Ulta Beauty (ULTA) 10-Q 5 Dec 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Nov. 02, 2024	Dec. 02, 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	Nov. 02, 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		46,372,538
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Trading Symbol	ULTA

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023
Current assets:
Cash and cash equivalents	$ 177,782	$ 766,594	$ 121,811
Receivables, net	213,621	207,939	202,868
Merchandise inventories, net	2,365,186	1,742,136	2,321,306
Prepaid expenses and other current assets	135,514	115,598	117,282
Prepaid income taxes	62,759	4,251	28,773
Total current assets	2,954,862	2,836,518	2,792,040
Property and equipment, net	1,264,419	1,182,335	1,117,874
Operating lease assets	1,619,055	1,574,530	1,578,316
Goodwill	10,870	10,870	10,870
Other intangible assets, net	281	510	591
Deferred compensation plan assets	48,872	43,516	38,371
Other long-term assets	60,127	58,732	56,946
Total assets	5,958,486	5,707,011	5,595,008
Current liabilities:
Accounts payable	593,219	544,001	597,373
Accrued liabilities	333,463	382,468	405,443
Deferred revenue	405,040	436,591	350,937
Current operating lease liabilities	284,985	283,821	287,786
Accrued income taxes		11,310
Short-term debt	199,700		195,400
Total current liabilities	1,816,407	1,658,191	1,836,939
Non-current operating lease liabilities	1,656,317	1,627,271	1,616,747
Deferred income taxes	91,729	85,921	56,874
Other long-term liabilities	65,024	56,300	55,906
Total liabilities	3,629,477	3,427,683	3,566,466
Commitments and contingencies (Note 6)
Stockholders' equity:
Common stock, $0.01 par value, 400,000 shares authorized; 47,412, 49,123, and 49,458 shares issued; 46,569, 48,324, and 48,659 shares outstanding; at November 2, 2024 (unaudited), February 3, 2024, and October 28, 2023 (unaudited), respectively	474	491	495
Treasury stock-common, at cost	(106,598)	(83,032)	(82,798)
Additional paid-in capital	1,104,952	1,075,104	1,058,969
Retained earnings	1,330,181	1,286,765	1,051,876
Total stockholders' equity	2,329,009	2,279,328	2,028,542
Total liabilities and stockholders' equity	$ 5,958,486	$ 5,707,011	$ 5,595,008

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 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	47,412	49,123	49,458
Common stock, shares outstanding	46,569	48,324	48,659

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Consolidated Statements of Income
Net sales	$ 2,530,100	$ 2,488,933	$ 7,808,035	$ 7,653,005
Cost of sales	1,524,456	1,496,866	4,754,434	4,612,469
Gross profit	1,005,644	992,067	3,053,601	3,040,536
Selling, general and administrative expenses	682,259	661,380	1,992,993	1,874,201
Pre-opening expenses	4,883	3,460	11,957	5,396
Operating income	318,502	327,227	1,048,651	1,160,939
Interest income, net	(1,674)	(2,497)	(13,100)	(14,294)
Income before income taxes	320,176	329,724	1,061,751	1,175,233
Income tax expense	77,997	80,241	253,903	278,597
Net income	$ 242,179	$ 249,483	$ 807,848	$ 896,636
Net income per common share:
Basic	$ 5.16	$ 5.09	$ 17	$ 18.08
Diluted	$ 5.14	$ 5.07	$ 16.93	$ 17.99
Weighted average common shares outstanding:
Basic	46,928	49,007	47,519	49,592
Diluted	47,092	49,226	47,710	49,846

