Burlington Stores (BURL) 10-Q 26 May 22 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Apr. 30, 2022shares
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Trading Symbol	BURL
Entity Registrant Name	BURLINGTON STORES, INC.
Entity Central Index Key	0001579298
Current Fiscal Year End Date	--01-28
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding	66,072,065
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-36107
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0895227
Entity Address, Address Line One	2006 Route 130 North
Entity Address, City or Town	Burlington
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08016
City Area Code	609
Local Phone Number	387-7800
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common stock
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
REVENUES:
Net sales	$ 1,925,643	$ 2,190,667
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember
Other revenue	$ 4,049	$ 2,629
Total revenue	1,929,692	2,193,296
COSTS AND EXPENSES:
Cost of sales	1,136,946	1,242,189
Selling, general and administrative expenses	680,327	664,828
Depreciation and amortization	66,304	55,610
Impairment charges - long-lived assets	2,543	777
Other income - net	(3,398)	(1,374)
Loss on extinguishment of debt	14,657
Interest expense	14,606	19,599
Total costs and expenses	1,911,985	1,981,629
Income before income tax expense	17,707	211,667
Income tax expense	1,533	40,637
Net income	$ 16,174	$ 171,030
Net income per common share - basic	$ 0.24	$ 2.58
Net income per common share - diluted	$ 0.24	$ 2.51
Weighted average number of common stock - basic	66,281	66,397
Weighted average number of common stock - diluted	66,645	68,032

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 16,174	$ 171,030
Interest rate derivative contracts:
Net unrealized gains arising during the period	20,060	825
Net reclassification into earnings during the period	2,842	2,159
Other comprehensive income, net of tax	22,902	2,984
Total comprehensive income	$ 39,076	$ 174,014

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Current assets:
Cash and cash equivalents	$ 627,050	$ 1,091,091	$ 1,530,600
Restricted cash and cash equivalents	6,582	6,582	6,582
Accounts receivable—net	77,708	54,089	83,350
Merchandise inventories	1,257,104	1,021,009	767,575
Assets held for disposal	3,791	4,358	6,655
Prepaid and other current assets	209,007	370,515	343,336
Total current assets	2,181,242	2,547,644	2,738,098
Property and equipment—net	1,567,400	1,552,237	1,454,454
Operating lease assets	2,816,885	2,638,473	2,500,887
Tradenames	238,000	238,000	238,000
Goodwill	47,064	47,064	47,064
Deferred tax assets	3,824	3,959	4,332
Other assets	79,067	62,136	68,209
Total assets	6,933,482	7,089,513	7,051,044
Current liabilities:
Accounts payable	962,208	1,080,802	906,960
Current operating lease liabilities	374,740	358,793	312,934
Other current liabilities	378,075	493,695	504,520
Current maturities of long term debt	14,473	14,357	4,287
Total current liabilities	1,729,496	1,947,647	1,728,701
Long term debt	1,474,941	1,541,102	2,081,013
Long term operating lease liabilities	2,709,016	2,539,420	2,428,866
Other liabilities	71,010	80,904	100,953
Deferred tax liabilities	232,863	220,023	171,619
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, $0.0001 par value: authorized: 50,000,000 shares; no shares issued and outstanding
Common stock, $0.0001 par value: Authorized: 500,000,000 shares; Issued: 81,800,820 shares, 81,677,315 shares and 80,897,050 shares, respectively; Outstanding: 66,072,065 shares, 66,491,555 shares and 66,580,160 shares, respectively	7	7	7
Additional paid-in-capital	1,948,980	1,927,554	1,706,883
Accumulated earnings	430,466	414,292	176,483
Accumulated other comprehensive income (loss)	18,461	(4,441)	(20,031)
Treasury stock, at cost	(1,681,758)	(1,576,995)	(1,323,450)
Total stockholders' equity	716,156	760,417	539,892
Total liabilities and stockholders' equity	$ 6,933,482	$ 7,089,513	$ 7,051,044

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Statement of Financial Position [Abstract]
Preferred Stock, Par Value	$ 0.0001	$ 0.0001	$ 0.0001
Preferred Stock, Authorized	50,000,000	50,000,000	50,000,000
Preferred Stock, Issued	0	0	0
Preferred Stock, Outstanding	0	0	0
Common Stock, Par Value	$ 0.0001	$ 0.0001	$ 0.0001
Common Stock, Authorized	500,000,000	500,000,000	500,000,000
Common Stock, Shares Issued	81,800,820	81,677,315	80,897,050
Common Stock, Shares Outstanding	66,072,065	66,491,555	66,580,160

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
