Lululemon Athletica (LULU) 10-Q 8 Sep 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Aug. 01, 2021	Sep. 01, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 1, 2021
Document Transition Report	false
Entity File Number	001-33608
Entity Registrant Name	lululemon athletica inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-3842867
Entity Address, Address Line One	1818 Cornwall Avenue
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Address, Postal Zip Code	V6J 1C7
City Area Code	604
Local Phone Number	732-6124
Title of 12(b) Security	Common Stock, par value $0.005 per share
Trading Symbol	LULU
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		124,610,529
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001397187
Current Fiscal Year End Date	--01-30

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Aug. 01, 2021	Jan. 31, 2021
Current assets
Cash and cash equivalents	$ 1,170,041	$ 1,150,517
Accounts receivable	56,150	62,399
Inventories	789,836	647,230
Prepaid and receivable income taxes	117,807	139,126
Prepaid expenses and other current assets	141,473	125,107
Total current assets	2,275,307	2,124,379
Property and equipment, net	806,387	745,687
Right-of-use lease assets	729,621	734,835
Goodwill	387,024	386,877
Intangible assets, net	75,690	80,080
Deferred income tax assets	6,564	6,731
Other non-current assets	124,505	106,626
Total assets	4,405,098	4,185,215
Current liabilities
Accounts payable	203,546	172,246
Accrued inventory liabilities	33,316	14,956
Other accrued liabilities	269,024	211,911
Accrued compensation and related expenses	150,331	130,171
Current lease liabilities	150,087	166,091
Current income taxes payable	13,743	8,357
Unredeemed gift card liability	137,021	155,848
Other current liabilities	24,286	23,598
Total current liabilities	981,354	883,178
Non-current lease liabilities	644,734	632,590
Non-current income taxes payable	38,073	43,150
Deferred income tax liabilities	60,010	58,755
Other non-current liabilities	9,761	8,976
Total liabilities	1,733,932	1,626,649
Commitments and contingencies
Stockholders' equity
Undesignated preferred stock, $0.01 par value: 5,000 shares authorized; none issued and outstanding	0	0
Exchangeable stock, no par value: 60,000 shares authorized; 5,203 and 5,203 issued and outstanding	0	0
Special voting stock, $0.000005 par value: 60,000 shares authorized; 5,203 and 5,203 issued and outstanding	0	0
Common stock, $0.005 par value: 400,000 shares authorized; 124,644 and 125,150 issued and outstanding	623	626
Additional paid-in capital	381,737	388,667
Retained earnings	2,445,845	2,346,428
Accumulated other comprehensive loss	(157,039)	(177,155)
Total stockholders' equity	2,671,166	2,558,566
Total liabilities and stockholders' equity	$ 4,405,098	$ 4,185,215

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Aug. 01, 2021	Jan. 31, 2021
Statement of Financial Position [Abstract]
Undesignated preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Exchangeable stock shares authorized (in shares)	60,000,000	60,000,000
Exchangeable stock shares issued (in shares)	5,203,000	5,203,000
Exchangeable stock shares outstanding (in shares)	5,203,000	5,203,000
Special voting stock par value (in dollars per share)	$ 0.000005	$ 0.000005
Special voting stock shares authorized (in shares)	60,000,000	60,000,000
Special voting stock shares issued (in shares)	5,203,000	5,203,000
Special voting stock shares outstanding (in shares)	5,203,000	5,203,000
Common stock, par value (in dollars per share)	$ 0.005	$ 0.005
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares, issued (in shares)	124,644,000	125,150,000
Common stock, shares, outstanding (in shares)	124,644,000	125,150,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2021	Aug. 02, 2020	Aug. 01, 2021	Aug. 02, 2020
Income Statement [Abstract]
Net revenue	$ 1,450,618	$ 902,942	$ 2,677,083	$ 1,554,904
Cost of goods sold	607,932	413,441	1,134,083	731,001
Gross profit	842,686	489,501	1,543,000	823,903
Selling, general and administrative expenses	541,317	352,881	1,037,951	652,464
Amortization of intangible assets	2,195	747	4,390	770
Acquisition-related expenses	8,143	11,464	15,807	13,509
Income from operations	291,031	124,409	484,852	157,160
Other income (expense), net	96	(344)	323	830
Income before income tax expense	291,127	124,065	485,175	157,990
Income tax expense	83,053	37,264	132,145	42,557
Net income	208,074	86,801	353,030	115,433
Other comprehensive income (loss):
Foreign currency translation adjustment	(23,520)	54,300	20,116	(6,304)
Comprehensive income	$ 184,554	$ 141,101	$ 373,146	$ 109,129
Basic earnings per share (in dollars per share)	$ 1.60	$ 0.67	$ 2.71	$ 0.89
Diluted earnings per share (in dollars per share)	$ 1.59	$ 0.66	$ 2.70	$ 0.88
Basic weighted-average number of shares outstanding (in shares)	130,007	130,245	130,187	130,248
Diluted weighted-average number of shares outstanding (in shares)	130,490	130,799	130,742	130,802

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Exchangeable Stock	Special Voting Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Feb. 02, 2020		6,227	6,227	124,122
Beginning balance at Feb. 02, 2020	$ 1,952,218		$ 0	$ 621	$ 355,541	$ 1,820,637	$ (224,581)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	115,433					115,433
Foreign currency translation adjustment	(6,304)						(6,304)
Common stock issued upon exchange of exchangeable shares (in shares)		(834)	(834)	834
Common stock issued upon exchange of exchangeable shares	0			$ 4	(4)
Stock-based compensation expense	21,912				21,912
Common stock issued upon settlement of stock-based compensation (in shares)				485
Common stock issued upon settlement of stock-based compensation	12,463			$ 2	12,461
Shares withheld related to net share settlement of stock-based compensation (in shares)				(155)
Shares withheld related to net share settlement of stock-based compensation	$ (30,957)			$ 0	(30,957)
Repurchase of common stock (in shares)	(400)			(369)
Repurchase of common stock	$ (63,663)				(539)	(63,122)
Ending balance (in shares) at Aug. 02, 2020		5,393	5,393	124,917
Ending balance at Aug. 02, 2020	2,001,102		$ 0	$ 625	358,414	1,872,948	(230,885)
Beginning balance (in shares) at May. 03, 2020		5,482	5,482	124,717
Beginning balance at May. 03, 2020	1,835,787		$ 0	$ 624	334,201	1,786,147	(285,185)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	86,801					86,801
Foreign currency translation adjustment	54,300						54,300
Common stock issued upon exchange of exchangeable shares (in shares)		(89)	(89)	89
Stock-based compensation expense	15,784				15,784
Common stock issued upon settlement of stock-based compensation (in shares)				114
Common stock issued upon settlement of stock-based compensation	9,328				9,328
Shares withheld related to net share settlement of stock-based compensation (in shares)				(3)
Shares withheld related to net share settlement of stock-based compensation	(898)			$ 1	(899)
Ending balance (in shares) at Aug. 02, 2020		5,393	5,393	124,917
Ending balance at Aug. 02, 2020	2,001,102		$ 0	$ 625	358,414	1,872,948	(230,885)
Beginning balance (in shares) at Jan. 31, 2021		5,203	5,203	125,150
Beginning balance at Jan. 31, 2021	2,558,566		$ 0	$ 626	388,667	2,346,428	(177,155)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	353,030					353,030
Foreign currency translation adjustment	20,116						20,116
Stock-based compensation expense	30,221				30,221
Common stock issued upon settlement of stock-based compensation (in shares)				412
Common stock issued upon settlement of stock-based compensation	9,713			$ 2	9,711
Shares withheld related to net share settlement of stock-based compensation (in shares)				(143)
Shares withheld related to net share settlement of stock-based compensation	$ (45,567)			$ (1)	(45,566)
Repurchase of common stock (in shares)	(800)			(775)
Repurchase of common stock	$ (254,913)			$ (4)	(1,296)	(253,613)
Ending balance (in shares) at Aug. 01, 2021		5,203	5,203	124,644
Ending balance at Aug. 01, 2021	2,671,166		$ 0	$ 623	381,737	2,445,845	(157,039)
Beginning balance (in shares) at May. 02, 2021		5,203	5,203	125,069
Beginning balance at May. 02, 2021	2,639,855		$ 0	$ 625	364,743	2,408,006	(133,519)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	208,074					208,074
Foreign currency translation adjustment	(23,520)						(23,520)
Stock-based compensation expense	15,289				15,289
Common stock issued upon settlement of stock-based compensation (in shares)				88
Common stock issued upon settlement of stock-based compensation	5,218				5,218
Shares withheld related to net share settlement of stock-based compensation (in shares)				(8)
Shares withheld related to net share settlement of stock-based compensation	(2,668)				(2,668)
Repurchase of common stock (in shares)				(505)
Repurchase of common stock	(171,082)			$ (2)	(845)	(170,235)
Ending balance (in shares) at Aug. 01, 2021		5,203	5,203	124,644
Ending balance at Aug. 01, 2021	$ 2,671,166		$ 0	$ 623	$ 381,737	$ 2,445,845	$ (157,039)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Aug. 01, 2021	Aug. 02, 2020
Cash flows from operating activities
Net income	$ 353,030	$ 115,433
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	104,123	84,176
Stock-based compensation expense	30,221	21,912
Settlement of derivatives not designated in a hedging relationship	45,010	(13,538)
Changes in operating assets and liabilities:
Inventories	(137,364)	(138,194)
Prepaid and receivable income taxes	21,763	(39,860)
Prepaid expenses and other current assets	(8,337)	(56,381)
Other non-current assets	(5,487)	(20,430)
Accounts payable	28,232	35,967
Accrued inventory liabilities	18,091	25,322
Other accrued liabilities	47,403	53,868
Accrued compensation and related expenses	19,260	(49,037)
Current and non-current income taxes payable	456	43,926
Unredeemed gift card liability	(19,377)	(13,848)
Right-of-use lease assets and current and non-current lease liabilities	1,265	7,388
Other current and non-current liabilities	1,483	3,358
Net cash provided by operating activities	499,772	60,062
Cash flows from investing activities
Purchase of property and equipment	(144,494)	(104,723)
Settlement of net investment hedges	(46,999)	10,981
Acquisition, net of cash acquired	0	(452,581)
Other investing activities	(10,000)	1,000
Net cash used in investing activities	(201,493)	(545,323)
Cash flows from financing activities
Proceeds from settlement of stock-based compensation	9,713	12,463
Shares withheld related to net share settlement of stock-based compensation	(45,567)	(30,957)
Repurchase of common stock	(254,913)	(63,663)
Net cash used in financing activities	(290,767)	(82,157)
Effect of foreign currency exchange rate changes on cash and cash equivalents	12,012	(3,089)
Increase (decrease) in cash and cash equivalents	19,524	(570,507)
Cash and cash equivalents, beginning of period	1,150,517	1,093,505
Cash and cash equivalents, end of period	$ 1,170,041	$ 522,998