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023
Operating activities
Net income	$ 807,848	$ 896,636
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	197,075	181,273
Non-cash lease expense	235,950	232,772
Deferred income taxes	5,808	1,528
Stock-based compensation expense	27,691	33,477
Loss on disposal of property and equipment	7,280	6,310
Change in operating assets and liabilities:
Receivables	(5,682)	(3,446)
Merchandise inventories	(623,050)	(717,855)
Prepaid expenses and other current assets	(19,916)	12,964
Income taxes	(69,818)	9,535
Accounts payable	54,210	41,817
Accrued liabilities	(45,777)	(34,955)
Deferred revenue	(31,551)	(43,740)
Operating lease liabilities	(250,267)	(248,469)
Other assets and liabilities	12,240	(9,836)
Net cash provided by operating activities	302,041	358,011
Investing activities
Capital expenditures	(300,536)	(311,030)
Other investments	(6,108)	(4,870)
Net cash used in investing activities	(306,644)	(315,900)
Financing activities
Borrowings from credit facility	199,700	195,400
Repurchase of common shares	(765,384)	(840,551)
Stock options exercised	9,200	9,302
Purchase of treasury shares	(23,566)	(22,328)
Debt issuance costs	(4,159)
Net cash used in financing activities	(584,209)	(658,177)
Net decrease in cash and cash equivalents	(588,812)	(616,066)
Cash and cash equivalents at beginning of period	766,594	737,877
Cash and cash equivalents at end of period	177,782	121,811
Supplemental information
Income taxes paid, net of refunds	316,790	266,802
Non-cash capital expenditures	$ 47,431	$ 53,936

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					$ 896,636
Repurchase of common shares, including excise tax					$ (848,356)
Repurchase of common shares, including excise tax (in shares)					(1,821)
Treasury--common stock (in shares) at Oct. 28, 2023					(799)
Balance at Oct. 28, 2023	$ 495	(82,798)	1,058,969	1,051,876	$ 2,028,542
Balance (in shares) at Oct. 28, 2023	49,458				48,659
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
Increase (Decrease) in Stockholders' Equity
Net income				249,483	249,483
Stock-based compensation			11,938		11,938
Stock options exercised and other awards	$ 1		154		155
Stock options exercised and other awards (in shares)	5
Purchase of treasury shares		(569)			$ (569)
Purchase of treasury shares (in shares)					(1)
Repurchase of common shares, including excise tax	$ (7)		(2,802)	(281,533)	$ (284,342)
Repurchase of common shares, including excise tax (in shares)	(686)
Treasury--common stock (in shares) at Oct. 28, 2023					(799)
Balance at Oct. 28, 2023	$ 495	(82,798)	1,058,969	1,051,876	$ 2,028,542
Balance (in shares) at Oct. 28, 2023	49,458				48,659
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					$ 807,848
Repurchase of common shares, including excise tax					$ (771,492)
Repurchase of common shares, including excise tax (in shares)					(1,869)
Treasury--common stock (in shares) at Nov. 02, 2024					(843)
Balance at Nov. 02, 2024	$ 474	(106,598)	1,104,952	1,330,181	$ 2,329,009
Balance (in shares) at Nov. 02, 2024	47,412				46,569
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
Increase (Decrease) in Stockholders' Equity
Net income				242,179	242,179
Stock-based compensation			8,419		8,419
Stock options exercised and other awards			4		4
Purchase of treasury shares		(107)			(107)
Repurchase of common shares, including excise tax	$ (7)		(2,668)	(266,971)	$ (269,646)
Repurchase of common shares, including excise tax (in shares)	(731)
Treasury--common stock (in shares) at Nov. 02, 2024					(843)
Balance at Nov. 02, 2024	$ 474	$ (106,598)	$ 1,104,952	$ 1,330,181	$ 2,329,009
Balance (in shares) at Nov. 02, 2024	47,412				46,569

