Ulta Beauty (ULTA) 10-Q 2 Dec 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Oct. 30, 2021	Nov. 29, 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	Oct. 30, 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		54,120,173
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Trading Symbol	ULTA

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 30, 2021	Jan. 30, 2021	Oct. 31, 2020
Current assets:
Cash and cash equivalents	$ 605,053	$ 1,046,051	$ 560,902
Receivables, net	169,212	193,109	136,271
Merchandise inventories, net	1,916,343	1,168,215	1,439,098
Prepaid expenses and other current assets	105,584	107,402	99,810
Prepaid income taxes	37,501		8,928
Total current assets	2,833,693	2,514,777	2,245,009
Property and equipment, net	908,665	995,795	1,042,262
Operating lease assets	1,464,533	1,504,614	1,510,030
Goodwill	10,870	10,870	10,870
Other intangible assets, net	1,770	2,465	2,696
Deferred compensation plan assets	36,403	33,223	30,141
Other long-term assets	31,833	28,225	29,986
Total assets	5,287,767	5,089,969	4,870,994
Current liabilities:
Accounts payable	747,451	477,052	478,501
Accrued liabilities	329,672	296,334	268,310
Deferred revenue	272,628	274,383	224,862
Current operating lease liabilities	274,365	253,415	252,171
Accrued income taxes		42,529	6,499
Total current liabilities	1,624,116	1,343,713	1,230,343
Non-current operating lease liabilities	1,565,921	1,643,386	1,661,750
Deferred income taxes	67,267	65,359	89,112
Other long-term liabilities	43,663	37,962	35,352
Total liabilities	3,300,967	3,090,420	3,016,557
Commitments and contingencies (Note 7)
Stockholders' equity:
Common stock, $0.01 par value, 400,000 shares authorized; 54,907, 56,952 and 57,024 shares issued; 54,170, 56,260 and 56,332 shares outstanding; at October 30, 2021 (unaudited), January 30, 2021, and October 31, 2020 (unaudited), respectively	549	569	570
Treasury stock-common, at cost	(53,312)	(37,801)	(37,704)
Additional paid-in capital	915,814	847,303	831,817
Retained earnings	1,123,749	1,189,422	1,059,840
Accumulated other comprehensive income (loss)		56	(86)
Total stockholders' equity	1,986,800	1,999,549	1,854,437
Total liabilities and stockholders' equity	$ 5,287,767	$ 5,089,969	$ 4,870,994

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Oct. 30, 2021	Jan. 30, 2021	Oct. 31, 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	54,907	56,952	57,024
Common stock, shares outstanding	54,170	56,260	56,332

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020
Consolidated Statements of Income
Net sales	$ 1,995,775	$ 1,552,033	$ 5,901,501	$ 3,953,252
Cost of sales	1,206,301	1,006,514	3,560,276	2,775,121
Gross profit	789,474	545,519	2,341,225	1,178,131
Selling, general and administrative expenses	503,403	416,378	1,411,577	1,068,877
Impairment, restructuring and other costs		23,624		83,924
Pre-opening expenses	1,832	4,240	7,778	12,782
Operating income	284,239	101,277	921,870	12,548
Interest expense, net	413	1,383	1,196	5,272
Income before income taxes	283,826	99,894	920,674	7,276
Income tax expense	68,537	25,096	224,203	2,935
Net income	$ 215,289	$ 74,798	$ 696,471	$ 4,341
Net income per common share:
Basic	$ 3.97	$ 1.33	$ 12.68	$ 0.08
Diluted	$ 3.94	$ 1.32	$ 12.60	$ 0.08
Weighted average common shares outstanding:
Basic	54,291	56,327	54,921	56,355
Diluted	54,660	56,546	55,280	56,524

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020
Consolidated Statements of Comprehensive Income
Net income	$ 215,289	$ 74,798	$ 696,471	$ 4,341
Other comprehensive income:
Foreign currency translation adjustments		(116)		(86)
Comprehensive income	$ 215,289	$ 74,682	$ 696,471	$ 4,255