NATURE OF OPERATIONS AND BASIS

NATURE OF OPERATIONS AND BASIS OF PRESENTATION	6 Months Ended
	Aug. 01, 2021
Accounting Policies [Abstract]
NATURE OF OPERATIONS AND BASIS OF PRESENTATION	Nature of Operations and Basis of Presentation Nature of operations lululemon athletica inc., a Delaware corporation, ("lululemon" and, together with its subsidiaries unless the context otherwise requires, the "Company") is engaged in the design, distribution, and retail of healthy lifestyle inspired athletic apparel and accessories, which are sold through a chain of company-operated stores, direct to consumer through e-commerce, outlets, sales from temporary locations, sales to wholesale accounts, and license and supply arrangements. The Company operates stores in the United States, Canada, the People's Republic of China ("PRC"), Australia, the United Kingdom, South Korea, Germany, New Zealand, Japan, Singapore, France, Malaysia, Sweden, Ireland, the Netherlands, Norway, and Switzerland. There were 534 and 521 company-operated stores as of August 1, 2021 and January 31, 2021, respectively. On July 7, 2020, the Company acquired Curiouser Products Inc., dba MIRROR, ("MIRROR") which has been consolidated from the date of acquisition. MIRROR generates net revenue from the sale of in-home fitness equipment and associated content subscriptions. Please refer to Note 3. Acquisition for further information. COVID-19 Pandemic The outbreak of a novel strain of coronavirus ("COVID-19") has caused governments and public health officials to impose restrictions and recommend precautions to mitigate the spread of the virus. The Company temporarily closed its retail locations for periods of time during the first two quarters of fiscal 2020. While most of the Company's retail locations were open throughout the first two quarters of fiscal 2021, certain locations were temporarily closed based on government and health authority guidance in those markets, including in parts of Canada, Asia Pacific, and Europe. In accordance with relevant government and health authority guidance, the Company continues to operate with necessary precautionary measures in place at its retail locations and distribution centers. During the second quarter and first two quarters of fiscal 2020, the Company recognized $21.2 million and $35.5 million, respectively, of government payroll subsidies as a reduction in selling, general, and administrative expenses. These subsidies partially offset the wages paid to employees while its retail locations were temporarily closed due to COVID-19. The Company did not recognize any payroll subsidies in the first two quarters of fiscal 2021. Basis of presentation The unaudited interim consolidated financial statements as of August 1, 2021 and for the quarters and two quarters ended August 1, 2021 and August 2, 2020 are presented in U.S. dollars and have been prepared by the Company under the rules and regulations of the Securities and Exchange Commission ("SEC"). The financial information is presented in accordance with United States generally accepted accounting principles ("GAAP") for interim financial information and, accordingly, does not include all of the information and footnotes required by GAAP for complete financial statements. The financial information as of January 31, 2021 is derived from the Company's audited consolidated financial statements and related notes for the fiscal year ended January 31, 2021, which are included in Item 8 in the Company's fiscal 2020 Annual Report on Form 10-K filed with the SEC on March 30, 2021. These unaudited interim consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. These unaudited interim consolidated financial statements should be read in conjunction with the Company's consolidated financial statements and related notes included in Item 8 in the Company's fiscal 2020 Annual Report on Form 10-K. Note 2. Recent Accounting Pronouncements sets out the impact of recent accounting pronouncements. The Company's fiscal year ends on the Sunday closest to January 31 of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. Fiscal 2021 will end on January 30, 2022 and will be a 52-week year. Fiscal 2020 was a 52-week year and ended on January 31, 2021. Fiscal 2021 and fiscal 2020 are referred to as "2021," and "2020," respectively. The first two quarters of 2021 and 2020 ended on August 1, 2021 and August 2, 2020, respectively. The Company's business is affected by the pattern of seasonality common to most retail apparel businesses. Historically, the Company has recognized a significant portion of its operating profit in the fourth fiscal quarter of each year as a result of increased net revenue during the holiday season.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Aug. 01, 2021
Accounting Policies [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	Recent Accounting Pronouncements Recently adopted accounting pronouncements In December 2019, the FASB issued guidance on ASC 740, Income Taxes. The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC 740. The amendments also improve consistent application and make simplifications in other areas of this topic by clarifying and amending existing guidance. The Company adopted this update during the first quarter of 2021 and it did not have a material impact on the Company's consolidated financial statements. Recently issued accounting pronouncements The Company considers the applicability and impact of all Accounting Standard Updates ("ASUs"). Recently issued ASUs were assessed and determined to be either not applicable or are expected to have minimal impact on its consolidated financial position or results of operations.

ACQUISITION

ACQUISITION	6 Months Ended
	Aug. 01, 2021
Business Combination and Asset Acquisition [Abstract]
ACQUISITION	Acquisition On July 7, 2020, the Company acquired all of the outstanding shares of MIRROR, an in-home fitness company with an interactive workout platform that features live and on-demand classes. The results of operations, financial position, and cash flows of MIRROR have been included in the Company's consolidated financial statements since the date of acquisition. The fair value of the consideration paid, net of cash acquired, was $452.6 million. This resulted in the recognition of intangible assets of $85.0 million and goodwill of $362.5 million. The purchase price allocation was finalized as of January 31, 2021 with no measurement period adjustments. Acquisition-related expenses In connection with the acquisition, the Company recognized certain acquisition-related expenses which are expensed as incurred. These expenses are recognized within acquisition-related expenses in the consolidated statements of operations include the following amounts: • transaction and integration costs, including fees for advisory and professional services incurred as part of the acquisition and integration costs subsequent to the acquisition; • acquisition-related compensation, including the partial acceleration of vesting of certain stock options, and amounts due to selling shareholders that are contingent upon continuing employment; and • gain recognized on the Company's existing investment in the acquiree as of the acquisition date. The following table summarizes the acquisition-related expenses recognized: Second Quarter First Two Quarters 2021 2020 2021 2020 (in thousands) Acquisition-related expenses: Transaction and integration costs $ 1,035 $ 7,201 $ 1,531 $ 9,246 Gain on existing investment — (782) — (782) Acquisition-related compensation 7,108 5,045 14,276 5,045 $ 8,143 $ 11,464 $ 15,807 $ 13,509 Income tax effects of acquisition-related expenses $ (434) $ (1,967) $ (806) $ (1,967)

REVOLVING CREDIT FACILITIES

REVOLVING CREDIT FACILITIES	6 Months Ended
	Aug. 01, 2021
Debt Disclosure [Abstract]
REVOLVING CREDIT FACILITIES	Revolving Credit Facilities North America revolving credit facility During 2016, the Company obtained a $150.0 million committed and unsecured five-year revolving credit facility with major financial institutions. During 2018, the Company amended the credit agreement to provide for: i. an increase in the aggregate commitments under the revolving credit facility to $400.0 million, with an increase of the sub-limits for the issuance of letters of credit and extensions of swing line loans to $50.0 million for each; ii. an increase in the option, subject to certain conditions, to request increases in commitments from $400.0 million to $600.0 million; and iii. an extension in the maturity of the facility from December 15, 2021 to June 6, 2023. Borrowings under the facility may be made in U.S. Dollars, Euros, Canadian Dollars, and in other currencies, subject to the lenders' approval. As of August 1, 2021, aside from letters of credit of $2.8 million, there were no other borrowings outstanding under this facility. Borrowings under the facility bear interest at a rate equal to, at the Company's option, either (a) rates based on deposits on the interbank market for U.S. Dollars or the applicable currency in which the borrowings are made ("LIBOR") or (b) an alternate base rate, plus, an applicable margin determined by reference to a pricing grid, based on the ratio of indebtedness to earnings before interest, tax, depreciation, amortization, and rent ("EBITDAR") and ranges between 1.00%-1.50% for LIBOR loans and 0.00%-0.50% for alternate base rate loans. Additionally, a commitment fee of between 0.10%-0.20% is payable on the average unused amounts under the revolving credit facility, and fees of 1.00%-1.50% are payable on unused letters of credit. The credit agreement contains negative covenants that, among other things and subject to certain exceptions, limit the ability of the Company's subsidiaries to incur indebtedness, incur liens, undergo fundamental changes, make dispositions of all or substantially all of their assets, alter their businesses and enter into agreements limiting subsidiary dividends and distributions. The Company is also required to maintain a consolidated rent-adjusted leverage ratio of not greater than 3.5:1 and to maintain the ratio of consolidated EBITDAR to consolidated interest charges (plus rent) below 2:1. The credit agreement also contains certain customary representations, warranties, affirmative covenants, and events of default (including, among others, an event of default upon the occurrence of a change of control). As of August 1, 2021, the Company was in compliance with the covenants of the credit facility. Mainland China revolving credit facility In December 2019, the Company entered into an uncommitted and unsecured 130.0 million Chinese Yuan revolving credit facility with terms that are reviewed on an annual basis. The credit facility was increased to 230.0 million Chinese Yuan during 2020. It is comprised of a revolving loan of up to 200.0 million Chinese Yuan and a financial guarantee facility of up to 30.0 million Chinese Yuan, or its equivalent in another currency. Loans are available for a period not to exceed 12 months, at an interest rate equal to the loan prime rate plus a spread of 0.5175%. The Company is required to follow certain covenants. As of August 1, 2021, the Company was in compliance with the covenant and, aside from letters of credit of 1.3 million Chinese Yuan, there were no borrowings or guarantees outstanding under this credit facility.

