Express (EXPRQ) 10-Q 3 Jun 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	May 01, 2021	May 29, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 1, 2021
Document Transition Report	false
Entity File Number	001-34742
Entity Registrant Name	EXPRESS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2828128
Entity Address, Address Line One	1 Express Drive
Entity Address, City or Town	Columbus
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43230
City Area Code	614
Local Phone Number	474-4001
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	EXPR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Outstanding (in shares)		66,299,774
Entity Central Index Key	0001483510
Current Fiscal Year End Date	--01-29
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	May 01, 2021	Jan. 30, 2021
Current Assets:
Cash and cash equivalents	$ 84,072	$ 55,874
Receivables, net	11,213	14,556
Income tax receivable	98,554	111,342
Inventories	264,488	264,360
Prepaid rent	4,683	7,883
Other	19,340	20,495
Total current assets	482,350	474,510
Right of Use Asset, Net	754,324	797,785
Property and Equipment	965,854	969,402
Less: accumulated depreciation	(799,389)	(789,204)
Property and equipment, net	166,465	180,198
Other Assets	3,600	5,964
TOTAL ASSETS	1,406,739	1,458,457
Current Liabilities:
Short-term lease liability	206,890	203,441
Accounts payable	159,013	150,230
Deferred revenue	29,861	32,430
Short-term debt	37,772	0
Accrued expenses	118,906	128,952
Total current liabilities	552,442	515,053
Long-Term Lease Liability	681,010	722,949
Long-Term Debt	190,025	192,032
Other Long-Term Liabilities	18,941	18,734
Total Liabilities	1,442,418	1,448,768
Commitments and Contingencies (Note 9)
Stockholders’ Equity:
Preferred stock – $0.01 par value; 10,000 shares authorized; no shares issued or outstanding	0	0
Common stock – $0.01 par value; 500,000 shares authorized; 93,632 shares and 93,632 shares issued at May 1, 2021 and January 30, 2021, respectively, and 66,258 shares and 64,971 shares outstanding at May 1, 2021 and January 30, 2021, respectively	936	936
Additional paid-in capital	218,187	222,141
Retained earnings	53,349	114,732
Treasury stock – at average cost; 27,374 shares and 28,661 shares at May 1, 2021 and January 30, 2021, respectively	(308,151)	(328,120)
Total stockholders’ (deficit)/equity	(35,679)	9,689
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,406,739	$ 1,458,457

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	May 01, 2021	Jan. 30, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	93,632,000	93,632,000
Common stock, outstanding (in shares)	66,258,000	64,971,000
Treasury stock (in shares)	27,374,000	28,661,000

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Income Statement [Abstract]
Net Sales	$ 345,759	$ 210,275
Cost of Goods Sold, Buying and Occupancy Costs	266,955	256,482
GROSS PROFIT/(LOSS)	78,804	(46,207)
Operating Expenses:
Selling, general, and administrative expenses	119,393	99,165
Other operating income, net	(33)	(93)
TOTAL OPERATING EXPENSES	119,360	99,072
OPERATING LOSS	(40,556)	(145,279)
Interest Expense, Net	5,252	56
Other Expense, Net	0	2,733
LOSS BEFORE INCOME TAXES	(45,808)	(148,068)
Income Tax (Benefit)/Expense	(84)	5,982
NET LOSS	(45,724)	(154,050)
COMPREHENSIVE LOSS	$ (45,724)	$ (154,050)
EARNINGS PER SHARE:
Basic (in USD per share)	$ (0.70)	$ (2.41)
Diluted (in USD per share)	$ (0.70)	$ (2.41)
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic (in shares)	65,200	64,030
Diluted (in shares)	65,200	64,030

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Balance, at start of period (in shares) at Feb. 01, 2020		63,922,000
Balance, at start of period at Feb. 01, 2020	$ 406,302	$ 936	$ 215,207	$ 533,690	$ 0	$ (343,531)
Balance, at start of period, treasury stock (in shares) at Feb. 01, 2020						29,710,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(154,050)			(154,050)
Exercise of stock options and restricted stock (in shares)		802,000				802,000
Exercise of stock options and restricted stock	0		(1,609)	(7,659)		$ 9,268
Share-based compensation	$ 2,502		2,502
Repurchase of common stock (in shares)	0	268,000				268,000
Repurchase of common stock	$ (540)					$ (540)
Balance, at end of period (in shares) at May. 02, 2020		64,456,000
Balance, at end of period at May. 02, 2020	$ 254,214	$ 936	216,100	371,981	0	$ (334,803)
Balance, at end of period, treasury stock (in shares) at May. 02, 2020						29,176,000
Balance, at start of period (in shares) at Jan. 30, 2021	64,971,000	64,971,000
Balance, at start of period at Jan. 30, 2021	$ 9,689	$ 936	222,141	114,732	0	$ (328,120)
Balance, at start of period, treasury stock (in shares) at Jan. 30, 2021	28,661,000					28,661,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (45,724)			(45,724)
Exercise of stock options and restricted stock (in shares)		1,934,000				1,934,000
Exercise of stock options and restricted stock	0		(6,477)	(15,659)		$ 22,136
Share-based compensation	$ 2,523		2,523
Repurchase of common stock (in shares)	0	647,000				647,000
Repurchase of common stock	$ (2,167)					$ (2,167)
Balance, at end of period (in shares) at May. 01, 2021	66,258,000	66,258,000
Balance, at end of period at May. 01, 2021	$ (35,679)	$ 936	$ 218,187	$ 53,349	$ 0	$ (308,151)
Balance, at end of period, treasury stock (in shares) at May. 01, 2021	27,374,000					27,374,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (45,724)	$ (154,050)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	18,497	19,332
Impairment of property, equipment and lease assets	0	14,678
Equity method investment impairment	0	2,733
Share-based compensation	2,523	2,502
Deferred taxes	0	64,424
Landlord allowance amortization	(77)	(104)
Changes in operating assets and liabilities:
Receivables, net	3,343	(2,073)
Income tax receivable	12,788	(10,228)
Inventories	(128)	(48,485)
Accounts payable, deferred revenue, and accrued expenses	(3,426)	2,117
Other assets and liabilities	10,624	(22,084)
NET CASH USED IN OPERATING ACTIVITIES	(1,580)	(131,238)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(3,562)	(4,176)
NET CASH USED IN INVESTING ACTIVITIES	(3,562)	(4,176)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under the revolving credit facility	38,000	165,000
Repayment of borrowings under the revolving credit facility	(39,050)	0
Proceeds from borrowings under the term loan facility	50,000	0
Repayment of borrowings under the term loan facility	(12,404)	0
Repayments of financing arrangements	(576)	0
Costs incurred in connection with debt arrangements	(463)	0
Repurchase of common stock for tax withholding obligations	(2,167)	(540)
NET CASH PROVIDED BY FINANCING ACTIVITIES	33,340	164,460
NET INCREASE IN CASH AND CASH EQUIVALENTS	28,198	29,046
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	55,874	207,139
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 84,072	$ 236,185

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	May 01, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	NOTE 1 | DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Business Description Express, Inc., together with its subsidiaries (“Express” or the “Company”), is a modern, versatile, dual gender apparel and accessories brand that helps people get dressed for every day and any occasion. Launched in 1980 with the idea that style, quality and value should all be found in one place, Express has been a brand of the now, offering some of the most important and enduring fashion trends. Express aims to Create Confidence & Inspire Self-Expression through a design & merchandising view that brings forward The Best of Now for Real Life Versatility . The Company operates 563 retail and factory outlet stores in the United States and Puerto Rico, as well as an online destination. As of May 1, 2021, Express operated 357 primarily mall-based retail stores in the United States and Puerto Rico as well as 206 factory outlet stores. Fiscal Year The Company's fiscal year ends on the Saturday closest to January 31. Fiscal years are designated in the unaudited Consolidated Financial Statements and Notes, as well as the remainder of this Quarterly Report, by the calendar year in which the fiscal year commences. All references herein to the Company's fiscal years are as follows: Fiscal Year Year Ended Number of Weeks 2021 January 29, 2022 52 2020 January 30, 2021 52 All references herein to “the first quarter of 2021” and “the first quarter of 2020” represent the thirteen weeks ended May 1, 2021 and May 2, 2020, respectively. Basis of Presentation The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) 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 and therefore do not include all of the information or footnotes required for complete financial statements. In the opinion of management, the accompanying unaudited Consolidated Financial Statements reflect all adjustments (which are of a normal recurring nature) necessary to state fairly the financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for 2021. Therefore, these statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto for the year ended January 30, 2021, included in the Company’s Annual Report on Form 10-K, filed with the SEC on March 25, 2021. Principles of Consolidation The unaudited Consolidated Financial Statements include the accounts of Express, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Segment Reporting The Company defines an operating segment on the same basis that it uses to evaluate performance internally. The Company has determined that, together, its Chief Executive Officer and its President and Chief Operating Officer are the Chief Operating Decision Maker, and that there is one operating segment. Therefore, the Company reports results as a single segment, which includes the operation of its Express brick-and-mortar retail and outlet stores and eCommerce operations. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenue and expense during the reporting period, as well as the related disclosure of contingent assets and liabilities as of the date of the unaudited Consolidated Financial Statements. Actual results may differ from those estimates. The Company revises its estimates and assumptions as new information becomes available. Going Concern and Management's Plans The Company has seen significant recovery in sales and profitability in the first quarter with continued improvement into the second quarter and continues to be in compliance with the financial covenants under its Revolving Credit Facility and Term Loan Facility. However, due to the uncertainty related to the speed of recovery from the COVID-19 pandemic and its potential impacts, the Company could experience material changes to forecasted revenues and cash flows and could experience difficulty remaining in compliance with financial covenants. When conditions and events, in the aggregate, impact an entity's ability to continue as a going concern, management evaluates the mitigating effect of its plans to determine if it is probable that the plans will be effectively implemented and, when implemented, the plans will mitigate the relevant conditions or events. Based upon the sales and profitability recovery seen in the first quarter and continued improvement into the second quarter, as well as the availability of additional liquidity under the Revolving Credit Facility, and expense control and other measures taken to date, the Company's liquidity position has improved significantly. The Company plans to continue its cash conservation and cost reduction measures taken to date, including rent concessions agreed to, and is forecasting continued improvement in both sales and profitability in the remainder of 2021. The Company believes these plans and forecasts are probable of being successfully implemented, which will result in adequate cash flows to support its ongoing operations and to meet its covenant requirements under the Revolving Credit Facility and Term Loan Facility for one year following the date these financial statements are issued.