Business and basis of presentat

Business and basis of presentation	9 Months Ended
	Nov. 02, 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 November 2, 2024, the Company operated 1,437 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 ​ 38 ​ Nevada ​ 16 Arkansas ​ 11 ​ New Hampshire ​ 8 California ​ 172 ​ New Jersey ​ 46 Colorado ​ 27 ​ New Mexico ​ 7 Connecticut ​ 21 ​ New York ​ 57 Delaware ​ 4 ​ North Carolina ​ 47 Florida ​ 101 ​ North Dakota ​ 4 Georgia ​ 44 ​ Ohio ​ 48 Hawaii ​ 4 ​ Oklahoma ​ 23 Idaho ​ 10 ​ Oregon ​ 21 Illinois ​ 56 ​ Pennsylvania ​ 46 Indiana ​ 26 ​ Rhode Island ​ 5 Iowa ​ 12 ​ South Carolina ​ 27 Kansas ​ 14 ​ South Dakota ​ 3 Kentucky ​ 16 ​ Tennessee ​ 34 Louisiana ​ 18 ​ Texas ​ 138 Maine ​ 3 ​ Utah ​ 17 Maryland ​ 29 ​ Vermont ​ 1 Massachusetts ​ 27 ​ Virginia ​ 36 Michigan ​ 50 ​ Washington ​ 37 Minnesota ​ 21 ​ West Virginia ​ 7 Mississippi ​ 12 ​ Wisconsin ​ 22 Missouri ​ 26 ​ Wyoming ​ 4 ​ ​ ​ ​ Total ​ 1,437 ​ The accompanying unaudited consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and the U.S. Securities and Exchange Commission’s Article 10, Regulation S-X. These financial statements were prepared on a consolidated basis to include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts, transactions, and unrealized profit were eliminated in consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to fairly state the financial position and results of operations and cash flows for the interim periods presented. The Company’s business is subject to seasonal fluctuation, with significant portions of net sales and net income being realized during the fourth quarter of the fiscal year due to the holiday selling season. The results for the 13 and 39 weeks ended November 2, 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	9 Months Ended
	Nov. 02, 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 third quarter in fiscal 2024 and 2023 ended on November 2, 2024 and October 28, 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. ​ Income Statement – Reporting Comprehensive Income (Topic 220-40): Expense Disaggregation Disclosures ​ In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income (Topic 220-40): Expense Disaggregation Disclosures. This update requires, among other things, more detailed disclosure about types of expenses in commonly presented expense captions such as cost of sales and SG&A and is intended to improve the disclosures about an entity’s expenses including purchases of inventory, employee compensation, depreciation, and amortization. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of adopting ASU 2024-03 on the consolidated financial statements and disclosures. ​

Revenue

Revenue	9 Months Ended
	Nov. 02, 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 ​ 39 Weeks Ended ​ ​ November 2, ​ October 28, ​ November 2, ​ October 28, (Percentage of net sales) ​ 2024 ​ 2023 ​ 2024 ​ 2023 Cosmetics ​ 41% ​ 42% ​ 41% ​ 42% Skincare ​ 23% ​ 22% ​ 24% ​ 22% Haircare ​ 20% ​ 21% ​ 19% ​ 21% Fragrance ​ 10% ​ 9% ​ 10% ​ 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 39 weeks ended November 2, 2024 and October 28, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 39 Weeks Ended ​ ​ November 2, ​ October 28, ​ November 2, ​ October 28, (In thousands) ​ 2024 ​ 2023 ​ 2024 2023 Beginning balance ​ $ 387,817 ​ $ 346,067 ​ $ 428,788 ​ $ 388,583 Additions to contract liabilities (1) ​ ​ 124,188 ​ ​ 107,628 ​ ​ 279,195 ​ ​ 250,121 Deductions to contract liabilities (2) ​ ​ (114,071) ​ ​ (109,304) ​ ​ (310,049) ​ ​ (294,313) Ending balance ​ $ 397,934 ​ $ 344,391 ​ $ 397,934 ​ $ 344,391 (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 $7,106 and $6,546 at November 2, 2024 and October 28, 2023, respectively.