		Apr. 30, 2022	May 01, 2021	Jan. 29, 2022
OPERATING ACTIVITIES
Net income		$ 16,174	$ 171,030
Adjustments to reconcile net income to net cash (used in) provided by operating activities
Depreciation and amortization		66,304	55,610
Impairment charges—long-lived assets		2,543	777
Amortization of deferred financing costs		986	1,651
Accretion of long term debt instruments		238	197
Deferred income taxes		4,496	9,010
Loss on extinguishment of debt		14,657
Non-cash stock compensation expense	[1]	16,705	12,879
Non-cash lease expense		(357)	(4,799)
Cash received from landlord allowances		7,199	9,690
Changes in assets and liabilities:
Accounts receivable		(23,710)	(20,175)
Merchandise inventories		(236,096)	(26,787)
Prepaid and other current assets		161,509	(29,182)
Accounts payable		(119,282)	42,651
Other current liabilities		(88,880)	(3,029)
Other long term assets and long term liabilities		1,114	346
Other operating activities		4,101	3,540
Net cash (used in) provided by operating activities		(172,299)	223,409
INVESTING ACTIVITIES
Cash paid for property and equipment		(106,899)	(71,671)
Other investing activities		(75)	(149)
Net cash (used in) investing activities		(106,974)	(71,820)
FINANCING ACTIVITIES
Principal payments on long term debt- Term B-6 Loans		(2,404)
Principal payment on long term debt-Convertible Note		(78,187)
Purchase of treasury shares		(104,763)	(13,083)
Proceeds from stock option exercises		4,721	16,089
Other financing activities		(4,135)	(4,271)
Net cash (used in) financing activities		(184,768)	(1,265)
(Decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents		(464,041)	150,324
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period		1,097,673	1,386,858	$ 1,386,858
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period		633,632	1,537,182	$ 1,097,673
Supplemental disclosure of cash flow information:
Interest paid		14,228	23,758
Income tax payments - net		(177,205)	462
Non-cash investing and financing activities:
Accrued purchases of property and equipment		$ 37,235	$ 41,745
[1]	The amounts presented in the table above exclude taxes. For the three month period ended April 30, 2022 , the tax benefit related to the Company’s non-cash stock compensation was approximately $ 3.2 million. For the three month period ended May 1, 2021 , the tax benefit related to the Company’s non-cash stock compensation was approximately $ 2.4 million.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Apr. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Basis of Presentation As of April 30, 2022, Burlington Stores, Inc., a Delaware corporation (collectively with its subsidiaries, the Company), through its indirect subsidiary Burlington Coat Factory Warehouse Corporation (BCFWC), operated 866 retail stores. These unaudited Condensed Consolidated Financial Statements include the accounts of Burlington Stores, Inc. and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. The Condensed Consolidated Financial Statements are unaudited, but in the opinion of management reflect all adjustments (which are of a normal and recurring nature) necessary for the fair presentation of the results of operations for the interim periods presented. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2022 (Fiscal 2021 10-K). The balance sheet at January 29, 2022 presented herein has been derived from the audited Consolidated Financial Statements contained in the Fiscal 2021 10-K. Because the Company’s business is seasonal in nature, the operating results for the three month period ended April 30, 2022 are not necessarily indicative of results for the fiscal year. Accounting policies followed by the Company are described in Note 1, “Summary of Significant Accounting Policies,” included in Part II, Item 8 of the Fiscal 2021 10-K. Fiscal Year The Company defines its fiscal year as the 52- or 53-week period ending on the Saturday closest to January 31. The current fiscal year ending January 28, 2023 (Fiscal 2022) and the prior fiscal year ended January 29, 2022 (Fiscal 2021) both consist of 52 weeks. Recently Adopted Accounting Standards There were no new accounting standards that had a material impact on the Company’s Condensed Consolidated Financial Statements and notes thereto during the three month period ended April 30, 2022, and there were no new accounting standards or pronouncements that were issued but not yet effective as of April 30, 2022 that the Company expects to have a material impact on its financial position or results of operations upon becoming effective.