Revenue Recognition

Revenue Recognition	3 Months Ended
	May 01, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	NOTE 2 | REVENUE RECOGNITION The following is information regarding the Company’s major product categories and sales channels: Thirteen Weeks Ended May 1, 2021 May 2, 2020 (in thousands) Apparel $ 304,272 $ 179,583 Accessories and other 32,223 21,380 Other revenue 9,264 9,312 Total net sales $ 345,759 $ 210,275 Thirteen Weeks Ended May 1, 2021 May 2, 2020 (in thousands) Retail $ 246,231 $ 159,537 Outlet 90,264 41,426 Other revenue 9,264 9,312 Total net sales $ 345,759 $ 210,275 Other revenue consists primarily of revenue earned from our private label credit card agreement, shipping and handling revenue related to eCommerce activity, sell-off revenue related to marked-out-of-stock inventory sales to third parties, revenue from gift card breakage and revenue from franchise agreements. Merchandise Sales The Company recognizes sales for in-store purchases at the point-of-sale. Revenue related to eCommerce transactions is recognized upon shipment based on the fact that control transfers to the customer at that time. The Company has made a policy election to treat shipping and handling as costs to fulfill the contract and as a result any amounts received from customers are included in the transaction price allocated to the performance obligation of providing goods with a corresponding amount accrued within cost of goods sold, buying and occupancy costs in the unaudited Consolidated Statements of Income and Comprehensive Income for amounts paid to applicable carriers. Associate discounts on merchandise purchases are classified as a reduction of net sales. Net sales excludes sales tax collected from customers and remitted to governmental authorities. Loyalty Program The Company maintains a customer loyalty program in which customers earn points toward rewards for qualifying purchases and other marketing activities. Upon reaching specified point values, customers are issued a reward, which they may redeem on merchandise purchases at the Company’s stores or on its website. Generally, rewards earned must be redeemed within 60 days from the date of issuance. The Company defers a portion of merchandise sales based on the estimated standalone selling price of the points earned. This deferred revenue is recognized as certificates that are redeemed or expire. To calculate this deferral, the Company makes assumptions related to card holder redemption rates based on historical experience. The loyalty liability is included in deferred revenue on the unaudited Consolidated Balance Sheets. Thirteen Weeks Ended May 1, 2021 May 2, 2020 (in thousands) Beginning balance loyalty deferred revenue $ 8,951 $ 14,063 Net revenue recognized (678) (4,478) Ending balance loyalty deferred revenue $ 8,273 $ 9,585 Sales Returns Reserve The Company reduces net sales and provides a reserve for projected merchandise returns based on prior experience. Merchandise returns are often resalable merchandise and are refunded by issuing the same payment tender as the original purchase. The sales returns reserve was $10.3 million and $6.4 million as of May 1, 2021 and January 30, 2021, respectively, and is included in accrued expenses on the unaudited Consolidated Balance Sheets. The asset related to projected returned merchandise is included in other assets on the unaudited Consolidated Balance Sheets. Gift Cards The Company sells gift cards in its stores, on its eCommerce website, and through third parties. These gift cards do not expire or lose value over periods of inactivity. The Company accounts for gift cards by recognizing a liability at the time a gift card is sold. The gift card liability balance was $21.6 million and $23.5 million, as of May 1, 2021 and January 30, 2021, respectively, and is included in deferred revenue on the unaudited Consolidated Balance Sheets. The Company recognizes revenue from gift cards when they are redeemed by the customer. The Company also recognizes income on unredeemed gift cards, referred to as “gift card breakage.” Gift card breakage is recognized proportionately using a time-based attribution method from issuance of the gift card to the time when it can be determined that the likelihood of the gift card being redeemed is remote and that there is no legal obligation to remit unredeemed gift cards to relevant jurisdictions. The gift card breakage rate is based on historical redemption patterns. Gift card breakage is included within the other revenue component of net sales. Thirteen Weeks Ended May 1, 2021 May 2, 2020 (in thousands) Beginning gift card liability $ 23,478 $ 24,142 Issuances 4,078 4,040 Redemptions (5,225) (5,418) Gift card breakage (744) (1,036) Ending gift card liability $ 21,587 $ 21,728 Private Label Credit Card The Company has an agreement with Comenity Bank (the “Bank”) to provide customers with private label credit cards (the “Card Agreement”) which was amended on August 28, 2017 to extend the term of the arrangement through December 31, 2024. Each private label credit card bears the logo of the Express brand and can only be used at the Company’s store locations and eCommerce channel. The Bank is the sole owner of the accounts issued under the private label credit card program and absorbs the losses associated with non-payment by the private label card holders and a portion of any fraudulent usage of the accounts. Pursuant to the Card Agreement, the Company receives amounts from the Bank during the term based on a percentage of private label credit card sales and is also eligible to receive incentive payments for the achievement of certain performance targets. These funds are recorded within the other revenue component of net sales. The Company also receives reimbursement funds from the Bank for certain expenses the Company incurs. These reimbursement funds are used by the Company to fund marketing and other programs associated with the private label credit card. The reimbursement funds received related to private label credit cards are recorded within the other revenue component of net sales. In connection with the Card Agreement, the Bank agreed to pay the Company a $20.0 million refundable payment which the Company recognized upon receipt as deferred revenue within other long-term liabilities in the Consolidated Balance Sheets and began to recognize into income on a straight-line basis commencing January of 2018. As of May 1, 2021, the deferred revenue balance of $10.6 million will be recognized over the remaining term of the amended Card Agreement within the other revenue component of net sales. Thirteen Weeks Ended May 1, 2021 May 2, 2020 (in thousands) Beginning balance refundable payment liability $ 11,272 $ 14,150 Recognized in revenue (719) (719) Ending balance refundable payment liability $ 10,553 $ 13,431

Earnings Per Share

Earnings Per Share	3 Months Ended
	May 01, 2021
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 3 | EARNINGS PER SHARE The following table provides a reconciliation between basic and diluted weighted-average shares used to calculate basic and diluted earnings per share: Thirteen Weeks Ended May 1, 2021 May 2, 2020 (in thousands) Weighted-average shares - basic 65,200 64,030 Dilutive effect of stock options and restricted stock units — — Weighted-average shares - diluted 65,200 64,030 Equity awards representing 9.9 million and 9.6 million shares of common stock were excluded from the computation of diluted earnings per share for the thirteen weeks ended May 1, 2021 and May 2, 2020, respectively, as the inclusion of these awards would have been anti-dilutive. Additionally, for the thirteen weeks ended May 1, 2021, approximately 1.5 million shares were excluded from the computation of diluted weighted average shares because the number of shares that will ultimately be issued is contingent on the Company’s performance compared to pre-established performance goals which have not been achieved as of May 1, 2021.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	May 01, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 4 | FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date. ■ Level 1 - Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets. ■ Level 2 - Valuation is based upon quoted prices for similar assets and liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ■ Level 3 - Valuation is based upon other unobservable inputs that are significant to the fair value measurement. Financial Assets The following table presents the Company’s financial assets, recorded in cash and cash equivalents on the unaudited Consolidated Balance Sheets, measured at fair value on a recurring basis as of May 1, 2021 and January 30, 2021, aggregated by the level in the fair value hierarchy within which those measurements fall. May 1, 2021 Level 1 Level 2 Level 3 (in thousands) Money market funds $ 54,242 $ — $ — January 30, 2021 Level 1 Level 2 Level 3 (in thousands) Money market funds $ 35,964 $ — $ — The money market funds are valued using quoted market prices in active markets. The carrying amounts reflected on the unaudited Consolidated Balance Sheets for the remaining cash and cash equivalents, receivables, prepaid expenses, and payables as of May 1, 2021 and January 30, 2021 approximated their fair values. Non-Financial Assets Store Asset Impairment Property and equipment, including the right of use assets, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur indicating the carrying value of these assets may not be recoverable, an impairment test is required. These events include, but are not limited to, material adverse changes in projected revenues and cost of goods sold (exclusive of buying and occupancy costs), present cash flow losses combined with a history of cash flow losses and a forecast that demonstrates significant continuing losses, significant negative economic conditions, a significant decrease in the market value of an asset and store closure or relocation decisions. The reviews are conducted at the store level, the lowest identifiable level of cash flow. Stores that display an indicator of impairment are subjected to an impairment assessment. Such stores are tested for recoverability by comparing the sum of the estimated future undiscounted cash flows to the carrying amount of the asset. This recoverability test requires management to make assumptions and judgments related, but not limited, to management’s expectations for future cash flows from operating the store. ▪ The key assumptions used in the undiscounted future store cash flow models include sales growth rate and gross margin, exclusive of buying and occupancy costs. An impairment loss may be recognized when these undiscounted future cash flows are less than the carrying amount of the asset group. In the circumstance of impairment, any loss would be measured as the excess of the carrying amount of the asset group over its fair value. Fair value of the store-related assets is determined at the individual store level based on the highest and best use of the asset group. • The key assumptions used in the fair value analysis may include discounted estimates of future store cash flows from operating the store and/or comparable market rents. During the thirteen weeks ended May 1, 2021 and May 2, 2020, the Company recognized impairment charges as follows: Thirteen Weeks Ended May 1, 2021 May 2, 2020 (in thousands) Right of use asset impairment $ — $ 9,688 Property and equipment asset impairment — 4,990 Total asset impairment $ — $ 14,678 Impairment charges are recorded in cost of goods sold, buying and occupancy costs in the unaudited Consolidated Statements of Income and Comprehensive Income.