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Oct. 30, 2021	Oct. 31, 2020
Operating activities
Net income	$ 696,471	$ 4,341
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	204,734	226,386
Non-cash lease expense	206,017	196,354
Long-lived asset impairment charge	0	69,932
Deferred income taxes	1,908	(255)
Stock-based compensation expense	38,217	22,979
Loss on disposal of property and equipment	3,357	5,219
Change in operating assets and liabilities:
Receivables	23,897	3,066
Merchandise inventories	(748,128)	(145,397)
Prepaid expenses and other current assets	1,818	3,007
Income taxes	(80,027)	13,958
Accounts payable	266,104	62,337
Accrued liabilities	24,482	24,582
Deferred revenue	(1,755)	(12,673)
Operating lease liabilities	(222,451)	(212,665)
Other assets and liabilities	213	(2,126)
Net cash provided by operating activities	414,857	259,045
Investing activities
Proceeds from short-term investments		110,000
Capital expenditures	(108,418)	(116,745)
Acquisitions, net of cash acquired		(1,220)
Purchases of equity investments		(5,665)
Net cash provided by investing activities	(108,418)	(13,630)
Financing activities
Proceeds from long-term debt		800,000
Payments on long-term debt		(800,000)
Repurchase of common shares	(762,167)	(72,981)
Stock options exercised	30,297	1,346
Purchase of treasury shares	(15,511)	(3,256)
Debt issuance costs		(1,861)
Net cash provided by financing activities	(747,381)	(76,752)
Effect of exchange rate changes on cash and cash equivalents	(56)	(86)
Net increase (decrease) in cash and cash equivalents	(440,998)	168,577
Cash and cash equivalents at beginning of period	1,046,051	392,325
Cash and cash equivalents at end of period	605,053	560,902
Supplemental information
Cash paid for interest	1,594	701
Income taxes paid, net of refunds	301,312	8,100
Non-cash capital expenditures	$ 13,148	$ 27,916

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock	Treasury - Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income	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				(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						4,341
Repurchase of common shares						$ (72,981)
Repurchase of common shares (in shares)						(327)
Balance at Oct. 31, 2020	$ 570	$ (37,704)	831,817	1,059,840	(86)	$ 1,854,437
Balance (in shares) at Oct. 31, 2020	57,024	(692)				56,332
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				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)
Increase (Decrease) in Stockholders' Equity
Net income				74,798		74,798
Stock-based compensation			8,384			8,384
Foreign currency translation adjustments					(116)	(116)
Stock options exercised and other awards			769			769
Stock options exercised and other awards (in shares)	10
Purchase of treasury shares		$ (191)				(191)
Purchase of treasury shares (in shares)		(1)
Balance at Oct. 31, 2020	$ 570	$ (37,704)	831,817	1,059,840	(86)	$ 1,854,437
Balance (in shares) at Oct. 31, 2020	57,024	(692)				56,332
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				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						$ 696,471
Repurchase of common shares						$ (762,167)
Repurchase of common shares (in shares)						(2,330)
Balance at Oct. 30, 2021	$ 549	$ (53,312)	915,814	1,123,749		$ 1,986,800
Balance (in shares) at Oct. 30, 2021	54,907	(737)				54,170
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				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)
Increase (Decrease) in Stockholders' Equity
Net income				215,289		215,289
Stock-based compensation			19,120			19,120
Stock options exercised and other awards	$ 1		7,488			7,489
Stock options exercised and other awards (in shares)	87
Purchase of treasury shares		$ (8,537)				(8,537)
Purchase of treasury shares (in shares)		(23)
Repurchase of common shares	$ (3)			(126,371)		(126,374)
Repurchase of common shares (in shares)	(340)
Balance at Oct. 30, 2021	$ 549	$ (53,312)	$ 915,814	$ 1,123,749		$ 1,986,800
Balance (in shares) at Oct. 30, 2021	54,907	(737)				54,170