STOCK-BASED COMPENSATION AND BE

STOCK-BASED COMPENSATION AND BENEFIT PLANS	6 Months Ended
	Aug. 01, 2021
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION AND BENEFIT PLANS	Stock-Based Compensation and Benefit Plans Stock-based compensation plans The Company's eligible employees participate in various stock-based compensation plans, provided directly by the Company. Stock-based compensation expense charged to income for the plans was $33.6 million and $24.9 million for the first two quarters of 2021 and 2020, respectively. Total unrecognized compensation cost for all stock-based compensation plans was $117.1 million as of August 1, 2021, which is expected to be recognized over a weighted-average period of 2.3 years. A summary of the balances of the Company's stock-based compensation plans as of August 1, 2021, and changes during the first two quarters then ended, is presented below: Stock Options Performance-Based Restricted Stock Units Restricted Shares Restricted Stock Units Restricted Stock Units Number Weighted-Average Exercise Price Number Weighted-Average Grant Date Fair Value Number Weighted-Average Grant Date Fair Value Number Weighted-Average Grant Date Fair Value Number Weighted-Average Fair Value (In thousands, except per share amounts) Balance as of January 31, 2021 804 $ 139.27 199 $ 149.20 4 $ 299.09 275 $ 166.50 15 $ 328.68 Granted 188 307.34 135 180.65 4 327.22 96 308.78 — — Exercised/released 104 93.59 166 100.89 4 299.09 138 135.08 — — Forfeited/expired 20 189.53 3 212.67 — — 12 230.55 — — Balance as of August 1, 2021 868 $ 180.00 165 $ 222.30 4 $ 327.22 221 $ 244.47 15 $ 400.17 Exercisable as of August 1, 2021 301 $ 124.41 The Company's performance-based restricted stock units are awarded to eligible employees and entitle the grantee to receive a maximum of two shares of common stock per performance-based restricted stock unit if the Company achieves specified performance goals and the grantee remains employed during the vesting period. The fair value of performance-based restricted stock units is based on the closing price of the Company's common stock on the award date. Expense for performance-based restricted stock units is recognized when it is probable that the performance goal will be achieved. The grant date fair value of the restricted shares and restricted stock units is based on the closing price of the Company's common stock on the award date. Restricted stock units that are settled in cash or common stock at the election of the employee are remeasured to fair value at the end of each reporting period until settlement. This fair value is based on the closing price of the Company's common stock on the last business day before each period end. The grant date fair value of each stock option granted is estimated on the date of grant using the Black-Scholes model. The assumptions used to calculate the fair value of the options granted are evaluated and revised, as necessary, to reflect market conditions and the Company's historical experience. The expected term of the options is based upon the historical experience of similar awards, giving consideration to expectations of future employee behavior. Expected volatility is based upon the historical volatility of the Company's common stock for the period corresponding with the expected term of the options. The risk-free interest rate is based on the U.S. Treasury yield curve for the period corresponding with the expected term of the options. The following are weighted averages of the assumptions that were used in calculating the fair value of stock options granted during the first two quarters of 2021: First Two Quarters 2021 Expected term 3.75 years Expected volatility 39.32 % Risk-free interest rate 0.50 % Dividend yield — % Employee share purchase plan The Company's board of directors and stockholders approved the Company's Employee Share Purchase Plan ("ESPP") in September 2007. Contributions are made by eligible employees, subject to certain limits defined in the ESPP, and the Company matches one-third of the contribution. The maximum number of shares authorized to be purchased under the ESPP is 6.0 million shares. All shares purchased under the ESPP are purchased in the open market. During the second quarter of 2021, there were 16.2 thousand shares purchased. Defined contribution pension plans The Company offers defined contribution pension plans to its eligible employees. Participating employees may elect to defer and contribute a portion of their eligible compensation to a plan up to limits stated in the plan documents, not to exceed the dollar amounts set by applicable laws. The Company matches 50% to 75% of the contribution depending on the

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	6 Months Ended
	Aug. 01, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT	Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are made using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value: • Level 1 - defined as observable inputs such as quoted prices in active markets; • Level 2 - defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and • Level 3 - defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Assets and liabilities measured at fair value on a recurring basis The fair value measurement is categorized in its entirety by reference to its lowest level of significant input. As of August 1, 2021 and January 31, 2021, the Company held certain assets and liabilities that are required to be measured at fair value on a recurring basis: August 1, 2021 Level 1 Level 2 Level 3 Balance Sheet Classification (In thousands) Money market funds $ 605,059 $ 605,059 $ — $ — Cash and cash equivalents Term deposits 220,572 — 220,572 — Cash and cash equivalents Forward currency contract assets 13,956 — 13,956 — Prepaid expenses and other current assets Forward currency contract liabilities 16,176 — 16,176 — Other current liabilities January 31, 2021 Level 1 Level 2 Level 3 Balance Sheet Classification (In thousands) Money market funds $ 671,817 $ 671,817 $ — $ — Cash and cash equivalents Term deposits 183,015 — 183,015 — Cash and cash equivalents Forward currency contract assets 17,364 — 17,364 — Prepaid expenses and other current assets Forward currency contract liabilities 18,767 — 18,767 — Other current liabilities The Company records cash, accounts receivable, accounts payable, and accrued liabilities at cost. The carrying values of these instruments approximate their fair value due to their short-term maturities. The Company has short-term, highly liquid investments classified as cash equivalents, which are invested in money market funds, Treasury bills, and term deposits. The Company records cash equivalents at their original purchase prices plus interest that has accrued at the stated rate. The fair values of the forward currency contract assets and liabilities are determined using observable Level 2 inputs, including foreign currency spot exchange rates, forward pricing curves, and interest rates. The fair values consider the credit risk of the Company and its counterparties. The Company's Master International Swap Dealers Association, Inc., Agreements and other similar arrangements allow net settlements under certain conditions. However, the Company records all derivatives on its consolidated balance sheets at fair value and does not offset derivative assets and liabilities.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Aug. 01, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	Derivative Financial Instruments Foreign currency exchange risk The Company is exposed to risks associated with changes in foreign currency exchange rates and uses derivative financial instruments to manage its exposure to certain of these foreign currency exchange rate risks. The Company does not enter into derivative contracts for speculative or trading purposes. The Company currently hedges against changes in the Canadian dollar and Chinese Yuan to the U.S. dollar exchange rate and changes in the Euro and Australian dollar to the Canadian dollar exchange rate using forward currency contracts. Net investment hedges The Company is exposed to foreign currency exchange gains and losses which arise on translation of its international subsidiaries' balance sheets into U.S. dollars. These gains and losses are recorded as a foreign currency translation adjustment in accumulated other comprehensive income or loss within stockholders' equity. The Company holds a significant portion of its assets in Canada and enters into forward currency contracts designed to hedge a portion of the foreign currency exposure that arises on translation of a Canadian subsidiary into U.S. dollars. These forward currency contracts are designated as net investment hedges. The Company assesses hedge effectiveness based on changes in forward rates. The Company recorded no ineffectiveness from net investment hedges during the first two quarters of 2021. The Company classifies the cash flows at settlement of its net investment hedges within investing activities in the consolidated statements of cash flows. Derivatives not designated as hedging instruments The Company is exposed to gains and losses arising from changes in foreign currency exchange rates associated with transactions which are undertaken by its subsidiaries in currencies other than their functional currency. Such transactions include intercompany transactions and inventory purchases. These transactions result in the recognition of certain foreign currency denominated monetary assets and liabilities which are remeasured to the quarter-end or settlement date foreign currency exchange rate. The resulting foreign currency gains and losses are recorded in selling, general and administrative expenses. During the first two quarters of 2021, the Company entered into certain forward currency contracts designed to economically hedge the foreign currency exchange revaluation gains and losses that are recognized by its Canadian and Chinese subsidiaries on specific monetary assets and liabilities denominated in currencies other than the functional currency of the entity. The Company has not applied hedge accounting to these instruments and the change in fair value of these derivatives is recorded within selling, general and administrative expenses. The Company classifies the cash flows at settlement of its forward currency contracts which are not designated in hedging relationships within operating activities in the consolidated statements of cash flows. Quantitative disclosures about derivative financial instruments The Company presents its derivative assets and derivative liabilities at their gross fair values within prepaid expenses and other current assets and other current liabilities on the consolidated balance sheets. However, the Company's Master International Swap Dealers Association, Inc., Agreements and other similar arrangements allow net settlements under certain conditions. As of August 1, 2021, there were derivative assets of $14.0 million and derivative liabilities of $16.2 million subject to enforceable netting arrangements. The notional amounts and fair values of forward currency contracts were as follows: August 1, 2021 January 31, 2021 Gross Notional Assets Liabilities Gross Notional Assets Liabilities (In thousands) Derivatives designated as net investment hedges: Forward currency contracts $ 1,010,000 $ 13,845 $ — $ 985,000 $ — $ 18,099 Derivatives not designated in a hedging relationship: Forward currency contracts 1,125,505 111 16,176 1,055,000 17,364 668 Net derivatives recognized on consolidated balance sheets: Forward currency contracts $ 13,956 $ 16,176 $ 17,364 $ 18,767 The forward currency contracts designated as net investment hedges outstanding as of August 1, 2021 mature on different dates between August 2021 and March 2022. The forward currency contracts not designated in a hedging relationship outstanding as of August 1, 2021 mature on different dates between August 2021 and March 2022. The pre-tax gains and losses on foreign currency exchange forward contracts recorded in accumulated other comprehensive income or loss were as follows: Second Quarter First Two Quarters 2021 2020 2021 2020 (In thousands) Gains (losses) recognized in foreign currency translation adjustment: Derivatives designated as net investment hedges $ 16,930 $ (24,728) $ (15,056) $ 3,528 No gains or losses have been reclassified from accumulated other comprehensive income or loss into net income for derivative financial instruments in a net investment hedging relationship, as the Company has not sold or liquidated (or substantially liquidated) its hedged subsidiary. The pre-tax net foreign currency exchange and derivative gains and losses recorded in the consolidated statement of operations were as follows: Second Quarter First Two Quarters 2021 2020 2021 2020 (In thousands) Gains (losses) recognized in selling, general and administrative expenses: Foreign currency exchange gains (losses) $ 13,404 $ (23,867) $ (20,135) $ 3,874 Derivatives not designated in a hedging relationship (18,344) 21,574 12,247 (5,946) Net foreign currency exchange and derivative gains (losses) $ (4,940) $ (2,293) $ (7,888) $ (2,072) Credit risk The Company is exposed to credit-related losses in the event of nonperformance by the counterparties to the forward currency contracts. The credit risk amount is the Company's unrealized gains on its derivative instruments, based on foreign currency rates at the time of nonperformance. The Company's forward currency contracts are entered into with large, reputable financial institutions that are monitored by the Company for counterparty risk. The Company's derivative contracts contain certain credit risk-related contingent features. Under certain circumstances, including an event of default, bankruptcy, termination, and cross default under the Company's revolving credit facility, the Company may be required to make immediate payment for outstanding liabilities under its derivative contracts.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Aug. 01, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	Earnings Per Share The details of the computation of basic and diluted earnings per share are as follows: Second Quarter First Two Quarters 2021 2020 2021 2020 (In thousands, except per share amounts) Net income $ 208,074 $ 86,801 $ 353,030 $ 115,433 Basic weighted-average number of shares outstanding 130,007 130,245 130,187 130,248 Assumed conversion of dilutive stock options and awards 483 554 555 554 Diluted weighted-average number of shares outstanding 130,490 130,799 130,742 130,802 Basic earnings per share $ 1.60 $ 0.67 $ 2.71 $ 0.89 Diluted earnings per share $ 1.59 $ 0.66 $ 2.70 $ 0.88 The Company's calculation of weighted-average shares includes the common stock of the Company as well as the exchangeable shares. Exchangeable shares are the equivalent of common shares in all material respects. All classes of stock have, in effect, the same rights and share equally in undistributed net income. For each of the first two quarters of 2021 and 2020, 0.1 million stock options and awards were anti-dilutive to earnings per share and therefore have been excluded from the computation of diluted earnings per share. On January 31, 2019, the Company's board of directors approved a stock repurchase program for up to $500.0 million of the Company's common shares on the open market or in privately negotiated transactions. On December 1, 2020, the Company's board of directors approved an increase in the remaining authorization of the existing stock repurchase program from $263.6 million to $500.0 million. The repurchase plan has no time limit and does not require the repurchase of a minimum number of shares. Common shares repurchased on the open market are at prevailing market prices, including under plans complying with the provisions of Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934. The timing and actual number of common shares to be repurchased will depend upon market conditions, eligibility to trade, and other factors, in accordance with Securities and Exchange Commission requirements. As of August 1, 2021, the remaining value of shares available to be repurchased under this program was $245.1 million. During the first two quarters of 2021 and 2020, 0.8 million and 0.4 million shares, respectively, were repurchased under the program at a total cost of $254.9 million and $63.7 million, respectively.

