 USD ($) | Feb. 03, 2024 USD ($) | Jan. 28, 2023 USD ($) | Jan. 29, 2022 EUR (€) loan | |
Debt Disclosure [Line Items] | |||||||
Current portion of long-term debt | $ 10,800,000 | $ 10,800,000 | |||||
Revolving Credit Facility | |||||||
Debt Disclosure [Line Items] | |||||||
Line of credit, maximum borrowing capacity | 500,000,000 | ||||||
French Term Loans and Credit Facility | Unsecured Debt | |||||||
Debt Disclosure [Line Items] | |||||||
Number of separate unsecured term loans | loan | 6 | ||||||
Debt instrument, face amount | € | € 40 | ||||||
Debt instrument, extension term | 5 years | ||||||
Debt instrument amount guaranteed by French government percent | 90% | ||||||
French term loans due July 2021 | Unsecured Debt | |||||||
Debt Disclosure [Line Items] | |||||||
Number of separate unsecured term loans | loan | 3 | ||||||
Debt instrument, face amount | € | € 20 | ||||||
French term loans due July 2021 | Unsecured Debt | Minimum | |||||||
Debt Disclosure [Line Items] | |||||||
Interest rate | 0% | ||||||
French term loans due July 2021 | Unsecured Debt | Maximum | |||||||
Debt Disclosure [Line Items] | |||||||
Interest rate | 0.70% | ||||||
French term loans due October 2021 | Unsecured Debt | |||||||
Debt Disclosure [Line Items] | |||||||
Number of separate unsecured term loans | loan | 3 | ||||||
Debt instrument, face amount | € | € 20 | ||||||
Interest rate | 1% | ||||||
French Term Loans | Unsecured Debt | |||||||
Debt Disclosure [Line Items] | |||||||
Term loans | 28,500,000 | $ 39,500,000 | |||||
Revolving Credit Facility 2026 | |||||||
Debt Disclosure [Line Items] | |||||||
Line of credit, maximum borrowing capacity | $ 500,000,000 | ||||||
Remaining borrowing capacity | 475,700,000 | ||||||
Outstanding borrowings | 0 | ||||||
Letters of credit outstanding, amount | 5,100,000 | ||||||
Revolving Credit Facility 2026 | Subsequent Event | |||||||
Debt Disclosure [Line Items] | |||||||
Line of credit, maximum borrowing capacity | $ 500,000,000 | ||||||
Revolving Credit Facility 2026 | Line of Credit | Bridge Loan | |||||||
Debt Disclosure [Line Items] | |||||||
Line of credit, maximum borrowing capacity | 50,000,000 | ||||||
Revolving Credit Facility 2026 | Line of Credit | Canadian Revolving | |||||||
Debt Disclosure [Line Items] | |||||||
Line of credit, maximum borrowing capacity | 50,000,000 | ||||||
Revolving Credit Facility 2026 | Line of Credit | Revolving Credit Facility | |||||||
Debt Disclosure [Line Items] | |||||||
Line of credit, maximum borrowing capacity | 250,000,000 | ||||||
Commitment or the borrowing base, amount | $ 12,500,000 | ||||||
Lesser of the total commitment or the borrowing base, percentage | 10% | ||||||
Fixed charge coverage ratio | 1 | ||||||
Revolving Credit Facility 2026 | Line of Credit | Minimum | Revolving Credit Facility | LIBOR | |||||||
Debt Disclosure [Line Items] | |||||||
Interest rate margin | 1.25% | ||||||
Revolving Credit Facility 2026 | Line of Credit | Minimum | Revolving Credit Facility | Prime Rate | |||||||
Debt Disclosure [Line Items] | |||||||
Interest rate margin | 0.25% | ||||||
Revolving Credit Facility 2026 | Line of Credit | Maximum | Revolving Credit Facility | LIBOR | |||||||
Debt Disclosure [Line Items] | |||||||
Interest rate margin | 1.50% | ||||||
Revolving Credit Facility 2026 | Line of Credit | Maximum | Revolving Credit Facility | Prime Rate | |||||||
Debt Disclosure [Line Items] | |||||||
Interest rate margin | 0.50% | ||||||
Revolving Credit Facility 2026 - Amended | |||||||
Debt Disclosure [Line Items] | |||||||
Remaining borrowing capacity | $ 225,700,000 | ||||||
