Ulta Beauty (ULTA) 10-Q 29 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Aug. 03, 2024	Aug. 26, 2024
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	Aug. 03, 2024
Amendment Flag	false
Current Fiscal Year End Date	--02-01
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		47,114,727
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Trading Symbol	ULTA

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 03, 2024	Feb. 03, 2024	Jul. 29, 2023
Current assets:
Cash and cash equivalents	$ 413,962	$ 766,594	$ 388,627
Receivables, net	200,863	207,939	174,444
Merchandise inventories, net	1,998,286	1,742,136	1,815,539
Prepaid expenses and other current assets	132,023	115,598	110,524
Prepaid income taxes	53,607	4,251	30,114
Total current assets	2,798,741	2,836,518	2,519,248
Property and equipment, net	1,225,850	1,182,335	1,073,144
Operating lease assets	1,599,735	1,574,530	1,549,146
Goodwill	10,870	10,870	10,870
Other intangible assets, net	357	510	718
Deferred compensation plan assets	46,280	43,516	40,087
Other long-term assets	55,575	58,732	55,547
Total assets	5,737,408	5,707,011	5,248,760
Current liabilities:
Accounts payable	566,904	544,001	521,315
Accrued liabilities	348,042	382,468	328,247
Deferred revenue	394,987	436,591	354,253
Current operating lease liabilities	281,301	283,821	287,359
Accrued income taxes		11,310
Total current liabilities	1,591,234	1,658,191	1,491,174
Non-current operating lease liabilities	1,647,698	1,627,271	1,593,040
Deferred income taxes	88,461	85,921	56,012
Other long-term liabilities	61,855	56,300	56,657
Total liabilities	3,389,248	3,427,683	3,196,883
Commitments and contingencies (Note 6)
Stockholders' equity:
Common stock, $0.01 par value, 400,000 shares authorized; 48,143, 49,123, and 50,139 shares issued; 47,300, 48,324, and 49,341 shares outstanding; at August 3, 2024 (unaudited), February 3, 2024, and July 29, 2023 (unaudited), respectively	481	491	501
Treasury stock-common, at cost	(106,491)	(83,032)	(82,229)
Additional paid-in capital	1,099,197	1,075,104	1,049,679
Retained earnings	1,354,973	1,286,765	1,083,926
Total stockholders' equity	2,348,160	2,279,328	2,051,877
Total liabilities and stockholders' equity	$ 5,737,408	$ 5,707,011	$ 5,248,760

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Aug. 03, 2024	Feb. 03, 2024	Jul. 29, 2023
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	48,143	49,123	50,139
Common stock, shares outstanding	47,300	48,324	49,341

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Consolidated Statements of Income
Net sales	$ 2,552,087	$ 2,529,809	$ 5,277,935	$ 5,164,072
Cost of sales	1,573,910	1,536,197	3,229,978	3,115,603
Gross profit	978,177	993,612	2,047,957	2,048,469
Selling, general and administrative expenses	644,821	600,692	1,310,734	1,212,821
Pre-opening expenses	4,155	1,278	7,074	1,936
Operating income	329,201	391,642	730,149	833,712
Interest income, net	(4,526)	(4,449)	(11,426)	(11,797)
Income before income taxes	333,727	396,091	741,575	845,509
Income tax expense	81,171	95,989	175,906	198,356
Net income	$ 252,556	$ 300,102	$ 565,669	$ 647,153
Net income per common share:
Basic	$ 5.32	$ 6.05	$ 11.83	$ 12.97
Diluted	$ 5.30	$ 6.02	$ 11.78	$ 12.90
Weighted average common shares outstanding:
Basic	47,505	49,617	47,815	49,885
Diluted	47,667	49,849	48,022	50,157

