Ulta Beauty (ULTA) 10-Q25 Aug 212021 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jul. 31, 2021	Aug. 23, 2021
Cover [Abstract]
Entity Registrant Name	ULTA BEAUTY, INC.
Document Quarterly Report	true
Document Transition Report	false
Entity Central Index Key	0001403568
Document Type	10-Q
Document Period End Date	Jul. 31, 2021
Amendment Flag	false
Current Fiscal Year End Date	--01-29
Entity File Number	001-33764
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	38-4022268
Entity Address, Address Line One	1000 Remington Blvd.
Entity Address, Address Line Two	Suite 120
Entity Address, City or Town	Bolingbrook
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60440
City Area Code	630
Local Phone Number	410-4800
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		54,357,566
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Trading Symbol	ULTA

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Current assets:
Cash and cash equivalents	$ 770,144	$ 1,046,051	$ 1,157,318
Receivables, net	154,416	193,109	127,992
Merchandise inventories, net	1,443,685	1,168,215	1,368,543
Prepaid expenses and other current assets	108,145	107,402	102,713
Prepaid income taxes	18,544		42,622
Total current assets	2,494,934	2,514,777	2,799,188
Property and equipment, net	909,507	995,795	1,077,825
Operating lease assets	1,470,166	1,504,614	1,548,239
Goodwill	10,870	10,870	10,870
Other intangible assets, net	2,001	2,465	2,927
Deferred compensation plan assets	36,396	33,223	28,789
Other long-term assets	30,711	28,225	29,283
Total assets	4,954,585	5,089,969	5,497,121
Current liabilities:
Accounts payable	535,257	477,052	398,011
Accrued liabilities	313,372	296,334	201,754
Deferred revenue	265,462	274,383	216,545
Current operating lease liabilities	267,442	253,415	245,019
Accrued income taxes		42,529
Total current liabilities	1,381,533	1,343,713	1,061,329
Non-current operating lease liabilities	1,585,539	1,643,386	1,718,549
Long-term debt			800,000
Deferred income taxes	64,535	65,359	94,272
Other long-term liabilities	43,165	37,962	52,178
Total liabilities	3,074,772	3,090,420	3,726,328
Commitments and contingencies (Note 7)
Stockholders' equity:
Common stock, $0.01 par value, 400,000 shares authorized; 55,160, 56,952 and 57,014 shares issued; 54,446, 56,260 and 56,323 shares outstanding; at July 31, 2021 (unaudited), January 30, 2021, and August 1, 2020 (unaudited), respectively	551	569	570
Treasury stock-common, at cost	(44,775)	(37,801)	(37,513)
Additional paid-in capital	889,206	847,303	822,664
Retained earnings	1,034,831	1,189,422	985,042
Accumulated other comprehensive income		56	30
Total stockholders' equity	1,879,813	1,999,549	1,770,793
Total liabilities and stockholders' equity	$ 4,954,585	$ 5,089,969	$ 5,497,121

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Consolidated Balance Sheets
Common stock, par value	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	400,000	400,000	400,000
Common stock, shares issued	55,160	56,952	57,014
Common stock, shares outstanding	54,446	56,260	56,323

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Consolidated Statements of Operations
Net sales	$ 1,967,207	$ 1,228,009	$ 3,905,726	$ 2,401,219
Cost of sales	1,169,244	899,002	2,353,975	1,768,607
Gross profit	797,963	329,007	1,551,751	632,612
Selling, general and administrative expenses	464,299	271,587	908,174	652,499
Impairment, restructuring and other costs		40,758		60,300
Pre-opening expenses	1,357	3,907	5,946	8,542
Operating income (loss)	332,307	12,755	637,631	(88,729)
Interest expense, net	425	2,617	783	3,889
Income (loss) before income taxes	331,882	10,138	636,848	(92,618)
Income tax expense (benefit)	80,989	2,086	155,666	(22,161)
Net income (loss)	$ 250,893	$ 8,052	$ 481,182	$ (70,457)
Net income (loss) per common share:
Basic	$ 4.59	$ 0.14	$ 8.71	$ (1.25)
Diluted	$ 4.56	$ 0.14	$ 8.66	$ (1.25)
Weighted average common shares outstanding:
Basic	54,675	56,318	55,235	56,369
Diluted	55,014	56,497	55,592	56,369

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 250,893	$ 8,052	$ 481,182	$ (70,457)
Other comprehensive income:
Foreign currency translation adjustments		105		30
Comprehensive income (loss)	$ 250,893	$ 8,157	$ 481,182	$ (70,427)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Operating activities
Net income (loss)	$ 481,182	$ (70,457)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	139,577	154,029
Non-cash lease expense	137,521	132,808
Long-lived asset impairment charge	0	59,997
Deferred income taxes	(824)	4,905
Stock-based compensation expense	19,097	14,595
Loss on disposal of property and equipment	1,703	2,273
Change in operating assets and liabilities:
Receivables	38,693	11,345
Merchandise inventories	(275,470)	(74,842)
Prepaid expenses and other current assets	(741)	854
Income taxes	(61,074)	(26,235)
Accounts payable	59,360	(18,486)
Accrued liabilities	17,858	(32,901)
Deferred revenue	(8,921)	(20,990)
Operating lease liabilities	(146,892)	(137,383)
Other assets and liabilities	344	16,477
Net cash provided by operating activities	401,413	15,989
Investing activities
Proceeds from short-term investments		110,000
Capital expenditures	(57,305)	(77,090)
Acquisitions, net of cash acquired		(1,220)
Purchases of equity investments		(5,386)
Net cash provided by (used in) investing activities	(57,305)	26,304
Financing activities
Proceeds from long-term debt		800,000
Repurchase of common shares	(635,793)	(72,981)
Stock options exercised	22,808	577
Purchase of treasury shares	(6,974)	(3,065)
Debt issuance costs		(1,861)
Net cash provided by (used in) financing activities	(619,959)	722,670
Effect of exchange rate changes on cash and cash equivalents	(56)	30
Net increase (decrease) in cash and cash equivalents	(275,907)	764,993
Cash and cash equivalents at beginning of period	1,046,051	392,325
Cash and cash equivalents at end of period	770,144	1,157,318
Supplemental information
Cash paid for interest	1,057	3,132
Income taxes paid, net of refunds	216,831	2,287
Non-cash capital expenditures	$ 18,511	$ 19,176

