Ulta Beauty (ULTA) 10-Q 24 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 29, 2023	Aug. 21, 2023
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. 29, 2023
Amendment Flag	false
Current Fiscal Year End Date	--02-03
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		49,228,649
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Trading Symbol	ULTA

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Current assets:
Cash and cash equivalents	$ 388,627	$ 737,877	$ 434,226
Receivables, net	174,444	199,422	180,514
Merchandise inventories, net	1,815,539	1,603,451	1,666,130
Prepaid expenses and other current assets	110,524	130,246	123,014
Prepaid income taxes	30,114	38,308	39,029
Total current assets	2,519,248	2,709,304	2,442,913
Property and equipment, net	1,073,144	1,009,273	912,017
Operating lease assets	1,549,146	1,561,263	1,509,246
Goodwill	10,870	10,870	10,870
Other intangible assets, net	718	1,312	1,075
Deferred compensation plan assets	40,087	35,382	33,393
Other long-term assets	55,547	43,007	36,480
Total assets	5,248,760	5,370,411	4,945,994
Current liabilities:
Accounts payable	521,315	559,527	586,851
Accrued liabilities	328,247	444,278	323,939
Deferred revenue	354,253	394,677	316,571
Current operating lease liabilities	287,359	283,293	274,693
Total current liabilities	1,491,174	1,681,775	1,502,054
Non-current operating lease liabilities	1,593,040	1,619,883	1,582,003
Deferred income taxes	56,012	55,346	40,029
Other long-term liabilities	56,657	53,596	52,840
Total liabilities	3,196,883	3,410,600	3,176,926
Commitments and contingencies (Note 6)
Stockholders' equity:
Common stock, $0.01 par value, 400,000 shares authorized; 50,139, 51,120, and 52,087 shares issued; 49,341, 50,364, and 51,332 shares outstanding; at July 29, 2023 (unaudited), January 28, 2023, and July 30, 2022 (unaudited), respectively	501	511	521
Treasury stock-common, at cost	(82,229)	(60,470)	(59,803)
Additional paid-in capital	1,049,679	1,023,997	982,339
Retained earnings	1,083,926	995,773	846,011
Total stockholders' equity	2,051,877	1,959,811	1,769,068
Total liabilities and stockholders' equity	$ 5,248,760	$ 5,370,411	$ 4,945,994

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
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	50,139	51,120	52,087
Common stock, shares outstanding	49,341	50,364	51,332

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Consolidated Statements of Income (Unaudited)
Net sales	$ 2,529,809	$ 2,297,113	$ 5,164,072	$ 4,643,014
Cost of sales	1,536,197	1,368,949	3,115,603	2,773,824
Gross profit	993,612	928,164	2,048,469	1,869,190
Selling, general and administrative expenses	600,692	534,459	1,212,821	1,035,429
Pre-opening expenses	1,278	2,277	1,936	4,625
Operating income	391,642	391,428	833,712	829,136
Interest (income) expense, net	(4,449)	(108)	(11,797)	293
Income before income taxes	396,091	391,536	845,509	828,843
Income tax expense	95,989	95,859	198,356	201,771
Net income	$ 300,102	$ 295,677	$ 647,153	$ 627,072
Net income per common share:
Basic	$ 6.05	$ 5.73	$ 12.97	$ 12.08
Diluted	$ 6.02	$ 5.70	$ 12.90	$ 12
Weighted average common shares outstanding:
Basic	49,617	51,607	49,885	51,928
Diluted	49,849	51,900	50,157	52,237

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022
Operating activities
Net income	$ 647,153	$ 627,072
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	119,862	123,721
Non-cash lease expense	152,867	146,251
Deferred income taxes	666	336
Stock-based compensation expense	21,539	22,875
Loss on disposal of property and equipment	3,878	2,277
Change in operating assets and liabilities:
Receivables	24,978	53,168
Merchandise inventories	(212,088)	(166,912)
Prepaid expenses and other current assets	19,722	(12,200)
Income taxes	8,194	(45,906)
Accounts payable	(38,752)	40,051
Accrued liabilities	(102,763)	(49,364)
Deferred revenue	(40,424)	(37,008)
Operating lease liabilities	(163,527)	(163,302)
Other assets and liabilities	(12,497)	(392)
Net cash provided by operating activities	428,808	540,667
Investing activities
Capital expenditures	(204,748)	(120,500)
Other investments	(1,687)	(1,249)
Net cash used in investing activities	(206,435)	(121,749)
Financing activities
Repurchase of common shares	(559,011)	(434,448)
Stock options exercised	9,147	24,521
Purchase of treasury shares	(21,759)	(6,325)
Net cash used in financing activities	(571,623)	(416,252)
Net (decrease) increase in cash and cash equivalents	(349,250)	2,666
Cash and cash equivalents at beginning of period	737,877	431,560
Cash and cash equivalents at end of period	388,627	434,226
Supplemental information
Income taxes paid, net of refunds	189,166	246,641
Non-cash capital expenditures	$ 51,860	$ 42,451