Income Taxes

Income Taxes	3 Months Ended
	May 01, 2021
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 5 | INCOME TAXES The provision for income taxes is based on a current estimate of the annual effective tax rate, adjusted to reflect the effect of discrete items. The Company’s effective income tax rate may fluctuate from quarter to quarter as a result of a variety of factors, including the estimate of annual pre-tax income, the related changes in the estimate, and the effect of discrete items. The impact of these items on the effective tax rate will be greater at lower levels of pre-tax earnings. The Company evaluates whether deferred tax assets are realizable on a quarterly basis. The Company considers all available positive and negative evidence, including past operating results and expectations of future operating income. Accordingly, the Company continues to maintain a full valuation allowance on deferred tax assets as of May 1, 2021. On March 27, 2020, the Coronavirus Aid Relief and Economic Security (“CARES”) Act was enacted into law. The CARES Act provides several provisions that impact the Company including the establishment of a five-year carryback of net operating losses originating in the tax years 2018, 2019, and 2020, temporarily suspending the 80% limitation on the use of net operating losses, relaxing limitation rules on business interest deductions, and retroactively clarifying that businesses may immediately write-off certain qualified leasehold improvement property dating back to January 1, 2018. The Company’s effective tax rate was 0.2% and (4.0)% for the thirteen weeks ended May 1, 2021 and May 2, 2020, respectively. The effective tax rate for the thirteen weeks ended May 1, 2021 reflects the impact of recording an additional valuation allowance of $10.0 million against current year losses. The effective tax rate for the thirteen weeks ended May 2, 2020 reflects the impact of establishing a valuation allowance against the Company's net deferred tax assets, which includes $54.3 million of discrete tax expense from a valuation allowance on previously recognized deferred tax assets and $6.8 million valuation allowance on 2020 U.S. state taxes and other tax credits. This tax expense was partially offset by a $19.5 million tax benefit related to the CARES Act, which includes the benefit for the portion of the estimated 2019 and 2020 U.S. Federal net operating losses that are able to be carried back to offset taxable income in the five-year carryback period.

Leases

Leases	3 Months Ended
	May 01, 2021
Leases [Abstract]
Leases	NOTE 6 | LEASES The Company leases all of its store locations and its corporate headquarters, which also includes its distribution center, under operating leases. The store leases typically have initial terms of 5 to 10 years; however, most of the leases that are coming to the end of their lease lives are being renegotiated with shorter terms. The current lease term for the corporate headquarters expires in 2026, with one optional five-year extension period. The Company also leases certain equipment and other assets under operating leases, typically with initial terms of 3 to 5 years. The lease term includes the initial contractual term as well as any options to extend the lease when it is reasonably certain that the Company will exercise that option. Leases with an initial term of 12 months or less (short-term leases) are not recorded on the balance sheet. The Company does not currently have any material short-term leases. The Company is generally obligated for the cost of property taxes, insurance and other landlord costs, including common area maintenance charges, relating to its leases. If these charges are fixed, they are combined with lease payments in determining the lease liability; however, if such charges are not fixed, they are considered variable lease costs and are expensed as incurred. The variable payments are not included in the measurement of the lease liability or asset. The Company’s finance leases are immaterial. The Company did not make any amendments to its lease modification policies as a result of the COVID-19 pandemic. Certain lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company’s lease agreements do not provide an implicit rate, so the Company uses an estimated incremental borrowing rate, which is derived from third-party information available at the lease commencement date, in determining the present value of lease payments. The rate used is for a secured borrowing of a similar term as the lease. As a result of the impact of the COVID-19 pandemic, the Company did not initially make its store rent payments for certain stores in the first and second quarter of 2020. The Company established an accrual for rent payments that were not made and has continued to recognize accrued rent expense. As a result of negotiations with certain landlords, the Company has since made rent payments for certain stores and some landlords have agreed to abate certain rent payments. The appropriate adjustments were made to accrued rent. Accrued rent is within accrued expenses on the unaudited Consolidated Balance Sheets. Accrued minimum rent as of May 1, 2021 and January 30, 2021, was $31.8 million and $56.3 million, respectively. Supplemental cash flow information related to leases is as follows: Thirteen Weeks Ended May 1, 2021 May 2, 2020 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 75,456 $ 41,467 Right-of-use assets obtained in exchange for operating lease liabilities $ 27,773 $ 15,243