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Treasury - Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Feb. 01, 2020	$ 573	$ (34,448)	$ 807,492	$ 1,128,477		$ 1,902,094
Balance (in shares) at Feb. 01, 2020	57,285	(676)
Increase (Decrease) in Stockholders' Equity
Net income (loss)				(78,509)		(78,509)
Stock-based compensation			6,182			6,182
Foreign currency translation adjustments					$ (75)	(75)
Stock options exercised and other awards			250			250
Stock options exercised and other awards (in shares)	45
Purchase of treasury shares		$ (3,002)				(3,002)
Purchase of treasury shares (in shares)		(15)
Repurchase of common shares	$ (3)			(72,978)		(72,981)
Repurchase of common shares (in shares)	(327)
Balance at May. 02, 2020	$ 570	$ (37,450)	813,924	976,990	(75)	1,753,959
Balance (in shares) at May. 02, 2020	57,003	(691)
Balance at Feb. 01, 2020	$ 573	$ (34,448)	807,492	1,128,477		1,902,094
Balance (in shares) at Feb. 01, 2020	57,285	(676)
Increase (Decrease) in Stockholders' Equity
Net income (loss)						(70,457)
Repurchase of common shares						$ (72,981)
Repurchase of common shares (in shares)						(327)
Balance at Aug. 01, 2020	$ 570	$ (37,513)	822,664	985,042	30	$ 1,770,793
Balance (in shares) at Aug. 01, 2020	57,014	(691)				56,323
Balance at May. 02, 2020	$ 570	$ (37,450)	813,924	976,990	(75)	$ 1,753,959
Balance (in shares) at May. 02, 2020	57,003	(691)
Increase (Decrease) in Stockholders' Equity
Net income (loss)				8,052		8,052
Stock-based compensation			8,413			8,413
Foreign currency translation adjustments					105	105
Stock options exercised and other awards			327			327
Stock options exercised and other awards (in shares)	11
Purchase of treasury shares		$ (63)				(63)
Balance at Aug. 01, 2020	$ 570	$ (37,513)	822,664	985,042	30	$ 1,770,793
Balance (in shares) at Aug. 01, 2020	57,014	(691)				56,323
Balance at Jan. 30, 2021	$ 569	$ (37,801)	847,303	1,189,422	56	$ 1,999,549
Balance (in shares) at Jan. 30, 2021	56,952	(692)				56,260
Increase (Decrease) in Stockholders' Equity
Net income (loss)				230,289		$ 230,289
Stock-based compensation			8,978			8,978
Foreign currency translation adjustments					(56)	(56)
Stock options exercised and other awards	$ 1		5,031			5,032
Stock options exercised and other awards (in shares)	94
Purchase of treasury shares		$ (6,766)				(6,766)
Purchase of treasury shares (in shares)		(21)
Repurchase of common shares	$ (12)			(392,297)		(392,309)
Repurchase of common shares (in shares)	(1,243)
Balance at May. 01, 2021	$ 558	$ (44,567)	861,312	1,027,414		1,844,717
Balance (in shares) at May. 01, 2021	55,803	(713)
Balance at Jan. 30, 2021	$ 569	$ (37,801)	847,303	1,189,422	$ 56	$ 1,999,549
Balance (in shares) at Jan. 30, 2021	56,952	(692)				56,260
Increase (Decrease) in Stockholders' Equity
Net income (loss)						$ 481,182
Repurchase of common shares						$ (635,793)
Repurchase of common shares (in shares)						(1,990)
Balance at Jul. 31, 2021	$ 551	$ (44,775)	889,206	1,034,831		$ 1,879,813
Balance (in shares) at Jul. 31, 2021	55,160	(714)				54,446
Balance at May. 01, 2021	$ 558	$ (44,567)	861,312	1,027,414		$ 1,844,717
Balance (in shares) at May. 01, 2021	55,803	(713)
Increase (Decrease) in Stockholders' Equity
Net income (loss)				250,893		250,893
Stock-based compensation			10,119			10,119
Stock options exercised and other awards	$ 1		17,775			17,776
Stock options exercised and other awards (in shares)	104
Purchase of treasury shares		$ (208)				(208)
Purchase of treasury shares (in shares)		(1)
Repurchase of common shares	$ (8)			(243,476)		(243,484)
Repurchase of common shares (in shares)	(747)
Balance at Jul. 31, 2021	$ 551	$ (44,775)	$ 889,206	$ 1,034,831		$ 1,879,813
Balance (in shares) at Jul. 31, 2021	55,160	(714)				54,446

Business and basis of presentat

Business and basis of presentation	6 Months Ended
Business and basis of presentation	Jul. 31, 2021
Business and basis of presentation
Business and basis of presentation	1. Business and basis of presentation The Company was founded in 1990 to operate specialty retail stores selling cosmetics, fragrance, haircare and skincare products, and related accessories and services. The stores also feature full-service salons. As used in these notes and throughout this Quarterly Report on Form 10-Q, all references to “we,” “us,” “our,” “Ulta Beauty,” or the “Company” refer to Ulta Beauty, Inc. and its consolidated subsidiaries. As of July 31, 2021, the Company operated 1,296 stores across 50 states, as shown in the table below. Number of Number of Location stores Location stores Alabama 24 Montana 6 Alaska 3 Nebraska 5 Arizona 30 Nevada 15 Arkansas 11 New Hampshire 8 California 162 New Jersey 43 Colorado 26 New Mexico 7 Connecticut 18 New York 51 Delaware 3 North Carolina 36 Florida 90 North Dakota 3 Georgia 39 Ohio 45 Hawaii 4 Oklahoma 21 Idaho 9 Oregon 16 Illinois 55 Pennsylvania 44 Indiana 24 Rhode Island 3 Iowa 11 South Carolina 22 Kansas 13 South Dakota 3 Kentucky 15 Tennessee 28 Louisiana 18 Texas 119 Maine 3 Utah 14 Maryland 27 Vermont 1 Massachusetts 23 Virginia 30 Michigan 49 Washington 35 Minnesota 19 West Virginia 7 Mississippi 10 Wisconsin 20 Missouri 25 Wyoming 3 Total 1,296 The accompanying unaudited consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and the U.S. Securities and Exchange Commission’s Article 10, Regulation S-X. These financial statements were prepared on a consolidated basis to include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts, transactions, and unrealized profit were eliminated in consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to fairly state the financial position and results of operations and cash flows for the interim periods presented. The Company’s business is subject to seasonal fluctuation, with significant portions of net sales and net income being realized during the fourth quarter of the fiscal year due to the holiday selling season. The results for the 13 and 26 weeks ended July 31, 2021 are not necessarily indicative of the results to be expected for the fiscal year ending January 29, 2022, or for any other future interim period or for any future year, in particular as a result of the uncertainty around the continuing effects of the COVID-19 pandemic on future periods. These unaudited interim consolidated financial statements and the related notes should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended January 30, 2021. All amounts are stated in thousands, with the exception of per share amounts and number of stores.