Goodwill and other intangible a

Goodwill and other intangible assets	9 Months Ended
	Nov. 02, 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 November 2, 2024, February 3, 2024, and October 28, 2023. No additional goodwill was recognized during the 13 and 39 weeks ended November 2, 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	9 Months Ended
	Nov. 02, 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 2037. 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 ​ 39 Weeks Ended ​ ​ November 2, ​ October 28, ​ November 2, ​ October 28, (In thousands) ​ 2024 ​ 2023 ​ 2024 ​ 2023 Operating lease cost ​ $ 88,965 ​ $ 84,074 ​ $ 265,200 ​ $ 252,323 ​ Other information The following table presents supplemental disclosures of cash flow information related to operating leases: ​ ​ ​ ​ ​ ​ ​ ​ 39 Weeks Ended ​ ​ November 2, ​ October 28, (In thousands) 2024 ​ 2023 Cash paid for operating lease liabilities (1) ​ $ 307,732 ​ $ 296,115 Operating lease assets obtained in exchange for operating lease liabilities (non-cash) ​ ​ 280,476 ​ ​ 249,826 (1) Excludes $27,737 and $27,682 related to cash received for tenant incentives for the 39 weeks ended November 2, 2024 and October 28, 2023, respectively.

Commitments and contingencies

Commitments and contingencies	9 Months Ended
	Nov. 02, 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	9 Months Ended
	Nov. 02, 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 November 2, 2024 and October 28, 2023, there was $199,700 and $195,400, respectively, outstanding under the credit facility. The weighted average interest rate was 7.15% and 8.21% for the 39 weeks ended November 2, 2024 and October 28, 2023, respectively. As of February 3, 2024, there were no borrowings outstanding under the credit facility. As of November 2, 2024, the Company was in compliance with all terms and covenants of the Loan Agreement. ​

Fair value measurements

Fair value measurements	9 Months Ended
	Nov. 02, 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 November 2, 2024 February 3, 2024 October 28, 2023 ​

Stock-based compensation

Stock-based compensation	9 Months Ended
	Nov. 02, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 39 Weeks Ended ​ ​ November 2, ​ October 28, ​ 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 39 weeks ended November 2, 2024 and October 28, 2023, respectively. Stock-based compensation expense for stock options was $1,531 and $1,742 for the 13 weeks ended November 2, 2024 and October 28, 2023, respectively. Stock-based compensation expense for stock options was $4,716 and $4,961 for the 39 weeks ended November 2, 2024 and October 28, 2023, respectively. The weighted-average grant date fair value of these stock options was $157.66 and $199.15 for the 39 weeks ended November 2, 2024 and October 28, 2023, respectively. At November 2, 2024, there was approximately $13,690 of unrecognized stock-based compensation expense related to unvested stock options. There were 53 and 48 restricted stock units issued during the 39 weeks ended November 2, 2024 and October 28, 2023, respectively. Stock-based compensation expense for restricted stock units was $5,176 and $4,959 for the 13 weeks ended November 2, 2024 and October 28, 2023, respectively. Stock-based compensation expense for restricted stock units was $14,561 and $14,252 for the 39 weeks ended November 2, 2024 and October 28, 2023, respectively. At November 2, 2024, there was approximately $33,877 of unrecognized stock-based compensation expense related to restricted stock units. There were 71 and 33 performance-based restricted stock units issued during the 39 weeks ended November 2, 2024 and October 28, 2023, respectively. Stock-based compensation expense for performance-based restricted stock units was $1,712 and $5,237 for the 13 weeks ended November 2, 2024 and October 28, 2023, respectively. Stock-based compensation expense for performance-based restricted stock units was $8,414 and $14,264 for the 39 weeks ended November 2, 2024 and October 28, 2023, respectively. At November 2, 2024, there was approximately $17,805 of unrecognized stock-based compensation expense related to performance-based restricted stock units.