Debt

Debt	3 Months Ended
	May 01, 2021
Debt Disclosure [Abstract]
Debt	NOTE 7 | DEBT The following table summarizes the Company's outstanding debt as of the dates indicated: May 1, 2021 January 30, 2021 (in thousands) Term Loan Facility $ 127,596 $ 90,000 Revolving Facility 105,000 106,050 Total outstanding borrowings 232,596 196,050 Less: unamortized debt issuance costs (4,799) (4,018) Total debt, net 227,797 192,032 Less: current portion of long-term debt 37,772 — Long-term debt, net $ 190,025 $ 192,032 Outstanding letters of credit $ 36,099 $ 36,099 Term Loan Facility On January 13, 2021, Express Holding, LLC, a wholly-owned subsidiary of the Company (“Express Holding”), and its subsidiaries entered into the $140.0 million Asset-Based Term Loan Agreement (the “Term Loan Facility”), among the Loan Parties (as defined therein), Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent and collateral agent, and the other lenders named therein (the “Term Loan Lenders”). The Term Loan Facility provides for a “first in, last out” term loan in an amount equal to $90.0 million (the “FILO Term Loan”) and a delayed draw term loan facility in an amount equal to $50.0 million (the “DDTL”). The Term Loan Facility is a senior secured obligation that ranks equally with the Loan Parties’ other senior secured obligations. During the first quarter of 2021, the Company drew down the additional $50.0 million under the DDTL and repaid $12.4 million with proceeds from 2020 CARES Act tax refunds, as required under the Term Loan Facility. As of May 1, 2021, the Company had $127.6 million in borrowings outstanding under the Term Loan Facility. The fair value of the Term Loan Facility at May 1, 2021 was $119.1 million. Subsequent to May, 1, 2021 the Company paid an additional $30.9 million payment on the DDTL with proceeds from CARES Act refunds received subsequent to quarter end. Amounts borrowed under the FILO Term Loan will be repaid in quarterly installments at a rate of 1.25% per quarter based on the original principal amount of the FILO Term Loan, commencing with the fiscal quarter beginning on or about January 30, 2022. All remaining amounts of the Term Loan Facility outstanding on the maturity date will be paid in full on the maturity date, May 24, 2024. The Loan Parties must repay amounts incurred under the Term Loan Facility with net proceeds from the incurrence of certain additional debt, after payment in full and termination of the $250.0 million asset-based loan credit facility, when outstanding loans under the Term Loan Facility and asset-based loan credit facility exceed the aggregate borrowing base under the Term Loan Facility and asset-based loan credit facility, and, in the case of the DDTL only, with tax refund proceeds payable to the Company pursuant to the CARES Act. Voluntary prepayments under the Term Loan Facility are permitted at any time upon proper notice and subject to minimum dollar amounts and, in certain instances, a prepayment fee. Amounts borrowed under the Term Loan Facility will bear interest at a variable rate indexed to LIBOR plus a pricing margin ranging from 8.00% to 8.25% per annum, as determined in accordance with the provisions of the Term Loan Facility based on EBITDA, as of any date of determination, for the most recently ended twelve month period. Interest payments under the Term Loan Facility are due on the first day of each calendar month. As of May 1, 2021 the interest rate on the outstanding FILO Term Loan was 9.0%. The Term Loan Facility is subject to a borrowing base which is calculated based on specified percentages of eligible inventory, credit card receivables, intellectual property and, after the advance of the DDTL, the lesser of the amount of the tax refund claim under the CARES Act and the outstanding amount of the DDTL. The Term Loan Facility financial covenant requires the Borrower to maintain minimum excess availability of at least the greater of (i) $25.0 million or (ii) 10% of the sum of (x) the Amended Revolving Credit Facility (defined below) loan cap (calculated without giving effect to any term pushdown reserve) plus (y) the lesser of (A) the outstanding principal balance under the Term Loan Facility and (B) the term loan borrowing base. In addition, the Term Loan Facility contains customary covenants and restrictions on the Company’s and its subsidiaries’ activities, including, but not limited to, limitations on the amount of cash that can be held, the incurrence of additional indebtedness, liens, negative pledges, guarantees, investments, loans, asset sales, mergers, acquisitions, prepayment of other debt, distributions, dividends, the repurchase of capital stock, transactions with affiliates, the ability to change the nature of its business or its fiscal year, and permitted activities of the Company. The Term Loan Facility includes customary events of default that include, among other things, non-payment defaults, inaccuracy of representations and warranties, covenant defaults, cross-default to material indebtedness, bankruptcy and insolvency defaults, material judgment defaults, ERISA defaults, structural defaults under the loan documents and a change of control default. The occurrence of an event of default could result in the acceleration of the obligations under the Term Loan Facility. Under certain circumstances, a default interest rate will apply on any amount payable under the Term Loan Facility during the existence of an event of default at a per annum rate equal to 2.00% above the applicable interest rate for any principal and 2.00% above the rate applicable for base rate loans for any other interest. All obligations under the Term Loan Facility are guaranteed by the Loan Parties (other than the Borrower (as defined therein)) and secured by (a) a second priority lien on, substantially all of the Loan Parties’ working capital assets, including cash, accounts receivable, and inventory, and (b) a first priority lien on, substantially all of the Loan Parties’ non-working capital assets, including intellectual property, and the tax refund payable to the Company pursuant to the CARES Act, in each case, subject to certain permitted liens. The Company recorded deferred financing costs associated with the issuance of the Term Loan Facility. The unamortized balance is $4.8 million as of May 1, 2021. These costs will be amortized over the respective contractual terms of the Term Loan Facility or written off ratably as the Term Loan Facility is extinguished. The Company’s Term Loan debt is presented on the Consolidated Balance Sheets, net of the unamortized fees. Revolving Credit Facility On May 24, 2019, Express Holding and its subsidiaries entered into a First Amendment to the Second Amended and Restated $250.0 million Asset-Based Loan Credit Agreement (as amended, the “Revolving Credit Facility”). On March 17, 2020, the Company provided notice to the lenders under the Revolving Credit Facility of a request to borrow $165.0 million. On January 13, 2021, Express Holding and its subsidiaries entered into the Second Amendment to the Second Amended and Restated $250.0 million Asset-Based Loan Credit Agreement and the Second Amendment to the Amended and Restated Security Agreement, among the Loan Parties (as defined therein), the lenders party thereto, and Wells Fargo, as administrative agent, as collateral agent, as issuing bank and as swing line lender (the “Revolving Credit Facility Amendment”). The Revolving Credit Facility Amendment amends the Loan Parties’ existing asset-based Revolving Credit Facility (as amended by the Revolving Credit Facility Amendment, the “Amended Revolving Credit Facility”), which is scheduled to expire on May 24, 2024. The Revolving Credit Facility Amendment added the Company and Express Topco LLC as Loan Parties, fully obligated and bound by all of the respective covenants, representations, warranties and events of default. Under the Amended Revolving Credit Facility, revolving loans may be borrowed, repaid and reborrowed until May 24, 2024, at which time all amounts borrowed must be repaid. Borrowings under the Amended Revolving Credit Facility bear interest at variable rates that are indexed, at the Borrower’s option, to LIBOR or the base rate as defined in the credit agreement governing the asset-based loan credit facility, in each case plus a pricing margin. The pricing margin for LIBOR loans ranges from 2.00% to 2.25% per annum, and the pricing margin for base rate loans ranges from 1.00% to 1.25% per annum, in each case as determined in accordance with the provisions of the Amended Revolving Credit Facility based on average daily excess availability. The Amended Revolving Credit Facility has a maximum borrowing amount of $250.0 million, subject to a borrowing base which is calculated based on specified percentages of eligible inventory, credit card receivables and cash, less certain reserves. Commitment reductions and termination of the Amended Revolving Credit Facility prior to the maturity date is permitted, subject in certain instances to a prepayment fee. As of May 1, 2021, the interest rate on the outstanding borrowings of $105.0 million at LIBOR was approximately 2.8%. The unused line fee payable under the Amended Revolving Credit Facility is 0.375% per annum when average daily excess availability during an applicable fiscal quarter is greater than or equal to 50% of the borrowing base and 0.20% per annum when average daily excess availability is less than 50% of the borrowing base, payable quarterly in arrears on the first day of each calendar month. The Borrower is also obligated to pay other customary closing fees, arrangement fees, administration fees and letter of credit fees for a credit facility of this size and type. Interest payments under the Amended Revolving Credit Facility are due on the first day of each calendar month for base rate loans. Interest payments under the Amended Revolving Credit Facility are due on the last day of the interest period for LIBOR loans for interest periods of one and three months, and additionally every three months after the first day of the interest period for LIBOR loans for interest periods of greater than three months. The Amended Revolving Credit Facility financial covenant requires the Borrower to maintain minimum excess availability of at least the greater of (i) $25 million or (ii) 10% of the sum of (x) Amended Revolving Credit Facility loan cap (calculated without giving effect to any term pushdown reserve) plus (y) the lesser of (A) the outstanding principal balance under the Term Loan Facility and (B) the term loan borrowing base. Subject to certain conditions, the Amended Revolving Credit Facility restricts prepayment of the Term Loan Facility, except in connection with a prepayment made solely from the tax refund payable to the Company pursuant to the CARES Act. In addition, the Amended Revolving Credit Facility contains customary covenants and restrictions on the Company’s and its subsidiaries’ activities, including, but not limited to, limitations on the amount of cash that can be held, incurrence of additional indebtedness, liens, negative pledges, guarantees, investments, loans, asset sales, mergers, acquisitions, prepayment of other debt, distributions, dividends, the repurchase of capital stock, transactions with affiliates, the ability to change the nature of its business or its fiscal year, and permitted activities of the Company. The Amended Revolving Credit Facility includes customary events of default that, include among other things, non-payment defaults, inaccuracy of representations and warranties, covenant defaults, cross-default to material indebtedness, bankruptcy and insolvency defaults, material judgment defaults, ERISA defaults, structural defaults under the loan documents and a change of control default. The occurrence of an event of default could result in the acceleration of the obligations under the Amended Revolving Credit Facility. Under certain circumstances, a default interest rate will apply on any amount payable under the Amended Revolving Credit Facility during the existence of an event of default at a per annum rate equal to 2.00% above the applicable interest rate for any principal and 2.00% above the rate applicable for base rate loans for any other interest. All obligations under the Amended Revolving Credit Facility are guaranteed by the Loan Parties (other than the Borrower) and secured by (a) a first priority lien on substantially all of the Loan Parties’ working capital assets, including cash, accounts receivable, and inventory, and (b) a second priority lien on substantially all of the Loan Parties’ non-working capital assets, including intellectual property, and the refund payable to the Company pursuant to the CARES Act, in each case, subject to certain permitted liens. As of May 1, 2021, the Company had $105.0 million in borrowings outstanding under the Revolving Credit Facility and approximately $70.8 million remained available for borrowing under the Revolving Credit Facility after giving effect to outstanding letters of credit in the amount of $36.1 million and subject to certain borrowing base limitations as further discussed above. The fair value of the Revolving Credit Facility at May 1, 2021 was $105.1 million. Subsequent to May, 1, 2021 the Company made a $30.0 million payment on the Revolving Credit Facility. Letters of Credit The Company may enter into various trade letters of credit ("trade LCs") in favor of certain vendors to secure merchandise. These trade LCs are issued for a defined period of time, for specific shipments, and generally expire three weeks after the merchandise shipment date. As of May 1, 2021 and January 30, 2021, there were no outstanding trade LCs. Additionally, the Company enters into stand-by letters of credit ("stand-by LCs") on an as-needed basis to secure payment obligations for third party logistic services, merchandise purchases, and other general and administrative expenses. As of May 1, 2021 and January 30, 2021, outstanding stand-by LCs totaled $36.1 million, respectively.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	May 01, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	NOTE 8 | SHARE-BASED COMPENSATION The Company records the fair value of share-based payments to employees in the unaudited Consolidated Statements of Income and Comprehensive Income within selling, general, and administrative expenses as compensation expense, net of forfeitures, over the requisite service period. The Company issues shares of common stock from treasury stock, at average cost, upon exercise of stock options and vesting of restricted stock units, including those with performance conditions. Long-Term Compensation Plans In 2010, the Board approved, and the Company implemented, the Express, Inc. 2010 Incentive Compensation Plan (as amended, the "2010 Plan"). The 2010 Plan authorized the Compensation Committee (the "Committee") of the Board and its designees to offer eligible employees and directors cash and stock-based incentives as deemed appropriate in order to attract, retain, and reward such individuals. On April 30, 2018, upon the recommendation of the Committee, the Board unanimously approved and adopted, subject to stockholder approval, the Express, Inc. 2018 Incentive Compensation Plan (the “2018 Plan”) to replace the 2010 Plan. On June 13, 2018, stockholders of the Company approved the 2018 Plan and all grants made subsequent to that approval will be made under the 2018 Plan. The primary change made by the 2018 Plan was to increase the number of shares of common stock available for equity-based awards by 2.4 million shares. In addition to increasing the number of shares, the Company also made several enhancements to the 2010 Plan to reflect best practices in corporate governance. The 2018 Plan incorporates these concepts and also includes several other enhancements which were practices the Company already followed but were not explicitly stated in the 2010 Plan. None of these changes will have a significant impact on the accounting for awards made under the 2018 Plan. In the third quarter of 2019, in connection with updates made by the Company to its policy regarding the clawback of incentive compensation awarded to associates, the Board approved an amendment to the 2018 Plan, solely for the purpose of updating the language regarding the recoupment of awards granted under the 2018 Plan. On March 17, 2020, upon the recommendation of the Committee, the Board unanimously approved and adopted, subject to stockholder approval, a second amendment to the 2018 Plan, which increased the number of shares of common stock available under the 2018 Plan by 2.5 million shares. On June 10, 2020, stockholders of the Company approved this plan amendment. The following summarizes long-term incentive compensation expense: Thirteen Weeks Ended May 1, 2021 May 2, 2020 (in thousands) Restricted stock units $ 2,015 $ 2,184 Stock options 300 318 Performance-based restricted stock units 208 — Total share-based compensation $ 2,523 $ 2,502 Cash-settled awards 1,542 (371) Total long-term incentive compensation $ 4,065 $ 2,131 The stock compensation related income tax benefit, excluding consideration of valuation allowances, recognized by the Company during the thirteen weeks ended May 1, 2021 and May 2, 2020 was $2.3 million and $0.5 million, respectively. The valuation allowances associated with these tax benefits were $2.3 million and $0.0 million for the thirteen weeks ended May 1, 2021 and May 2, 2020, respectively. Equity Awards Restricted Stock Units During the thirteen weeks ended May 1, 2021, the Company granted restricted stock units (“RSUs”) under the 2018 Plan. The fair value of RSUs is determined based on the Company’s closing stock price on the day prior to the grant date in accordance with the 2018 Plan. The RSUs granted in 2021 vest ratably over three years and the expense related to these RSUs will be recognized using the straight-line attribution method over this vesting period. The Company’s activity with respect to RSUs, including awards with performance conditions granted prior to 2018, for the thirteen weeks ended May 1, 2021 was as follows: Number of Shares Grant Date (in thousands, except per share amounts) Unvested - January 30, 2021 7,090 $ 2.63 Granted 9 $ 2.80 Vested (1,933) $ 2.97 Forfeited (160) $ 3.05 Unvested - May 1, 2021 5,006 $ 2.48 The total fair value of RSUs that vested during the thirteen weeks ended May 1, 2021 and May 2, 2020 was $5.7 million and $5.6 million, respectively. As of May 1, 2021, there was approximately $9.2 million of total unrecognized compensation expense related to unvested RSUs, which is expected to be recognized over a weighted-average period of approximately 1.4 years. Stock Options The Company’s activity with respect to stock options during the thirteen weeks ended May 1, 2021 was as follows: Number of Shares Grant Date Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands, except per share amounts and years) Outstanding - January 30, 2021 3,324 $ 6.65 Granted — $ — Exercised — $ — Forfeited or expired (134) $ 18.60 Outstanding - May 1, 2021 3,190 $ 6.15 7.0 $ 1,044 Expected to vest at May 1, 2021 2,025 $ 2.61 8.2 $ 909 Exercisable at May 1, 2021 1,145 $ 12.46 4.9 $ 126 As of May 1, 2021, there was approximately $0.9 million of total unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted average period of approximately 1.3 years. Performance-Based Restricted Stock Units During the first quarter of 2021, the Company granted 1.5 million performance shares to a limited number of senior executive-level employees, which entitle these employees to receive a specified number of shares of the Company’s common stock upon vesting. The number of shares earned could range between 0% and 200% of the target amount depending upon performance achieved over a three-year vesting period beginning on the first day of the Company's 2021 fiscal year and ending on the last day of the Company's 2023 fiscal year. These awards are valued based on the fair value of the award at the grant date and do not vary based on changes in the Company's stock price or performance. The performance condition of the award is adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA"). The number of shares that will are expected to vest will change based on estimates of the Company’s Adjusted EBITDA performance in relation to the pre-established targets. As of May 1, 2021, $6.1 million of total unrecognized compensation cost is expected to be recognized on performance-based restricted stock units over a weighted-average period of 3.0 years. Cash-Settled Awards Time-Based Cash-Settled Awards During the thirteen weeks ended May 1, 2021 and May 2, 2020, the Company granted time-based cash-settled awards to employees that vest ratably over three years. These awards are classified as liabilities and do not vary based on changes in the Company's stock price or performance. As of May 1, 2021, $0.5 million is included in accrued expenses and $0.8 million is included in other long-term liabilities on the unaudited Consolidated Balance Sheets. The expense related to these awards will be accrued using a straight-line method over this vesting period. As of May 1, 2021, $12.5 million of total unrecognized compensation cost is expected to be recognized on cash-settled awards over a weighted-average period of 1.9 years. Performance-Based Cash-Settled Awards In March 2020, the Company granted performance-based cash-settled awards to a limited number of senior executive-level employees. Due to the significant disruption caused by the COVID-19 pandemic on the Company’s business operations, as well as its adverse impact on consumer confidence and demand, the Committee determined that it could not set meaningful multi-year performance targets given the uncertain economic conditions. Accordingly, the Committee delayed setting performance targets for the 2020 long-term performance-based awards until February 2021 when it believed it had a clearer outlook on the Company’s expected long-term performance. These awards are classified as liabilities, with the amount to be paid out estimated each reporting period. Expense is being recognized in proportion to the completed requisite period up until date of settlement. The amount of cash earned could range between 0% and 200% of the target amount depending upon performance achieved over a two-year performance period commencing on the first day of the Company’s 2021 fiscal year and ending on the last day of the Company’s 2022 fiscal year. The performance condition of the award is Adjusted EBITDA. The amount of cash earned will change based on estimates of the Company’s Adjusted EBITDA performance in relation to the pre-established targets. As of May 1, 2021, $6.6 million of total unrecognized compensation cost is expected to be recognized on performance-based cash-settled awards.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	May 01, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 9 | COMMITMENTS AND CONTINGENCIES In a complaint filed in January 2017 by Mr. Jorge Chacon in the Superior Court for the State of California for the County of Orange, certain subsidiaries of the Company were named as defendants in a representative action alleging violations of California state wage and hour statutes and other labor standards. The lawsuit seeks unspecified monetary damages and attorneys’ fees. In July 2018, former associate Ms. Christie Carr filed suit in Alameda County Superior Court for the State of California naming certain subsidiaries of the Company as defendants in a representative action alleging violations of California State wage and hour statutes and other labor standard violations. The lawsuit seeks unspecified monetary damages and attorneys’ fees. In August 2018, former associate Ms. Leticia Rosete filed suit in Los Angeles County Superior Court for the State of California naming certain subsidiaries of the Company as defendants in a representative action alleging violations of California state wage and hour statutes and other labor standard violations (including claims for discrimination, harassment, retaliation, etc.). The lawsuit seeks unspecified monetary damages and attorneys’ fees. On January 29, 2019, Mr. Jorge Chacon filed a second representative action in the Superior Court for the State of California for the County of Orange alleging violations of California state wages and hour statutes and other labor standard violations. The lawsuit seeks unspecified monetary damages and attorneys' fees. The Company is vigorously defending itself against these claims and, as of May 1, 2021, has established an estimated liability based on its best estimate of the outcome of the matters. The Company is subject to various other claims and contingencies arising out of the normal course of business. Management believes that the ultimate liability arising from such claims and contingencies, if any, is not likely to have a material adverse effect on the Company’s results of operations, financial condition, or cash flows.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	May 01, 2021
Equity [Abstract]
Stockholders' Equity	NOTE 10 | STOCKHOLDERS' EQUITY Share Repurchase Programs On November 28, 2017, the Company's Board of Directors ("Board") approved a share repurchase program that authorizes the Company to repurchase up to $150.0 million of the Company’s outstanding common stock using available cash (the "2017 Repurchase Program"). The Company may repurchase shares on the open market, including through Rule 10b5-1 plans, in privately negotiated transactions, through block purchases, or otherwise in compliance with applicable laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The timing and amount of stock repurchases will depend on a variety of factors, including business and market conditions as well as corporate and regulatory considerations. The share repurchase program may be suspended, modified, or discontinued at any time and the Company has no obligation to repurchase any amount of its common stock under the program. During the thirteen weeks ended May 1, 2021 and May 2, 2020, the Company did not repurchase shares of its common stock. As of May 1, 2021, the Company had approximately $34.2 million remaining under this authorization. Stockholder Rights Agreement On April 20, 2020, the Board adopted a Stockholder Rights Agreement (the “Rights Agreement”). Under the Rights Agreement, one preferred share purchase right was distributed for each share of common stock, par value $0.01, outstanding at the close of business on April 30, 2020 and one right will be issued for each new share of common stock issued thereafter. The rights will initially trade with common stock and will generally become exercisable only if any person (or any persons acting as a group) acquires 10% (or 20% in the case of certain passive investors) or more of the Company’s outstanding common stock (the “triggering percentage”). In the event the rights become exercisable, each holder of a right, other than triggering person, will be entitled to purchase additional shares of common stock at a 50% discount or the Company may exchange each right held by such holders for one share of common stock. Existing 10% or greater stockholders are grandfathered to the extent of their April 21, 2020 ownership levels. The Rights Agreement expired on April 19, 2021.