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	Total
Balance at Jan. 29, 2022	$ 530	$ (53,478)	$ 934,945	$ 653,376	$ 1,535,373
Balance (in shares) at Jan. 29, 2022	53,049
Treasury--common stock (in shares) at Jan. 29, 2022					(738)
Increase (Decrease) in Stockholders' Equity
Net income				331,395	$ 331,395
Stock-based compensation			10,356		10,356
Stock options exercised and other awards	$ 1		6,501		6,502
Stock options exercised and other awards (in shares)	73
Purchase of treasury shares		(5,172)			$ (5,172)
Purchase of treasury shares (in shares)					(14)
Repurchase of common shares, including excise tax	$ (3)			(132,831)	$ (132,834)
Repurchase of common shares, including excise tax (in shares)	(332)
Treasury--common stock (in shares) at Apr. 30, 2022					(752)
Balance at Apr. 30, 2022	$ 528	(58,650)	951,802	851,940	$ 1,745,620
Balance (in shares) at Apr. 30, 2022	52,790
Balance at Jan. 29, 2022	$ 530	(53,478)	934,945	653,376	$ 1,535,373
Balance (in shares) at Jan. 29, 2022	53,049
Treasury--common stock (in shares) at Jan. 29, 2022					(738)
Increase (Decrease) in Stockholders' Equity
Net income					$ 627,072
Repurchase of common shares, including excise tax					$ (434,448)
Repurchase of common shares, including excise tax (in shares)					(1,130)
Treasury--common stock (in shares) at Jul. 30, 2022					(755)
Balance at Jul. 30, 2022	$ 521	(59,803)	982,339	846,011	$ 1,769,068
Balance (in shares) at Jul. 30, 2022	52,087				51,332
Balance at Apr. 30, 2022	$ 528	(58,650)	951,802	851,940	$ 1,745,620
Balance (in shares) at Apr. 30, 2022	52,790
Treasury--common stock (in shares) at Apr. 30, 2022					(752)
Increase (Decrease) in Stockholders' Equity
Net income				295,677	$ 295,677
Stock-based compensation			12,519		12,519
Stock options exercised and other awards	$ 1		18,018		18,019
Stock options exercised and other awards (in shares)	95
Purchase of treasury shares		(1,153)			$ (1,153)
Purchase of treasury shares (in shares)					(3)
Repurchase of common shares, including excise tax	$ (8)			(301,606)	$ (301,614)
Repurchase of common shares, including excise tax (in shares)	(798)
Treasury--common stock (in shares) at Jul. 30, 2022					(755)
Balance at Jul. 30, 2022	$ 521	(59,803)	982,339	846,011	$ 1,769,068
Balance (in shares) at Jul. 30, 2022	52,087				51,332
Balance at Jan. 28, 2023	$ 511	(60,470)	1,023,997	995,773	$ 1,959,811
Balance (in shares) at Jan. 28, 2023	51,120				50,364
Treasury--common stock (in shares) at Jan. 28, 2023					(756)
Increase (Decrease) in Stockholders' Equity
Net income				347,051	$ 347,051
Stock-based compensation			9,721		9,721
Stock options exercised and other awards	$ 1		8,926		8,927
Stock options exercised and other awards (in shares)	150
Purchase of treasury shares		(21,659)			$ (21,659)
Purchase of treasury shares (in shares)					(41)
Repurchase of common shares, including excise tax	$ (5)		(2,266)	(283,512)	$ (285,783)
Repurchase of common shares, including excise tax (in shares)	(541)
Treasury--common stock (in shares) at Apr. 29, 2023					(797)
Balance at Apr. 29, 2023	$ 507	(82,129)	1,040,378	1,059,312	$ 2,018,068
Balance (in shares) at Apr. 29, 2023	50,729
Balance at Jan. 28, 2023	$ 511	(60,470)	1,023,997	995,773	$ 1,959,811
Balance (in shares) at Jan. 28, 2023	51,120				50,364
Treasury--common stock (in shares) at Jan. 28, 2023					(756)
Increase (Decrease) in Stockholders' Equity
Net income					$ 647,153
Repurchase of common shares, including excise tax					$ (564,014)
Repurchase of common shares, including excise tax (in shares)					(1,135)
Treasury--common stock (in shares) at Jul. 29, 2023					(798)
Balance at Jul. 29, 2023	$ 501	(82,229)	1,049,679	1,083,926	$ 2,051,877
Balance (in shares) at Jul. 29, 2023	50,139				49,341
Balance at Apr. 29, 2023	$ 507	(82,129)	1,040,378	1,059,312	$ 2,018,068
Balance (in shares) at Apr. 29, 2023	50,729
Treasury--common stock (in shares) at Apr. 29, 2023					(797)
Increase (Decrease) in Stockholders' Equity
Net income				300,102	$ 300,102
Stock-based compensation			11,818		11,818
Stock options exercised and other awards			220		220
Stock options exercised and other awards (in shares)	4
Purchase of treasury shares		(100)			$ (100)
Purchase of treasury shares (in shares)					(1)
Repurchase of common shares, including excise tax	$ (6)		(2,737)	(275,488)	$ (278,231)
Repurchase of common shares, including excise tax (in shares)	(594)
Treasury--common stock (in shares) at Jul. 29, 2023					(798)
Balance at Jul. 29, 2023	$ 501	$ (82,229)	$ 1,049,679	$ 1,083,926	$ 2,051,877
Balance (in shares) at Jul. 29, 2023	50,139				49,341