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023
Operating activities
Net income	$ 565,669	$ 647,153
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	130,053	119,862
Non-cash lease expense	163,481	152,867
Deferred income taxes	2,540	666
Stock-based compensation expense	19,272	21,539
Loss on disposal of property and equipment	5,204	3,878
Change in operating assets and liabilities:
Receivables	7,076	24,978
Merchandise inventories	(256,150)	(212,088)
Prepaid expenses and other current assets	(16,425)	19,722
Income taxes	(60,666)	8,194
Accounts payable	29,715	(38,752)
Accrued liabilities	(33,634)	(102,763)
Deferred revenue	(41,604)	(40,424)
Operating lease liabilities	(170,779)	(163,527)
Other assets and liabilities	15,127	(12,497)
Net cash provided by operating activities	358,879	428,808
Investing activities
Capital expenditures	(186,301)	(204,748)
Other investments	(5,091)	(1,687)
Net cash used in investing activities	(191,392)	(206,435)
Financing activities
Repurchase of common shares	(501,768)	(559,011)
Stock options exercised	9,196	9,147
Purchase of treasury shares	(23,459)	(21,759)
Debt issuance costs	(4,088)
Net cash used in financing activities	(520,119)	(571,623)
Net decrease in cash and cash equivalents	(352,632)	(349,250)
Cash and cash equivalents at beginning of period	766,594	737,877
Cash and cash equivalents at end of period	413,962	388,627
Supplemental information
Income taxes paid, net of refunds	233,249	189,166
Non-cash capital expenditures	$ 54,075	$ 51,860

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. 28, 2023	$ 511	$ (60,470)	$ 1,023,997	$ 995,773	$ 1,959,811
Balance (in shares) at Jan. 28, 2023	51,120
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
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
Balance at Feb. 03, 2024	$ 491	(83,032)	1,075,104	1,286,765	$ 2,279,328
Balance (in shares) at Feb. 03, 2024	49,123				48,324
Treasury--common stock (in shares) at Feb. 03, 2024					(799)
Increase (Decrease) in Stockholders' Equity
Net income				313,113	$ 313,113
Stock-based compensation			10,082		10,082
Stock options exercised and other awards	$ 2		8,911		8,913
Stock options exercised and other awards (in shares)	153
Purchase of treasury shares		(23,283)			$ (23,283)
Purchase of treasury shares (in shares)					(44)
Repurchase of common shares, including excise tax	$ (6)		(2,275)	(285,129)	$ (287,410)
Repurchase of common shares, including excise tax (in shares)	(588)
Treasury--common stock (in shares) at May. 04, 2024					(843)
Balance at May. 04, 2024	$ 487	(106,315)	1,091,822	1,314,749	$ 2,300,743
Balance (in shares) at May. 04, 2024	48,688
Balance at Feb. 03, 2024	$ 491	(83,032)	1,075,104	1,286,765	$ 2,279,328
Balance (in shares) at Feb. 03, 2024	49,123				48,324
Treasury--common stock (in shares) at Feb. 03, 2024					(799)
Increase (Decrease) in Stockholders' Equity
Net income					$ 565,669
Repurchase of common shares, including excise tax					$ (501,846)
Repurchase of common shares, including excise tax (in shares)					(1,138)
Treasury--common stock (in shares) at Aug. 03, 2024					(843)
Balance at Aug. 03, 2024	$ 481	(106,491)	1,099,197	1,354,973	$ 2,348,160
Balance (in shares) at Aug. 03, 2024	48,143				47,300
Balance at May. 04, 2024	$ 487	(106,315)	1,091,822	1,314,749	$ 2,300,743
Balance (in shares) at May. 04, 2024	48,688
Treasury--common stock (in shares) at May. 04, 2024					(843)
Increase (Decrease) in Stockholders' Equity
Net income				252,556	$ 252,556
Stock-based compensation			9,190		9,190
Stock options exercised and other awards			283		283
Stock options exercised and other awards (in shares)	5
Purchase of treasury shares		(176)			(176)
Repurchase of common shares, including excise tax	$ (6)		(2,098)	(212,332)	$ (214,436)
Repurchase of common shares, including excise tax (in shares)	(550)
Treasury--common stock (in shares) at Aug. 03, 2024					(843)
Balance at Aug. 03, 2024	$ 481	$ (106,491)	$ 1,099,197	$ 1,354,973	$ 2,348,160
Balance (in shares) at Aug. 03, 2024	48,143				47,300