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	May 01, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fiscal Year	Fiscal Year The Company's fiscal year ends on the Saturday closest to January 31. Fiscal years are designated in the unaudited Consolidated Financial Statements and Notes, as well as the remainder of this Quarterly Report, by the calendar year in which the fiscal year commences. All references herein to the Company's fiscal years are as follows: Fiscal Year Year Ended Number of Weeks 2021 January 29, 2022 52 2020 January 30, 2021 52 All references herein to “the first quarter of 2021” and “the first quarter of 2020” represent the thirteen weeks ended May 1, 2021 and May 2, 2020, respectively.
Basis of Presentation	Basis of Presentation The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) 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 and therefore do not include all of the information or footnotes required for complete financial statements. In the opinion of management, the accompanying unaudited Consolidated Financial Statements reflect all adjustments (which are of a normal recurring nature) necessary to state fairly the financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for 2021. Therefore, these statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto for the year ended January 30, 2021, included in the Company’s Annual Report on Form 10-K, filed with the SEC on March 25, 2021.
Principles of Consolidation	Principles of ConsolidationThe unaudited Consolidated Financial Statements include the accounts of Express, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Segment Reporting	Segment Reporting The Company defines an operating segment on the same basis that it uses to evaluate performance internally. The Company has determined that, together, its Chief Executive Officer and its President and Chief Operating Officer are the Chief Operating Decision Maker, and that there is one operating segment. Therefore, the Company reports results as a single segment, which includes the operation of its Express brick-and-mortar retail and outlet stores and eCommerce operations.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenue and expense during the reporting period, as well as the related disclosure of contingent assets and liabilities as of the date of the unaudited Consolidated Financial
Revenue Recognition	Merchandise Sales The Company recognizes sales for in-store purchases at the point-of-sale. Revenue related to eCommerce transactions is recognized upon shipment based on the fact that control transfers to the customer at that time. The Company has made a policy election to treat shipping and handling as costs to fulfill the contract and as a result any amounts received from customers are included in the transaction price allocated to the performance obligation of providing goods with a corresponding amount accrued within cost of goods sold, buying and occupancy costs in the unaudited Consolidated Statements of Income and Comprehensive Income for amounts paid to applicable carriers. Associate discounts on merchandise purchases are classified as a reduction of net sales. Net sales excludes sales tax collected from customers and remitted to governmental authorities. Loyalty Program The Company maintains a customer loyalty program in which customers earn points toward rewards for qualifying purchases and other marketing activities. Upon reaching specified point values, customers are issued a reward, which they may redeem on merchandise purchases at the Company’s stores or on its website. Generally, rewards earned must be redeemed within 60 days from the date of issuance. The Company defers a portion of merchandise sales based on the estimated standalone selling price of the points earned. This deferred revenue is recognized as certificates that are redeemed or expire. To calculate this deferral, the Company makes assumptions related to card holder redemption rates based on historical experience. The loyalty liability is included in deferred revenue on the unaudited Consolidated Balance Sheets. Sales Returns Reserve The Company reduces net sales and provides a reserve for projected merchandise returns based on prior experience. Merchandise returns are often resalable merchandise and are refunded by issuing the same payment tender as the original purchase. The sales returns reserve was $10.3 million and $6.4 million as of May 1, 2021 and January 30, 2021, respectively, and is included in accrued expenses on the unaudited Consolidated Balance Sheets. The asset related to projected returned merchandise is included in other assets on the unaudited Consolidated Balance Sheets. Gift Cards The Company sells gift cards in its stores, on its eCommerce website, and through third parties. These gift cards do not expire or lose value over periods of inactivity. The Company accounts for gift cards by recognizing a liability at the time a gift card is sold. The gift card liability balance was $21.6 million and $23.5 million, as of May 1, 2021 and January 30, 2021, respectively, and is included in deferred revenue on the unaudited Consolidated Balance Sheets. The Company recognizes revenue from gift cards when they are redeemed by the customer. The Company also recognizes income on unredeemed gift cards, referred to as “gift card breakage.” Gift card breakage is recognized proportionately using a time-based attribution method from issuance of the gift card to the time when it can be determined that the likelihood of the gift card being redeemed is remote and that there is no legal obligation to remit unredeemed gift cards to relevant jurisdictions. The gift card breakage rate is based on historical redemption patterns. Gift card breakage is included within the other revenue component of net sales. Private Label Credit Card The Company has an agreement with Comenity Bank (the “Bank”) to provide customers with private label credit cards (the “Card Agreement”) which was amended on August 28, 2017 to extend the term of the arrangement through December 31, 2024. Each private label credit card bears the logo of the Express brand and can only be used at the Company’s store locations and eCommerce channel. The Bank is the sole owner of the accounts issued under the private label credit card program and absorbs the losses associated with non-payment by the private label card holders and a portion of any fraudulent usage of the accounts. Pursuant to the Card Agreement, the Company receives amounts from the Bank during the term based on a percentage of private label credit card sales and is also eligible to receive incentive payments for the achievement of certain performance targets. These funds are recorded within the other revenue component of net sales. The Company also receives reimbursement funds from the Bank for certain expenses the Company incurs. These reimbursement funds are used by the Company to fund marketing and other programs associated with the private label credit card. The reimbursement funds received related to private label credit cards are recorded within the other revenue component of net sales.
Fair Value Measurements	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date. ■ Level 1 - Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets. ■ Level 2 - Valuation is based upon quoted prices for similar assets and liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ■ Level 3 - Valuation is based upon other unobservable inputs that are significant to the fair value measurement. The money market funds are valued using quoted market prices in active markets. The carrying amounts reflected on the unaudited Consolidated Balance Sheets for the remaining cash and cash equivalents, receivables, prepaid expenses, and payables as of May 1, 2021 and January 30, 2021 approximated their fair values. Non-Financial Assets Store Asset Impairment Property and equipment, including the right of use assets, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur indicating the carrying value of these assets may not be recoverable, an impairment test is required. These events include, but are not limited to, material adverse changes in projected revenues and cost of goods sold (exclusive of buying and occupancy costs), present cash flow losses combined with a history of cash flow losses and a forecast that demonstrates significant continuing losses, significant negative economic conditions, a significant decrease in the market value of an asset and store closure or relocation decisions. The reviews are conducted at the store level, the lowest identifiable level of cash flow. Stores that display an indicator of impairment are subjected to an impairment assessment. Such stores are tested for recoverability by comparing the sum of the estimated future undiscounted cash flows to the carrying amount of the asset. This recoverability test requires management to make assumptions and judgments related, but not limited, to management’s expectations for future cash flows from operating the store. ▪ The key assumptions used in the undiscounted future store cash flow models include sales growth rate and gross margin, exclusive of buying and occupancy costs. An impairment loss may be recognized when these undiscounted future cash flows are less than the carrying amount of the asset group. In the circumstance of impairment, any loss would be measured as the excess of the carrying amount of the asset group over its fair value. Fair value of the store-related assets is determined at the individual store level based on the highest and best use of the asset group. • The key assumptions used in the fair value analysis may include discounted estimates of future store cash flows from operating the store and/or comparable market rents.
Leases	The lease term includes the initial contractual term as well as any options to extend the lease when it is reasonably certain that the Company will exercise that option. Leases with an initial term of 12 months or less (short-term leases) are not recorded on the balance sheet. The Company does not currently have any material short-term leases. The Company is generally obligated for the cost of property taxes, insurance and other landlord costs, including common area maintenance charges, relating to its leases. If these charges are fixed, they are combined with lease payments in determining the lease liability; however, if such charges are not fixed, they are considered variable lease costs and are expensed as incurred. The variable payments are not included in the measurement of the lease liability or asset. The Company’s finance leases are immaterial. The Company did not make any amendments to its lease modification policies as a result of the COVID-19 pandemic. Certain lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company’s lease agreements do not provide an implicit rate, so the Company uses an estimated incremental borrowing rate, which is derived from third-party information available at the lease commencement date, in determining the present value of lease payments. The rate used is for a secured borrowing of a similar term as the lease.
Share-Based Compensation	The Company records the fair value of share-based payments to employees in the unaudited Consolidated Statements of Income and Comprehensive Income within selling, general, and administrative expenses as compensation expense, net of forfeitures, over the requisite service period. The Company issues shares of common stock from treasury stock, at average cost, upon exercise of stock options and vesting of restricted stock units, including those with performance conditions.The fair value of RSUs is determined based on the Company’s closing stock price on the day prior to the grant date in accordance with the 2018 Plan.