Business and basis of presentat

Business and basis of presentation	6 Months Ended
	Jul. 29, 2023
Business and basis of presentation
Business and basis of presentation	1. Business and basis of presentation Ulta Beauty, Inc. was founded in 1990 to operate specialty retail stores selling cosmetics, fragrance, haircare and skincare products, and related accessories and services. Nearly every store features a full-service salon. 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 29, 2023, the Company operated 1,362 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 ​ 34 ​ Nevada ​ 16 Arkansas ​ 11 ​ New Hampshire ​ 8 California ​ 168 ​ New Jersey ​ 44 Colorado ​ 27 ​ New Mexico ​ 7 Connecticut ​ 19 ​ New York ​ 55 Delaware ​ 4 ​ North Carolina ​ 43 Florida ​ 93 ​ North Dakota ​ 4 Georgia ​ 43 ​ Ohio ​ 46 Hawaii ​ 4 ​ Oklahoma ​ 22 Idaho ​ 9 ​ Oregon ​ 18 Illinois ​ 55 ​ Pennsylvania ​ 45 Indiana ​ 26 ​ Rhode Island ​ 4 Iowa ​ 11 ​ South Carolina ​ 24 Kansas ​ 13 ​ South Dakota ​ 3 Kentucky ​ 15 ​ Tennessee ​ 30 Louisiana ​ 18 ​ Texas ​ 127 Maine ​ 3 ​ Utah ​ 15 Maryland ​ 28 ​ Vermont ​ 1 Massachusetts ​ 25 ​ Virginia ​ 33 Michigan ​ 49 ​ Washington ​ 37 Minnesota ​ 19 ​ West Virginia ​ 7 Mississippi ​ 12 ​ Wisconsin ​ 20 Missouri ​ 25 ​ Wyoming ​ 4 ​ ​ ​ ​ Total ​ 1,362 ​ 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 29, 2023 are not necessarily indicative of the results to be expected for the fiscal year ending February 3, 2024, or for any other future interim period or for any future year. 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 28, 2023. 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
	Jul. 29, 2023
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 28, 2023. 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 2023 and 2022 ended on July 29, 2023 and July 30, 2022, 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 will be reflected in the consolidated financial statements in future periods. ​

Revenue

Revenue	6 Months Ended
	Jul. 29, 2023
Revenue
Revenue	3 . Revenue Net sales include retail stores and e-commerce merchandise sales as well as salon services and other revenue. Other revenue includes the private label and co-branded credit card programs, royalties derived from the partnership with Target Corporation, and 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 29, ​ July 30, ​ July 29, ​ July 30, (Percentage of net sales) ​ 2023 ​ 2022 ​ 2023 ​ 2022 Cosmetics ​ 40% ​ 42% ​ 42% ​ 43% Haircare products and styling tools ​ 21% ​ 22% ​ 19% ​ 21% Skincare ​ 20% ​ 17% ​ 20% ​ 17% Fragrance and bath ​ 12% ​ 12% ​ 12% ​ 12% Services ​ 4% ​ 4% ​ 4% ​ 4% Accessories and other ​ 3% ​ 3% ​ 3% ​ 3% ​ ​ 100% ​ 100% ​ 100% ​ 100% ​ 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 29, 2023 and July 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 26 Weeks Ended ​ ​ July 29, ​ July 30, ​ July 29, ​ July 30, (In thousands) ​ 2023 ​ 2022 ​ 2023 2022 Beginning balance ​ $ 350,123 ​ $ 312,359 ​ $ 388,583 ​ $ 345,206 Additions to contract liabilities (1) ​ ​ 114,374 ​ ​ 101,904 ​ ​ 237,770 ​ ​ 213,678 Deductions to contract liabilities (2) ​ ​ (118,430) ​ ​ (108,350) ​ ​ (280,286) ​ ​ (252,971) Ending balance ​ $ 346,067 ​ $ 305,913 ​ $ 346,067 ​ $ 305,913 (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 $8,186 and $10,658 at July 29, 2023 and July 30, 2022, respectively.