SUPPLEMENTARY FINANCIAL INFORMA

SUPPLEMENTARY FINANCIAL INFORMATION	6 Months Ended
	Aug. 01, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLEMENTARY FINANCIAL INFORMATION	Supplementary Financial Information A summary of certain consolidated balance sheet accounts is as follows: August 1, January 31, (In thousands) Inventories: Inventories, at cost $ 830,926 $ 678,200 Provision to reduce inventories to net realizable value (41,090) (30,970) $ 789,836 $ 647,230 August 1, January 31, (In thousands) Prepaid expenses and other current assets: Prepaid expenses $ 105,641 $ 82,164 Forward currency contract assets 13,956 17,364 Other current assets 21,876 25,579 $ 141,473 $ 125,107 Property and equipment, net: Land $ 76,029 $ 74,261 Buildings 31,366 30,870 Leasehold improvements 623,074 583,305 Furniture and fixtures 118,598 117,334 Computer hardware 126,455 116,239 Computer software 476,690 427,313 Equipment and vehicles 19,228 17,105 Work in progress 108,998 69,847 Property and equipment, gross 1,580,438 1,436,274 Accumulated depreciation (774,051) (690,587) $ 806,387 $ 745,687 Other non-current assets: Cloud computing arrangement implementation costs $ 82,150 $ 74,631 Security deposits 23,707 23,154 Other 18,648 8,841 $ 124,505 $ 106,626 Other accrued liabilities Accrued freight and other operating expenses $ 140,783 $ 97,335 Accrued duty 24,769 17,404 Sales return allowances 25,393 32,560 Sales tax collected 19,075 15,246 Accrued capital expenditures 17,639 8,653 Forward currency contract liabilities 16,176 18,766 Accrued rent 10,420 8,559 Other 14,769 13,388 $ 269,024 $ 211,911

SEGMENTED INFORMATION

SEGMENTED INFORMATION	6 Months Ended
	Aug. 01, 2021
Segment Reporting [Abstract]
SEGMENTED INFORMATION	Segmented Information The Company's segments are based on the financial information it uses in managing its business and comprise two reportable segments: (i) company-operated stores and (ii) direct to consumer. The remainder of its operations which includes outlets, temporary locations, sales to wholesale accounts, license and supply arrangements, and MIRROR are included within Other. Second Quarter First Two Quarters 2021 2020 2021 2020 (In thousands) Net revenue: Company-operated stores $ 695,120 $ 287,201 $ 1,231,704 $ 547,171 Direct to consumer 597,426 554,302 1,142,515 906,341 Other 158,072 61,439 302,864 101,392 $ 1,450,618 $ 902,942 $ 2,677,083 $ 1,554,904 Segmented income (loss) from operations: Company-operated stores $ 184,996 $ (5,293) $ 284,144 $ (35,447) Direct to consumer 260,248 237,595 497,181 394,542 Other 22,240 2,587 36,746 2,318 467,484 234,889 818,071 361,413 General corporate expense 166,115 98,269 313,022 189,974 Amortization of intangible assets 2,195 747 4,390 770 Acquisition-related expenses 8,143 11,464 15,807 13,509 Income from operations 291,031 124,409 484,852 157,160 Other income (expense), net 96 (344) 323 830 Income before income tax expense $ 291,127 $ 124,065 $ 485,175 $ 157,990 Capital expenditures: Company-operated stores $ 28,656 $ 27,316 $ 47,221 $ 61,135 Direct to consumer 16,902 9,781 43,483 12,079 Corporate and other 34,711 15,525 53,790 31,509 $ 80,269 $ 52,622 $ 144,494 $ 104,723 Depreciation and amortization: Company-operated stores $ 28,304 $ 21,963 $ 55,104 $ 47,591 Direct to consumer 6,836 2,928 12,584 5,612 Corporate and other 18,498 15,753 36,435 30,973 $ 53,638 $ 40,644 $ 104,123 $ 84,176 The following table disaggregates the Company's net revenue by geographic area. Second Quarter First Two Quarters 2021 2020 2021 2020 (In thousands) United States $ 996,292 $ 595,918 $ 1,845,906 $ 1,055,270 Canada 216,502 147,658 384,231 247,155 Outside of North America 237,824 159,366 446,946 252,479 $ 1,450,618 $ 902,942 $ 2,677,083 $ 1,554,904 The following table disaggregates the Company's net revenue by category. During the fourth quarter of 2020, the Company determined that a portion of certain sales returns which had been recorded within Other categories were more appropriately classified within Women's product and Men's product. Accordingly, comparative figures have been reclassified to conform to the current presentation. Second Quarter First Two Quarters 2021 2020 2021 2020 (In thousands) Women's product $ 968,951 $ 647,198 $ 1,818,596 $ 1,124,825 Men's product 363,063 190,381 637,370 318,772 Other categories 118,604 65,363 221,117 111,307 $ 1,450,618 $ 902,942 $ 2,677,083 $ 1,554,904