Description of Business and B_3

Description of Business and Basis of Presentation (Tables)	3 Months Ended
	May 01, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Fiscal Period	All references herein to the Company's fiscal years are as follows: Fiscal Year Year Ended Number of Weeks 2021 January 29, 2022 52 2020 January 30, 2021 52

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	May 01, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Revenue by Major Product Categories and Sales Channels	The following is information regarding the Company’s major product categories and sales channels: Thirteen Weeks Ended May 1, 2021 May 2, 2020 (in thousands) Apparel $ 304,272 $ 179,583 Accessories and other 32,223 21,380 Other revenue 9,264 9,312 Total net sales $ 345,759 $ 210,275 Thirteen Weeks Ended May 1, 2021 May 2, 2020 (in thousands) Retail $ 246,231 $ 159,537 Outlet 90,264 41,426 Other revenue 9,264 9,312 Total net sales $ 345,759 $ 210,275
Schedule of Contract with Customer, Liability	Thirteen Weeks Ended May 1, 2021 May 2, 2020 (in thousands) Beginning balance loyalty deferred revenue $ 8,951 $ 14,063 Net revenue recognized (678) (4,478) Ending balance loyalty deferred revenue $ 8,273 $ 9,585 Thirteen Weeks Ended May 1, 2021 May 2, 2020 (in thousands) Beginning gift card liability $ 23,478 $ 24,142 Issuances 4,078 4,040 Redemptions (5,225) (5,418) Gift card breakage (744) (1,036) Ending gift card liability $ 21,587 $ 21,728 Thirteen Weeks Ended May 1, 2021 May 2, 2020 (in thousands) Beginning balance refundable payment liability $ 11,272 $ 14,150 Recognized in revenue (719) (719) Ending balance refundable payment liability $ 10,553 $ 13,431