Goodwill and other intangible a

Goodwill and other intangible assets	6 Months Ended
	Jul. 29, 2023
Goodwill and Other Intangible Assets
Goodwill and other intangible assets	4. 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 29, 2023, January 28, 2023, and July 30, 2022. No additional goodwill was recognized during the 13 and 26 weeks ended July 29, 2023. 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
	Jul. 29, 2023
Leases
Leases	5. Leases The Company leases retail stores, distribution centers, fast fulfillment centers, market fulfillment centers, corporate offices, and certain equipment under non-cancelable operating leases with various expiration dates through 2036. 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, fast fulfillment centers, and market 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 26 Weeks Ended ​ ​ July 29, ​ July 30, ​ July 29, ​ July 30, (In thousands) ​ 2023 ​ 2022 ​ 2023 ​ 2022 Operating lease cost ​ $ 83,121 ​ $ 79,094 ​ $ 168,249 ​ $ 159,995 ​ Other information The following table presents supplemental disclosures of cash flow information related to operating leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ 26 Weeks Ended ​ ​ ​ July 29, ​ July 30, ​ (In thousands) 2023 ​ 2022 ​ Cash paid for operating lease liabilities (1) ​ $ 196,638 ​ $ 189,938 ​ Operating lease assets obtained in exchange for operating lease liabilities (non-cash) ​ ​ 140,750 ​ ​ 173,241 ​ (1) Excludes $17,450 and $13,363 related to cash received for tenant incentives for the 26 weeks ended July 29, 2023 and July 30, 2022, respectively.

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Jul. 29, 2023
Commitments and contingencies
Commitments and contingencies	6. 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 Company’s consolidated financial position, results of operations or cash flows. ​

Debt

Debt	6 Months Ended
	Jul. 29, 2023
Debt
Debt	7. Debt On February 27, 2023, the Company entered into Amendment No. 2 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 Term Secured Overnight Financing Rate plus a margin of 1.125% to 1.250%, and a credit spread adjustment of 0.10%, with such margins based on the Company’s borrowing availability, and the unused line fee is 0.20% per annum. As of July 29, 2023, January 28, 2023, and July 30, 2022, there were no borrowings outstanding under the credit facility. As of July 29, 2023, the Company was in compliance with all terms and covenants of the Loan Agreement. ​

Fair value measurements

Fair value measurements	6 Months Ended
	Jul. 29, 2023
Fair value measurements
Fair value measurements	8. 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. 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 29, 2023, January 28, 2023, and July 30, 2022, there were liabilities related to the non-qualified deferred compensation plan included in other long-term liabilities on the consolidated balance sheets of $42,529, $37,501, and $36,071, 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. ​

Stock-based compensation

Stock-based compensation	6 Months Ended
	Jul. 29, 2023
Stock-based compensation
Stock-based compensation	9. 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 29, ​ July 30, ​ 2023 2022 Volatility rate 45.0% ​ 49.0% Average risk-free interest rate 3.8% ​ 2.4% Average expected life (in years) 3.4 3.4 Dividend yield — — ​ The expected volatility is based on the historical volatility of the Company’s common stock. The risk-free interest rate is based on the United States Treasury yield curve in effect on the date of grant for the respective expected life of the option. The expected life represents the time the options granted are expected to be outstanding. The expected life of options granted is derived from historical data on Ulta Beauty stock option exercises. Forfeitures of stock options are estimated at the grant date based on historical rates of stock option activity and reduce the stock-based compensation expense recognized. The Company does not currently pay a regular dividend. The Company granted 42 and 48 stock options during the 26 weeks ended July 29, 2023 and July 30, 2022, respectively. Stock-based compensation expense for stock options was $1,749 and $2,164 for the 13 weeks ended July 29, 2023 and July 30, 2022, respectively. Stock-based compensation expense for stock options was $3,219 and $4,506 for the 26 weeks ended July 29, 2023 and July 30, 2022, respectively. The weighted-average grant date fair value of these stock options was $199.15 and $149.14 for the 26 weeks ended July 29, 2023 and July 30, 2022, respectively. At July 29, 2023, there was approximately $14,770 of unrecognized stock-based compensation expense related to unvested stock options. There were 45 and 56 restricted stock units issued during the 26 weeks ended July 29, 2023 and July 30, 2022, respectively. Stock-based compensation expense for restricted stock units was $4,934 and $4,987 for the 13 weeks ended July 29, 2023 and July 30, 2022, respectively. Stock-based compensation expense for restricted stock units was $9,293 and $9,439 for the 26 weeks ended July 29, 2023 and July 30, 2022, respectively. At July 29, 2023, there was approximately $36,561 of unrecognized stock-based compensation expense related to restricted stock units. There were 33 and 37 performance-based restricted stock units issued during the 26 weeks ended July 29, 2023 and July 30, 2022, respectively. Stock-based compensation expense for performance-based restricted stock units was $5,135 and $5,368 for the 13 weeks ended July 29, 2023 and July 30, 2022, respectively. Stock-based compensation expense for performance-based restricted stock units was $9,027 and $8,930 for the 26 weeks ended July 29, 2023 and July 30, 2022, respectively. At July 29, 2023, there was approximately $33,091 of unrecognized stock-based compensation expense related to performance-based restricted stock units.