Revolving Credit Facility 2026 - Amended | Subsequent Event | |||||||
Debt Disclosure [Line Items] | |||||||
Line of credit, maximum borrowing capacity | $ 250,000,000 | ||||||
Revolving Credit Facility 2026 - Amended | Line of Credit | Bridge Loan | Subsequent Event | |||||||
Debt Disclosure [Line Items] | |||||||
Line of credit, maximum borrowing capacity | 50,000,000 | ||||||
Revolving Credit Facility 2026 - Amended | Line of Credit | Canadian Revolving | Subsequent Event | |||||||
Debt Disclosure [Line Items] | |||||||
Line of credit, maximum borrowing capacity | 50,000,000 | ||||||
Revolving Credit Facility 2026 - Amended | Line of Credit | Revolving Credit Facility | Subsequent Event | |||||||
Debt Disclosure [Line Items] | |||||||
Line of credit, maximum borrowing capacity | $ 250,000,000 |
Debt - Schedule of Maturities o
Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Millions | Feb. 03, 2024 USD ($) |
Debt Disclosure [Abstract] | |
Fiscal 2024 | $ 10.8 |
Fiscal 2025 | 10.8 |
Fiscal 2026 | 6.9 |
Total | $ 28.5 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Tax (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Current tax (benefit) expense: | |||
Federal | $ (0.7) | $ (2.1) | $ (13.2) |
State | 1.2 | 4 | 7.6 |
Foreign | 6 | 11.7 | 7.8 |
Current tax (benefit) expense | 6.5 | 13.6 | 2.2 |
Deferred tax (benefit) expense: | |||
Federal | 0 | 0 | 0 |
State | 0 | 0 | 0 |
Foreign | (0.1) | (2.6) | (16.3) |
Deferred tax (benefit) expense | (0.1) | (2.6) | (16.3) |
Total income tax expense (benefit) | $ 6.4 | $ 11 | $ (14.1) |
Income Taxes - Components of Ea
Income Taxes - Components of Earnings Before Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 48.6 | $ (272.7) | $ (362.7) |
International | (35.5) | (29.4) | (32.7) |
Income (loss) before income taxes | $ 13.1 | $ (302.1) | $ (395.4) |
Income Taxes - Certain Prior Ye
Income Taxes - Certain Prior Year Income Tax Rates (Details) | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory tax rate | 21% | 21% | 21% |
State income taxes, net of federal effect | 151.50% | 2.30% | 3.10% |
Foreign income tax rate differential | (35.00%) | 0.20% | 0.40% |
Change in valuation allowance | (133.40%) | (27.20%) | (33.60%) |
Change in unrecognized tax benefits | (20.20%) | (0.40%) | (1.40%) |
Withholding tax expense | 5% | (0.30%) | (0.30%) |
Stock-based compensation | 30.50% | (0.20%) | 6.40% |
Incremental benefit of net operating loss carryback | 0% | 1.10% | 3.60% |
Loss on worthless debt and related investment | 0% | 0% | 5.50% |
Other (including permanent differences) | 29.50% | (0.10%) | (1.10%) |
Effective income tax rate reconciliation | 48.90% | (3.60%) | 3.60% |
Effective income tax rate reconciliation, other | 5% | 5% | 5% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Feb. 03, 2024 | Jan. 28, 2023 |
Deferred tax asset: | ||
Inventory | $ 13.6 | $ 6.8 |
Deferred rents | 0.7 | 1 |
Operating lease liabilities | 140.8 | 162.9 |
Stock-based compensation | 4.5 | 10 |
Net operating losses and other loss carryforwards | 273.7 | 280.7 |
Customer liabilities | 21.7 | 34.3 |
Credits | 7.7 | 25.2 |
Accrued compensation | 3.1 | 6.4 |
Intangible assets | 0.7 | 13.9 |
Goodwill | 0.5 | 0.7 |
Other | 33.9 | 48.4 |
Total deferred tax assets | 500.9 | 590.3 |
Valuation allowance | (355.2) | (408.5) |
Total deferred tax assets, net | 145.7 | 181.8 |
Deferred tax liabilities: | ||
Property and equipment | (1) | (4.8) |
Prepaid expenses | (0.3) | (0.2) |
Operating lease right-of-use assets | (127.1) | (157.8) |
Other | 0 | (0.8) |
Total deferred tax liabilities | (128.4) | (163.6) |
Net deferred tax assets | 17.3 | 18.2 |