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	May 01, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table provides a reconciliation between basic and diluted weighted-average shares used to calculate basic and diluted earnings per share: Thirteen Weeks Ended May 1, 2021 May 2, 2020 (in thousands) Weighted-average shares - basic 65,200 64,030 Dilutive effect of stock options and restricted stock units — — Weighted-average shares - diluted 65,200 64,030

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	May 01, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets Measured on Recurring Basis	The following table presents the Company’s financial assets, recorded in cash and cash equivalents on the unaudited Consolidated Balance Sheets, measured at fair value on a recurring basis as of May 1, 2021 and January 30, 2021, aggregated by the level in the fair value hierarchy within which those measurements fall. May 1, 2021 Level 1 Level 2 Level 3 (in thousands) Money market funds $ 54,242 $ — $ — January 30, 2021 Level 1 Level 2 Level 3 (in thousands) Money market funds $ 35,964 $ — $ —
Schedule of Impairment Charges	During the thirteen weeks ended May 1, 2021 and May 2, 2020, the Company recognized impairment charges as follows: Thirteen Weeks Ended May 1, 2021 May 2, 2020 (in thousands) Right of use asset impairment $ — $ 9,688 Property and equipment asset impairment — 4,990 Total asset impairment $ — $ 14,678

Leases (Tables)

Leases (Tables)	3 Months Ended
	May 01, 2021
Leases [Abstract]
Schedule of Supplemental Cash Flow Information on Leases	Supplemental cash flow information related to leases is as follows: Thirteen Weeks Ended May 1, 2021 May 2, 2020 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 75,456 $ 41,467 Right-of-use assets obtained in exchange for operating lease liabilities $ 27,773 $ 15,243

Debt (Tables)

Debt (Tables)	3 Months Ended
	May 01, 2021
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	The following table summarizes the Company's outstanding debt as of the dates indicated: May 1, 2021 January 30, 2021 (in thousands) Term Loan Facility $ 127,596 $ 90,000 Revolving Facility 105,000 106,050 Total outstanding borrowings 232,596 196,050 Less: unamortized debt issuance costs (4,799) (4,018) Total debt, net 227,797 192,032 Less: current portion of long-term debt 37,772 — Long-term debt, net $ 190,025 $ 192,032 Outstanding letters of credit $ 36,099 $ 36,099

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	May 01, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Shared-based Compensation Expense	The following summarizes long-term incentive compensation expense: Thirteen Weeks Ended May 1, 2021 May 2, 2020 (in thousands) Restricted stock units $ 2,015 $ 2,184 Stock options 300 318 Performance-based restricted stock units 208 — Total share-based compensation $ 2,523 $ 2,502 Cash-settled awards 1,542 (371) Total long-term incentive compensation $ 4,065 $ 2,131
Schedule of Activity related to Restricted Stock Units, Including Awards with Performance Conditions	The Company’s activity with respect to RSUs, including awards with performance conditions granted prior to 2018, for the thirteen weeks ended May 1, 2021 was as follows: Number of Shares Grant Date (in thousands, except per share amounts) Unvested - January 30, 2021 7,090 $ 2.63 Granted 9 $ 2.80 Vested (1,933) $ 2.97 Forfeited (160) $ 3.05 Unvested - May 1, 2021 5,006 $ 2.48
Schedule of Activity related to Stock Options	The Company’s activity with respect to stock options during the thirteen weeks ended May 1, 2021 was as follows: Number of Shares Grant Date Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands, except per share amounts and years) Outstanding - January 30, 2021 3,324 $ 6.65 Granted — $ — Exercised — $ — Forfeited or expired (134) $ 18.60 Outstanding - May 1, 2021 3,190 $ 6.15 7.0 $ 1,044 Expected to vest at May 1, 2021 2,025 $ 2.61 8.2 $ 909 Exercisable at May 1, 2021 1,145 $ 12.46 4.9 $ 126

Description of Business and B_4

Description of Business and Basis of Presentation - Fiscal Period (Details)	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021
Description of Business and Basis of Presentation [Line Items]
Fiscal period duration		364 days
Forecast
Description of Business and Basis of Presentation [Line Items]
Fiscal period duration	364 days

Description of Business and B_5

Description of Business and Basis of Presentation - Narrative (Details)	3 Months Ended
	May 01, 2021storesegment
Description of Business and Basis of Presentation [Line Items]
Number of stores	563
Number of operating segments | segment	1
Retail
Description of Business and Basis of Presentation [Line Items]
Number of stores	357
Outlet
Description of Business and Basis of Presentation [Line Items]
Number of stores	206

Revenue Recognition - Revenue b

Revenue Recognition - Revenue by Major Product Categories and Sales Channels (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Disaggregation of Revenue [Line Items]
Total net sales	$ 345,759	$ 210,275
Apparel
Disaggregation of Revenue [Line Items]
Total net sales	304,272	179,583
Accessories and other
Disaggregation of Revenue [Line Items]
Total net sales	32,223	21,380
Retail
Disaggregation of Revenue [Line Items]
Total net sales	246,231	159,537
Outlet
Disaggregation of Revenue [Line Items]
Total net sales	90,264	41,426
Other revenue
Disaggregation of Revenue [Line Items]
Total net sales	$ 9,264	$ 9,312

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	Jan. 30, 2021	May 02, 2020	Feb. 01, 2020	Aug. 28, 2017
Disaggregation of Revenue [Line Items]
Redemption period for rewards earned	60 days
Sales returns reserve	$ 10,300	$ 6,400
Gift card liability	29,861	32,430
Gift Card Liability
Disaggregation of Revenue [Line Items]
Gift card liability	21,587	23,478	$ 21,728	$ 24,142
Comenity Bank
Disaggregation of Revenue [Line Items]
Deferred revenue	10,553	$ 11,272	$ 13,431	$ 14,150
Comenity Bank | Credit Card
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 10,600				$ 20,000

Revenue Recognition - Loyalty D

Revenue Recognition - Loyalty Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 32,430
Ending balance	29,861
Loyalty Program
Contract With Customer, Liability [Roll Forward]
Beginning balance	8,951	$ 14,063
Net revenue recognized	(678)	(4,478)
Ending balance	$ 8,273	$ 9,585

Revenue Recognition - Gift Card

Revenue Recognition - Gift Card Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 32,430
Ending balance	29,861
Gift Card Liability
Contract With Customer, Liability [Roll Forward]
Beginning balance	23,478	$ 24,142
Ending balance	21,587	21,728
Issuances
Contract With Customer, Liability [Roll Forward]
Increase (decrease) in gift card liability	4,078	4,040
Redemptions
Contract With Customer, Liability [Roll Forward]
Increase (decrease) in gift card liability	(5,225)	(5,418)
Gift card breakage
Contract With Customer, Liability [Roll Forward]
Increase (decrease) in gift card liability	$ (744)	$ (1,036)

Revenue Recognition - Refundabl

Revenue Recognition - Refundable Payment Liability (Details) - Comenity Bank - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Contract With Customer, Liability [Roll Forward]
Beginning balance refundable payment liability	$ 11,272	$ 14,150
Recognized in revenue	(719)	(719)
Ending balance refundable payment liability	$ 10,553	$ 13,431

Earnings Per Share- Basic and D

Earnings Per Share- Basic and Diluted Earnings per Share (Details) - shares shares in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Earnings Per Share [Abstract]
Weighted-average shares - basic (in shares)	65,200	64,030
Dilutive effect of stock options and restricted stock units (in shares)	0	0
Weighted-average shares - diluted (in shares)	65,200	64,030

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of earnings per share (in shares)	9.9	9.6
Performance Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of earnings per share (in shares)	1.5

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Assets Measured on Recurring Basis (Details) - Recurring - Money market funds - USD ($) $ in Thousands	May 01, 2021	Jan. 30, 2021
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 54,242	$ 35,964
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 0	$ 0

Fair Value Measurements - Impai

Fair Value Measurements - Impairment Charges (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Accounting Policies [Abstract]
Right of use asset impairment	$ 0	$ 9,688
Property and equipment asset impairment	0	4,990
Total asset impairment	$ 0	$ 14,678

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Valuation Allowance [Line Items]
Effective income tax rate	0.20%	(4.00%)
Valuation allowance	$ 10
Tax benefit related to CARES Act		$ 19.5
Previously Recognized Deferred Tax Assets
Valuation Allowance [Line Items]
Valuation allowance		54.3
State And Local Income Taxes And Other Tax Credits
Valuation Allowance [Line Items]
Valuation allowance		$ 6.8

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended
	May 01, 2021USD ($)renewal_option	Jan. 30, 2021USD ($)
Lessee, Lease, Description [Line Items]
Accrued minimum rent | $	$ 31.8	$ 56.3
Office Building
Lessee, Lease, Description [Line Items]
Number of renewal options | renewal_option	1
Lease renewal term	5 years
Minimum | Stores
Lessee, Lease, Description [Line Items]
Lease term	5 years
Minimum | Equipment and Other Assets
Lessee, Lease, Description [Line Items]
Lease term	3 years
Maximum | Stores
Lessee, Lease, Description [Line Items]
Lease term	10 years
Maximum | Equipment and Other Assets
Lessee, Lease, Description [Line Items]
Lease term	5 years

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 75,456	$ 41,467
Right-of-use assets obtained in exchange for operating lease liabilities	$ 27,773	$ 15,243