NET REVENUE BY GEOGRAPHY AND CA

NET REVENUE BY GEOGRAPHY AND CATEGORY	6 Months Ended
	Aug. 01, 2021
Segment Reporting [Abstract]
NET REVENUE BY GEOGRAPHY AND CATEGORY	Segmented Information The Company's segments are based on the financial information it uses in managing its business and comprise two reportable segments: (i) company-operated stores and (ii) direct to consumer. The remainder of its operations which includes outlets, temporary locations, sales to wholesale accounts, license and supply arrangements, and MIRROR are included within Other. Second Quarter First Two Quarters 2021 2020 2021 2020 (In thousands) Net revenue: Company-operated stores $ 695,120 $ 287,201 $ 1,231,704 $ 547,171 Direct to consumer 597,426 554,302 1,142,515 906,341 Other 158,072 61,439 302,864 101,392 $ 1,450,618 $ 902,942 $ 2,677,083 $ 1,554,904 Segmented income (loss) from operations: Company-operated stores $ 184,996 $ (5,293) $ 284,144 $ (35,447) Direct to consumer 260,248 237,595 497,181 394,542 Other 22,240 2,587 36,746 2,318 467,484 234,889 818,071 361,413 General corporate expense 166,115 98,269 313,022 189,974 Amortization of intangible assets 2,195 747 4,390 770 Acquisition-related expenses 8,143 11,464 15,807 13,509 Income from operations 291,031 124,409 484,852 157,160 Other income (expense), net 96 (344) 323 830 Income before income tax expense $ 291,127 $ 124,065 $ 485,175 $ 157,990 Capital expenditures: Company-operated stores $ 28,656 $ 27,316 $ 47,221 $ 61,135 Direct to consumer 16,902 9,781 43,483 12,079 Corporate and other 34,711 15,525 53,790 31,509 $ 80,269 $ 52,622 $ 144,494 $ 104,723 Depreciation and amortization: Company-operated stores $ 28,304 $ 21,963 $ 55,104 $ 47,591 Direct to consumer 6,836 2,928 12,584 5,612 Corporate and other 18,498 15,753 36,435 30,973 $ 53,638 $ 40,644 $ 104,123 $ 84,176 The following table disaggregates the Company's net revenue by geographic area. Second Quarter First Two Quarters 2021 2020 2021 2020 (In thousands) United States $ 996,292 $ 595,918 $ 1,845,906 $ 1,055,270 Canada 216,502 147,658 384,231 247,155 Outside of North America 237,824 159,366 446,946 252,479 $ 1,450,618 $ 902,942 $ 2,677,083 $ 1,554,904 The following table disaggregates the Company's net revenue by category. During the fourth quarter of 2020, the Company determined that a portion of certain sales returns which had been recorded within Other categories were more appropriately classified within Women's product and Men's product. Accordingly, comparative figures have been reclassified to conform to the current presentation. Second Quarter First Two Quarters 2021 2020 2021 2020 (In thousands) Women's product $ 968,951 $ 647,198 $ 1,818,596 $ 1,124,825 Men's product 363,063 190,381 637,370 318,772 Other categories 118,604 65,363 221,117 111,307 $ 1,450,618 $ 902,942 $ 2,677,083 $ 1,554,904

LEGAL PROCEEDINGS AND OTHER CON

LEGAL PROCEEDINGS AND OTHER CONTINGENCIES	6 Months Ended
	Aug. 01, 2021
Commitments and Contingencies Disclosure [Abstract]
LEGAL PROCEEDINGS AND OTHER CONTINGENCIES	Legal Proceedings and Other Contingencies In addition to the legal proceedings described below, the Company is, from time to time, involved in routine legal matters, and audits and inspections by governmental agencies and other third parties which are incidental to the conduct of its business. This includes legal matters such as initiation and defense of proceedings to protect intellectual property rights, personal injury claims, product liability claims, employment claims, and similar matters. The Company believes the ultimate resolution of any such legal proceedings, audits, and inspections will not have a material adverse effect on its consolidated balance sheets, results of operations or cash flows. The Company has recognized immaterial provisions related to the expected outcome of legal proceedings. In March 2020, a former retail employee filed a representative action in the Los Angeles Superior Court alleging violation of the Private Attorney General Act ("PAGA") based on purported California labor code violations including failure to pay wages, failure to pay overtime, failure to provide accurate itemized statements, and failure to provide meal and rest periods. The plaintiff is seeking to recover civil penalties under PAGA. The Company denied all allegations. The parties have agreed in principle to resolve the matter and are working to finalize the resolution and dismiss the action. In April 2020, Aliign Activation Wear, LLC filed a lawsuit in the United States District Court for the Central District of California alleging federal trademark infringement, false designation of origin and unfair competition. The plaintiff is seeking injunctive relief, monetary damages and declaratory relief. The Company obtained summary judgment that the Company did not infringe upon any of the plaintiff's rights and the district court entered judgment in the Company's favor on all claims. The plaintiff has filed a Notice of Appeal with the United States Court of Appeals for the Ninth Circuit. The Company intends to defend its win at the appellate level. In April 2021, DISH Technologies L.L.C., and Sling TV L.L.C. (DISH) filed a complaint in the United States District Court for the District of Delaware and, along with DISH DBS Corporation, also with the United States International Trade Commission (ITC) under Section 337 of the Tariff Act of 1930 against the Company and its Curiouser Products subsidiary (MIRROR), along with ICON Health & Fitness, Inc., FreeMotion Fitness, Inc., NordicTrack, Inc., and Peloton Interactive, Inc., alleging infringement of various patents related to fitness devices containing internet-streaming enabled video displays. In the ITC complaint, DISH seeks an exclusion order barring the importation of MIRROR fitness devices, streaming components and systems containing components that infringe one or more of the asserted patents as well as a cease and desist order preventing the Company from carrying out commercial activities within the United States related to those products. In the District of Delaware complaint, DISH is seeking an order permanently enjoining the Company from infringing the asserted patents, an award of damages for the infringement of the asserted patents, and an award of damages for lost sales. The ITC investigation is ongoing and the Delaware litigation remains stayed pending resolution to the ITC investigation. The Company intends to vigorously defend this matter.

NATURE OF OPERATIONS AND BASI_2

NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Aug. 01, 2021
Accounting Policies [Abstract]
Basis of presentation	Basis of presentationThe unaudited interim consolidated financial statements as of August 1, 2021 and for the quarters and two quarters ended August 1, 2021 and August 2, 2020 are presented in U.S. dollars and have been prepared by the Company under the rules and regulations of the Securities and Exchange Commission ("SEC"). The financial information is presented in accordance with United States generally accepted accounting principles ("GAAP") for interim financial information and, accordingly, does not include all of the information and footnotes required by GAAP for complete financial statements. The financial information as of January 31, 2021 is derived from the Company's audited consolidated financial statements and related notes for the fiscal year ended January 31, 2021, which are included in Item 8 in the Company's fiscal 2020 Annual Report on Form 10-K filed with the SEC on March 30, 2021. These unaudited interim consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. These unaudited interim consolidated financial statements should be read in conjunction with the Company's consolidated financial statements and related notes included in Item 8 in the Company's fiscal 2020 Annual Report on Form 10-K.
Fiscal period	The Company's fiscal year ends on the Sunday closest to January 31 of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. Fiscal 2021 will end on January 30, 2022 and will be a 52-week year. Fiscal 2020 was a 52-week year and ended on January 31, 2021. Fiscal 2021 and fiscal 2020 are referred to as "2021," and "2020," respectively. The first two quarters of 2021 and 2020 ended on August 1, 2021 and August 2, 2020, respectively. The Company's business is affected by the pattern of seasonality common to most retail apparel businesses. Historically, the Company has recognized a significant portion of its operating profit in the fourth fiscal quarter of each year as a result of increased net revenue during the holiday season.
Recently adopted and issued accounting pronouncements	Recently adopted accounting pronouncements In December 2019, the FASB issued guidance on ASC 740, Income Taxes. The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC 740. The amendments also improve consistent application and make simplifications in other areas of this topic by clarifying and amending existing guidance. The Company adopted this update during the first quarter of 2021 and it did not have a material impact on the Company's consolidated financial statements. Recently issued accounting pronouncements The Company considers the applicability and impact of all Accounting Standard Updates ("ASUs"). Recently issued ASUs were assessed and determined to be either not applicable or are expected to have minimal impact on its consolidated financial position or results of operations.
Fair value measurement	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are made using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value: • Level 1 - defined as observable inputs such as quoted prices in active markets; • Level 2 - defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and • Level 3 - defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company records cash, accounts receivable, accounts payable, and accrued liabilities at cost. The carrying values of these instruments approximate their fair value due to their short-term maturities. The Company has short-term, highly liquid investments classified as cash equivalents, which are invested in money market funds, Treasury bills, and term deposits. The Company records cash equivalents at their original purchase prices plus interest that has accrued at the stated rate. The fair values of the forward currency contract assets and liabilities are determined using observable Level 2 inputs, including foreign currency spot exchange rates, forward pricing curves, and interest rates. The fair values consider the credit risk of the Company and its counterparties. The Company's Master International Swap Dealers Association, Inc., Agreements and other similar arrangements allow net settlements under certain conditions. However, the Company records all derivatives on its consolidated balance sheets at fair value and does not offset derivative assets and liabilities.