Summary of significant accounti

Summary of significant accounting policies	6 Months Ended
Summary of significant accounting policies	Jul. 31, 2021
Summary of significant accounting policies
Summary of significant accounting policies	2. Summary of significant accounting policies Information regarding significant accounting policies is contained in Note 2, “Summary of significant accounting policies,” to the consolidated financial statements in the Annual Report on Form 10-K for the year ended January 30, 2021. Presented below and in the following notes is supplemental information that should be read in conjunction with “Notes to Consolidated Financial Statements” in the Annual Report. Fiscal quarter The Company’s quarterly periods are the 13 weeks ending on the Saturday closest to April 30, July 31, October 31, and January 31. The second quarter in fiscal 2021 and 2020 ended on July 31, 2021 and August 1, 2020, respectively. Use of estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the accounting period. Actual results could differ from those estimates. The Company considers its accounting policies relating to inventory valuations, vendor allowances, impairment of long-lived tangible and right-of-use assets, loyalty program and income taxes to be the most significant accounting policies that involve management estimates and judgments. Significant changes, if any, in those estimates and assumptions resulting from continuing changes in the economic environment, including those related to the impacts of the COVID-19 pandemic, will be reflected in the consolidated financial statements in future periods. Impairment of long-lived tangible and right-of-use assets The asset group is defined as the lowest level for which identifiable cash flows are available and largely independent of the cash flows of other groups of assets. The asset group identified is at the store level and includes both property and equipment and operating lease assets. Significant estimates are used in determining future cash flows of each store over its remaining lease term including our expectations of future projected cash flows including revenues and operating expenses. An impairment loss is recorded if the carrying amount of the long-lived asset exceeds its fair value. Long-lived tangible and right-of-use assets are evaluated for indicators of impairment quarterly or when events or changes in circumstances indicate that their carrying amounts may not be recoverable. An undiscounted cash flow analysis is performed over the asset group. Asset groups are written down only to the extent that their carrying value exceeds their respective fair value. Fair values of the asset group are determined by discounting the cash flows at a rate that approximates the cost of capital of a market participant. Management’s forecast of future cash flows is based on the income approach. The fair value of individual operating lease assets is determined under the market approach using estimated market rent assessments based on broker quotes. The determination of fair value under the income approach requires assumptions including forecasts of future cash flows (such as revenue growth rates and operating expenses) and selection of a market-based discount rate. Estimates of market rent are based on non-binding broker quotes. As these inputs are unobservable, they are classified as Level 3 inputs under the fair value hierarchy (see Note 9, “Fair value measurements”). If actual results are not consistent with estimates and assumptions used in estimating future cash flows and asset fair values, there may be exposure to additional impairment losses in a future period (see Note 4, “Impairment, restructuring and other costs”). CARES Act On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act was enacted. The CARES Act, among other things, includes provisions relating to refundable payroll taxes, deferral of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The most significant relief measures which the Company qualifies for are the employee retention credit, payroll tax deferral, and technical corrections to tax depreciation. The Company recognizes government grants for which there is a reasonable assurance of compliance with grant conditions and receipt of credits. The Company believes there is a reasonable assurance that it will comply with the relevant conditions of the employee retention credit provision of the CARES Act and that it will receive the credit. The Company will continue to assess the treatment of the CARES Act to the extent additional guidance and regulations are issued, the further applicability of the CARES Act, and the potential impacts on the business. Employee retention credit (ERC) and payroll tax deferral. Additionally, the CARES Act contains provisions for the deferral of the employer portion of social security taxes incurred through the end of calendar 2020. As of July 31, 2021, January 30, 2021, and August 1, 2020, there was $43,845, $43,845, and $18,709, respectively, of social security tax payments deferred, of which 50% are required to be remitted by December 2021 and the remaining 50% by December 2022. The deferred amounts are recorded within accrued liabilities on the consolidated balance sheets. Technical corrections to tax depreciation. Recently adopted accounting pronouncements Taxes – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In December 2019, the Financial Accounting Standards Board (FASB) issued (ASU) 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes. The guidance removes certain exceptions for recognizing deferred taxes for equity method investments, performing intraperiod allocation, and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for goodwill and allocating taxes to members of a consolidated group, among others. This guidance is effective after December 15, 2020. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. The transition requirements are dependent upon each amendment within this update and will be applied either prospectively or retrospectively. The Company adopted the new guidance as of January 31, 2021, and its adoption had no impact on the Company’s consolidated financial position, results of operations, or cash flows.

Revenue

Revenue	6 Months Ended
Revenue	Jul. 31, 2021
Revenue
Revenue	3 . Revenue Net sales include retail stores and e-commerce merchandise sales as well as salon services and other revenue. Other revenue sources include the private label and co-branded credit card programs, as well as deferred revenue related to the loyalty program and gift card breakage. Disaggregated revenue The following table sets forth the approximate percentage of net sales by primary category: 13 Weeks Ended 26 Weeks Ended July 31, August 1, July 31, August 1, (Percentage of net sales) 2021 2020 2021 2020 Cosmetics (1) 43% 45% 44% 47% Skincare (1) 17% 18% 18% 18% Haircare products and styling tools (1) 21% 21% 20% 19% Fragrance and bath 12% 9% 11% 8% Services 4% 3% 4% 4% Accessories and other (1) 3% 4% 3% 4% 100% 100% 100% 100% (1) Certain sales departments were reclassified between categories in the prior year to conform to current year presentation. Deferred revenue Deferred revenue primarily represents contract liabilities for the obligation to transfer additional goods or services to a guest for which the Company has received consideration, such as unredeemed Ultamate Rewards loyalty points and unredeemed Ulta Beauty gift cards. In addition, breakage on gift cards is recognized proportionately as redemption occurs. The following table provides a summary of the changes included in deferred revenue during the 13 and 26 weeks ended July 31, 2021 and August 1, 2020: 13 weeks ended 26 weeks ended July 31, August 1, July 31, August 1, (In thousands) 2021 2020 2021 2020 Beginning balance $ 253,172 $ 206,653 $ 269,032 $ 230,011 Additions to contract liabilities (1) 91,824 50,448 183,929 92,672 Deductions to contract liabilities (2) (88,769) (49,355) (196,734) (114,937) Ending balance $ 256,227 $ 207,746 $ 256,227 $ 207,746 (1) Loyalty points and gift cards issued in the current period but not redeemed or expired. (2) Revenue recognized in the current period related to the beginning liability. Other amounts included in deferred revenue were $9,235 and $8,799 at July 31, 2021 and August 1, 2020, respectively.

Impairment, restructuring and o

Impairment, restructuring and other costs	6 Months Ended
Impairment, restructuring and other costs	Jul. 31, 2021
Impairment, restructuring and other costs
Impairment, restructuring and other costs	4. Impairment, restructuring and other costs The following table provides a summary of the impairment, restructuring and other costs in the consolidated statements of operations: 13 weeks ended 26 weeks ended August 1, August 1, (In thousands) 2020 2020 Impairment of long-lived tangible and right-of-use assets $ 20,886 $ 40,428 Store closures Impairment of long-lived tangible and right-of-use assets (1) $ 19,569 $ 19,569 Severance (2) 303 303 Total store closures 19,872 19,872 Total (3) $ 40,758 $ 60,300 (1) Amount included in the non-cash $59,997 long-lived asset impairment charge on the consolidated statements of cash flows for the 26 weeks ended August 1, 2020. (2) As of August 1, 2020, there was $303 in accrued liabilities on the consolidated balance sheets for severance related to store closures. There was no liability for severance related to store closures as of July 31, 2021. (3) There were no impairment, restructuring and other costs recognized during the 13 and 26 weeks ended July 31, 2021. Impairment of long-lived tangible and right-of-use assets. tangible and right-of-use assets exceeded their respective fair values. As a result, the Company recognized impairment charges related to certain retail stores during the 13 and 26 weeks ended August 1, 2020. These impairment costs were primarily driven by lower than projected revenues, lower market rate assessments, and the effect of temporary store closures as a result of the COVID-19 pandemic. The Company also recorded long-lived tangible and right-of-use asset impairment charges related to store closures during the 13 and 26 weeks ended August 1, 2020 as described below. Store closures and other costs.