Stockholders_ Equity

Stockholders’ Equity	3 Months Ended
	Apr. 30, 2022
Stockholders' Equity Note [Abstract]
Stockholders’ Equity	2. Stockholders’ Equity Activity for the three month periods ended April 30, 2022 and May 1, 2021 in the Company’s stockholders’ equity are summarized below: (in thousands, except share data) Common Stock Additional Accumulated Accumulated Treasury Stock Shares Amount Capital Earnings (Loss) Income Shares Amount Total Balance at January 29, 2022 81,677,315 $ 7 $ 1,927,554 $ 414,292 $ ( 4,441 ) ( 15,185,760 ) $ ( 1,576,995 ) $ 760,417 Net income — — — 16,174 — — — 16,174 Stock options exercised 41,673 — 4,721 — — — — 4,721 Shares used for tax withholding — — — — — ( 30,090 ) ( 5,673 ) ( 5,673 ) Shares purchased as part of publicly announced program — — — — — ( 512,905 ) ( 99,090 ) ( 99,090 ) Vesting of restricted shares, net of forfeitures of 199 restricted shares 81,832 — — — — — — — Stock based compensation — — 16,705 — — — — 16,705 Unrealized gains on interest rate derivative contracts, net of related taxes of $ 7.4 million — — — — 20,060 — — 20,060 Amount reclassified from accumulated other comprehensive income into earnings, net of related taxes of $ 1.1 million — — — — 2,842 — — 2,842 Balance at April 30, 2022 81,800,820 $ 7 $ 1,948,980 $ 430,466 $ 18,461 ( 15,728,755 ) $ ( 1,681,758 ) $ 716,156 (in thousands, except share data) Common Stock Additional Accumulated Earnings Accumulated Treasury Stock Shares Amount Capital (Deficit) Loss Shares Amount Total Balance at January 30, 2021 80,661,453 $ 7 $ 1,809,831 $ ( 11,702 ) $ ( 23,015 ) ( 14,275,122 ) $ ( 1,310,367 ) $ 464,754 Net loss — — — 171,030 — — — 171,030 Stock options exercised 181,683 — 16,089 — — — — 16,089 Shares used for tax withholding — — — — — ( 41,768 ) ( 13,083 ) ( 13,083 ) Vesting of restricted shares, net of forfeitures of 883 restricted shares 53,914 — — — — — — — Stock based compensation — — 12,879 — — — — 12,879 Unrealized losses on interest rate derivative contracts, net of related tax benefit of $ 0.3 million — — — — 825 — — 825 Amount reclassified from accumulated other comprehensive income into earnings, net of related taxes of $ 0.8 million — — — — 2,159 — — 2,159 Adoption of ASU 2020-06 — — ( 131,916 ) 17,155 — — — ( 114,761 ) Balance at May 1, 2021 80,897,050 $ 7 $ 1,706,883 $ 176,483 $ ( 20,031 ) ( 14,316,890 ) $ ( 1,323,450 ) $ 539,892

Lease Commitments

Lease Commitments	3 Months Ended
	Apr. 30, 2022
Leases [Abstract]
Lease Commitments	3. Lease Commitments The Company’s leases primarily consist of stores, distribution facilities and office space under operating and finance leases that will expire principally during the next 30 years . The leases typically include renewal options at five year intervals and escalation clauses. Lease renewals are only included in the lease liability to the extent that they are reasonably assured of being exercised. The Company’s leases typically provide for contingent rentals based on a percentage of gross sales. Contingent rentals are not included in the lease liability, and they are recognized as variable lease cost when incurred. The following is a schedule of the Company’s future lease payments: (in thousands) Fiscal Year Operating Finance 2022 (remainder) $ 383,117 $ 5,644 2023 516,652 7,589 2024 474,253 7,417 2025 444,798 5,287 2026 408,513 5,324 2027 370,149 3,780 Thereafter 1,130,557 24,233 Total future minimum lease payments 3,728,039 59,274 Amount representing interest ( 644,283 ) ( 16,469 ) Total lease liabilities 3,083,756 42,805 Less: current portion of lease liabilities ( 374,740 ) ( 4,859 ) Total long term lease liabilities $ 2,709,016 $ 37,946 Weighted average discount rate 4.8 % 6.6 % Weighted average remaining lease term (years) 8.3 11.0 The above schedule excludes approximately $ 485.8 million for 85 stores that the Company has committed to open or relocate but has not yet taken possession of the space. The discount rates used in valuing the Company’s leases are not readily determinable, and are based on the Company’s incremental borrowing rate on a fully collateralized basis. The following is a schedule of net lease costs for the periods indicated: (in thousands) Three Months Ended April 30, 2022 May 1, 2021 Finance lease cost: Amortization of finance lease asset (a) $ 1,140 $ 1,142 Interest on lease liabilities (b) 722 808 Operating lease cost (c) 125,688 111,159 Variable lease cost (c) 48,970 46,747 Total lease cost 176,520 159,856 Less all rental income (d) ( 1,548 ) ( 1,275 ) Total net rent expense (e) $ 174,972 $ 158,581 (a) Included in the line item “Depreciation and amortization” in the Company’s Condensed Consolidated Statements of Income. (b) Included in the line item “Interest expense” in the Company’s Condensed Consolidated Statements of Income. (c) Includes real estate taxes, common area maintenance, insurance and percentage rent. Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Income. (d) Included in the line item “Other revenue” in the Company’s Condensed Consolidated Statements of Income. (e) Excludes an immaterial amount of short-term lease cost. Supplemental cash flow disclosures related to leases are as follows: (in thousands) Three Months Ended April 30, 2022 May 1, 2021 Cash paid for amounts included in the measurement of lease liabilities: Cash payments arising from operating lease liabilities (a) $ 126,091 $ 128,200 Cash payments for the principal portion of finance lease liabilities (b) $ 1,140 $ 1,263 Cash payments for the interest portion of finance lease liabilities (a) $ 722 $ 808 Supplemental non-cash information: Operating lease liabilities arising from obtaining right-of-use assets $ 276,559 $ 114,364 (a) Included within operating activities in the Company’s Condensed Consolidated Statements of Cash Flows. (b) Included within financing activities in the Company’s Condensed Consolidated Statements of Cash Flows.

Long Term Debt

Long Term Debt	3 Months Ended
	Apr. 30, 2022
Debt Disclosure [Abstract]
Long Term Debt	4. Long Term Debt Long term debt consists of: (in thousands) April 30, January 29, May 1, 2022 2022 2021 Senior secured term loan facility (Term B-6 Loans), LIBOR (with a floor of 0.00 %) plus 2.00 %, matures on June 24, 2028 $ 948,511 $ 950,676 $ — Senior secured term loan facility (Term B-5 Loans), LIBOR (with a floor of 0.00 %) plus 1.75 %, repaid in full on June 24, 2021 — — 958,615 $ 805,000 convertible senior notes, 2.25 %, matures on April 15, 2025 507,687 572,322 805,000 $ 300,000 senior secured notes, 6.25 %, redeemed in full on June 11, 2021 — — 300,000 $650,000 ABL senior secured revolving facility, LIBOR plus spread based on average outstanding balance, matures on December 22, 2026 — — — Finance lease obligations 42,805 43,945 46,719 Unamortized deferred financing costs ( 9,589 ) ( 11,484 ) ( 25,034 ) Total debt 1,489,414 1,555,459 2,085,300 Less: current maturities ( 14,473 ) ( 14,357 ) ( 4,287 ) Long term debt, net of current maturities $ 1,474,941 $ 1,541,102 $ 2,081,013 Term Loan Facility On June 24, 2021, BCFWC entered into Amendment No. 9 (the Ninth Amendment) to the credit agreement, dated February 24, 2011, among BCFWC the guarantors signatory thereto, and JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent, the lenders party thereto, J.P. Morgan Securities LLC and Goldman Sachs Lending Partners LLC, as joint bookrunners, and J.P. Morgan Securities LLC, Goldman Sachs Lending Partners LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC, as joint arrangers (as amended from time to time, the Term Loan Credit Agreement) governing the senior secured term loan facility (the Term Loan Facility). The Ninth Amendment, among other things, extended the maturity date from November 17, 2024 to June 24, 2028 , and changed the interest rate margins applicable to the Term Loan Facility from 0.75 % to 1.00 %, in the case of prime rate loans, and from 1.75 % to 2.00 %, in the case of LIBOR loans, with a 0.00 % LIBOR floor. This amendment also requires quarterly principal payments of $ 2.4 million. In connection with the execution of the Ninth Amendment, the Company incurred fees of $ 3.3 million, primarily related to legal and placement fees, which were recorded in the line item “Costs related to debt issuances and amendments” in the Company’s Condensed Consolidated Statement of Income. Additionally, the Company recognized a loss on the extinguishment of debt of $ 1.2 million, representing the write-off of unamortized deferred financing costs and original issue discount, which was recorded in the line item “Loss on extinguishment of debt” in the Company’s Condensed Consolidated Statement of Income. The Term Loan Facility is collateralized by a first lien on the Company's favorable leases, real estate and property & equipment and a second lien on the Company's inventory and receivables. Interest rates for the Term Loan Facility are based on: (i) for LIBOR rate loans for any interest period, at a rate per annum equal to the greater of (x) the LIBOR rate, as determined