Business and basis of presentat

Business and basis of presentation	9 Months Ended
	Oct. 30, 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 October 30, 2021, the Company operated 1,302 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 ​ 52 Delaware ​ 3 ​ North Carolina ​ 39 Florida ​ 90 ​ North Dakota ​ 3 Georgia ​ 40 ​ Ohio ​ 45 Hawaii ​ 4 ​ Oklahoma ​ 21 Idaho ​ 9 ​ Oregon ​ 16 Illinois ​ 55 ​ Pennsylvania ​ 45 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 ​ 1,302 ​ 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 39 weeks ended October 30, 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	9 Months Ended
	Oct. 30, 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 third quarter in fiscal 2021 and 2020 ended on October 30, 2021 and October 31, 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 January 30, 2021 and October 31, 2020, there was $43,845 and $34,060 , respectively, of social security tax payments deferred, of which 50% was required to be remitted by December 2021 and the remaining 50% by December 2022. The deferred amounts were recorded within accrued liabilities on the consolidated balance sheets. The company submitted payments for these taxes during the 13 weeks ended October 30, 2021, the therefore has no deferral balance as of October 30, 2021. 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	9 Months Ended
	Oct. 30, 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 mainly 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 ​ 39 Weeks Ended ​ ​ October 30, ​ October 31, ​ October 30, ​ October 31, (Percentage of net sales) ​ 2021 ​ 2020 ​ 2021 ​ 2020 Cosmetics (1) ​ 45% ​ 47% ​ 44% ​ 47% Haircare products and styling tools (1) ​ 21% ​ 20% ​ 20% ​ 20% Skincare (1) ​ 16% ​ 16% ​ 17% ​ 17% Fragrance and bath ​ 12% ​ 10% ​ 12% ​ 9% Services ​ 3% ​ 4% ​ 4% ​ 4% Accessories and other (1) ​ 3% ​ 3% ​ 3% ​ 3% ​ ​ 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 39 weeks ended October 30, 2021 and October 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 weeks ended ​ 39 weeks ended ​ ​ October 30, ​ October 31, ​ October 30, ​ October 31, (In thousands) ​ 2021 ​ 2020 ​ 2021 2020 Beginning balance ​ $ 256,227 ​ $ 207,746 ​ $ 269,032 ​ $ 230,011 Additions to contract liabilities (1) ​ ​ 92,074 ​ ​ 40,932 ​ ​ 201,106 ​ ​ 128,402 Deductions to contract liabilities (2) ​ ​ (85,078) ​ ​ (39,032) ​ ​ (206,915) ​ ​ (148,767) Ending balance ​ $ 263,223 ​ $ 209,646 ​ $ 263,223 ​ $ 209,646 (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 $9,405 and $15,216 at October 30, 2021 and October 31, 2020, respectively.

Impairment, restructuring and o

Impairment, restructuring and other costs	9 Months Ended
	Oct. 30, 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 income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 weeks ended ​ 39 weeks ended ​ ​ October 31, ​ October 31, (In thousands) 2020 2020 Impairment of long-lived tangible and right-of-use assets ​ $ — ​ $ 40,428 ​ ​ ​ ​ ​ ​ ​ Store closures ​ ​ ​ ​ ​ ​ Impairment of long-lived tangible and right-of-use assets (1) ​ $ — ​ $ 19,569 Lease termination costs ​ ​ 1,844 ​ ​ 1,844 Severance (2) ​ ​ 186 ​ ​ 489 Total store closures ​ ​ 2,030 ​ ​ 21,902 ​ ​ ​ ​ ​ ​ ​ Suspension of Canadian expansion ​ ​ ​ ​ ​ ​ Impairment of long-lived tangible and right-of-use assets (1) ​ $ 9,935 ​ $ 9,935 Lease termination costs ​ ​ 5,317 ​ ​ 5,317 Severance (2) ​ ​ 634 ​ ​ 634 Total suspension of Canadian expansion ​ ​ 15,886 ​ ​ 15,886 ​ ​ ​ ​ ​ ​ ​ Other severance (2) ​ $ 5,708 ​ $ 5,708 Total (3) ​ $ 23,624 ​ $ 83,924 (1) Amount included in the non-cash $69,932 long-lived asset impairment charge on the consolidated statements of cash flows for the 39 weeks ended October 31, 2020. (2) As of October 31, 2020, there was $6,202 in accrued liabilities on the consolidated balance sheets for restructuring and was primarily for severance. There was no liability for restructuring as of October 30, 2021. (3) There were no impairment, restructuring and other costs recognized during the 13 and 39 weeks ended October 30, 2021. Impairment of long-lived tangible and right-of-use assets. As a result of the COVID-19 pandemic, the Company experienced lower than projected revenues and identified indicators of impairment for certain retail stores during the 39 weeks ended October 31, 2020. The Company’s analysis indicated that the carrying values of certain long-lived 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 26 weeks ended August 1, 2020. There were no asset impairment charges recognized during the 13 weeks ended October 31, 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 39 weeks ended October 31, 2020 as described below. Store closures and other costs.