Income taxes

Income taxes	6 Months Ended
	Jul. 29, 2023
Income Taxes
Income taxes	10. 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 $95,989 for the 13 weeks ended July 29, 2023 represents an effective tax rate of 24.2%, compared to $95,859 of tax expense representing an effective tax rate of 24.5% for the 13 weeks ended July 30, 2022. Income tax expense of $198,356 for the 26 weeks ended July 29, 2023 represents an effective tax rate of 23.5%, compared to $201,771 of tax expense representing an effective tax rate of 24.3% for the 26 weeks ended July 30, 2022. The lower effective tax rate is primarily due to benefits from income tax accounting for stock-based compensation. ​ On August 16, 2022, the Inflation Reduction Act of 2022 was enacted into law, which, among other things, introduced a 15% corporate alternative minimum tax on book income of certain large corporations and created a 1% excise tax on net share repurchases. The corporate alternative minimum tax will be effective in fiscal 2024 and is not expected to have a material impact on the consolidated financial statements. The excise tax applies to share repurchases made after December 31, 2022. ​

Net income per common share

Net income per common share	6 Months Ended
	Jul. 29, 2023
Net income per common share
Net income per common share	11. Net income per common share The following is a reconciliation of net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 26 Weeks Ended ​ ​ July 29, ​ July 30, ​ July 29, ​ July 30, (In thousands, except per share data) 2023 2022 2023 2022 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income $ 300,102 ​ $ 295,677 ​ $ 647,153 ​ $ 627,072 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares – Basic ​ ​ 49,617 ​ ​ 51,607 ​ ​ 49,885 ​ ​ 51,928 Dilutive effect of stock options and non-vested stock ​ ​ 232 ​ ​ 293 ​ ​ 272 ​ ​ 309 Weighted-average common shares – Diluted ​ ​ 49,849 ​ ​ 51,900 ​ ​ 50,157 ​ ​ 52,237 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 6.05 ​ $ 5.73 ​ $ 12.97 ​ $ 12.08 Diluted ​ $ 6.02 ​ $ 5.70 ​ $ 12.90 ​ $ 12.00 ​ The denominator for diluted net income per common share for the 13 weeks ended July 29, 2023 and July 30, 2022 excludes 127 and 67 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 26 weeks ended July 29, 2023 and July 30, 2022 excludes 133 and 125 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
	Jul. 29, 2023
Share repurchase program
Share repurchase program	12. Share repurchase program In March 2022, the Board of Directors authorized a share repurchase program (the 2022 Share Repurchase Program) pursuant to which the Company may repurchase up to $2,000,000 of the Company’s common stock. The 2022 Share Repurchase Program revokes the previously authorized but unused amounts from the earlier share repurchase program. The authorized value of shares available to be repurchased under the 2022 Share Repurchase Program excludes excise tax. The 2022 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 29, ​ July 30, (In thousands) ​ 2023 2022 Shares repurchased ​ ​ 1,135 ​ ​ 1,130 Total cost of shares repurchased, including excise tax ​ $ 564,014 ​ $ 434,448 ​ ​

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	6 Months Ended
	Jul. 29, 2023
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 2023 and 2022 ended on July 29, 2023 and July 30, 2022, 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 will be reflected in the consolidated financial statements in future periods.