ACQUISITION (Tables)

ACQUISITION (Tables)	6 Months Ended
	Aug. 01, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Consideration Transferred and Acquisition Related Expenses	The following table summarizes the acquisition-related expenses recognized: Second Quarter First Two Quarters 2021 2020 2021 2020 (in thousands) Acquisition-related expenses: Transaction and integration costs $ 1,035 $ 7,201 $ 1,531 $ 9,246 Gain on existing investment — (782) — (782) Acquisition-related compensation 7,108 5,045 14,276 5,045 $ 8,143 $ 11,464 $ 15,807 $ 13,509 Income tax effects of acquisition-related expenses $ (434) $ (1,967) $ (806) $ (1,967)

STOCK-BASED COMPENSATION AND _2

STOCK-BASED COMPENSATION AND BENEFIT PLANS (Tables)	6 Months Ended
	Aug. 01, 2021
Share-based Payment Arrangement [Abstract]
Summary of Company's Stock Option, Performance Share Unit and Restricted Share Activity	A summary of the balances of the Company's stock-based compensation plans as of August 1, 2021, and changes during the first two quarters then ended, is presented below: Stock Options Performance-Based Restricted Stock Units Restricted Shares Restricted Stock Units Restricted Stock Units Number Weighted-Average Exercise Price Number Weighted-Average Grant Date Fair Value Number Weighted-Average Grant Date Fair Value Number Weighted-Average Grant Date Fair Value Number Weighted-Average Fair Value (In thousands, except per share amounts) Balance as of January 31, 2021 804 $ 139.27 199 $ 149.20 4 $ 299.09 275 $ 166.50 15 $ 328.68 Granted 188 307.34 135 180.65 4 327.22 96 308.78 — — Exercised/released 104 93.59 166 100.89 4 299.09 138 135.08 — — Forfeited/expired 20 189.53 3 212.67 — — 12 230.55 — — Balance as of August 1, 2021 868 $ 180.00 165 $ 222.30 4 $ 327.22 221 $ 244.47 15 $ 400.17 Exercisable as of August 1, 2021 301 $ 124.41
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The following are weighted averages of the assumptions that were used in calculating the fair value of stock options granted during the first two quarters of 2021: First Two Quarters 2021 Expected term 3.75 years Expected volatility 39.32 % Risk-free interest rate 0.50 % Dividend yield — %

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	6 Months Ended
	Aug. 01, 2021
Fair Value Disclosures [Abstract]
Fair Value, Assets and Liabilities Measured on Recurring Basis	As of August 1, 2021 and January 31, 2021, the Company held certain assets and liabilities that are required to be measured at fair value on a recurring basis: August 1, 2021 Level 1 Level 2 Level 3 Balance Sheet Classification (In thousands) Money market funds $ 605,059 $ 605,059 $ — $ — Cash and cash equivalents Term deposits 220,572 — 220,572 — Cash and cash equivalents Forward currency contract assets 13,956 — 13,956 — Prepaid expenses and other current assets Forward currency contract liabilities 16,176 — 16,176 — Other current liabilities January 31, 2021 Level 1 Level 2 Level 3 Balance Sheet Classification (In thousands) Money market funds $ 671,817 $ 671,817 $ — $ — Cash and cash equivalents Term deposits 183,015 — 183,015 — Cash and cash equivalents Forward currency contract assets 17,364 — 17,364 — Prepaid expenses and other current assets Forward currency contract liabilities 18,767 — 18,767 — Other current liabilities

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Aug. 01, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Forward Currency Contracts, Statement of Financial Position	The notional amounts and fair values of forward currency contracts were as follows: August 1, 2021 January 31, 2021 Gross Notional Assets Liabilities Gross Notional Assets Liabilities (In thousands) Derivatives designated as net investment hedges: Forward currency contracts $ 1,010,000 $ 13,845 $ — $ 985,000 $ — $ 18,099 Derivatives not designated in a hedging relationship: Forward currency contracts 1,125,505 111 16,176 1,055,000 17,364 668 Net derivatives recognized on consolidated balance sheets: Forward currency contracts $ 13,956 $ 16,176 $ 17,364 $ 18,767
Schedule of Pre-tax Gains (Losses) on Derivatives in Accumulated Other Comprehensive Income (Loss)	The pre-tax gains and losses on foreign currency exchange forward contracts recorded in accumulated other comprehensive income or loss were as follows: Second Quarter First Two Quarters 2021 2020 2021 2020 (In thousands) Gains (losses) recognized in foreign currency translation adjustment: Derivatives designated as net investment hedges $ 16,930 $ (24,728) $ (15,056) $ 3,528
Schedule of Derivative Gains and Losses	The pre-tax net foreign currency exchange and derivative gains and losses recorded in the consolidated statement of operations were as follows: Second Quarter First Two Quarters 2021 2020 2021 2020 (In thousands) Gains (losses) recognized in selling, general and administrative expenses: Foreign currency exchange gains (losses) $ 13,404 $ (23,867) $ (20,135) $ 3,874 Derivatives not designated in a hedging relationship (18,344) 21,574 12,247 (5,946) Net foreign currency exchange and derivative gains (losses) $ (4,940) $ (2,293) $ (7,888) $ (2,072)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Aug. 01, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earning Per Share	The details of the computation of basic and diluted earnings per share are as follows: Second Quarter First Two Quarters 2021 2020 2021 2020 (In thousands, except per share amounts) Net income $ 208,074 $ 86,801 $ 353,030 $ 115,433 Basic weighted-average number of shares outstanding 130,007 130,245 130,187 130,248 Assumed conversion of dilutive stock options and awards 483 554 555 554 Diluted weighted-average number of shares outstanding 130,490 130,799 130,742 130,802 Basic earnings per share $ 1.60 $ 0.67 $ 2.71 $ 0.89 Diluted earnings per share $ 1.59 $ 0.66 $ 2.70 $ 0.88

SUPPLEMENTARY FINANCIAL INFOR_2

SUPPLEMENTARY FINANCIAL INFORMATION (Tables)	6 Months Ended
	Aug. 01, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Certain Balance Sheet Accounts	A summary of certain consolidated balance sheet accounts is as follows: August 1, January 31, (In thousands) Inventories: Inventories, at cost $ 830,926 $ 678,200 Provision to reduce inventories to net realizable value (41,090) (30,970) $ 789,836 $ 647,230 August 1, January 31, (In thousands) Prepaid expenses and other current assets: Prepaid expenses $ 105,641 $ 82,164 Forward currency contract assets 13,956 17,364 Other current assets 21,876 25,579 $ 141,473 $ 125,107 Property and equipment, net: Land $ 76,029 $ 74,261 Buildings 31,366 30,870 Leasehold improvements 623,074 583,305 Furniture and fixtures 118,598 117,334 Computer hardware 126,455 116,239 Computer software 476,690 427,313 Equipment and vehicles 19,228 17,105 Work in progress 108,998 69,847 Property and equipment, gross 1,580,438 1,436,274 Accumulated depreciation (774,051) (690,587) $ 806,387 $ 745,687 Other non-current assets: Cloud computing arrangement implementation costs $ 82,150 $ 74,631 Security deposits 23,707 23,154 Other 18,648 8,841 $ 124,505 $ 106,626 Other accrued liabilities Accrued freight and other operating expenses $ 140,783 $ 97,335 Accrued duty 24,769 17,404 Sales return allowances 25,393 32,560 Sales tax collected 19,075 15,246 Accrued capital expenditures 17,639 8,653 Forward currency contract liabilities 16,176 18,766 Accrued rent 10,420 8,559 Other 14,769 13,388 $ 269,024 $ 211,911

SEGMENTED INFORMATION (Tables)

SEGMENTED INFORMATION (Tables)	6 Months Ended
	Aug. 01, 2021
Segment Reporting [Abstract]
Detailed Segmented Information	Second Quarter First Two Quarters 2021 2020 2021 2020 (In thousands) Net revenue: Company-operated stores $ 695,120 $ 287,201 $ 1,231,704 $ 547,171 Direct to consumer 597,426 554,302 1,142,515 906,341 Other 158,072 61,439 302,864 101,392 $ 1,450,618 $ 902,942 $ 2,677,083 $ 1,554,904 Segmented income (loss) from operations: Company-operated stores $ 184,996 $ (5,293) $ 284,144 $ (35,447) Direct to consumer 260,248 237,595 497,181 394,542 Other 22,240 2,587 36,746 2,318 467,484 234,889 818,071 361,413 General corporate expense 166,115 98,269 313,022 189,974 Amortization of intangible assets 2,195 747 4,390 770 Acquisition-related expenses 8,143 11,464 15,807 13,509 Income from operations 291,031 124,409 484,852 157,160 Other income (expense), net 96 (344) 323 830 Income before income tax expense $ 291,127 $ 124,065 $ 485,175 $ 157,990 Capital expenditures: Company-operated stores $ 28,656 $ 27,316 $ 47,221 $ 61,135 Direct to consumer 16,902 9,781 43,483 12,079 Corporate and other 34,711 15,525 53,790 31,509 $ 80,269 $ 52,622 $ 144,494 $ 104,723 Depreciation and amortization: Company-operated stores $ 28,304 $ 21,963 $ 55,104 $ 47,591 Direct to consumer 6,836 2,928 12,584 5,612 Corporate and other 18,498 15,753 36,435 30,973 $ 53,638 $ 40,644 $ 104,123 $ 84,176 The following table disaggregates the Company's net revenue by geographic area. Second Quarter First Two Quarters 2021 2020 2021 2020 (In thousands) United States $ 996,292 $ 595,918 $ 1,845,906 $ 1,055,270 Canada 216,502 147,658 384,231 247,155 Outside of North America 237,824 159,366 446,946 252,479 $ 1,450,618 $ 902,942 $ 2,677,083 $ 1,554,904 The following table disaggregates the Company's net revenue by category. During the fourth quarter of 2020, the Company determined that a portion of certain sales returns which had been recorded within Other categories were more appropriately classified within Women's product and Men's product. Accordingly, comparative figures have been reclassified to conform to the current presentation. Second Quarter First Two Quarters 2021 2020 2021 2020 (In thousands) Women's product $ 968,951 $ 647,198 $ 1,818,596 $ 1,124,825 Men's product 363,063 190,381 637,370 318,772 Other categories 118,604 65,363 221,117 111,307 $ 1,450,618 $ 902,942 $ 2,677,083 $ 1,554,904