Goodwill and other intangible a

Goodwill and other intangible assets	9 Months Ended
	Oct. 30, 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 October 30, 2021, January 30, 2021, and October 31, 2020. No additional goodwill was recognized during the 13 and 39 weeks ended October 30, 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	9 Months Ended
	Oct. 30, 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 39 weeks ended October 30, 2021 and October 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 weeks ended ​ 39 weeks ended ​ ​ October 30, ​ October 31, ​ October 30, ​ October 31, (In thousands) ​ 2021 ​ 2020 ​ 2021 2020 Operating lease cost ​ $ 77,976 ​ $ 75,649 ​ $ 233,488 ​ $ 228,881 ​ Other information The following table presents supplemental disclosures of cash flow information related to operating leases: ​ ​ ​ ​ ​ ​ ​ ​ 39 Weeks Ended ​ ​ October 30, ​ October 31, (In thousands) 2021 ​ 2020 Cash paid for operating lease liabilities (1) ​ $ 275,016 ​ $ 263,893 Operating lease assets obtained in exchange for operating lease liabilities (non-cash) ​ ​ 165,936 ​ ​ 188,240 (1) Excludes $24,570 and $22,789 related to cash received for tenant incentives for the 39 weeks ended October 30, 2021 and October 31, 2020, respectively.

Commitments and contingencies

Commitments and contingencies	9 Months Ended
	Oct. 30, 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	9 Months Ended
	Oct. 30, 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 October 30, 2021, January 30, 2021, and October 31, 2020, there were no borrowings outstanding under the credit facility. The weighted average interest rate was 1.56% for the 39 weeks ended October 31, 2020. As of October 30, 2021, the Company was in compliance with all terms and covenants of the Loan Agreement.

Fair value measurements

Fair value measurements	9 Months Ended
	Oct. 30, 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 October 30, 2021, January 30, 2021, and October 31, 2020, there were liabilities related to the non-qualified deferred compensation plan included in other long-term liabilities on the consolidated balance sheets of $38,333, $32,909, and $29,240, 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	9 Months Ended
	Oct. 30, 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 $2,815, $3,174, and $3,642 as of October 30, 2021, January 30, 2021, and October 31, 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 39 weeks ended October 30, 2021. The Company contributed capital of $5,665 and received distributions including $1,690 of investment tax credits during the 39 weeks ended October 31, 2020.

Stock-based compensation

Stock-based compensation	9 Months Ended
	Oct. 30, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 39 Weeks Ended ​ ​ October 30, ​ October 31, ​ 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 39 weeks ended October 30, 2021 and October 31, 2020, respectively. Stock-based compensation expense for stock options was $2,712 and $2,900 for the 13 weeks ended October 30, 2021 and October 31, 2020, respectively. Stock-based compensation expense for stock options was $8,710 and $8,247 for the 39 weeks ended October 30, 2021 and October 31, 2020, respectively. The weighted-average grant date fair value of these stock options was $109.72 and $54.40 for the 39 weeks ended October 30, 2021 and October 31, 2020, respectively. At October 30, 2021, there was approximately $14,108 of unrecognized stock-based compensation expense related to unvested stock options. There were 60 and 161 restricted stock units issued during the 39 weeks ended October 30, 2021 and October 31, 2020, respectively. Stock-based compensation expense for restricted stock units was $4,622 and $5,098 for the 13 weeks ended October 30, 2021 and October 31, 2020, respectively. Stock-based compensation expense for restricted stock units was $14,606 and $14,446 for the 39 weeks ended October 30, 2021 and October 31, 2020, respectively. At October 30, 2021, there was approximately $27,111 of unrecognized stock-based compensation expense related to restricted stock units. There were 46 performance-based restricted stock units issued during the 39 weeks ended October 30, 2021. The Company did not issue any performance-based restricted stock units during the 39 weeks ended October 31, 2020. Stock-based compensation expense for performance-based restricted stock units was $1,786 and $386 for the 13 weeks ended October 30, 2021 and October 31, 2020, respectively. Stock-based compensation expense for performance-based restricted stock units was $4,901 and $286 for the 39 weeks ended October 30, 2021 and October 31, 2020, respectively. At October 30, 2021, there was approximately $15,898 of unrecognized stock-based compensation expense related to performance-based restricted stock units. Awards with market conditions are classified as liability awards and the fair value is determined using a Monte Carlo simulation. Market-based restricted stock units were granted to the former CEO in fiscal 2018 and settled during the 39 weeks ended October 30, 2021. Compensation expense for liability awards was $3,289 and $198 for the 13 weeks ended October 30, 2021 and October 31, 2020, respectively. Compensation expense (benefit) for liability awards was $7,671 and ( $331 ) for the 39 weeks ended October 30, 2021 and October 31, 2020, respectively. The total compensation expense for this award was $10,000 and 28 shares were settled during the 39 weeks ended October 30, 2021 .