Debt - Outstanding Debt (Detail

Debt - Outstanding Debt (Details) - USD ($) $ in Thousands	May 01, 2021	Jan. 30, 2021
Debt Instrument [Line Items]
Total outstanding borrowings	$ 232,596	$ 196,050
Less: unamortized debt issuance costs	(4,799)	(4,018)
Total debt, net	227,797	192,032
Less: current portion of long-term debt	37,772	0
Long-term debt, net	190,025	192,032
Secured Debt
Debt Instrument [Line Items]
Total outstanding borrowings	127,596	90,000
Line of Credit
Debt Instrument [Line Items]
Total outstanding borrowings	105,000	106,050
Outstanding letters of credit	$ 36,099	$ 36,099

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Jan. 13, 2021	Mar. 17, 2020	Jun. 03, 2021	May 01, 2021	May 02, 2020	Jan. 30, 2021	May 24, 2019
Debt Instrument [Line Items]
Proceeds from borrowings under the term loan facility				$ 50,000,000	$ 0
Repayment of borrowings under the term loan facility				12,404,000	0
Borrowings outstanding				232,596,000		$ 196,050,000
Proceeds from borrowings under the revolving credit facility				38,000,000	165,000,000
Repayment of borrowings under the revolving credit facility				39,050,000	$ 0
Secured Debt
Debt Instrument [Line Items]
Borrowings outstanding				127,596,000		90,000,000
Secured Debt | Term Loan Facility
Debt Instrument [Line Items]
Debt, face amount	$ 140,000,000
Borrowings outstanding				127,600,000
Debt, fair value				$ 119,100,000
Debt, covenant, minimum excess availability, amount	$ 25,000,000
Debt, covenant, minimum excess availability, percentage	10.00%
Debt default, principal, additional interest rate	2.00%
Debt default, base rate loans, additional interest rate	2.00%
Secured Debt | FILO Term Loan
Debt Instrument [Line Items]
Debt, face amount	$ 90,000,000
Stated interest rate	1.25%
Effective interest rate				9.00%
Deferred financing costs				$ 4,800,000
Secured Debt | Delayed Draw Term Loan Facility
Debt Instrument [Line Items]
Debt, face amount	$ 50,000,000
Proceeds from borrowings under the term loan facility				50,000,000
Repayment of borrowings under the term loan facility				12,400,000
Secured Debt | Delayed Draw Term Loan Facility | Subsequent Event
Debt Instrument [Line Items]
Repayment of borrowings under the term loan facility			$ 30,900,000
Secured Debt | London Interbank Offered Rate (LIBOR) | Term Loan Facility | Minimum
Debt Instrument [Line Items]
Pricing margin	8.00%
Secured Debt | London Interbank Offered Rate (LIBOR) | Term Loan Facility | Maximum
Debt Instrument [Line Items]
Pricing margin	8.25%
Line of Credit
Debt Instrument [Line Items]
Borrowings outstanding				105,000,000		106,050,000
Outstanding letters of credit				36,099,000		36,099,000
Line of Credit | Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 250,000,000
Proceeds from borrowings under the revolving credit facility		$ 165,000,000
Line of Credit | Amended Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Debt, fair value				105,100,000
Maximum borrowing capacity	$ 250,000,000
Debt, covenant, minimum excess availability, amount	$ 25,000,000
Debt, covenant, minimum excess availability, percentage	10.00%
Debt default, principal, additional interest rate	2.00%
Debt default, base rate loans, additional interest rate	2.00%
Line of credit, borrowings outstanding				105,000,000
Line of credit, remaining borrowing capacity				70,800,000
Line of Credit | Amended Revolving Credit Facility | Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Repayment of borrowings under the revolving credit facility			$ 30,000,000
Line of Credit | Amended Revolving Credit Facility | Revolving Credit Facility | Unused Capacity, Commitment Fee Percentage, One
Debt Instrument [Line Items]
Unused line fee payable	0.375%
Unused line fee payable, trigger borrowing base in excess of availability	50.00%
Line of Credit | Amended Revolving Credit Facility | Revolving Credit Facility | Unused Capacity, Commitment Fee Percentage, Two
Debt Instrument [Line Items]
Unused line fee payable	0.20%
Unused line fee payable, trigger borrowing base in excess of availability	50.00%
Line of Credit | Amended Revolving Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Outstanding letters of credit				36,100,000		36,100,000
Line of Credit | Amended Revolving Credit Facility | Trade Letter Of Credit
Debt Instrument [Line Items]
Outstanding letters of credit				$ 0		$ 0
Expiration term for trade letters of credit				21 days
Line of Credit | London Interbank Offered Rate (LIBOR) | Amended Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Effective interest rate				2.80%
Line of credit, borrowings outstanding				$ 105,000,000
Line of Credit | London Interbank Offered Rate (LIBOR) | Amended Revolving Credit Facility | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Pricing margin	2.00%
Line of Credit | London Interbank Offered Rate (LIBOR) | Amended Revolving Credit Facility | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Pricing margin	2.25%
Line of Credit | Base Rate | Amended Revolving Credit Facility | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Pricing margin	1.00%
Line of Credit | Base Rate | Amended Revolving Credit Facility | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Pricing margin	1.25%

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) shares in Thousands, $ in Millions	Mar. 17, 2020	Jun. 13, 2018	May 01, 2021	May 02, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in shares available for equity-based awards (in shares)	2,500	2,400
Tax benefit from share-based compensation expense			$ 2.3	$ 0.5
Tax benefit from share-based compensation expense, valuation allowance			2.3	0
Unrecognized compensation expense related to stock options			$ 0.9
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Fair value of options vested			$ 5.7	$ 5.6
Unrecognized compensation costs, excluding stock options			$ 9.2
Unrecognized compensation costs, period for recognition			1 year 4 months 24 days
Granted (in shares)			9
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, period for recognition			1 year 3 months 18 days
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Unrecognized compensation costs, excluding stock options			$ 6.1
Unrecognized compensation costs, period for recognition			3 years
Granted (in shares)			1,500
Performance-based restricted stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target percentage of performance award which can be earned			0.00%
Performance-based restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target percentage of performance award which can be earned			200.00%
Time-Based Cash-Settled Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years	3 years
Unrecognized compensation costs, excluding stock options			$ 12.5
Unrecognized compensation costs, period for recognition			1 year 10 months 24 days
Award liabilities payable to employees, current			$ 0.5
Award liabilities payable to employees, noncurrent			$ 0.8
Performance-Based Cash-Settled Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			2 years
Unrecognized compensation costs, excluding stock options			$ 6.6
Performance-Based Cash-Settled Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target percentage of performance award which can be earned			0.00%
Performance-Based Cash-Settled Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target percentage of performance award which can be earned			200.00%

Share-Based Compensation - Shar

Share-Based Compensation - Shared-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 2,523	$ 2,502
Long-term incentive compensation	4,065	2,131
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	2,015	2,184
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	300	318
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	208	0
Cash-settled awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term incentive compensation	$ 1,542	$ (371)

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Restricted Stock Units, Including Awards with Performance Conditions (Details) - Restricted stock units shares in Thousands	3 Months Ended
	May 01, 2021$ / sharesshares
Number of Shares
Unvested at beginning of period (in shares) | shares	7,090
Granted (in shares) | shares	9
Vested (in shares) | shares	(1,933)
Forfeited (in shares) | shares	(160)
Unvested at end of period (in shares) | shares	5,006
Grant Date Weighted Average Fair Value Per Share
Unvested at beginning of period (in USD per share) | $ / shares	$ 2.63
Granted (in USD per share) | $ / shares	2.80
Vested (in USD per share) | $ / shares	2.97
Forfeited (in USD per share) | $ / shares	3.05
Unvested at end of period (in USD per share) | $ / shares	$ 2.48

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Options Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	May 01, 2021USD ($)$ / sharesshares
Number of Shares
Outstanding at beginning of period (in shares) | shares	3,324
Granted (in shares) | shares	0
Exercised (in shares) | shares	0
Forfeited or expired (in shares) | shares	(134)
Outstanding at end of period (in shares) | shares	3,190
Expected to vest at end of period (in shares) | shares	2,025
Exercisable at end of period (in shares) | shares	1,145
Grant Date Weighted Average Exercise Price Per Share
Outstanding at beginning of period (in USD per share) | $ / shares	$ 6.65
Granted (in USD per share) | $ / shares	0
Exercised (in USD per share) | $ / shares	0
Forfeited or expired (in USD per share) | $ / shares	18.60
Outstanding at end of period (in USD per share) | $ / shares	6.15
Expected to vest at end of period (in USD per share) | $ / shares	2.61
Exercisable at end of period (in USD per share) | $ / shares	$ 12.46
Weighted-Average Remaining Contractual Life (in years)
Outstanding at end of period	7 years
Expected to vest at end of period	8 years 2 months 12 days
Exercisable at end of period	4 years 10 months 24 days
Aggregate Intrinsic Value
Outstanding at end of period | $	$ 1,044
Expected to vest at end of period | $	909
Exercisable at end of period | $	$ 126

Stockholders' Equity (Details)

Stockholders' Equity (Details)	Apr. 20, 2020$ / shares	May 01, 2021USD ($)right$ / sharesshares	May 02, 2020shares	Jan. 30, 2021$ / shares	Nov. 28, 2017USD ($)
Equity [Abstract]
Stock repurchase program, authorized amount					$ 150,000,000
Treasury stock, acquired (in shares) | shares		0	0
Stock repurchase program, remaining authorized amount		$ 34,200,000
Common stock, par value (in USD per share) | $ / shares	$ 0.01	$ 0.01		$ 0.01
Number of rights issued per common stock | right		1
Minimum ownership percentage which would cause triggering event	10.00%
Minimum ownership percentage for certain passive investors which would cause triggering event	20.00%
Stockholder right, exercise discount percentage	50.00%
Minimum ownership percentage grandfathered from triggering event	10.00%