Business and basis of presentat

Business and basis of presentation	6 Months Ended
	Aug. 03, 2024
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 August 3, 2024, the Company operated 1,411 stores across 50 states, as shown in the table below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ Number of Location stores Location stores Alabama ​ 27 ​ Montana ​ 6 Alaska ​ 3 ​ Nebraska ​ 5 Arizona ​ 37 ​ Nevada ​ 16 Arkansas ​ 11 ​ New Hampshire ​ 8 California ​ 173 ​ New Jersey ​ 46 Colorado ​ 27 ​ New Mexico ​ 7 Connecticut ​ 19 ​ New York ​ 56 Delaware ​ 4 ​ North Carolina ​ 46 Florida ​ 100 ​ North Dakota ​ 4 Georgia ​ 44 ​ Ohio ​ 47 Hawaii ​ 4 ​ Oklahoma ​ 22 Idaho ​ 10 ​ Oregon ​ 19 Illinois ​ 55 ​ Pennsylvania ​ 45 Indiana ​ 26 ​ Rhode Island ​ 5 Iowa ​ 11 ​ South Carolina ​ 26 Kansas ​ 14 ​ South Dakota ​ 3 Kentucky ​ 16 ​ Tennessee ​ 32 Louisiana ​ 18 ​ Texas ​ 133 Maine ​ 3 ​ Utah ​ 15 Maryland ​ 29 ​ Vermont ​ 1 Massachusetts ​ 27 ​ Virginia ​ 35 Michigan ​ 49 ​ Washington ​ 37 Minnesota ​ 20 ​ West Virginia ​ 7 Mississippi ​ 12 ​ Wisconsin ​ 21 Missouri ​ 26 ​ Wyoming ​ 4 ​ ​ ​ ​ Total ​ 1,411 ​ 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 August 3, 2024 are not necessarily indicative of the results to be expected for the fiscal year ending February 1, 2025, 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 February 3, 2024. 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
	Aug. 03, 2024
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 February 3, 2024. 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 2024 and 2023 ended on August 3, 2024 and July 29, 2023, 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. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. Recent accounting pronouncements not yet adopted Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure. The guidance updates reportable segment disclosure requirements, primarily through requiring enhanced disclosures about significant segment expenses and information used to assess segment performance. The ASU is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07 on related disclosures. Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance includes amendments requiring enhanced income tax disclosures, primarily related to standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The guidance is effective for fiscal years beginning after December 15, 2024 and should be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on related disclosures. Securities and Exchange Commission (SEC) Climate-Related Disclosures In March 2024, the SEC adopted rules intended to enhance and standardize climate-related disclosures in registration statements and annual reports. The new rules will require disclosure of material climate-related risks, including disclosure of Board of Directors' oversight and risk management activities, the material impacts of these risks to us and the quantification of material impacts to us as a result of severe weather events and other natural conditions. The rules also require disclosure of material greenhouse gas emissions and any material climate-related targets and goals. The new rules will be effective for annual reporting periods beginning in fiscal year 2025, except for the greenhouse gas emissions disclosures which will be effective for annual reporting periods beginning in fiscal year 2026, however the new rules have been stayed by the federal courts and, as a result, the SEC has indefinitely delayed their effectiveness. The Company is currently evaluating the impact of these new rules. ​

Revenue

Revenue	6 Months Ended
	Aug. 03, 2024
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 ​ ​ August 3, ​ July 29, ​ August 3, ​ July 29, (Percentage of net sales) ​ 2024 ​ 2023 ​ 2024 ​ 2023 Cosmetics ​ 39% ​ 40% ​ 40% ​ 42% Skincare ​ 24% ​ 23% ​ 24% ​ 22% Haircare ​ 20% ​ 22% ​ 19% ​ 21% Fragrance ​ 11% ​ 9% ​ 11% ​ 9% Services ​ 4% ​ 4% ​ 4% ​ 4% Other ​ 2% ​ 2% ​ 2% ​ 2% ​ ​ 100% ​ 100% ​ 100% ​ 100% ​ Certain sales departments were reclassified between categories in the prior year to conform to current year presentation, including moving the bath category from Fragrance to Skincare. Deferred revenue ​ The following table provides a summary of the changes included in deferred revenue during the 13 and 26 weeks ended August 3, 2024 and July 29, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 26 Weeks Ended ​ ​ August 3, ​ July 29, ​ August 3, ​ July 29, (In thousands) ​ 2024 ​ 2023 ​ 2024 2023 Beginning balance ​ $ 391,446 ​ $ 350,123 ​ $ 428,788 ​ $ 388,583 Additions to contract liabilities (1) ​ ​ 120,189 ​ ​ 114,374 ​ ​ 253,584 ​ ​ 237,770 Deductions to contract liabilities (2) ​ ​ (123,818) ​ ​ (118,430) ​ ​ (294,555) ​ ​ (280,286) Ending balance ​ $ 387,817 ​ $ 346,067 ​ $ 387,817 ​ $ 346,067 (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 $7,170 and $8,186 at August 3, 2024 and July 29, 2023, respectively.