Income taxes

Income taxes	9 Months Ended
	Oct. 30, 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 $68,537 for the 13 weeks ended October 30, 2021 represents an effective tax rate of 24.1%, compared to $25,096 of tax expense representing an effective tax rate of 25.1% for the 13 weeks ended October 31, 2020. The lower effective tax rate is primarily due to favorable provision to tax return adjustments, driven by federal employment tax credits, compared to third quarter of fiscal 2020. Income tax expense of $224,203 for the 39 weeks ended October 30, 2021 represents an effective tax rate of 24.4%, compared to $2,935 of tax expense representing an effective tax rate of 40.3% for the 39 weeks ended October 31, 2020. The lower effective tax rate is primarily due to a benefit from the income tax accounting for share-based compensation and favorable provision to tax return adjustments, driven by federal employment tax credits, compared to fiscal 2020.

Net income per common share

Net income per common share	9 Months Ended
	Oct. 30, 2021
Net income per common share
Net income per common share	13. Net income per common share The following is a reconciliation of net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 39 Weeks Ended ​ ​ October 30, ​ October 31, ​ October 30, ​ October 31, (In thousands, except per share data) 2021 2020 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income $ 215,289 ​ $ 74,798 ​ $ 696,471 ​ $ 4,341 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares – Basic ​ ​ 54,291 ​ ​ 56,327 ​ ​ 54,921 ​ ​ 56,355 Dilutive effect of stock options and non-vested stock ​ ​ 369 ​ ​ 219 ​ ​ 359 ​ ​ 169 Weighted-average common shares – Diluted ​ ​ 54,660 ​ ​ 56,546 ​ ​ 55,280 ​ ​ 56,524 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 3.97 ​ $ 1.33 ​ $ 12.68 ​ $ 0.08 Diluted ​ $ 3.94 ​ $ 1.32 ​ $ 12.60 ​ $ 0.08 ​ The denominator for diluted net income per common share for the 13 weeks ended October 30, 2021 and October 31, 2020 excludes 144 and 246 employee stock options and restricted stock units, respectively, due to their anti-dilutive effects. The denominator for diluted net income per common share for the 39 weeks ended October 30, 2021 and October 31, 2020 excludes 173 and 562 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	9 Months Ended
	Oct. 30, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ 39 Weeks Ended ​ ​ October 30, ​ October 31, (In thousands) ​ 2021 2020 Shares repurchased ​ ​ 2,330 ​ ​ 327 Total cost of shares repurchased ​ $ 762,167 ​ $ 72,981 ​ ​

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	9 Months Ended
	Oct. 30, 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 third quarter in fiscal 2021 and 2020 ended on October 30, 2021 and October 31, 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 January 30, 2021 and October 31, 2020, there was $43,845 and $34,060 , respectively, of social security tax payments deferred, of which 50% was required to be remitted by December 2021 and the remaining 50% by December 2022. The deferred amounts were recorded within accrued liabilities on the consolidated balance sheets. The company submitted payments for these taxes during the 13 weeks ended October 30, 2021, the therefore has no deferral balance as of October 30, 2021. 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)	9 Months Ended
	Oct. 30, 2021
Business and basis of presentation
Schedule of stores operated by geographic area	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 52 Delaware ​ 3 ​ North Carolina ​ 39 Florida ​ 90 ​ North Dakota ​ 3 Georgia ​ 40 ​ Ohio ​ 45 Hawaii ​ 4 ​ Oklahoma ​ 21 Idaho ​ 9 ​ Oregon ​ 16 Illinois ​ 55 ​ Pennsylvania ​ 45 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 ​ 1,302