Goodwill and other intangible a

Goodwill and other intangible assets	6 Months Ended
Goodwill and other intangible assets	Jul. 31, 2021
Goodwill and Other Intangible Assets
Goodwill and other intangible assets	5. Goodwill and other intangible assets Goodwill, which represents the excess of cost over the fair value of net assets acquired, was $10,870 at July 31, 2021, January 30, 2021, and August 1, 2020. No additional goodwill was recognized during the 13 and 26 weeks ended July 31, 2021. The recoverability of goodwill is reviewed annually during the fourth quarter or more frequently if an event occurs or circumstances change that would indicate that impairment may exist. Other definite-lived intangible assets are amortized over their useful lives. The recoverability of intangible assets is reviewed whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable.

Leases

Leases	6 Months Ended
Leases	Jul. 31, 2021
Leases
Leases	6. Leases The Company leases retail stores, distribution centers, fast fulfillment centers, corporate offices, and certain equipment under non-cancelable operating leases with various expiration dates through 2033. All leases are classified as operating leases and generally have initial lease terms of 10 years and, when determined applicable, include renewal options under substantially the same terms and conditions as the original leases. Leases do not contain any material residual value guarantees or material restrictive covenants. Lease cost The majority of operating lease cost relates to retail stores, distribution centers, and fast fulfillment centers and is classified within cost of sales. Operating lease cost for corporate offices is classified within selling, general and administrative expenses. Operating lease cost from the control date through store opening date is classified within pre-opening expenses. The following table presents a summary of operating lease costs for the 13 and 26 weeks ended July 31, 2021 and August 1, 2020: 13 weeks ended 26 weeks ended July 31, August 1, July 31, August 1, (In thousands) 2021 2020 2021 2020 Operating lease cost $ 76,776 $ 75,699 $ 155,512 $ 153,232 Other information The following table presents supplemental disclosures of cash flow information related to operating leases: 26 Weeks Ended July 31, August 1, (In thousands) 2021 2020 Cash paid for operating lease liabilities (1) $ 182,161 $ 175,881 Operating lease assets obtained in exchange for operating lease liabilities (non-cash) 103,073 162,603 (1) Excludes $16,923 and $18,149 related to cash received for tenant incentives for the 26 weeks ended July 31, 2021 and August 1, 2020, respectively.

Commitments and contingencies

Commitments and contingencies	6 Months Ended
Commitments and contingencies	Jul. 31, 2021
Commitments and contingencies
Commitments and contingencies	7. Commitments and contingencies The Company is involved in various legal proceedings that are incidental to the conduct of the business including both class action and single plaintiff litigation. In the opinion of management, the amount of any liability with respect to these proceedings, either individually or in the aggregate, will not have a material adverse effect on the consolidated financial position, results of operations or cash flows.

Debt

Debt	6 Months Ended
Debt	Jul. 31, 2021
Debt
Debt	8. Debt On March 11, 2020, the Company entered into Amendment No. 1 to the Second Amended and Restated Loan Agreement (as so amended, the Loan Agreement) with Wells Fargo Bank, National Association, as Administrative Agent, Collateral Agent and a Lender thereunder; Wells Fargo Bank, National Association and JPMorgan Chase Bank, N.A., as Lead Arrangers and Bookrunners; JPMorgan Chase Bank, N.A., as Syndication Agent and a Lender; PNC Bank, National Association, as Documentation Agent and a Lender; and the other lenders party thereto. The Loan Agreement matures on March 11, 2025, provides maximum revolving loans equal to the lesser of $1,000,000 or a percentage of eligible owned inventory and eligible owned receivables (which borrowing base may, at the election of the Company and satisfaction of certain conditions, include a percentage of qualified cash), contains a $50,000 subfacility for letters of credit and allows the Company to increase the revolving facility by an additional $100,000, subject to the consent by each lender and other conditions. The Loan Agreement contains a requirement to maintain a fixed charge coverage ratio of not less than 1.0 to 1.0 during such periods when availability under the Loan Agreement falls below a specified threshold. Substantially all of the Company’s assets are pledged as collateral for outstanding borrowings under the Loan Agreement. Outstanding borrowings bear interest, at the Company’s election, at either a base rate plus a margin of 0% to 0.125% or the London Interbank Offered Rate plus a margin of 1.125% to 1.250%, with such margins based on the Company’s borrowing availability, and the unused line fee is 0.20% per annum. As of July 31, 2021 and January 30, 2021, there were no borrowings outstanding under the credit facility. As of August 1, 2020, there was $800,000 outstanding under the credit facility and the weighted average interest rate was 1.59% for the 26 weeks ended August 1, 2020. As of July 31, 2021, the Company was in compliance with all terms and covenants of the Loan Agreement.

Fair value measurements

Fair value measurements	6 Months Ended
Fair value measurements	Jul. 31, 2021
Fair value measurements
Fair value measurements	9. Fair value measurements The carrying value of cash and cash equivalents, accounts receivable, and accounts payable approximates their estimated fair values due to the short maturities of these instruments. The carrying value of long-term debt also approximates its fair value. Fair value is measured using inputs from the three levels of the fair value hierarchy, which are described as follows: ● Level 1 – observable inputs such as quoted prices for identical instruments in active markets. ● Level 2 – inputs other than quoted prices in active markets that are observable either directly or indirectly through corroboration with observable market data. ● Level 3 – unobservable inputs in which there is little or no market data, which would require the Company to develop its own assumptions. As of July 31, 2021, January 30, 2021, and August 1, 2020, there were liabilities related to the non-qualified deferred compensation plan included in other long-term liabilities on the consolidated balance sheets of $38,077, $32,909, and $27,283, respectively. The liabilities are categorized as Level 2 as they are based on third-party reported values, which are based primarily on quoted market prices of underlying assets of the funds within the plan. Some assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. These assets can include long-lived assets and goodwill that are reduced to fair value when impaired. Assets that are written down to fair value when impaired are not subsequently adjusted to fair value unless further impairment occurs.

Investments

Investments	6 Months Ended
Investments	Jul. 31, 2021
Investments
Investments	10 . Investments Investments in renewable energy projects are accounted for under the equity method of accounting. The balance of these investments was $3,146, $3,174, and $5,110 as of July 31, 2021, January 30, 2021, and August 1, 2020, respectively, and is included in other long-term assets on the consolidated balance sheets. The Company did not contribute capital or receive investment tax credits during the 26 weeks ended July 31, 2021. The Company contributed capital of $5,386 and received distributions including $1,291 of investment tax credits during the 26 weeks ended August 1, 2020.