Goodwill and other intangible a

Goodwill and other intangible assets	6 Months Ended
	Aug. 03, 2024
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 August 3, 2024, February 3, 2024, and July 29, 2023. No additional goodwill was recognized during the 13 and 26 weeks ended August 3, 2024. 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
	Aug. 03, 2024
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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 26 Weeks Ended ​ ​ August 3, ​ July 29, ​ August 3, ​ July 29, (In thousands) ​ 2024 ​ 2023 ​ 2024 ​ 2023 Operating lease cost ​ $ 88,080 ​ $ 83,121 ​ $ 176,235 ​ $ 168,249 ​ Other information The following table presents supplemental disclosures of cash flow information related to operating leases: ​ ​ ​ ​ ​ ​ ​ ​ 26 Weeks Ended ​ ​ August 3, ​ July 29, (In thousands) 2024 ​ 2023 Cash paid for operating lease liabilities (1) ​ $ 203,766 ​ $ 196,638 Operating lease assets obtained in exchange for operating lease liabilities (non-cash) ​ ​ 188,686 ​ ​ 140,750 (1) Excludes $19,882 and $17,450 related to cash received for tenant incentives for the 26 weeks ended August 3, 2024 and July 29, 2023, respectively.

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Aug. 03, 2024
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
	Aug. 03, 2024
Debt
Debt	7. Debt On March 13, 2024, the Company entered into Amendment No. 3 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 13, 2029, provides maximum revolving loans equal to the lesser of $800,000 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 $200,000, 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 0.5% to 1.0% or the Term Secured Overnight As of August 3, 2024, February 3, 2024, and July 29, 2023, there were no borrowings outstanding under the credit facility. As of August 3, 2024, the Company was in compliance with all terms and covenants of the Loan Agreement. ​

Fair value measurements

Fair value measurements	6 Months Ended
	Aug. 03, 2024
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 August 3, 2024 February 3, 2024 July 29, 2023 ​

Stock-based compensation

Stock-based compensation	6 Months Ended
	Aug. 03, 2024
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 ​ ​ August 3, ​ July 29, ​ 2024 2023 Volatility rate 33.0% ​ 45.0% Average risk-free interest rate 4.4% ​ 3.8% Average expected life (in years) 3.5 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 56 and 42 stock options during the 26 weeks ended August 3, 2024 and July 29, 2023, respectively. Stock-based compensation expense for stock options was $1,506 and $1,749 for the 13 weeks ended August 3, 2024 and July 29, 2023, respectively. Stock-based compensation expense for stock options was $3,185 and $3,219 for the 26 weeks ended August 3, 2024 and July 29, 2023, respectively. The weighted-average grant date fair value of these stock options was $157.66 and $199.15 for the 26 weeks ended August 3, 2024 and July 29, 2023, respectively. At August 3, 2024, there was approximately $15,252 of unrecognized stock-based compensation expense related to unvested stock options. There were 51 and 45 restricted stock units issued during the 26 weeks ended August 3, 2024 and July 29, 2023, respectively. Stock-based compensation expense for restricted stock units was $4,997 and $4,934 for the 13 weeks ended August 3, 2024 and July 29, 2023, respectively. Stock-based compensation expense for restricted stock units was $9,385 and $9,293 for the 26 weeks ended August 3, 2024 and July 29, 2023, respectively. At August 3, 2024, there was approximately $39,738 of unrecognized stock-based compensation expense related to restricted stock units. There were 71 and 33 performance-based restricted stock units issued during the 26 weeks ended August 3, 2024 and July 29, 2023, respectively. Stock-based compensation expense for performance-based restricted stock units was $2,687 and $5,135 for the 13 weeks ended August 3, 2024 and July 29, 2023, respectively. Stock-based compensation expense for performance-based restricted stock units was $6,702 and $9,027 for the 26 weeks ended August 3, 2024 and July 29, 2023, respectively. At August 3, 2024, there was approximately $25,089 of unrecognized stock-based compensation expense related to performance-based restricted stock units.