Income taxes

Income taxes	9 Months Ended
	Nov. 02, 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 $77,997 for the 13 weeks ended November 2, 2024 represents an effective tax rate of 24.4%, compared to $80,241 of tax expense representing an effective tax rate of 24.3% for the 13 weeks ended October 28, 2023. Income tax expense of $253,903 for the 39 weeks ended November 2, 2024 represents an effective tax rate of 23.9%, compared to $278,597 of tax expense representing an effective tax rate of 23.7% for the 39 weeks ended October 28, 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 39 weeks ended November 2, 2024. The excise tax applies to share repurchases made after December 31, 2022. ​

Net income per common share

Net income per common share	9 Months Ended
	Nov. 02, 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 ​ 39 Weeks Ended ​ ​ November 2, ​ October 28, ​ November 2, ​ October 28, (In thousands, except per share data) 2024 2023 2024 2023 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income $ 242,179 ​ $ 249,483 ​ $ 807,848 ​ $ 896,636 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares – Basic ​ ​ 46,928 ​ ​ 49,007 ​ ​ 47,519 ​ ​ 49,592 Dilutive effect of stock options and non-vested stock ​ ​ 164 ​ ​ 219 ​ ​ 191 ​ ​ 254 Weighted-average common shares – Diluted ​ ​ 47,092 ​ ​ 49,226 ​ ​ 47,710 ​ ​ 49,846 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 5.16 ​ $ 5.09 ​ $ 17.00 ​ $ 18.08 Diluted ​ $ 5.14 ​ $ 5.07 ​ $ 16.93 ​ $ 17.99 ​ The denominator for diluted net income per common share for the 13 weeks ended November 2, 2024 and October 28, 2023 excludes 176 and 124 employee stock options and restricted stock units, respectively, due to their anti-dilutive effects. The denominator for diluted net income per common share for the 39 weeks ended November 2, 2024 and October 28, 2023 excludes 206 and 144 employee stock options and restricted stock units, respectively, due to their anti-dilutive effects. Outstanding performance-based restricted stock units are included in the computation of dilutive shares only to the extent that the underlying performance conditions are satisfied prior to the end of the reporting period or would be considered satisfied if the end of the reporting period were the end of the related contingency period and the results would be dilutive under the treasury stock method. ​

Share repurchase program

Share repurchase program	9 Months Ended
	Nov. 02, 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 share repurchase program (the March 2024 Share Repurchase Program) pursuant to which the Company could repurchase up to $2,000,000 of the Company’s common stock. The March 2024 Share Repurchase Program authorization revoked the previously authorized but unused amounts from the 2022 Share Repurchase Program. The March 2024 Share Repurchase Program did not have an expiration date but provided for suspension or discontinuation at any time. ​ In October 2024, the Board of Directors authorized a new share repurchase program (the October 2024 Share Repurchase Program) pursuant to which the Company may repurchase up to $3,000,000 of the Company’s common stock. The October 2024 Share Repurchase Program authorization revoked the previously authorized but unused amounts from the March 2024 Share Repurchase Program. The October 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ 39 Weeks Ended ​ ​ November 2, ​ October 28, (In thousands) ​ 2024 2023 Shares repurchased ​ ​ 1,869 ​ ​ 1,821 Total cost of shares repurchased, including excise tax ​ $ 771,492 ​ $ 848,356 ​ ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Nov. 02, 2024	Aug. 03, 2024	May 04, 2024	Oct. 28, 2023	Jul. 29, 2023	Apr. 29, 2023	Nov. 02, 2024	Oct. 28, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 242,179	$ 252,556	$ 313,113	$ 249,483	$ 300,102	$ 347,051	$ 807,848	$ 896,636

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Nov. 02, 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)	9 Months Ended
	Nov. 02, 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 third quarter in fiscal 2024 and 2023 ended on November 2, 2024 and October 28, 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 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. ​ Income Statement – Reporting Comprehensive Income (Topic 220-40): Expense Disaggregation Disclosures ​ In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income (Topic 220-40): Expense Disaggregation Disclosures. This update requires, among other things, more detailed disclosure about types of expenses in commonly presented expense captions such as cost of sales and SG&A and is intended to improve the disclosures about an entity’s expenses including purchases of inventory, employee compensation, depreciation, and amortization. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of adopting ASU 2024-03 on the consolidated financial statements and disclosures. ​