The above amounts are reflected in the consolidated financial statements as: | ||
Deferred income taxes - assets | 17.3 | 18.3 |
Other Noncurrent Liabilities | ||
The above amounts are reflected in the consolidated financial statements as: | ||
Deferred income taxes - liabilities | $ 0 | $ 0 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | Jan. 30, 2021 | |
Income Taxes [Line Items] | ||||
Valuation allowance, deferred tax asset | $ 53.3 | |||
Tax credit carryforward, amount | 3.6 | |||
Unrecognized tax benefits | 6.8 | $ 9.5 | $ 9.1 | $ 5.7 |
Impact effective tax rate | 6.8 | |||
Penalties and interest accrued | 1.6 | 3.7 | 3.8 | |
Income tax penalties and interest expense | (2.1) | $ 0.1 | $ 0.4 | |
Deferred Tax Asset | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards | 365.4 | |||
State and Local Jurisdiction | Deferred Tax Asset | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards | 304.5 | |||
Geeknet | Deferred Tax Asset | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards | 11.7 | |||
NOL with expiration | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards | 17.4 | |||
NOL with expiration | State and Local Jurisdiction | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards | 594.2 | |||
NOL with expiration | Geeknet | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards | 49.6 | |||
NOL without expiration | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards | 414.2 | |||
NOL without expiration | State and Local Jurisdiction | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards | 544.6 | |||
NOL without expiration | State and Local Jurisdiction | Deferred Tax Asset | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards | $ 49.2 | |||
Minimum | State and Local Jurisdiction | ||||
Income Taxes [Line Items] | ||||
Examination years subject to examination | 3 years | |||
Maximum | State and Local Jurisdiction | ||||
Income Taxes [Line Items] | ||||
Examination years subject to examination | 6 years |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Changes in Gross Balances of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance of unrecognized tax benefits | $ 9.5 | $ 9.1 | $ 5.7 |
Increases related to current period tax positions | 0.6 | 0.1 | 4 |
Increases related to prior period tax positions | 0.8 | 1.6 | 0.7 |
Reductions as a result of a lapse of the applicable statute of limitations | (1.1) | (1.3) | (0.8) |
Reductions as a result of settlements with taxing authorities | (3) | 0 | (0.5) |
Ending balance of unrecognized tax benefits | $ 6.8 | $ 9.5 | $ 9.1 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Feb. 03, 2024 USD ($) |
Loss Contingencies [Line Items] | |
Outstanding letters of credit and bank guarantees | $ 10.1 |
Cash collateral included in restricted cash | 8.8 |
Purchase obligation | 157.9 |
Revolving Credit Facility | |
Loss Contingencies [Line Items] | |
Line of credit, maximum borrowing capacity | $ 500 |
Common Stock and Share-Based _3
Common Stock and Share-Based Compensation - Common Stock (Details) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 vote | Jan. 29, 2022 USD ($) program shares | Jun. 30, 2022 shares | |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |||
Number of votes per share | vote | 1 | ||
Number of shares sold (in shares) | 34,000,000 | ||
Number of programs | program | 2 | ||
Gross proceeds from sale of common stock | $ | $ 1,680 | ||
Fees paid to sales agent | $ | $ 10.1 | ||
Two Thousand Nineteen Sock Incentive Plan | |||
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |||
Number of shares available for grant (in shares) | 32,000,000 | ||