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Oct. 30, 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 ​ 39 Weeks Ended ​ ​ October 30, ​ October 31, ​ October 30, ​ October 31, (Percentage of net sales) ​ 2021 ​ 2020 ​ 2021 ​ 2020 Cosmetics (1) ​ 45% ​ 47% ​ 44% ​ 47% Haircare products and styling tools (1) ​ 21% ​ 20% ​ 20% ​ 20% Skincare (1) ​ 16% ​ 16% ​ 17% ​ 17% Fragrance and bath ​ 12% ​ 10% ​ 12% ​ 9% Services ​ 3% ​ 4% ​ 4% ​ 4% Accessories and other (1) ​ 3% ​ 3% ​ 3% ​ 3% ​ ​ 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 ​ 39 weeks ended ​ ​ October 30, ​ October 31, ​ October 30, ​ October 31, (In thousands) ​ 2021 ​ 2020 ​ 2021 2020 Beginning balance ​ $ 256,227 ​ $ 207,746 ​ $ 269,032 ​ $ 230,011 Additions to contract liabilities (1) ​ ​ 92,074 ​ ​ 40,932 ​ ​ 201,106 ​ ​ 128,402 Deductions to contract liabilities (2) ​ ​ (85,078) ​ ​ (39,032) ​ ​ (206,915) ​ ​ (148,767) Ending balance ​ $ 263,223 ​ $ 209,646 ​ $ 263,223 ​ $ 209,646 (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)	9 Months Ended
	Oct. 30, 2021
Impairment, restructuring and other costs
Schedule of impairment, restructuring and other costs in the consolidated statements of income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 weeks ended ​ 39 weeks ended ​ ​ October 31, ​ October 31, (In thousands) 2020 2020 Impairment of long-lived tangible and right-of-use assets ​ $ — ​ $ 40,428 ​ ​ ​ ​ ​ ​ ​ Store closures ​ ​ ​ ​ ​ ​ Impairment of long-lived tangible and right-of-use assets (1) ​ $ — ​ $ 19,569 Lease termination costs ​ ​ 1,844 ​ ​ 1,844 Severance (2) ​ ​ 186 ​ ​ 489 Total store closures ​ ​ 2,030 ​ ​ 21,902 ​ ​ ​ ​ ​ ​ ​ Suspension of Canadian expansion ​ ​ ​ ​ ​ ​ Impairment of long-lived tangible and right-of-use assets (1) ​ $ 9,935 ​ $ 9,935 Lease termination costs ​ ​ 5,317 ​ ​ 5,317 Severance (2) ​ ​ 634 ​ ​ 634 Total suspension of Canadian expansion ​ ​ 15,886 ​ ​ 15,886 ​ ​ ​ ​ ​ ​ ​ Other severance (2) ​ $ 5,708 ​ $ 5,708 Total (3) ​ $ 23,624 ​ $ 83,924 (1) Amount included in the non-cash $69,932 long-lived asset impairment charge on the consolidated statements of cash flows for the 39 weeks ended October 31, 2020. (2) As of October 31, 2020, there was $6,202 in accrued liabilities on the consolidated balance sheets for restructuring and was primarily for severance. There was no liability for restructuring as of October 30, 2021. (3) There were no impairment, restructuring and other costs recognized during the 13 and 39 weeks ended October 30, 2021.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Oct. 30, 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 39 weeks ended October 30, 2021 and October 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 weeks ended ​ 39 weeks ended ​ ​ October 30, ​ October 31, ​ October 30, ​ October 31, (In thousands) ​ 2021 ​ 2020 ​ 2021 2020 Operating lease cost ​ $ 77,976 ​ $ 75,649 ​ $ 233,488 ​ $ 228,881
Schedule of cash flow information related to operating leases	The following table presents supplemental disclosures of cash flow information related to operating leases: ​ ​ ​ ​ ​ ​ ​ ​ 39 Weeks Ended ​ ​ October 30, ​ October 31, (In thousands) 2021 ​ 2020 Cash paid for operating lease liabilities (1) ​ $ 275,016 ​ $ 263,893 Operating lease assets obtained in exchange for operating lease liabilities (non-cash) ​ ​ 165,936 ​ ​ 188,240 (1) Excludes $24,570 and $22,789 related to cash received for tenant incentives for the 39 weeks ended October 30, 2021 and October 31, 2020, respectively.