Business and basis of present_2

Business and basis of presentation (Tables)	9 Months Ended
	Nov. 02, 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 ​ 38 ​ Nevada ​ 16 Arkansas ​ 11 ​ New Hampshire ​ 8 California ​ 172 ​ New Jersey ​ 46 Colorado ​ 27 ​ New Mexico ​ 7 Connecticut ​ 21 ​ New York ​ 57 Delaware ​ 4 ​ North Carolina ​ 47 Florida ​ 101 ​ North Dakota ​ 4 Georgia ​ 44 ​ Ohio ​ 48 Hawaii ​ 4 ​ Oklahoma ​ 23 Idaho ​ 10 ​ Oregon ​ 21 Illinois ​ 56 ​ Pennsylvania ​ 46 Indiana ​ 26 ​ Rhode Island ​ 5 Iowa ​ 12 ​ South Carolina ​ 27 Kansas ​ 14 ​ South Dakota ​ 3 Kentucky ​ 16 ​ Tennessee ​ 34 Louisiana ​ 18 ​ Texas ​ 138 Maine ​ 3 ​ Utah ​ 17 Maryland ​ 29 ​ Vermont ​ 1 Massachusetts ​ 27 ​ Virginia ​ 36 Michigan ​ 50 ​ Washington ​ 37 Minnesota ​ 21 ​ West Virginia ​ 7 Mississippi ​ 12 ​ Wisconsin ​ 22 Missouri ​ 26 ​ Wyoming ​ 4 ​ ​ ​ ​ Total ​ 1,437

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Nov. 02, 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 ​ 39 Weeks Ended ​ ​ November 2, ​ October 28, ​ November 2, ​ October 28, (Percentage of net sales) ​ 2024 ​ 2023 ​ 2024 ​ 2023 Cosmetics ​ 41% ​ 42% ​ 41% ​ 42% Skincare ​ 23% ​ 22% ​ 24% ​ 22% Haircare ​ 20% ​ 21% ​ 19% ​ 21% Fragrance ​ 10% ​ 9% ​ 10% ​ 9% Services ​ 4% ​ 4% ​ 4% ​ 4% Other ​ 2% ​ 2% ​ 2% ​ 2% ​ ​ 100% ​ 100% ​ 100% ​ 100%
Summary of changes in deferred revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 39 Weeks Ended ​ ​ November 2, ​ October 28, ​ November 2, ​ October 28, (In thousands) ​ 2024 ​ 2023 ​ 2024 2023 Beginning balance ​ $ 387,817 ​ $ 346,067 ​ $ 428,788 ​ $ 388,583 Additions to contract liabilities (1) ​ ​ 124,188 ​ ​ 107,628 ​ ​ 279,195 ​ ​ 250,121 Deductions to contract liabilities (2) ​ ​ (114,071) ​ ​ (109,304) ​ ​ (310,049) ​ ​ (294,313) Ending balance ​ $ 397,934 ​ $ 344,391 ​ $ 397,934 ​ $ 344,391 (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)	9 Months Ended
	Nov. 02, 2024
Leases
Summary of components of lease cost for operating leases:	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 39 Weeks Ended ​ ​ November 2, ​ October 28, ​ November 2, ​ October 28, (In thousands) ​ 2024 ​ 2023 ​ 2024 ​ 2023 Operating lease cost ​ $ 88,965 ​ $ 84,074 ​ $ 265,200 ​ $ 252,323
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: ​ ​ ​ ​ ​ ​ ​ ​ 39 Weeks Ended ​ ​ November 2, ​ October 28, (In thousands) 2024 ​ 2023 Cash paid for operating lease liabilities (1) ​ $ 307,732 ​ $ 296,115 Operating lease assets obtained in exchange for operating lease liabilities (non-cash) ​ ​ 280,476 ​ ​ 249,826 (1) Excludes $27,737 and $27,682 related to cash received for tenant incentives for the 39 weeks ended November 2, 2024 and October 28, 2023, respectively.