Two Thousand Eleven Stock Incentive Plan | |||
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |||
Number of shares available for grant (in shares) | 0 |
Common Stock and Share-Based _4
Common Stock and Share-Based Compensation - Restricted Stock Awards (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 USD ($) $ / shares shares | Jan. 28, 2023 USD ($) $ / shares shares | Jan. 29, 2022 USD ($) $ / shares shares | |
Class A Common Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | shares | 4,100,000 | 6,200,000 | 5,200,000 |
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exchange ratio | 1 | ||
Granted (in shares) | shares | 2,425,236 | 5,536,250 | 4,006,260 |
Grants in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.27 | $ 31.43 | $ 44.87 |
Nonvested award, cost not yet recognized, amount | $ | $ 78.2 | ||
Nonvested award, cost not yet recognized, period for recognition | 2 years 4 months 24 days | ||
Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | shares | 0 | 0 | 742,972 |
Grants in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 | $ 29.42 | |
Nonvested award, cost not yet recognized, amount | $ | $ 0.1 | ||
Nonvested award, cost not yet recognized, period for recognition | 2 months 12 days | ||
Equity instruments other than options, vested in period, fair value | $ | $ 43.2 | $ 12.7 | $ 16.8 |
Common Stock and Share-Based _5
Common Stock and Share-Based Compensation - Summary of Restricted Stock Awards (Details) - $ / shares | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
Restricted stock | |||
Shares | |||
Nonvested shares at beginning of period (in shares) | 280,020 | ||
Granted (in shares) | 0 | 0 | 742,972 |
Vested (in shares) | (108,860) | ||
Forfeited (in shares) | (167,772) | ||
Nonvested shares at end of period (in shares) | 3,388 | 280,020 | |
Weighted- Average Grant Date Fair Value | |||
Nonvested shares at beginning of period (in dollars per share) | $ 23.40 | ||
Granted (in dollars per share) | 0 | $ 29.42 | |
Vested (in dollars per share) | 18.63 | ||
Forfeited (in dollars per share) | 26.38 | ||
Nonvested shares at end of period (in dollars per share) | $ 28.84 | $ 23.40 | |
Restricted stock units | |||
Shares | |||
Nonvested shares at beginning of period (in shares) | 5,911,378 | ||
Granted (in shares) | 2,425,236 | 5,536,250 | 4,006,260 |
Vested (in shares) | (1,322,906) | ||
Forfeited (in shares) | (2,966,901) | ||
Nonvested shares at end of period (in shares) | 4,046,807 | 5,911,378 | |
Weighted- Average Grant Date Fair Value | |||
Nonvested shares at beginning of period (in dollars per share) | $ 34.84 | ||
Granted (in dollars per share) | 17.27 | $ 31.43 | $ 44.87 |
Vested (in dollars per share) | 31.04 | ||
Forfeited (in dollars per share) | 34.49 | ||
Nonvested shares at end of period (in dollars per share) | $ 25.86 | $ 34.84 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 03, 2024 | Jan. 28, 2023 | Jan. 29, 2022 | |
SEC Schedule, 12-09, Reserve, Inventory | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 46.7 | $ 34.6 | $ 45.2 |
Charged to Costs and Expenses | 81.3 | 37 | 26.9 |
Charged to Other Accounts- Accounts Payable | 0 | 10.7 | 21.2 |
Deductions- Write-Offs Net of Recoveries | (89.2) | (35.6) | (58.7) |
Balance at End of Period | 38.8 | 46.7 | 34.6 |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 408.5 | 338.3 | 225.7 |
Charged to Costs and Expenses | 0 | 70.2 | 128.9 |
Charged to Other Accounts- Accounts Payable | 0 | 0 | 0 |
Deductions- Write-Offs Net of Recoveries | (53.3) | 0 | (16.3) |
Balance at End of Period | $ 355.2 | $ 408.5 | $ 338.3 |