Business and basis of present_2

Business and basis of presentation (Tables)	6 Months Ended
	Jul. 29, 2023
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 ​ 34 ​ Nevada ​ 16 Arkansas ​ 11 ​ New Hampshire ​ 8 California ​ 168 ​ New Jersey ​ 44 Colorado ​ 27 ​ New Mexico ​ 7 Connecticut ​ 19 ​ New York ​ 55 Delaware ​ 4 ​ North Carolina ​ 43 Florida ​ 93 ​ North Dakota ​ 4 Georgia ​ 43 ​ Ohio ​ 46 Hawaii ​ 4 ​ Oklahoma ​ 22 Idaho ​ 9 ​ Oregon ​ 18 Illinois ​ 55 ​ Pennsylvania ​ 45 Indiana ​ 26 ​ Rhode Island ​ 4 Iowa ​ 11 ​ South Carolina ​ 24 Kansas ​ 13 ​ South Dakota ​ 3 Kentucky ​ 15 ​ Tennessee ​ 30 Louisiana ​ 18 ​ Texas ​ 127 Maine ​ 3 ​ Utah ​ 15 Maryland ​ 28 ​ Vermont ​ 1 Massachusetts ​ 25 ​ Virginia ​ 33 Michigan ​ 49 ​ Washington ​ 37 Minnesota ​ 19 ​ West Virginia ​ 7 Mississippi ​ 12 ​ Wisconsin ​ 20 Missouri ​ 25 ​ Wyoming ​ 4 ​ ​ ​ ​ Total ​ 1,362

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jul. 29, 2023
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 29, ​ July 30, ​ July 29, ​ July 30, (Percentage of net sales) ​ 2023 ​ 2022 ​ 2023 ​ 2022 Cosmetics ​ 40% ​ 42% ​ 42% ​ 43% Haircare products and styling tools ​ 21% ​ 22% ​ 19% ​ 21% Skincare ​ 20% ​ 17% ​ 20% ​ 17% Fragrance and bath ​ 12% ​ 12% ​ 12% ​ 12% Services ​ 4% ​ 4% ​ 4% ​ 4% Accessories and other ​ 3% ​ 3% ​ 3% ​ 3% ​ ​ 100% ​ 100% ​ 100% ​ 100% ​
Summary of changes in deferred revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 26 Weeks Ended ​ ​ July 29, ​ July 30, ​ July 29, ​ July 30, (In thousands) ​ 2023 ​ 2022 ​ 2023 2022 Beginning balance ​ $ 350,123 ​ $ 312,359 ​ $ 388,583 ​ $ 345,206 Additions to contract liabilities (1) ​ ​ 114,374 ​ ​ 101,904 ​ ​ 237,770 ​ ​ 213,678 Deductions to contract liabilities (2) ​ ​ (118,430) ​ ​ (108,350) ​ ​ (280,286) ​ ​ (252,971) Ending balance ​ $ 346,067 ​ $ 305,913 ​ $ 346,067 ​ $ 305,913 (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.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jul. 29, 2023
Leases
Summary of components of lease cost for operating leases:	The following table presents a summary of operating lease costs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 26 Weeks Ended ​ ​ July 29, ​ July 30, ​ July 29, ​ July 30, (In thousands) ​ 2023 ​ 2022 ​ 2023 ​ 2022 Operating lease cost ​ $ 83,121 ​ $ 79,094 ​ $ 168,249 ​ $ 159,995
Schedule of supplemental disclosures 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 29, ​ July 30, ​ (In thousands) 2023 ​ 2022 ​ Cash paid for operating lease liabilities (1) ​ $ 196,638 ​ $ 189,938 ​ Operating lease assets obtained in exchange for operating lease liabilities (non-cash) ​ ​ 140,750 ​ ​ 173,241 ​ (1) Excludes $17,450 and $13,363 related to cash received for tenant incentives for the 26 weeks ended July 29, 2023 and July 30, 2022, respectively.

Stock-based compensation (Table

Stock-based compensation (Tables)	6 Months Ended
	Jul. 29, 2023
Stock-based compensation
Schedule of weighted average assumptions to determine grant date fair value of employee stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 26 Weeks Ended ​ ​ July 29, ​ July 30, ​ 2023 2022 Volatility rate 45.0% ​ 49.0% Average risk-free interest rate 3.8% ​ 2.4% Average expected life (in years) 3.4 3.4 Dividend yield — —

Net income per common share (Ta

Net income per common share (Tables)	6 Months Ended
	Jul. 29, 2023
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 common share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 26 Weeks Ended ​ ​ July 29, ​ July 30, ​ July 29, ​ July 30, (In thousands, except per share data) 2023 2022 2023 2022 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income $ 300,102 ​ $ 295,677 ​ $ 647,153 ​ $ 627,072 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares – Basic ​ ​ 49,617 ​ ​ 51,607 ​ ​ 49,885 ​ ​ 51,928 Dilutive effect of stock options and non-vested stock ​ ​ 232 ​ ​ 293 ​ ​ 272 ​ ​ 309 Weighted-average common shares – Diluted ​ ​ 49,849 ​ ​ 51,900 ​ ​ 50,157 ​ ​ 52,237 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 6.05 ​ $ 5.73 ​ $ 12.97 ​ $ 12.08 Diluted ​ $ 6.02 ​ $ 5.70 ​ $ 12.90 ​ $ 12.00