Stock-based compensation (Table

Stock-based compensation (Tables)	9 Months Ended
	Nov. 02, 2024
Stock-based compensation
Schedule of weighted average assumptions to determine grant date fair value of employee stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 39 Weeks Ended ​ ​ November 2, ​ October 28, ​ 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)	9 Months Ended
	Nov. 02, 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 ​ 39 Weeks Ended ​ ​ November 2, ​ October 28, ​ November 2, ​ October 28, (In thousands, except per share data) 2024 2023 2024 2023 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income $ 242,179 ​ $ 249,483 ​ $ 807,848 ​ $ 896,636 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares – Basic ​ ​ 46,928 ​ ​ 49,007 ​ ​ 47,519 ​ ​ 49,592 Dilutive effect of stock options and non-vested stock ​ ​ 164 ​ ​ 219 ​ ​ 191 ​ ​ 254 Weighted-average common shares – Diluted ​ ​ 47,092 ​ ​ 49,226 ​ ​ 47,710 ​ ​ 49,846 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 5.16 ​ $ 5.09 ​ $ 17.00 ​ $ 18.08 Diluted ​ $ 5.14 ​ $ 5.07 ​ $ 16.93 ​ $ 17.99

Share repurchase program (Table

Share repurchase program (Tables)	9 Months Ended
	Nov. 02, 2024
Share repurchase program
Summary of common stock repurchase activity	A summary of common stock repurchase activity is presented in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ 39 Weeks Ended ​ ​ November 2, ​ October 28, (In thousands) ​ 2024 2023 Shares repurchased ​ ​ 1,869 ​ ​ 1,821 Total cost of shares repurchased, including excise tax ​ $ 771,492 ​ $ 848,356

Business and basis of present_3

Business and basis of presentation (Details)	Nov. 02, 2024 store state
Stores by state
Number of stores operated	1,437
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	38
Arkansas
Stores by state
Number of stores operated	11
California
Stores by state
Number of stores operated	172
Colorado
Stores by state
Number of stores operated	27
Connecticut
Stores by state
Number of stores operated	21
Delaware
Stores by state
Number of stores operated	4
Florida
Stores by state
Number of stores operated	101
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	56
Indiana
Stores by state
Number of stores operated	26
Iowa
Stores by state
Number of stores operated	12
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	50
Minnesota
Stores by state
Number of stores operated	21
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	57
North Carolina
Stores by state
Number of stores operated	47
North Dakota
Stores by state
Number of stores operated	4
Ohio
Stores by state
Number of stores operated	48
Oklahoma
Stores by state
Number of stores operated	23
Oregon
Stores by state
Number of stores operated	21
Pennsylvania
Stores by state
Number of stores operated	46
Rhode Island
Stores by state
Number of stores operated	5
South Carolina
Stores by state
Number of stores operated	27
South Dakota
Stores by state
Number of stores operated	3
Tennessee
Stores by state
Number of stores operated	34
Texas
Stores by state
Number of stores operated	138
Utah
Stores by state
Number of stores operated	17
Vermont
Stores by state
Number of stores operated	1
Virginia
Stores by state
Number of stores operated	36
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	22
Wyoming
Stores by state
Number of stores operated	4

Summary of significant accoun_3

Summary of significant accounting policies (Details)	9 Months Ended
	Nov. 02, 2024	Oct. 28, 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		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Disaggregated revenue
Concentration (as a percent)	100%	100%	100%	100%
Cosmetics
Disaggregated revenue
Concentration (as a percent)	41%	42%	41%	42%
Skincare
Disaggregated revenue
Concentration (as a percent)	23%	22%	24%	22%
Haircare
Disaggregated revenue
Concentration (as a percent)	20%	21%	19%	21%
Fragrance
Disaggregated revenue
Concentration (as a percent)	10%	9%	10%	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		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Summary of changes in deferred revenue
Beginning balance	$ 387,817	$ 346,067	$ 428,788	$ 388,583
Additions to contract liabilities	124,188	107,628	279,195	250,121
Deductions to contract liabilities	(114,071)	(109,304)	(310,049)	(294,313)
Ending balance	397,934	344,391	397,934	344,391
Other amounts included in deferred revenue	$ 7,106	$ 6,546	$ 7,106	$ 6,546