Income taxes

Income taxes	6 Months Ended
	Aug. 03, 2024
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 $81,171 for the 13 weeks ended August 3, 2024 represents an effective tax rate of 24.3%, compared to $95,989 of tax expense representing an effective tax rate of 24.2% for the 13 weeks ended July 29, 2023. Income tax expense of $175,906 for the 26 weeks ended August 3, 2024 represents an effective tax rate of 23.7%, compared to $198,356 of tax expense representing an effective tax rate of 23.5% for the 26 weeks ended July 29, 2023. ​ 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 is effective beginning in fiscal 2024 and did not have a material impact on the consolidated financial statements for the 13 and 26 weeks ended August 3, 2024. 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
	Aug. 03, 2024
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 ​ ​ August 3, ​ July 29, ​ August 3, ​ July 29, (In thousands, except per share data) 2024 2023 2024 2023 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income $ 252,556 ​ $ 300,102 ​ $ 565,669 ​ $ 647,153 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares – Basic ​ ​ 47,505 ​ ​ 49,617 ​ ​ 47,815 ​ ​ 49,885 Dilutive effect of stock options and non-vested stock ​ ​ 162 ​ ​ 232 ​ ​ 207 ​ ​ 272 Weighted-average common shares – Diluted ​ ​ 47,667 ​ ​ 49,849 ​ ​ 48,022 ​ ​ 50,157 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 5.32 ​ $ 6.05 ​ $ 11.83 ​ $ 12.97 Diluted ​ $ 5.30 ​ $ 6.02 ​ $ 11.78 ​ $ 12.90 ​ The denominator for diluted net income per common share for the 13 weeks ended August 3, 2024 and July 29, 2023 excludes 184 and 127 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 August 3, 2024 and July 29, 2023 excludes 195 and 133 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
	Aug. 03, 2024
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 could repurchase up to $2,000,000 of the Company’s common stock. The 2022 Share Repurchase Program authorization revoked the previously authorized but unused amounts from the earlier share repurchase program. The 2022 Share Repurchase Program did not have an expiration date but provided for suspension or discontinuation at any time. ​ In March 2024, the Board of Directors authorized a new share repurchase program (the 2024 Share Repurchase Program) pursuant to which the Company may repurchase up to $2,000,000 of the Company’s common stock. The 2024 Share Repurchase Program authorization revoked the previously authorized but unused amounts from the 2022 Share Repurchase Program. The 2024 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 ​ ​ August 3, ​ July 29, (In thousands) ​ 2024 2023 Shares repurchased ​ ​ 1,138 ​ ​ 1,135 Total cost of shares repurchased, including excise tax ​ $ 501,846 ​ $ 564,014 ​ ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Aug. 03, 2024	May 04, 2024	Jul. 29, 2023	Apr. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 252,556	$ 313,113	$ 300,102	$ 347,051	$ 565,669	$ 647,153

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Aug. 03, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	6 Months Ended
	Aug. 03, 2024
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 2024 and 2023 ended on August 3, 2024 and July 29, 2023, 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.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation.
Recent adopted accounting pronouncements not yet adopted	Recent accounting pronouncements not yet adopted Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure. The guidance updates reportable segment disclosure requirements, primarily through requiring enhanced disclosures about significant segment expenses and information used to assess segment performance. The ASU is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07 on related disclosures. Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance includes amendments requiring enhanced income tax disclosures, primarily related to standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The guidance is effective for fiscal years beginning after December 15, 2024 and should be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on related disclosures. Securities and Exchange Commission (SEC) Climate-Related Disclosures In March 2024, the SEC adopted rules intended to enhance and standardize climate-related disclosures in registration statements and annual reports. The new rules will require disclosure of material climate-related risks, including disclosure of Board of Directors' oversight and risk management activities, the material impacts of these risks to us and the quantification of material impacts to us as a result of severe weather events and other natural conditions. The rules also require disclosure of material greenhouse gas emissions and any material climate-related targets and goals. The new rules will be effective for annual reporting periods beginning in fiscal year 2025, except for the greenhouse gas emissions disclosures which will be effective for annual reporting periods beginning in fiscal year 2026, however the new rules have been stayed by the federal courts and, as a result, the SEC has indefinitely delayed their effectiveness. The Company is currently evaluating the impact of these new rules. ​