Stock-based compensation (Table

Stock-based compensation (Tables)	9 Months Ended
	Oct. 30, 2021
Stock-based compensation
Schedule of weighted average assumptions to determine grant date fair value of employee stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 39 Weeks Ended ​ ​ October 30, ​ October 31, ​ 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 per common share (Ta

Net income per common share (Tables)	9 Months Ended
	Oct. 30, 2021
Net income per common share
Schedule reconciliation of net income and the number of shares of common stock used in the computation of net income per basic and diluted share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 39 Weeks Ended ​ ​ October 30, ​ October 31, ​ October 30, ​ October 31, (In thousands, except per share data) 2021 2020 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income $ 215,289 ​ $ 74,798 ​ $ 696,471 ​ $ 4,341 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares – Basic ​ ​ 54,291 ​ ​ 56,327 ​ ​ 54,921 ​ ​ 56,355 Dilutive effect of stock options and non-vested stock ​ ​ 369 ​ ​ 219 ​ ​ 359 ​ ​ 169 Weighted-average common shares – Diluted ​ ​ 54,660 ​ ​ 56,546 ​ ​ 55,280 ​ ​ 56,524 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 3.97 ​ $ 1.33 ​ $ 12.68 ​ $ 0.08 Diluted ​ $ 3.94 ​ $ 1.32 ​ $ 12.60 ​ $ 0.08

Share repurchase program (Table

Share repurchase program (Tables)	9 Months Ended
	Oct. 30, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ 39 Weeks Ended ​ ​ October 30, ​ October 31, (In thousands) ​ 2021 2020 Shares repurchased ​ ​ 2,330 ​ ​ 327 Total cost of shares repurchased ​ $ 762,167 ​ $ 72,981

Business and basis of present_3

Business and basis of presentation (Details)	Oct. 30, 2021storestate
Stores by state
Number of stores operated	1,302
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	40
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	52
North Carolina
Stores by state
Number of stores operated	39
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	45
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)	9 Months Ended
	Oct. 30, 2021	Oct. 31, 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		9 Months Ended		12 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020	Jan. 30, 2021
Summary of significant accounting policies
Employee retention credit recognized	$ 634	$ 2,402	$ 4,021	$ 50,583
Employee retention credit receivable			$ 56,426	50,583	$ 52,405
Deferred social security tax payments		34,060		34,060	$ 43,845
Cash tax refund received		$ 4,600		$ 4,600

Revenue - Disaggregated revenue

Revenue - Disaggregated revenue (Details) - Sales Revenue Net [Member] - Product concentration	3 Months Ended		9 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020
Disaggregated revenue
Concentration (as a percent)	100.00%	100.00%	100.00%	100.00%
Cosmetics
Disaggregated revenue
Concentration (as a percent)	45.00%	47.00%	44.00%	47.00%
Haircare products and styling tools
Disaggregated revenue
Concentration (as a percent)	21.00%	20.00%	20.00%	20.00%
Skincare
Disaggregated revenue
Concentration (as a percent)	16.00%	16.00%	17.00%	17.00%
Fragrance and bath
Disaggregated revenue
Concentration (as a percent)	12.00%	10.00%	12.00%	9.00%
Services
Disaggregated revenue
Concentration (as a percent)	3.00%	4.00%	4.00%	4.00%
Accessories and other
Disaggregated revenue
Concentration (as a percent)	3.00%	3.00%	3.00%	3.00%

Revenue - Deferred revenue (Det

Revenue - Deferred revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020
Summary of changes in deferred revenue
Balance at beginning of period	$ 256,227	$ 207,746	$ 269,032	$ 230,011
Additions to contract liabilities	92,074	40,932	201,106	128,402
Deductions to contract liabilities	(85,078)	(39,032)	(206,915)	(148,767)
Balance at end of period	263,223	209,646	263,223	209,646
Other amounts included in deferred revenue	$ 9,405	$ 15,216	$ 9,405	$ 15,216

Impairment, restructuring and_3

Impairment, restructuring and other costs (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 30, 2021USD ($)	Oct. 31, 2020USD ($)store	Oct. 30, 2021USD ($)	Oct. 31, 2020USD ($)store
Impairment, restructuring and other costs
Severance		$ 5,708		$ 5,708
Total		23,624		83,924
Impairment, restructuring and other costs
Non-cash impairment charges	$ 0		$ 0	69,932
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				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
Lease termination costs		1,844		1,844
Severance		186		489
Total		2,030		21,902
Impairment, restructuring and other costs
Restructuring accrual recorded in accrued liabilities	$ 0	$ 6,202	$ 0	$ 6,202
Number of store closings | store		19		19
Suspension of Canadian Expansion
Impairment, restructuring and other costs
Impairment of long-lived tangible and right-of-use assets		$ 9,935		$ 9,935
Lease termination costs		5,317		5,317
Severance		634		634
Total		$ 15,886		$ 15,886