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Nov. 02, 2024	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 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		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Leases
Initial lease term	10 years		10 years
Operating lease cost	$ 88,965	$ 84,074	$ 265,200	$ 252,323
Cash paid for operating lease liabilities			307,732	296,115
Operating lease assets obtained in exchange for operating lease liabilities (non-cash)			280,476	249,826
Excluded cash received for tenant incentives			$ 27,737	$ 27,682

Debt (Details)

Debt (Details) $ in Thousands	Mar. 13, 2024 USD ($)	Nov. 02, 2024 USD ($)	Feb. 03, 2024 USD ($)	Oct. 28, 2023 USD ($)
Revolving Credit Facility
Notes payable
Outstanding borrowings under credit facility		$ 199,700	$ 0	$ 195,400
Weighted average interest rate		7.15%		8.21%
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	9 Months Ended		12 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Feb. 03, 2024
Fair value measurements
Fair value of financial liabilities	$ 51,916	$ 41,633	$ 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]	9 Months Ended
	Nov. 02, 2024	Oct. 28, 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		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Stock-based compensation
Weighted-average grant date fair value (in dollars per share)			$ 157.66	$ 199.15
Stock options
Stock-based compensation expense	$ 1,531	$ 1,742	$ 4,716	$ 4,961
Unrecognized stock-based compensation expense	$ 13,690		$ 13,690
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		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Restricted stock units
Unrecognized stock-based compensation expense	$ 33,877		$ 33,877
Stock-based compensation expense	$ 5,176	$ 4,959	$ 14,561	$ 14,252
Number of shares
Granted (in shares)			53	48

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		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Performance-based restricted stock units
Unrecognized stock-based compensation expense	$ 17,805		$ 17,805
Stock-based compensation expense	$ 1,712	$ 5,237	$ 8,414	$ 14,264
Number of shares
Granted (in shares)			71	33

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Aug. 16, 2022	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Income Taxes
Income tax expense		$ 77,997	$ 80,241	$ 253,903	$ 278,597
Effective tax rate (as a percent)		24.40%	24.30%	23.90%	23.70%
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		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Numerator:
Net income	$ 242,179	$ 249,483	$ 807,848	$ 896,636
Denominator:
Weighted-average common shares - Basic	46,928	49,007	47,519	49,592
Dilutive effect of stock options and non-vested stock	164	219	191	254
Weighted-average common shares - Diluted	47,092	49,226	47,710	49,846
Net income per common share:
Basic	$ 5.16	$ 5.09	$ 17	$ 18.08
Diluted	$ 5.14	$ 5.07	$ 16.93	$ 17.99

Net income per common share - A

Net income per common share - Anti-dilutive Shares (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Net income per common share
Employee stock options and restricted stock units excluded from the computation of net income per common share	176	124	206	144

Share repurchase program (Detai

Share repurchase program (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Nov. 02, 2024	Aug. 03, 2024	May 04, 2024	Oct. 28, 2023	Jul. 29, 2023	Apr. 29, 2023	Nov. 02, 2024	Oct. 28, 2023	Oct. 31, 2024	Mar. 31, 2024	Mar. 31, 2022
Share repurchase program
Shares repurchased (in shares)							1,869	1,821
Total cost of shares repurchased, including excise tax	$ 269,646	$ 214,436	$ 287,410	$ 284,342	$ 278,231	$ 285,783	$ 771,492	$ 848,356
2022 Share Repurchase Program | Maximum
Share repurchase program
Authorized amount of share repurchase program											$ 2,000,000
2024 Share Repurchase Program | Maximum
Share repurchase program
Authorized amount of share repurchase program									$ 3,000,000	$ 2,000,000