NET REVENUE BY GEOGRAPHY AND _2

NET REVENUE BY GEOGRAPHY AND CATEGORY (Tables)	6 Months Ended
	Aug. 01, 2021
Segment Reporting [Abstract]
Detailed Segmented Information	Second Quarter First Two Quarters 2021 2020 2021 2020 (In thousands) Net revenue: Company-operated stores $ 695,120 $ 287,201 $ 1,231,704 $ 547,171 Direct to consumer 597,426 554,302 1,142,515 906,341 Other 158,072 61,439 302,864 101,392 $ 1,450,618 $ 902,942 $ 2,677,083 $ 1,554,904 Segmented income (loss) from operations: Company-operated stores $ 184,996 $ (5,293) $ 284,144 $ (35,447) Direct to consumer 260,248 237,595 497,181 394,542 Other 22,240 2,587 36,746 2,318 467,484 234,889 818,071 361,413 General corporate expense 166,115 98,269 313,022 189,974 Amortization of intangible assets 2,195 747 4,390 770 Acquisition-related expenses 8,143 11,464 15,807 13,509 Income from operations 291,031 124,409 484,852 157,160 Other income (expense), net 96 (344) 323 830 Income before income tax expense $ 291,127 $ 124,065 $ 485,175 $ 157,990 Capital expenditures: Company-operated stores $ 28,656 $ 27,316 $ 47,221 $ 61,135 Direct to consumer 16,902 9,781 43,483 12,079 Corporate and other 34,711 15,525 53,790 31,509 $ 80,269 $ 52,622 $ 144,494 $ 104,723 Depreciation and amortization: Company-operated stores $ 28,304 $ 21,963 $ 55,104 $ 47,591 Direct to consumer 6,836 2,928 12,584 5,612 Corporate and other 18,498 15,753 36,435 30,973 $ 53,638 $ 40,644 $ 104,123 $ 84,176 The following table disaggregates the Company's net revenue by geographic area. Second Quarter First Two Quarters 2021 2020 2021 2020 (In thousands) United States $ 996,292 $ 595,918 $ 1,845,906 $ 1,055,270 Canada 216,502 147,658 384,231 247,155 Outside of North America 237,824 159,366 446,946 252,479 $ 1,450,618 $ 902,942 $ 2,677,083 $ 1,554,904 The following table disaggregates the Company's net revenue by category. During the fourth quarter of 2020, the Company determined that a portion of certain sales returns which had been recorded within Other categories were more appropriately classified within Women's product and Men's product. Accordingly, comparative figures have been reclassified to conform to the current presentation. Second Quarter First Two Quarters 2021 2020 2021 2020 (In thousands) Women's product $ 968,951 $ 647,198 $ 1,818,596 $ 1,124,825 Men's product 363,063 190,381 637,370 318,772 Other categories 118,604 65,363 221,117 111,307 $ 1,450,618 $ 902,942 $ 2,677,083 $ 1,554,904

NATURE OF OPERATIONS AND BASI_3

NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details) $ in Millions	3 Months Ended	6 Months Ended
	Aug. 02, 2020USD ($)	Aug. 02, 2020USD ($)	Aug. 01, 2021location	Jan. 31, 2021location
Accounting Policies [Abstract]
Number of company-operated stores in operation | location			534	521
Government payroll subsidy recognized | $	$ 21.2	$ 35.5

ACQUISITION - Narrative (Detail

ACQUISITION - Narrative (Details) - USD ($) $ in Thousands	Jul. 07, 2020	Aug. 01, 2021	Aug. 02, 2020	Aug. 01, 2021	Aug. 02, 2020
Business Acquisition [Line Items]
Goodwill, Acquired During Period	$ 362,500
Gain on existing investment		$ 0	$ (782)	$ 0	$ (782)
MIRROR
Business Acquisition [Line Items]
Net of cash acquired	452,600
Recognition of intangible assets	$ 85,000

ACQUISITION - Schedule of Acqui

ACQUISITION - Schedule of Acquisition Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2021	Aug. 02, 2020	Aug. 01, 2021	Aug. 02, 2020
Acquisition-related expenses:
Transaction and integration costs	$ 1,035	$ 7,201	$ 1,531	$ 9,246
Gain on existing investment	0	(782)	0	(782)
Acquisition-related compensation	7,108	5,045	14,276	5,045
Acquisition-related expenses	8,143	11,464	15,807	13,509
Income tax effects of acquisition-related expenses	$ (434)	$ (1,967)	$ (806)	$ (1,967)

REVOLVING CREDIT FACILITIES - N

REVOLVING CREDIT FACILITIES - NARRATIVE (Details)	1 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2019CNY (¥)	Aug. 01, 2021USD ($)	Jan. 31, 2016USD ($)	Aug. 01, 2021CNY (¥)	Jan. 31, 2021CNY (¥)	Jun. 06, 2018USD ($)
Line of Credit Facility [Line Items]
Revolving credit facilities borrowing limit | ¥					¥ 230,000,000
Rent adjusted leverage ratio		3.5		3.5
EBITDAR to interest charges ratio		2		2
Short-term debt		$ 0
Line of Credit
Line of Credit Facility [Line Items]
Other Borrowings		0
Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolving credit facilities borrowing limit	¥ 130,000,000		$ 150,000,000
Debt instrument, term	12 months
Revolving Credit Facility | Prime Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.5175%
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Revolving credit facilities borrowing limit		$ 600,000,000				$ 400,000,000
Debt instrument, term			5 years
Revolving Credit Facility | Line of Credit | Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage on unused amounts		0.10%
Revolving Credit Facility | Line of Credit | Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage on unused amounts		0.20%
Revolving Credit Facility | Line of Credit | LIBOR | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.00%
Revolving Credit Facility | Line of Credit | LIBOR | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.50%
Revolving Credit Facility | Line of Credit | Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.00%
Revolving Credit Facility | Line of Credit | Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.50%
Letter of Credit
Line of Credit Facility [Line Items]
Letters of credit | ¥				¥ 1,300,000
Letter of Credit | Line of Credit
Line of Credit Facility [Line Items]
Revolving credit facilities borrowing limit						50,000,000
Letters of credit		$ 2,800,000
Letter of Credit | Line of Credit | Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage on unused amounts		1.00%
Letter of Credit | Line of Credit | Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage on unused amounts		1.50%
Swing Line Loan | Line of Credit
Line of Credit Facility [Line Items]
Revolving credit facilities borrowing limit						$ 50,000,000
Revolving Loan
Line of Credit Facility [Line Items]
Revolving credit facilities borrowing limit | ¥	¥ 200,000,000
Financial Bank Guarantee Facility
Line of Credit Facility [Line Items]
Revolving credit facilities borrowing limit | ¥	¥ 30,000,000

STOCK-BASED COMPENSATION AND _3

STOCK-BASED COMPENSATION AND BENEFIT PLANS - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Aug. 01, 2021USD ($)shares	Aug. 01, 2021USD ($)shares	Aug. 02, 2020USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 33.6	$ 24.9
Total unrecognized compensation cost	$ 117.1	$ 117.1
Expected weighted-average period of compensation cost		2 years 3 months 18 days
Common stock per performance share unit (in shares)	2	2
Vesting period		2 years
Company contributions		$ 5.8	$ 4.5
Company match contribution		33.33%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Participant contribution, company match percent		50.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Participant contribution, company match percent		75.00%
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum shares available under ESPP (in shares) | shares	6,000,000	6,000,000
Shares purchased under ESPP (in shares) | shares	16,200

STOCK-BASED COMPENSATION AND _4

STOCK-BASED COMPENSATION AND BENEFIT PLANS - Summary of Company's Stock Option, Performance Share Unit and Restricted Share Activity (Details) shares in Thousands	6 Months Ended
	Aug. 01, 2021$ / sharesshares
Stock Options
Number of Stock Options
Beginning balance (in shares) | shares	804
Granted (in shares) | shares	188
Exercised/released (in shares) | shares	104
Forfeited/expired (in shares) | shares	20
Ending balance (in shares) | shares	868
Number of stock options, exercisable at end of period (in shares) | shares	301
Weighted-Average Exercise Price of Stock Options
Beginning balance (in dollars per share) | $ / shares	$ 139.27
Granted (in dollars per share) | $ / shares	307.34
Exercised/released (in dollars per share) | $ / shares	93.59
Forfeited/expired (in dollars per share) | $ / shares	189.53
Ending balance (in dollars per share) | $ / shares	180
Weighted-average exercise price, options, exercisable at end of period (in dollars per share) | $ / shares	$ 124.41
Performance-Based Restricted Stock Units
Number of Performance-Based Restricted Stock Units and Restricted Shares
Beginning balance (in shares) | shares	199
Granted (in shares) | shares	135
Exercised/released (in shares) | shares	166
Forfeited/expired (in shares) | shares	3
Ending balance (in shares) | shares	165
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 149.20
Granted (in dollars per share) | $ / shares	180.65
Exercised/released (in dollars per share) | $ / shares	100.89
Forfeited/expired (in dollars per share) | $ / shares	212.67
Ending balance (in dollars per share) | $ / shares	$ 222.30
Restricted Shares
Number of Performance-Based Restricted Stock Units and Restricted Shares
Beginning balance (in shares) | shares	4
Granted (in shares) | shares	4
Exercised/released (in shares) | shares	4
Forfeited/expired (in shares) | shares	0
Ending balance (in shares) | shares	4
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 299.09
Granted (in dollars per share) | $ / shares	327.22
Exercised/released (in dollars per share) | $ / shares	299.09
Forfeited/expired (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 327.22
Restricted Stock Units
Number of Performance-Based Restricted Stock Units and Restricted Shares
Beginning balance (in shares) | shares	275
Granted (in shares) | shares	96
Exercised/released (in shares) | shares	138
Forfeited/expired (in shares) | shares	12
Ending balance (in shares) | shares	221
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 166.50
Granted (in dollars per share) | $ / shares	308.78
Exercised/released (in dollars per share) | $ / shares	135.08
Forfeited/expired (in dollars per share) | $ / shares	230.55
Ending balance (in dollars per share) | $ / shares	$ 244.47
Restricted Stock Units (Liability Accounting)
Number of Performance-Based Restricted Stock Units and Restricted Shares
Beginning balance (in shares) | shares	15
Granted (in shares) | shares	0
Exercised/released (in shares) | shares	0
Forfeited/expired (in shares) | shares	0
Ending balance (in shares) | shares	15
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 328.68
Granted (in dollars per share) | $ / shares	0
Exercised/released (in dollars per share) | $ / shares	0
Forfeited/expired (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 400.17