Business and basis of present_2

Business and basis of presentation (Tables)	6 Months Ended
	Aug. 03, 2024
Business and basis of presentation
Schedule of stores operated by geographic area	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ Number of Location stores Location stores Alabama ​ 27 ​ Montana ​ 6 Alaska ​ 3 ​ Nebraska ​ 5 Arizona ​ 37 ​ Nevada ​ 16 Arkansas ​ 11 ​ New Hampshire ​ 8 California ​ 173 ​ New Jersey ​ 46 Colorado ​ 27 ​ New Mexico ​ 7 Connecticut ​ 19 ​ New York ​ 56 Delaware ​ 4 ​ North Carolina ​ 46 Florida ​ 100 ​ North Dakota ​ 4 Georgia ​ 44 ​ Ohio ​ 47 Hawaii ​ 4 ​ Oklahoma ​ 22 Idaho ​ 10 ​ Oregon ​ 19 Illinois ​ 55 ​ Pennsylvania ​ 45 Indiana ​ 26 ​ Rhode Island ​ 5 Iowa ​ 11 ​ South Carolina ​ 26 Kansas ​ 14 ​ South Dakota ​ 3 Kentucky ​ 16 ​ Tennessee ​ 32 Louisiana ​ 18 ​ Texas ​ 133 Maine ​ 3 ​ Utah ​ 15 Maryland ​ 29 ​ Vermont ​ 1 Massachusetts ​ 27 ​ Virginia ​ 35 Michigan ​ 49 ​ Washington ​ 37 Minnesota ​ 20 ​ West Virginia ​ 7 Mississippi ​ 12 ​ Wisconsin ​ 21 Missouri ​ 26 ​ Wyoming ​ 4 ​ ​ ​ ​ Total ​ 1,411

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Aug. 03, 2024
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 ​ ​ August 3, ​ July 29, ​ August 3, ​ July 29, (Percentage of net sales) ​ 2024 ​ 2023 ​ 2024 ​ 2023 Cosmetics ​ 39% ​ 40% ​ 40% ​ 42% Skincare ​ 24% ​ 23% ​ 24% ​ 22% Haircare ​ 20% ​ 22% ​ 19% ​ 21% Fragrance ​ 11% ​ 9% ​ 11% ​ 9% Services ​ 4% ​ 4% ​ 4% ​ 4% Other ​ 2% ​ 2% ​ 2% ​ 2% ​ ​ 100% ​ 100% ​ 100% ​ 100%
Summary of changes in deferred revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 26 Weeks Ended ​ ​ August 3, ​ July 29, ​ August 3, ​ July 29, (In thousands) ​ 2024 ​ 2023 ​ 2024 2023 Beginning balance ​ $ 391,446 ​ $ 350,123 ​ $ 428,788 ​ $ 388,583 Additions to contract liabilities (1) ​ ​ 120,189 ​ ​ 114,374 ​ ​ 253,584 ​ ​ 237,770 Deductions to contract liabilities (2) ​ ​ (123,818) ​ ​ (118,430) ​ ​ (294,555) ​ ​ (280,286) Ending balance ​ $ 387,817 ​ $ 346,067 ​ $ 387,817 ​ $ 346,067 (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
	Aug. 03, 2024
Leases
Summary of components of lease cost for operating leases:	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 26 Weeks Ended ​ ​ August 3, ​ July 29, ​ August 3, ​ July 29, (In thousands) ​ 2024 ​ 2023 ​ 2024 ​ 2023 Operating lease cost ​ $ 88,080 ​ $ 83,121 ​ $ 176,235 ​ $ 168,249
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 ​ ​ August 3, ​ July 29, (In thousands) 2024 ​ 2023 Cash paid for operating lease liabilities (1) ​ $ 203,766 ​ $ 196,638 Operating lease assets obtained in exchange for operating lease liabilities (non-cash) ​ ​ 188,686 ​ ​ 140,750 (1) Excludes $19,882 and $17,450 related to cash received for tenant incentives for the 26 weeks ended August 3, 2024 and July 29, 2023, respectively.

Stock-based compensation (Table

Stock-based compensation (Tables)	6 Months Ended
	Aug. 03, 2024
Stock-based compensation
Schedule of weighted average assumptions to determine grant date fair value of employee stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 26 Weeks Ended ​ ​ August 3, ​ July 29, ​ 2024 2023 Volatility rate 33.0% ​ 45.0% Average risk-free interest rate 4.4% ​ 3.8% Average expected life (in years) 3.5 3.4 Dividend yield — —

Net income per common share (Ta

Net income per common share (Tables)	6 Months Ended
	Aug. 03, 2024
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 ​ ​ August 3, ​ July 29, ​ August 3, ​ July 29, (In thousands, except per share data) 2024 2023 2024 2023 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income $ 252,556 ​ $ 300,102 ​ $ 565,669 ​ $ 647,153 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares – Basic ​ ​ 47,505 ​ ​ 49,617 ​ ​ 47,815 ​ ​ 49,885 Dilutive effect of stock options and non-vested stock ​ ​ 162 ​ ​ 232 ​ ​ 207 ​ ​ 272 Weighted-average common shares – Diluted ​ ​ 47,667 ​ ​ 49,849 ​ ​ 48,022 ​ ​ 50,157 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 5.32 ​ $ 6.05 ​ $ 11.83 ​ $ 12.97 Diluted ​ $ 5.30 ​ $ 6.02 ​ $ 11.78 ​ $ 12.90