Stock-based compensation

Stock-based compensation	6 Months Ended
Stock-based compensation	Jul. 31, 2021
Stock-based compensation
Stock-based compensation	11. Stock-based compensation Stock-based compensation expense is measured on the grant date based on the fair value of the award. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period for awards expected to vest. The estimated grant date fair value of stock options was determined using a Black-Scholes valuation model using the following weighted-average assumptions for the periods indicated: 26 Weeks Ended July 31, August 1, 2021 2020 Volatility rate 46.9% 43.0% Average risk-free interest rate 0.4% 0.3% Average expected life (in years) 3.9 3.4 Dividend yield None None The Company granted 61 and 248 stock options during the 26 weeks ended July 31, 2021 and August 1, 2020, respectively. Stock-based compensation expense for stock options was $3,101 and $2,872 for the 13 weeks ended July 31, 2021 and August 1, 2020, respectively. Stock-based compensation expense for stock options was $5,998 and $5,347 for the 26 weeks ended July 31, 2021 and August 1, 2020, respectively. The weighted-average grant date fair value of these stock options was $109.72 and $54.40 for the 26 weeks ended July 31, 2021 and August 1, 2020, respectively. At July 31, 2021, there was approximately $17,216 of unrecognized stock-based compensation expense related to unvested stock options. There were 58 and 158 restricted stock units issued during the 26 weeks ended July 31, 2021 and August 1, 2020, respectively. Stock-based compensation expense for restricted stock units was $5,149 and $5,161 for the 13 weeks ended July 31, 2021 and August 1, 2020, respectively. Stock-based compensation expense for restricted stock units was $9,984 and $9,348 for the 26 weeks ended July 31, 2021 and August 1, 2020, respectively. At July 31, 2021, there was approximately $32,844 of unrecognized stock-based compensation expense related to restricted stock units. There were 46 performance-based restricted stock units issued during the 26 weeks ended July 31, 2021. The Company did not issue any performance-based restricted stock units during the 26 weeks ended August 1, 2020. Stock-based compensation expense for performance-based restricted stock units was $1,869 and $380 for the 13 weeks ended July 31, 2021 and August 1, 2020, respectively. Stock-based compensation expense for performance-based restricted stock units was $3,115 for the 26 weeks ended July 31, 2021. Stock-based compensation benefit for performance-based restricted stock units was $100 for the 26 weeks ended August 1, 2020. At July 31, 2021, there was approximately $18,130 of unrecognized stock-based compensation expense related to performance-based restricted stock units.

Income taxes

Income taxes	6 Months Ended
Income taxes	Jul. 31, 2021
Income Taxes
Income taxes	12. Income taxes Income tax expense reflects the federal statutory tax rate and the weighted average state statutory tax rate for the states in which the Company operates stores. Income tax expense of $80,989 for the 13 weeks ended July 31, 2021 represents an effective tax rate of 24.4%, compared to $2,086 of tax expense representing an effective tax rate of 20.6 % for the 13 weeks ended August 1, 2020. The higher effective tax rate is primarily due to a decrease in the benefit of state tax credits compared to the 13 weeks ended August 1, 2020 as a result of an increase in pretax income. Income tax expense of $155,666 for the 26 weeks ended July 31, 2021 represents an effective tax rate of 24.4%, compared to $22,161 of tax benefit representing an effective tax rate of 23.9% for the 26 weeks ended August 1, 2020. The higher effective tax rate is primarily due to a decrease in the benefit of state tax credits compared to the 26 weeks ended August 1, 2020 as a result of an increase in pretax income.

Net income (loss) per common sh

Net income (loss) per common share	6 Months Ended
Net income (loss) per common share	Jul. 31, 2021
Net income (loss) per common share
Net income (loss) per common share	13. Net income (loss) per common share The following is a reconciliation of net income (loss) 13 Weeks Ended 26 Weeks Ended July 31, August 1, July 31, August 1, (In thousands, except per share data) 2021 2020 2021 2020 Numerator: Net income (loss) $ 250,893 $ 8,052 $ 481,182 $ (70,457) Denominator: Weighted-average common shares – Basic 54,675 56,318 55,235 56,369 Dilutive effect of stock options and non-vested stock 339 179 357 — Weighted-average common shares – Diluted 55,014 56,497 55,592 56,369 Net income (loss) per common share: Basic $ 4.59 $ 0.14 $ 8.71 $ (1.25) Diluted $ 4.56 $ 0.14 $ 8.66 $ (1.25) The denominator for diluted net income per common share for the 13 weeks ended July 31, 2021 and August 1, 2020 excludes 152 and 553 employee stock options and restricted stock units, respectively, due to their anti-dilutive effects. The denominator for diluted net income (loss) per common share for the 26 weeks ended July 31, 2021 and August 1, 2020 excludes 207 and 711 employee stock options and restricted stock units, respectively, due to their anti-dilutive effects. Outstanding performance-based restricted stock units are included in the computation of dilutive shares only to the extent that the underlying performance conditions are satisfied prior to the end of the reporting period or would be considered satisfied if the end of the reporting period were the end of the related contingency period and the results would be dilutive under the treasury stock method.

Share repurchase program

Share repurchase program	6 Months Ended
Share repurchase program	Jul. 31, 2021
Share repurchase program
Share repurchase program	14. Share repurchase program On March 14, 2019, the Board of Directors authorized a share repurchase program (the 2019 Share Repurchase Program) pursuant to which the Company could repurchase up to $875,000 of the Company’s common stock. The 2019 Share Repurchase Program authorization revoked the previously authorized but unused amount of $25,435 from the earlier share repurchase program. The 2019 Share Repurchase Program did not have an expiration date but provided for suspension or discontinuation at any time. On March 12, 2020, the Board of Directors authorized a share repurchase program (the 2020 Share Repurchase Program) pursuant to which the Company may repurchase up to $1,600,000 of the Company’s common stock. The 2020 Share Repurchase Program authorization revoked the previously authorized but unused amount of $177,805 from the 2019 Share Repurchase Program. The 2020 Share Repurchase Program does not have an expiration date and may be suspended or discontinued at any time. A summary of common stock repurchase activity is presented in the following table: 26 Weeks Ended July 31, August 1, (In thousands) 2021 2020 Shares repurchased 1,990 327 Total cost of shares repurchased $ 635,793 $ 72,981