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Oct. 30, 2021	Oct. 30, 2021	Jan. 30, 2021	Oct. 31, 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		9 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020
Leases
Initial lease term	10 years		10 years
Operating lease cost	$ 77,976	$ 75,649	$ 233,488	$ 228,881
Cash paid for operating lease liabilities			275,016	263,893
Operating lease assets obtained in exchange for operating lease liabilities (non-cash)			165,936	188,240
Excluded cash received for tenant incentives			$ 24,570	$ 22,789

Debt (Details)

Debt (Details) $ in Thousands	9 Months Ended
	Oct. 30, 2021USD ($)	Jan. 30, 2021USD ($)	Oct. 31, 2020USD ($)
Revolving Credit Facility
Notes payable
Outstanding borrowings under credit facility	$ 0	$ 0	$ 0
Weighted average interest rate			1.56%
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 (LIBOR) | 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 (LIBOR) | 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 Credit Facility
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	Oct. 30, 2021	Jan. 30, 2021	Oct. 31, 2020
Fair Value, Inputs, Level 2 | Non-qualified deferred compensation plan
Fair value measurements
Fair value of financial liabilities	$ 38,333	$ 32,909	$ 29,240

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2020	Oct. 30, 2021	Jan. 30, 2021
Investments
Contributions of capital to equity method investments	$ 5,665
Investment tax credits	1,690
Renewable energy projects
Investments
Equity method investments	$ 3,642	$ 2,815	$ 3,174

Stock-based compensation (Detai

Stock-based compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020
Employee Stock Option
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
Total compensation expense	$ 2,712	$ 2,900	$ 8,710	$ 8,247
Weighted-average grant date fair value of options granted (in dollars per share)			$ 109.72	$ 54.40
Unrecognized compensation expense	14,108		$ 14,108
Restricted stock units
Weighted-average assumptions to estimate fair value
Total compensation expense	4,622	5,098	$ 14,606	$ 14,446
Granted (in shares)			60,000	161,000
Unrecognized compensation expense	27,111		$ 27,111
Performance Based Restricted Stock Units
Weighted-average assumptions to estimate fair value
Granted (in shares)			46,000	0
Total compensation expense	1,786	386	$ 4,901	$ 286
Unrecognized compensation expense	15,898		15,898
Market-based restricted stock units
Weighted-average assumptions to estimate fair value
Compensation expense (benefit)	$ 3,289	$ 198	7,671	$ (331)
Total compensation expense			$ 10,000
Shares settled (in shares)			28,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020
Income Taxes
Income tax expense	$ 68,537	$ 25,096	$ 224,203	$ 2,935
Effective tax rate (as a percent)	24.10%	25.10%	24.40%	40.30%

Net income per common share - R

Net income per common share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020
Numerator:
Net income	$ 215,289	$ 74,798	$ 696,471	$ 4,341
Denominator:
Weighted-average common shares - Basic	54,291	56,327	54,921	56,355
Dilutive effect of stock options and non-vested stock	369	219	359	169
Weighted-average common shares - Diluted	54,660	56,546	55,280	56,524
Net income per common share:
Basic	$ 3.97	$ 1.33	$ 12.68	$ 0.08
Diluted	$ 3.94	$ 1.32	$ 12.60	$ 0.08

Net income per common share - A

Net income per common share - Anti-dilutive Shares (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020
Net income per common share
Employee stock options and restricted stock units excluded from the computation of net income per common share	144	246	173	562

Share repurchase program (Detai

Share repurchase program (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				9 Months Ended
	Oct. 30, 2021	Jul. 31, 2021	May 01, 2021	May 02, 2020	Oct. 30, 2021	Oct. 31, 2020	Mar. 12, 2020	Mar. 14, 2019
Share repurchase program
Shares repurchased (in shares)					2,330	327
Common stock repurchased and retired	$ 126,374	$ 243,484	$ 392,309	$ 72,981	$ 762,167	$ 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