Share repurchase program (Table

Share repurchase program (Tables)	6 Months Ended
	Aug. 03, 2024
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 ​ ​ August 3, ​ July 29, (In thousands) ​ 2024 2023 Shares repurchased ​ ​ 1,138 ​ ​ 1,135 Total cost of shares repurchased, including excise tax ​ $ 501,846 ​ $ 564,014

Business and basis of present_3

Business and basis of presentation (Details)	Aug. 03, 2024 store state
Stores by state
Number of stores operated	1,411
Number of states in which entity operates | state	50
Alabama
Stores by state
Number of stores operated	27
Alaska
Stores by state
Number of stores operated	3
Arizona
Stores by state
Number of stores operated	37
Arkansas
Stores by state
Number of stores operated	11
California
Stores by state
Number of stores operated	173
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	100
Georgia
Stores by state
Number of stores operated	44
Hawaii
Stores by state
Number of stores operated	4
Idaho
Stores by state
Number of stores operated	10
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	14
Kentucky
Stores by state
Number of stores operated	16
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	29
Massachusetts
Stores by state
Number of stores operated	27
Michigan
Stores by state
Number of stores operated	49
Minnesota
Stores by state
Number of stores operated	20
Mississippi
Stores by state
Number of stores operated	12
Missouri
Stores by state
Number of stores operated	26
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	46
New Mexico
Stores by state
Number of stores operated	7
New York
Stores by state
Number of stores operated	56
North Carolina
Stores by state
Number of stores operated	46
North Dakota
Stores by state
Number of stores operated	4
Ohio
Stores by state
Number of stores operated	47
Oklahoma
Stores by state
Number of stores operated	22
Oregon
Stores by state
Number of stores operated	19
Pennsylvania
Stores by state
Number of stores operated	45
Rhode Island
Stores by state
Number of stores operated	5
South Carolina
Stores by state
Number of stores operated	26
South Dakota
Stores by state
Number of stores operated	3
Tennessee
Stores by state
Number of stores operated	32
Texas
Stores by state
Number of stores operated	133
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	35
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	21
Wyoming
Stores by state
Number of stores operated	4

Summary of significant accoun_3

Summary of significant accounting policies (Details)	6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023
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
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Disaggregated revenue
Concentration (as a percent)	100%	100%	100%	100%
Cosmetics
Disaggregated revenue
Concentration (as a percent)	39%	40%	40%	42%
Skincare
Disaggregated revenue
Concentration (as a percent)	24%	23%	24%	22%
Haircare
Disaggregated revenue
Concentration (as a percent)	20%	22%	19%	21%
Fragrance
Disaggregated revenue
Concentration (as a percent)	11%	9%	11%	9%
Services
Disaggregated revenue
Concentration (as a percent)	4%	4%	4%	4%
Other
Disaggregated revenue
Concentration (as a percent)	2%	2%	2%	2%

Revenue - Deferred revenue (Det

Revenue - Deferred revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Summary of changes in deferred revenue
Beginning balance	$ 391,446	$ 350,123	$ 428,788	$ 388,583
Additions to contract liabilities	120,189	114,374	253,584	237,770
Deductions to contract liabilities	(123,818)	(118,430)	(294,555)	(280,286)
Ending balance	387,817	346,067	387,817	346,067
Other amounts included in deferred revenue	$ 7,170	$ 8,186	$ 7,170	$ 8,186

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Aug. 03, 2024	Aug. 03, 2024	Feb. 03, 2024	Jul. 29, 2023
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
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Leases
Initial lease term	10 years		10 years
Operating lease cost	$ 88,080	$ 83,121	$ 176,235	$ 168,249
Cash paid for operating lease liabilities			203,766	196,638
Operating lease assets obtained in exchange for operating lease liabilities (non-cash)			188,686	140,750
Excluded cash received for tenant incentives			$ 19,882	$ 17,450

Debt (Details)