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	6 Months Ended
Summary of significant accounting policies (Policies)	Jul. 31, 2021
Summary of significant accounting policies
Fiscal quarter	Fiscal quarter The Company’s quarterly periods are the 13 weeks ending on the Saturday closest to April 30, July 31, October 31, and January 31. The second quarter in fiscal 2021 and 2020 ended on July 31, 2021 and August 1, 2020, respectively.
Use of estimates	Use of estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the accounting period. Actual results could differ from those estimates. The Company considers its accounting policies relating to inventory valuations, vendor allowances, impairment of long-lived tangible and right-of-use assets, loyalty program and income taxes to be the most significant accounting policies that involve management estimates and judgments. Significant changes, if any, in those estimates and assumptions resulting from continuing changes in the economic environment, including those related to the impacts of the COVID-19 pandemic, will be reflected in the consolidated financial statements in future periods.
Impairment of long-lived tangible and right-of-use assets	Impairment of long-lived tangible and right-of-use assets The asset group is defined as the lowest level for which identifiable cash flows are available and largely independent of the cash flows of other groups of assets. The asset group identified is at the store level and includes both property and equipment and operating lease assets. Significant estimates are used in determining future cash flows of each store over its remaining lease term including our expectations of future projected cash flows including revenues and operating expenses. An impairment loss is recorded if the carrying amount of the long-lived asset exceeds its fair value. Long-lived tangible and right-of-use assets are evaluated for indicators of impairment quarterly or when events or changes in circumstances indicate that their carrying amounts may not be recoverable. An undiscounted cash flow analysis is performed over the asset group. Asset groups are written down only to the extent that their carrying value exceeds their respective fair value. Fair values of the asset group are determined by discounting the cash flows at a rate that approximates the cost of capital of a market participant. Management’s forecast of future cash flows is based on the income approach. The fair value of individual operating lease assets is determined under the market approach using estimated market rent assessments based on broker quotes. The determination of fair value under the income approach requires assumptions including forecasts of future cash flows (such as revenue growth rates and operating expenses) and selection of a market-based discount rate. Estimates of market rent are based on non-binding broker quotes. As these inputs are unobservable, they are classified as Level 3 inputs under the fair value hierarchy (see Note 9, “Fair value measurements”). If actual results are not consistent with estimates and assumptions used in estimating future cash flows and asset fair values, there may be exposure to additional impairment losses in a future period (see Note 4, “Impairment, restructuring and other costs”).
CARES Act	CARES Act On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act was enacted. The CARES Act, among other things, includes provisions relating to refundable payroll taxes, deferral of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The most significant relief measures which the Company qualifies for are the employee retention credit, payroll tax deferral, and technical corrections to tax depreciation. The Company recognizes government grants for which there is a reasonable assurance of compliance with grant conditions and receipt of credits. The Company believes there is a reasonable assurance that it will comply with the relevant conditions of the employee retention credit provision of the CARES Act and that it will receive the credit. The Company will continue to assess the treatment of the CARES Act to the extent additional guidance and regulations are issued, the further applicability of the CARES Act, and the potential impacts on the business. Employee retention credit (ERC) and payroll tax deferral. Additionally, the CARES Act contains provisions for the deferral of the employer portion of social security taxes incurred through the end of calendar 2020. As of July 31, 2021, January 30, 2021, and August 1, 2020, there was $43,845, $43,845, and $18,709, respectively, of social security tax payments deferred, of which 50% are required to be remitted by December 2021 and the remaining 50% by December 2022. The deferred amounts are recorded within accrued liabilities on the consolidated balance sheets. Technical corrections to tax depreciation.
Recent adopted accounting pronouncements	Recently adopted accounting pronouncements Taxes – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In December 2019, the Financial Accounting Standards Board (FASB) issued (ASU) 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes. The guidance removes certain exceptions for recognizing deferred taxes for equity method investments, performing intraperiod allocation, and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for goodwill and allocating taxes to members of a consolidated group, among others. This guidance is effective after December 15, 2020. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. The transition requirements are dependent upon each amendment within this update and will be applied either prospectively or retrospectively. The Company adopted the new guidance as of January 31, 2021, and its adoption had no impact on the Company’s consolidated financial position, results of operations, or cash flows.

Business and basis of present_2

Business and basis of presentation (Tables)	6 Months Ended
Business and basis of presentation (Tables)	Jul. 31, 2021
Business and basis of presentation
Schedule of stores operated by geographic area	As of July 31, 2021, the Company operated 1,296 stores across 50 states, as shown in the table below. Number of Number of Location stores Location stores Alabama 24 Montana 6 Alaska 3 Nebraska 5 Arizona 30 Nevada 15 Arkansas 11 New Hampshire 8 California 162 New Jersey 43 Colorado 26 New Mexico 7 Connecticut 18 New York 51 Delaware 3 North Carolina 36 Florida 90 North Dakota 3 Georgia 39 Ohio 45 Hawaii 4 Oklahoma 21 Idaho 9 Oregon 16 Illinois 55 Pennsylvania 44 Indiana 24 Rhode Island 3 Iowa 11 South Carolina 22 Kansas 13 South Dakota 3 Kentucky 15 Tennessee 28 Louisiana 18 Texas 119 Maine 3 Utah 14 Maryland 27 Vermont 1 Massachusetts 23 Virginia 30 Michigan 49 Washington 35 Minnesota 19 West Virginia 7 Mississippi 10 Wisconsin 20 Missouri 25 Wyoming 3 Total 1,296

Revenue (Tables)

Revenue (Tables)	6 Months Ended
Revenue (Tables)	Jul. 31, 2021
Revenue
Schedule of approximate percentage of net sales by primary category	The following table sets forth the approximate percentage of net sales by primary category: 13 Weeks Ended 26 Weeks Ended July 31, August 1, July 31, August 1, (Percentage of net sales) 2021 2020 2021 2020 Cosmetics (1) 43% 45% 44% 47% Skincare (1) 17% 18% 18% 18% Haircare products and styling tools (1) 21% 21% 20% 19% Fragrance and bath 12% 9% 11% 8% Services 4% 3% 4% 4% Accessories and other (1) 3% 4% 3% 4% 100% 100% 100% 100% (1) Certain sales departments were reclassified between categories in the prior year to conform to current year presentation.
Summary of changes in deferred revenue	13 weeks ended 26 weeks ended July 31, August 1, July 31, August 1, (In thousands) 2021 2020 2021 2020 Beginning balance $ 253,172 $ 206,653 $ 269,032 $ 230,011 Additions to contract liabilities (1) 91,824 50,448 183,929 92,672 Deductions to contract liabilities (2) (88,769) (49,355) (196,734) (114,937) Ending balance $ 256,227 $ 207,746 $ 256,227 $ 207,746 (1) Loyalty points and gift cards issued in the current period but not redeemed or expired. (2) Revenue recognized in the current period related to the beginning liability.

Impairment, restructuring and_2

Impairment, restructuring and other costs (Tables)	6 Months Ended
Impairment, restructuring and other costs (Tables)	Jul. 31, 2021
Impairment, restructuring and other costs
Schedule of impairment, restructuring and other costs in the consolidated statements of operations	13 weeks ended 26 weeks ended August 1, August 1, (In thousands) 2020 2020 Impairment of long-lived tangible and right-of-use assets $ 20,886 $ 40,428 Store closures Impairment of long-lived tangible and right-of-use assets (1) $ 19,569 $ 19,569 Severance (2) 303 303 Total store closures 19,872 19,872 Total (3) $ 40,758 $ 60,300 (1) Amount included in the non-cash $59,997 long-lived asset impairment charge on the consolidated statements of cash flows for the 26 weeks ended August 1, 2020. (2) As of August 1, 2020, there was $303 in accrued liabilities on the consolidated balance sheets for severance related to store closures. There was no liability for severance related to store closures as of July 31, 2021. (3) There were no impairment, restructuring and other costs recognized during the 13 and 26 weeks ended July 31, 2021.