Share repurchase program (Table

Share repurchase program (Tables)	6 Months Ended
	Jul. 29, 2023
Share repurchase program
Summary of common stock repurchase activity	A summary of common stock repurchase activity is presented in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ 26 Weeks Ended ​ ​ July 29, ​ July 30, (In thousands) ​ 2023 2022 Shares repurchased ​ ​ 1,135 ​ ​ 1,130 Total cost of shares repurchased, including excise tax ​ $ 564,014 ​ $ 434,448

Business and basis of present_3

Business and basis of presentation (Details)	Jul. 29, 2023 store state
Stores by state
Number of stores operated	1,362
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	34
Arkansas
Stores by state
Number of stores operated	11
California
Stores by state
Number of stores operated	168
Colorado
Stores by state
Number of stores operated	27
Connecticut
Stores by state
Number of stores operated	19
Delaware
Stores by state
Number of stores operated	4
Florida
Stores by state
Number of stores operated	93
Georgia
Stores by state
Number of stores operated	43
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	26
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	28
Massachusetts
Stores by state
Number of stores operated	25
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	12
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	16
New Hampshire
Stores by state
Number of stores operated	8
New Jersey
Stores by state
Number of stores operated	44
New Mexico
Stores by state
Number of stores operated	7
New York
Stores by state
Number of stores operated	55
North Carolina
Stores by state
Number of stores operated	43
North Dakota
Stores by state
Number of stores operated	4
Ohio
Stores by state
Number of stores operated	46
Oklahoma
Stores by state
Number of stores operated	22
Oregon
Stores by state
Number of stores operated	18
Pennsylvania
Stores by state
Number of stores operated	45
Rhode Island
Stores by state
Number of stores operated	4
South Carolina
Stores by state
Number of stores operated	24
South Dakota
Stores by state
Number of stores operated	3
Tennessee
Stores by state
Number of stores operated	30
Texas
Stores by state
Number of stores operated	127
Utah
Stores by state
Number of stores operated	15
Vermont
Stores by state
Number of stores operated	1
Virginia
Stores by state
Number of stores operated	33
Washington
Stores by state
Number of stores operated	37
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	4

Summary of significant accoun_3

Summary of significant accounting policies (Details)	6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022
Summary of significant accounting policies
Fiscal quarter	91 days	91 days

Revenue - Disaggregated revenue

Revenue - Disaggregated revenue (Details) - Sales Revenue - Product concentration	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Disaggregated revenue
Concentration (as a percent)	100%	100%	100%	100%
Cosmetics
Disaggregated revenue
Concentration (as a percent)	40%	42%	42%	43%
Haircare products and styling tools
Disaggregated revenue
Concentration (as a percent)	21%	22%	19%	21%
Skincare
Disaggregated revenue
Concentration (as a percent)	20%	17%	20%	17%
Fragrance and bath
Disaggregated revenue
Concentration (as a percent)	12%	12%	12%	12%
Services
Disaggregated revenue
Concentration (as a percent)	4%	4%	4%	4%
Accessories and other
Disaggregated revenue
Concentration (as a percent)	3%	3%	3%	3%

Revenue - Deferred revenue (Det

Revenue - Deferred revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Summary of changes in deferred revenue
Beginning balance	$ 350,123	$ 312,359	$ 388,583	$ 345,206
Additions to contract liabilities	114,374	101,904	237,770	213,678
Deductions to contract liabilities	(118,430)	(108,350)	(280,286)	(252,971)
Ending balance	346,067	305,913	346,067	305,913
Other amounts included in deferred revenue	$ 8,186	$ 10,658	$ 8,186	$ 10,658

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 29, 2023	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Goodwill and Other Intangible Assets
Goodwill	$ 10,870	$ 10,870	$ 10,870	$ 10,870
Additional goodwill recognized	$ 0	$ 0

Leases - Lease cost and Other i

Leases - Lease cost and Other information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Leases
Initial lease term	10 years		10 years
Operating lease cost	$ 83,121	$ 79,094	$ 168,249	$ 159,995
Cash paid for operating lease liabilities			196,638	189,938
Operating lease assets obtained in exchange for operating lease liabilities (non-cash)			140,750	173,241
Excluded cash received for tenant incentives			$ 17,450	$ 13,363

Debt (Details)