Debt (Details) $ in Thousands	Mar. 13, 2024 USD ($)	Aug. 03, 2024 USD ($)	Feb. 03, 2024 USD ($)	Jul. 29, 2023 USD ($)
Notes payable
Outstanding borrowings under credit facility		$ 0	$ 0	$ 0
Amendment No. 3 to the Second Amended and Restated Loan Agreement
Notes payable
Contingent increase to revolving facility	$ 200,000
Interest rate margin (as a percent)	0.10%
Amendment No. 3 to the Second Amended and Restated Loan Agreement | Minimum
Notes payable
Fixed charge coverage ratio covenant	1
Interest rate margin (as a percent)	1.50%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Unused line fee (as a percent)	0.25%
Amendment No. 3 to the Second Amended and Restated Loan Agreement | Maximum
Notes payable
Maximum borrowing capacity	$ 800,000
Interest rate margin (as a percent)	2%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Unused line fee (as a percent)	0.375%
Amendment No. 3 to the Second Amended and Restated Loan Agreement | Base Rate | Minimum
Notes payable
Interest rate margin (as a percent)	0.50%
Amendment No. 3 to the Second Amended and Restated Loan Agreement | Base Rate | Maximum
Notes payable
Interest rate margin (as a percent)	1%
Amendment No. 3 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) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Feb. 03, 2024
Fair value measurements
Fair value of financial liabilities	$ 48,720	$ 42,529	$ 42,653
Defined Benefit Plan, Tax Status [Extensible Enumeration]	us-gaap:NonqualifiedPlanMember	us-gaap:NonqualifiedPlanMember	us-gaap:NonqualifiedPlanMember

Stock-based compensation - Assu

Stock-based compensation - Assumptions to Estimate Fair Value of Stock Options (Details) - Employee Stock Option [Member]	6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023
Weighted-average assumptions to estimate fair value
Volatility rate (as a percent)	33%	45%
Average risk-free interest rate (as a percent)	4.40%	3.80%
Average expected life	3 years 6 months	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
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Stock-based compensation
Weighted-average grant date fair value (in dollars per share)			$ 157.66	$ 199.15
Stock options
Stock-based compensation expense	$ 1,506	$ 1,749	$ 3,185	$ 3,219
Unrecognized stock-based compensation expense	$ 15,252		$ 15,252
Number of options
Granted (in shares)			56	42

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
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Restricted stock units
Unrecognized stock-based compensation expense	$ 39,738		$ 39,738
Stock-based compensation expense	$ 4,997	$ 4,934	$ 9,385	$ 9,293
Number of shares
Granted (in shares)			51	45

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
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Performance-based restricted stock units
Unrecognized stock-based compensation expense	$ 25,089		$ 25,089
Stock-based compensation expense	$ 2,687	$ 5,135	$ 6,702	$ 9,027
Number of shares
Granted (in shares)			71	33

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Aug. 16, 2022	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Income Taxes
Income tax expense		$ 81,171	$ 95,989	$ 175,906	$ 198,356
Effective tax rate (as a percent)		24.30%	24.20%	23.70%	23.50%
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
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Numerator:
Net income	$ 252,556	$ 300,102	$ 565,669	$ 647,153
Denominator:
Weighted-average common shares - Basic	47,505	49,617	47,815	49,885
Dilutive effect of stock options and non-vested stock	162	232	207	272
Weighted-average common shares - Diluted	47,667	49,849	48,022	50,157
Net income per common share:
Basic	$ 5.32	$ 6.05	$ 11.83	$ 12.97
Diluted	$ 5.30	$ 6.02	$ 11.78	$ 12.90

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
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Net income per common share
Employee stock options and restricted stock units excluded from the computation of net income per common share	184	127	195	133

Share repurchase program (Detai

Share repurchase program (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended				6 Months Ended
	Mar. 31, 2022	Aug. 03, 2024	May 04, 2024	Jul. 29, 2023	Apr. 29, 2023	Aug. 03, 2024	Jul. 29, 2023	Mar. 31, 2024
Share repurchase program
Shares repurchased (in shares)						1,138	1,135
Total cost of shares repurchased, including excise tax		$ 214,436	$ 287,410	$ 278,231	$ 285,783	$ 501,846	$ 564,014
2022 Share Repurchase Program | Maximum
Share repurchase program
Increase in amount authorized for share repurchase program	$ 2,000,000
2024 Share Repurchase Program | Maximum
Share repurchase program
Authorized amount of share repurchase program								$ 2,000,000