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jul. 31, 2021
Leases
Summary of information related to lease costs for operating leases	The following table presents a summary of operating lease costs for the 13 and 26 weeks ended July 31, 2021 and August 1, 2020: 13 weeks ended 26 weeks ended July 31, August 1, July 31, August 1, (In thousands) 2021 2020 2021 2020 Operating lease cost $ 76,776 $ 75,699 $ 155,512 $ 153,232
Schedule of cash flow information related to operating leases	The following table presents supplemental disclosures of cash flow information related to operating leases: 26 Weeks Ended July 31, August 1, (In thousands) 2021 2020 Cash paid for operating lease liabilities (1) $ 182,161 $ 175,881 Operating lease assets obtained in exchange for operating lease liabilities (non-cash) 103,073 162,603 (1) Excludes $16,923 and $18,149 related to cash received for tenant incentives for the 26 weeks ended July 31, 2021 and August 1, 2020, respectively.

Stock-based compensation (Table

Stock-based compensation (Tables)	6 Months Ended
Stock-based compensation (Tables)	Jul. 31, 2021
Stock-based compensation
Schedule of weighted average assumptions to determine grant date fair value of employee stock options	26 Weeks Ended July 31, August 1, 2021 2020 Volatility rate 46.9% 43.0% Average risk-free interest rate 0.4% 0.3% Average expected life (in years) 3.9 3.4 Dividend yield None None

Net income (loss) per common _2

Net income (loss) per common share (Tables)	6 Months Ended
Net income (loss) per common share (Tables)	Jul. 31, 2021
Net income (loss) per common share
Schedule reconciliation of net income (loss) and the number of shares of common stock used in the computation of net income (loss) per basic and diluted share	13 Weeks Ended 26 Weeks Ended July 31, August 1, July 31, August 1, (In thousands, except per share data) 2021 2020 2021 2020 Numerator: Net income (loss) $ 250,893 $ 8,052 $ 481,182 $ (70,457) Denominator: Weighted-average common shares – Basic 54,675 56,318 55,235 56,369 Dilutive effect of stock options and non-vested stock 339 179 357 — Weighted-average common shares – Diluted 55,014 56,497 55,592 56,369 Net income (loss) per common share: Basic $ 4.59 $ 0.14 $ 8.71 $ (1.25) Diluted $ 4.56 $ 0.14 $ 8.66 $ (1.25)

Share repurchase program (Table

Share repurchase program (Tables)	6 Months Ended
Share repurchase program (Tables)	Jul. 31, 2021
Share repurchase program
Summary of the Company's common stock repurchase activity	A summary of common stock repurchase activity is presented in the following table: 26 Weeks Ended July 31, August 1, (In thousands) 2021 2020 Shares repurchased 1,990 327 Total cost of shares repurchased $ 635,793 $ 72,981

Business and basis of present_3

Business and basis of presentation (Details)	Jul. 31, 2021storestate
Stores by state
Number of stores operated	1,296
Number of states in which entity operates \| state	50
Alabama
Stores by state
Number of stores operated	24
Alaska
Stores by state
Number of stores operated	3
Arizona
Stores by state
Number of stores operated	30
Arkansas
Stores by state
Number of stores operated	11
California
Stores by state
Number of stores operated	162
Colorado
Stores by state
Number of stores operated	26
Connecticut
Stores by state
Number of stores operated	18
Delaware
Stores by state
Number of stores operated	3
Florida
Stores by state
Number of stores operated	90
Georgia
Stores by state
Number of stores operated	39
Hawaii
Stores by state
Number of stores operated	4
Idaho
Stores by state
Number of stores operated	9
Illinois
Stores by state
Number of stores operated	55
Indiana
Stores by state
Number of stores operated	24
Iowa
Stores by state
Number of stores operated	11
Kansas
Stores by state
Number of stores operated	13
Kentucky
Stores by state
Number of stores operated	15
Louisiana
Stores by state
Number of stores operated	18
Maine
Stores by state
Number of stores operated	3
Maryland
Stores by state
Number of stores operated	27
Massachusetts
Stores by state
Number of stores operated	23
Michigan
Stores by state
Number of stores operated	49
Minnesota
Stores by state
Number of stores operated	19
Mississippi
Stores by state
Number of stores operated	10
Missouri
Stores by state
Number of stores operated	25
Montana
Stores by state
Number of stores operated	6
Nebraska
Stores by state
Number of stores operated	5
Nevada
Stores by state
Number of stores operated	15
New Hampshire
Stores by state
Number of stores operated	8
New Jersey
Stores by state
Number of stores operated	43
New Mexico
Stores by state
Number of stores operated	7
New York
Stores by state
Number of stores operated	51
North Carolina
Stores by state
Number of stores operated	36
North Dakota
Stores by state
Number of stores operated	3
Ohio
Stores by state
Number of stores operated	45
Oklahoma
Stores by state
Number of stores operated	21
Oregon
Stores by state
Number of stores operated	16
Pennsylvania
Stores by state
Number of stores operated	44
Rhode Island
Stores by state
Number of stores operated	3
South Carolina
Stores by state
Number of stores operated	22
South Dakota
Stores by state
Number of stores operated	3
Tennessee
Stores by state
Number of stores operated	28
Texas
Stores by state
Number of stores operated	119
Utah
Stores by state
Number of stores operated	14
Vermont
Stores by state
Number of stores operated	1
Virginia
Stores by state
Number of stores operated	30
Washington
Stores by state
Number of stores operated	35
West Virginia
Stores by state
Number of stores operated	7
Wisconsin
Stores by state
Number of stores operated	20
Wyoming
Stores by state
Number of stores operated	3

Summary of significant accoun_3

Summary of significant accounting policies (Details)	6 Months Ended
Summary of significant accounting policies (Details)	Jul. 31, 2021	Aug. 01, 2020
Summary of significant accounting policies
Fiscal period	91 days	91 days

Summary of significant accoun_4

Summary of significant accounting policies - CARES Act (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020	Jan. 30, 2021
Summary of significant accounting policies
Employee retention credit recognized	$ 1,048	$ 48,181	$ 3,387	$ 48,181
Employee retention credit receivable			55,792	48,181	$ 52,405
Deferred social security tax payments	$ 43,845	18,709	$ 43,845	18,709	$ 43,845
Cash tax refund received		$ 4,600		$ 4,600

Revenue - Disaggregated revenue

Revenue - Disaggregated revenue (Details) - Net Sales Percentage - Product concentration	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Disaggregated revenue
Concentration (as a percent)	100.00%	100.00%	100.00%	100.00%
Cosmetics
Disaggregated revenue
Concentration (as a percent)	43.00%	45.00%	44.00%	47.00%
Skincare
Disaggregated revenue
Concentration (as a percent)	17.00%	18.00%	18.00%	18.00%
Haircare products and styling tools
Disaggregated revenue
Concentration (as a percent)	21.00%	21.00%	20.00%	19.00%
Fragrance and bath
Disaggregated revenue
Concentration (as a percent)	12.00%	9.00%	11.00%	8.00%
Services
Disaggregated revenue
Concentration (as a percent)	4.00%	3.00%	4.00%	4.00%
Accessories and other
Disaggregated revenue
Concentration (as a percent)	3.00%	4.00%	3.00%	4.00%