Debt (Details) - Amendment No. 2 to the Second Amended and Restated Loan Agreement $ in Thousands	Feb. 27, 2023 USD ($)	Jul. 29, 2023 USD ($)	Jan. 28, 2023 USD ($)	Jul. 30, 2022 USD ($)
Notes payable
Interest rate margin (as a percent)	0.10%
Unused line fee (as a percent)	0.20%
Minimum
Notes payable
Fixed charge coverage ratio covenant	1
Base Rate | Minimum
Notes payable
Interest rate margin (as a percent)	0%
Base Rate | Maximum
Notes payable
Interest rate margin (as a percent)	0.125%
SOFR | Minimum
Notes payable
Interest rate margin (as a percent)	1.125%
SOFR | Maximum
Notes payable
Interest rate margin (as a percent)	1.25%
Revolving Credit Facility
Notes payable
Maximum borrowing capacity	$ 1,000,000
Contingent increase to revolving facility	100,000
Outstanding borrowings under credit facility		$ 0	$ 0	$ 0
Letters of credit
Notes payable
Maximum borrowing capacity	$ 50,000

Fair value measurements (Detail

Fair value measurements (Details) - USD ($) $ in Thousands	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Fair Value, Inputs, Level 2 | Non-qualified deferred compensation plan
Fair value measurements
Fair value of financial liabilities	$ 42,529	$ 37,501	$ 36,071

Stock-based compensation - Assu

Stock-based compensation - Assumptions to Estimate Fair Value of Stock Options (Details) - Employee Stock Option [Member]	6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022
Weighted-average assumptions to estimate fair value
Volatility rate (as a percent)	45%	49%
Average risk-free interest rate (as a percent)	3.80%	2.40%
Average expected life	3 years 4 months 24 days	3 years 4 months 24 days
Dividend yield (as a percent)	0%	0%

Stock-based compensation - Stoc

Stock-based compensation - Stock Option Activity (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Share-based compensation
Weighted-average grant date fair value (in dollars per share)			$ 199.15	$ 149.14
Stock options
Stock-based compensation expense	$ 1,749	$ 2,164	$ 3,219	$ 4,506
Unrecognized stock-based compensation expense	$ 14,770		$ 14,770
Number of options
Granted (in shares)			42	48

Stock-based compensation - Rest

Stock-based compensation - Restricted Stock Units (Details) - Restricted stock units - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Restricted stock units
Unrecognized stock-based compensation expense	$ 36,561		$ 36,561
Stock-based compensation expense	$ 4,934	$ 4,987	$ 9,293	$ 9,439
Number of shares
Granted (in shares)			45	56

Stock-based compensation - Perf

Stock-based compensation - Performance-based Restricted Stock Units (Details) - Performance Based Restricted Stock Units - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Performance-based restricted stock units
Unrecognized stock-based compensation expense	$ 33,091		$ 33,091
Stock-based compensation expense	$ 5,135	$ 5,368	$ 9,027	$ 8,930
Number of shares
Granted (in shares)			33	37

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Aug. 16, 2022	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Income Taxes
Income tax expense		$ 95,989	$ 95,859	$ 198,356	$ 201,771
Effective tax rate (as a percent)		24.20%	24.50%	23.50%	24.30%
Alternative minimum tax	15%
Excise tax	1%

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		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Numerator:
Net income	$ 300,102	$ 295,677	$ 647,153	$ 627,072
Denominator:
Weighted-average common shares - Basic	49,617	51,607	49,885	51,928
Dilutive effect of stock options and non-vested stock	232	293	272	309
Weighted-average common shares - Diluted	49,849	51,900	50,157	52,237
Net income per common share:
Basic	$ 6.05	$ 5.73	$ 12.97	$ 12.08
Diluted	$ 6.02	$ 5.70	$ 12.90	$ 12

Net income per common share - A

Net income per common share - Anti-dilutive Shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Net income per common share
Employee stock options and restricted stock units excluded from the computation of net income per common share	127	67	133	125

Share repurchase program (Detai

Share repurchase program (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jul. 29, 2023	Apr. 29, 2023	Jul. 30, 2022	Apr. 30, 2022	Jul. 29, 2023	Jul. 30, 2022	Mar. 31, 2022
Share repurchase program
Shares repurchased (in shares)					1,135	1,130
Total cost of shares repurchased, including excise tax	$ 278,231	$ 285,783	$ 301,614	$ 132,834	$ 564,014	$ 434,448
2022 Share Repurchase Program
Share repurchase program
Authorized amount of share repurchase program							$ 2,000,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jul. 29, 2023	Apr. 29, 2023	Jul. 30, 2022	Apr. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 300,102	$ 347,051	$ 295,677	$ 331,395	$ 647,153	$ 627,072

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jul. 29, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false