STOCK-BASED COMPENSATION AND _5

STOCK-BASED COMPENSATION AND BENEFIT PLANS - Fair Value Assumptions (Details)	6 Months Ended
	Aug. 01, 2021
Share-based Payment Arrangement [Abstract]
Expected term	3 years 9 months
Expected volatility	39.32%
Risk-free interest rate	0.50%
Dividend yield	0.00%

FAIR VALUE MEASUREMENT - Assets

FAIR VALUE MEASUREMENT - Assets and Liabilities (Details) - USD ($) $ in Thousands	Aug. 01, 2021	Jan. 31, 2021
Cash and cash equivalents | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 605,059	$ 671,817
Cash and cash equivalents | Term deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	220,572	183,015
Cash and cash equivalents | Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	605,059	671,817
Cash and cash equivalents | Level 1 | Term deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Cash and cash equivalents | Level 2 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Cash and cash equivalents | Level 2 | Term deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	220,572	183,015
Cash and cash equivalents | Level 3 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Cash and cash equivalents | Level 3 | Term deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Prepaid expenses and other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward currency contract assets	13,956	17,364
Prepaid expenses and other current assets | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward currency contract assets	0	0
Prepaid expenses and other current assets | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward currency contract assets	13,956	17,364
Prepaid expenses and other current assets | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward currency contract assets	0	0
Other current liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward currency contract liabilities	16,176	18,767
Other current liabilities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward currency contract liabilities	0	0
Other current liabilities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward currency contract liabilities	16,176	18,767
Other current liabilities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward currency contract liabilities	$ 0	$ 0

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Quantitative Disclosures about Derivative Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2021	Aug. 02, 2020	Aug. 01, 2021	Aug. 02, 2020	Jan. 31, 2021
Derivatives, Fair Value [Line Items]
Assets	$ 14,000		$ 14,000
Liabilities	16,200		16,200
Forward currency contracts
Derivatives, Fair Value [Line Items]
Assets	13,956		13,956		$ 17,364
Liabilities	16,176		16,176		18,767
Gains (losses) recognized in selling, general and administrative expenses:
Net foreign currency exchange and derivative gains (losses)	(4,940)	$ (2,293)	(7,888)	$ (2,072)
Forward currency contracts | Derivatives designated as net investment hedges:
Derivatives, Fair Value [Line Items]
Gross Notional	1,010,000		1,010,000		985,000
Assets	13,845		13,845		0
Liabilities	0		0		18,099
Gains (losses) recognized in foreign currency translation adjustment:
Derivatives designated as net investment hedges	16,930	(24,728)	(15,056)	3,528
Gains (losses) recognized in selling, general and administrative expenses:
Net foreign currency exchange and derivative gains (losses)	13,404	(23,867)	(20,135)	3,874
Forward currency contracts | Derivatives not designated in a hedging relationship:
Derivatives, Fair Value [Line Items]
Gross Notional	1,125,505		1,125,505		1,055,000
Assets	111		111		17,364
Liabilities	16,176		16,176		$ 668
Gains (losses) recognized in selling, general and administrative expenses:
Net foreign currency exchange and derivative gains (losses)	$ (18,344)	$ 21,574	$ 12,247	$ (5,946)

EARNINGS PER SHARE - Computatio

EARNINGS PER SHARE - Computation of Basic and Diluted Earning Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2021	Aug. 02, 2020	Aug. 01, 2021	Aug. 02, 2020
Earnings Per Share [Abstract]
Net income	$ 208,074	$ 86,801	$ 353,030	$ 115,433
Basic weighted-average number of shares outstanding (in shares)	130,007	130,245	130,187	130,248
Assumed conversion of dilutive stock options and awards (in shares)	483	554	555	554
Diluted weighted-average number of shares outstanding (in shares)	130,490	130,799	130,742	130,802
Basic earnings per share (in dollars per share)	$ 1.60	$ 0.67	$ 2.71	$ 0.89
Diluted earnings per share (in dollars per share)	$ 1.59	$ 0.66	$ 2.70	$ 0.88

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - USD ($) shares in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Sep. 01, 2021	Aug. 01, 2021	Aug. 01, 2021	Aug. 02, 2020	Dec. 01, 2020	Nov. 30, 2020	Jan. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive stock options (in shares)			(100)	(100)
Aggregate amount authorized for stock repurchase (up to)					$ 500,000,000	$ 263,600,000	$ 500,000,000
Remaining authorized repurchase amount		$ 245,100,000	$ 245,100,000
Repurchase of common stock (in shares)			800	400
Repurchase of common stock		$ 171,082,000	$ 254,913,000	$ 63,663,000
Subsequent Event
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Repurchase of common stock (in shares)	48
Repurchase of common stock	$ 19,400,000

SUPPLEMENTARY FINANCIAL INFOR_3

SUPPLEMENTARY FINANCIAL INFORMATION - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Aug. 01, 2021	Jan. 31, 2021
Inventories:
Inventories, at cost	$ 830,926	$ 678,200
Provision to reduce inventories to net realizable value	(41,090)	(30,970)
Total inventories	789,836	647,230
Prepaid expenses and other current assets:
Prepaid expenses	105,641	82,164
Forward currency contract assets	13,956	17,364
Other current assets	21,876	25,579
Prepaid expenses and other current assets	141,473	125,107
Property and equipment, net:
Land	76,029	74,261
Buildings	31,366	30,870
Leasehold improvements	623,074	583,305
Furniture and fixtures	118,598	117,334
Computer hardware	126,455	116,239
Computer software	476,690	427,313
Equipment and vehicles	19,228	17,105
Work in progress	108,998	69,847
Property and equipment, gross	1,580,438	1,436,274
Accumulated depreciation	(774,051)	(690,587)
Total property and equipment	806,387	745,687
Other non-current assets:
Cloud computing arrangement implementation costs	82,150	74,631
Security deposits	23,707	23,154
Other	18,648	8,841
Total other non-current assets	124,505	106,626
Other accrued liabilities
Accrued freight and other operating expenses	140,783	97,335
Accrued duty	24,769	17,404
Sales return allowances	25,393	32,560
Sales tax collected	19,075	15,246
Accrued capital expenditures	17,639	8,653
Forward currency contract liabilities	16,176	18,766
Accrued rent	10,420	8,559
Other	14,769	13,388
Other accrued liabilities	$ 269,024	$ 211,911

SEGMENTED INFORMATION - Reporta

SEGMENTED INFORMATION - Reportable Segment (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2021USD ($)	Aug. 02, 2020USD ($)	Aug. 01, 2021USD ($)segment	Aug. 02, 2020USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment			2
Net revenue:
Net revenue	$ 1,450,618	$ 902,942	$ 2,677,083	$ 1,554,904
Segmented income (loss) from operations:
Segmented income from operations	467,484	234,889	818,071	361,413
General corporate expense	166,115	98,269	313,022	189,974
Amortization of intangible assets	2,195	747	4,390	770
Acquisition-related expenses	8,143	11,464	15,807	13,509
Income from operations	291,031	124,409	484,852	157,160
Other income (expense), net	96	(344)	323	830
Income before income tax expense	291,127	124,065	485,175	157,990
Capital expenditures:
Capital expenditures	80,269	52,622	144,494	104,723
Depreciation and amortization:
Depreciation and amortization	53,638	40,644	104,123	84,176
Corporate and other
Capital expenditures:
Capital expenditures	34,711	15,525	53,790	31,509
Depreciation and amortization:
Depreciation and amortization	18,498	15,753	36,435	30,973
Company-operated stores
Net revenue:
Net revenue	695,120	287,201	1,231,704	547,171
Segmented income (loss) from operations:
Segmented income from operations	184,996	(5,293)	284,144	(35,447)
Company-operated stores | Operating segments
Capital expenditures:
Capital expenditures	28,656	27,316	47,221	61,135
Depreciation and amortization:
Depreciation and amortization	28,304	21,963	55,104	47,591
Direct to consumer
Net revenue:
Net revenue	597,426	554,302	1,142,515	906,341
Segmented income (loss) from operations:
Segmented income from operations	260,248	237,595	497,181	394,542
Direct to consumer | Operating segments
Capital expenditures:
Capital expenditures	16,902	9,781	43,483	12,079
Depreciation and amortization:
Depreciation and amortization	6,836	2,928	12,584	5,612
Other
Net revenue:
Net revenue	158,072	61,439	302,864	101,392
Segmented income (loss) from operations:
Segmented income from operations	$ 22,240	$ 2,587	$ 36,746	$ 2,318

NET REVENUE BY GEOGRAPHY AND _3

NET REVENUE BY GEOGRAPHY AND CATEGORY - Geographical Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2021	Aug. 02, 2020	Aug. 01, 2021	Aug. 02, 2020
Revenue, Major Customer [Line Items]
Net revenue	$ 1,450,618	$ 902,942	$ 2,677,083	$ 1,554,904
Women's product
Revenue, Major Customer [Line Items]
Revenue	968,951	647,198	1,818,596	1,124,825
Men's product
Revenue, Major Customer [Line Items]
Revenue	363,063	190,381	637,370	318,772
Other categories
Revenue, Major Customer [Line Items]
Revenue	118,604	65,363	221,117	111,307
United States
Revenue, Major Customer [Line Items]
Revenue	996,292	595,918	1,845,906	1,055,270
Canada
Revenue, Major Customer [Line Items]
Revenue	216,502	147,658	384,231	247,155
Outside of North America
Revenue, Major Customer [Line Items]
Revenue	$ 237,824	$ 159,366	$ 446,946	$ 252,479