Revenue - Deferred revenue (Det

Revenue - Deferred revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Summary of changes in deferred revenue
Balance at beginning of period	$ 253,172	$ 206,653	$ 269,032	$ 230,011
Additions to contract liabilities	91,824	50,448	183,929	92,672
Deductions to contract liabilities	(88,769)	(49,355)	(196,734)	(114,937)
Balance at end of period	256,227	207,746	256,227	207,746
Other amounts included in deferred revenue	$ 9,235	$ 8,799	$ 9,235	$ 8,799

Impairment, restructuring and_3

Impairment, restructuring and other costs (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021USD ($)	Aug. 01, 2020USD ($)store	Jul. 31, 2021USD ($)	Aug. 01, 2020USD ($)store
Impairment, restructuring and other costs
Total		$ 40,758		$ 60,300
Impairment, restructuring and other costs
Non-cash impairment charges	$ 0		$ 0	59,997
Impairment of Long-lived Tangible and Right-of-use Assets Resulting from COVID-19
Impairment, restructuring and other costs
Impairment of long-lived tangible and right-of-use assets		20,886		40,428
Store Closures During Third Quarter of Fiscal 2020
Impairment, restructuring and other costs
Impairment of long-lived tangible and right-of-use assets		19,569		19,569
Severance		303		303
Total		19,872		19,872
Impairment, restructuring and other costs
Restructuring accrual recorded in accrued liabilities	$ 0	$ 303	$ 0	$ 303
Number of store closings \| store		19		19

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 31, 2021	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Goodwill and Other Intangible Assets
Goodwill	$ 10,870	$ 10,870	$ 10,870	$ 10,870
Additional goodwill recognized	$ 0	$ 0

Leases - (Details)

Leases - (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases - (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Leases
Initial lease term	10 years		10 years
Operating lease cost	$ 76,776	$ 75,699	$ 155,512	$ 153,232
Cash paid for operating lease liabilities			182,161	175,881
Operating lease assets obtained in exchange for operating lease liabilities (non-cash)			103,073	162,603
Excluded cash received for tenant incentives			$ 16,923	$ 18,149

Debt (Details)

Debt (Details) $ in Thousands	6 Months Ended
Debt (Details) $ in Thousands	Jul. 31, 2021USD ($)	Jan. 30, 2021USD ($)	Aug. 01, 2020USD ($)
Revolving loans
Notes payable
Outstanding borrowings under credit facility	$ 0	$ 0	$ 800,000
Weighted average interest rate			1.59%
Amendment No. 1 to the Second Amended and Restated Loan Agreement
Notes payable
Unused line fee (as a percent)	0.20%
Amendment No. 1 to the Second Amended and Restated Loan Agreement \| Minimum
Notes payable
Fixed charge coverage ratio covenant	1
Amendment No. 1 to the Second Amended and Restated Loan Agreement \| London Interbank Offered Rate \| Minimum
Notes payable
Interest rate margin (as a percent)	1.125%
Amendment No. 1 to the Second Amended and Restated Loan Agreement \| London Interbank Offered Rate \| Maximum
Notes payable
Interest rate margin (as a percent)	1.25%
Amendment No. 1 to the Second Amended and Restated Loan Agreement \| Base Rate \| Minimum
Notes payable
Interest rate margin (as a percent)	0.00%
Amendment No. 1 to the Second Amended and Restated Loan Agreement \| Base Rate \| Maximum
Notes payable
Interest rate margin (as a percent)	0.125%
Amendment No. 1 to the Second Amended and Restated Loan Agreement \| Revolving loans
Notes payable
Maximum borrowing capacity	$ 1,000,000
Contingent increase to revolving facility	100,000
Amendment No. 1 to the Second Amended and Restated Loan Agreement \| Letters of credit
Notes payable
Maximum borrowing capacity	$ 50,000

Fair value measurements (Detail

Fair value measurements (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Level 2 \| Non-qualified deferred compensation plan
Fair value measurements
Fair value of financial liabilities	$ 38,077	$ 32,909	$ 27,283

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	6 Months Ended
Investments (Details) - USD ($) $ in Thousands	Aug. 01, 2020	Jul. 31, 2021	Jan. 30, 2021
Investments
Contributions of capital to equity method investments	$ 5,386
Investment tax credits	1,291
Renewable energy projects
Investments
Equity method investments	$ 5,110	$ 3,146	$ 3,174

Stock-based compensation (Detai

Stock-based compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Stock options
Weighted-average assumptions to estimate fair value
Volatility rate (as a percent)			46.90%	43.00%
Average risk-free interest rate (as a percent)			0.40%	0.30%
Average expected life			3 years 10 months 24 days	3 years 4 months 24 days
Dividend yield (as a percent)			0.00%	0.00%
Granted (in shares)			61,000	248,000
Stock-based compensation expense	$ 3,101	$ 2,872	$ 5,998	$ 5,347
Weighted-average grant date fair value of options granted (in dollars per share)			$ 109.72	$ 54.40
Unrecognized compensation expense	17,216		$ 17,216
Restricted stock units
Weighted-average assumptions to estimate fair value
Stock-based compensation expense	5,149	5,161	$ 9,984	$ 9,348
Granted (in shares)			58,000	158,000
Unrecognized compensation expense	32,844		$ 32,844
Performance-based restricted stock units
Weighted-average assumptions to estimate fair value
Granted (in shares)			46,000	0
Stock-based compensation expense	1,869	$ 380	$ 3,115
Stock-based compensation benefit				$ 100
Unrecognized compensation expense	$ 18,130		$ 18,130

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Income Taxes
Income tax expense (benefit)	$ 80,989	$ 2,086	$ 155,666	$ (22,161)
Effective tax rate (as a percent)	24.40%	20.60%	24.40%	23.90%

Net income (loss) per common _3

Net income (loss) per common share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Numerator:
Net income (loss)	$ 250,893	$ 8,052	$ 481,182	$ (70,457)
Denominator:
Weighted-average common shares - Basic	54,675	56,318	55,235	56,369
Dilutive effect of stock options and non-vested stock	339	179	357
Weighted-average common shares - Diluted	55,014	56,497	55,592	56,369
Net income (loss) per common share:
Basic	$ 4.59	$ 0.14	$ 8.71	$ (1.25)
Diluted	$ 4.56	$ 0.14	$ 8.66	$ (1.25)

Net income (loss) per common _4

Net income (loss) per common share - Anti-dilutive Shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Net income (loss) per common share
Employee stock options and restricted stock units excluded from the computation of net income per common share	152	553	207	711

Share repurchase program (Detai

Share repurchase program (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended			6 Months Ended
	Jul. 31, 2021	May 01, 2021	May 02, 2020	Jul. 31, 2021	Aug. 01, 2020	Mar. 12, 2020	Mar. 14, 2019
Share repurchase program
Shares repurchased (in shares)				1,990	327
Common stock repurchased and retired	$ 243,484	$ 392,309	$ 72,981	$ 635,793	$ 72,981
2018 Share Repurchase Program
Share repurchase program
Remaining authorized amount from earlier share repurchase program							$ 25,435
2019 Share Repurchase Program
Share repurchase program
Authorized amount of share repurchase program							$ 875,000
Remaining authorized amount from earlier share repurchase program						$ 177,805
2020 Share Repurchase Program
Share repurchase program
Authorized amount of share repurchase program						$ 1,600,000