by the Term Loan Facility Administrative Agent, for such interest period multiplied by the Statutory Reserve Rate (as defined in the Term Loan Credit Agreement), and (y) 0.00 % (the Term Loan Adjusted LIBOR Rate), plus an applicable margin; and (ii) for prime rate loans, a rate per annum equal to the highest of (a) the variable annual rate of interest then announced by JPMorgan Chase Bank, N.A. at its head office as its “prime rate,” (b) the federal reserve bank of New York rate in effect on such date plus 0.50 % per annum, and (c) the Term Loan Adjusted LIBOR Rate for the applicable class of term loans for one-month plus 1.00 %, plus, in each case, an applicable margin. At April 30, 2022 and May 1, 2021 , the interest rate related to the Term Loan Facility was 2.8 % and 1.9 %, respectively. Convertible Notes On April 16, 2020, the Company issued $ 805.0 million of its 2.25% Convertible Senior Notes due 2025 (Convertible Notes). The Convertible Notes are general unsecured obligations of the Company. The Convertible Notes bear interest at a rate of 2.25 % per year, payable semi-annually in cash, in arrears, on April 15 and October 15 of each year, beginning on October 15, 2020 . The Convertible Notes will mature on April 15, 2025 , unless earlier converted, redeemed or repurchased. During Fiscal 2021, the Company entered into separate, privately negotiated exchange agreements with certain holders of the Convertible Notes. Under the terms of the exchange agreements, the holders exchanged $ 232.7 million in aggregate principal amount of Convertible Notes held by them for a combination of an aggregate of $ 199.8 million in cash and 513,991 shares of the Company's common stock. These exchanges resulted in aggregate pre-tax debt extinguishment charges of $ 124.6 million in Fiscal 2021. During the first quarter of Fiscal 2022, the Company entered into separate, privately negotiated exchange agreements with certain holders of the Convertible Notes. Under the terms of the exchange agreements, the holders exchanged $ 64.6 million in aggregate principal amount of Convertible Notes held by them for $ 78.2 million in cash. These exchanges resulted in aggregate pre-tax debt extinguishment charges of $ 14.7 million. Prior to the close of business on the business day immediately preceding January 15, 2025, the Convertible Notes will be convertible at the option of the holders only upon the occurrence of certain events and during certain periods. Thereafter, the Convertible Notes will be convertible at the option of the holders at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The Convertible Notes have an initial conversion rate of 4.5418 shares per $ 1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of approximately $ 220.18 per share of the Company’s common stock), subject to adjustment if certain events occur. The initial conversion price represents a conversion premium of approximately 32.50 % over $ 166.17 per share, the last reported sale price of the Company’s common stock on April 13, 2020 (the pricing date of the offering) on the New York Stock Exchange. During the first quarter of Fiscal 2021, the Company made an irrevocable settlement election for any conversions of the Convertible Notes. Upon conversion, the Company will pay cash for the principal amount. For any excess above principal, the Company will deliver shares of its common stock. The Company may not redeem the Convertible Notes prior to April 15, 2023. On or after April 15, 2023, the Company will be able to redeem for cash all or any portion of the Convertible Notes, at its option, if the last reported sale price of the Company’s common stock is equal to or greater than 130 % of the conversion price for a specified period of time, at a redemption price equal to 100 % of the principal aggregate amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Holders of the Convertible Notes may require the Company to repurchase their Convertible Notes upon the occurrence of certain events that constitute a fundamental change under the indenture governing the Convertible Notes at a purchase price equal to 100 % of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the date of repurchase. In connection with certain corporate events or if the Company issues a notice of redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their Convertible Notes in connection with such corporate event or during the relevant redemption period for such Convertible Notes. The effective interest rate is 2.8 %. The Convertible Notes consist of the following components as of the dates indicated: (in thousands) April 30, January 29, May 1, 2022 2022 2021 Principal $ 507,687 $ 572,322 $ 805,000 Unamortized deferred debt costs ( 7,934 ) ( 9,761 ) ( 16,854 ) Net carrying amount $ 499,753 $ 562,561 $ 788,146 Interest expense related to the Convertible Notes consists of the following as of the periods indicated: (in thousands) Three Months Ended April 30, 2022 May 1, 2021 Coupon interest $ 3,003 $ 4,511 Amortization of deferred debt costs 775 1,000 Convertible Notes interest expense $ 3,778 $ 5,511 Secured Notes On April 16, 2020, BCFWC issued $ 300.0 million of 6.25 % Senior Secured Notes due 2025 (Secured Notes). The Secured Notes were senior, secured obligations of BCFWC, and interest was payable semiannually in cash, in arrears, at a rate of 6.25 % per annum on April 15 and October 15 of each year, beginning on October 15, 2020 . The Secured Notes were guaranteed on a senior secured basis by Burlington Coat Factory Holdings, LLC, Burlington Coat Factory Investments Holdings, Inc. and BCFWC’s subsidiaries that guarantee the loans under the Term Loan Facility. On June 11, 2021, BCFWC redeemed the full $ 300.0 million aggregate principal amount of the Secured Notes. The redemption price of the Secured Notes was $ 323.7 million, plus accrued and unpaid interest to, but not including, the date of redemption. This redemption resulted in a pre-tax debt extinguishment charge of $ 30.2 million in the third quarter of Fiscal 2021. ABL Line of Credit At April 30, 2022 , the Company had $ 597.5 million available under its $650.0 million asset-based lending facility (the ABL Line of Credit). There were no borrowings under the ABL Line of Credit during the three month period ended April 30, 2022. At May 1, 2021 , the Company had $ 549.5 million available under the ABL Line of Credit. There were no borrowings under the ABL Line of Credit during the three month period ended May 1, 2021.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Apr. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	5. Derivative Instruments and Hedging Activities The Company accounts for derivatives and hedging activities in accordance with ASC 815, “Derivatives and Hedging” (ASC 815). As required by ASC 815, the Company records all derivatives on the balance sheet at fair value and adjusts to market on a quarterly basis. In addition, to comply with the provisions of ASC 820, “Fair Value Measurements” (ASC 820), credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, are incorporated in the fair values to account for potential nonperformance risk. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered any applicable credit enhancements such as collateral postings, thresholds, mutual puts, and guarantees. In accordance with ASC 820, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. There is no impact of netting, because the Company has only one derivative. The Company classifies its derivative valuations in Level 2 of the fair value hierarchy. On December 17, 2018, the Company entered into an interest rate swap, which hedged $ 450 million of the variable rate exposure under the Term Loan Facility at a rate of 2.72 %. On June 24, 2021, the Company terminated this previous interest rate swap, and entered into a new interest rate swap, which hedges $ 450 million of the variable rate exposure on the Term Loan Facility at a blended rate of 2.19 %, and is designated as a cash flow hedge. The amount of loss deferred for the previous interest rate swap was $ 26.9 million. The Company is amortizing this amount from accumulated other comprehensive loss into interest expense over the original life of the previous interest rate swap, which had an original maturity date of December 29, 2023 . The new interest rate swap had a liability fair value at inception of $ 26.9 million. The Company will accrete this amount into accumulated other comprehensive loss as a benefit to interest expense over the life of the new interest rate swap, which has a maturity date of June 24, 2028 . Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of April 30, 2022, the Company had the following outstanding interest rate derivative that was designated as a cash flow hedge of interest rate risk: Interest Rate Derivative Number of Notional Aggregate Principal Amount Interest Swap Rate Maturity Date Interest rate swap contract One $ 450.0 million 2.19 % June 24, 2028 Tabular Disclosure The table below presents the fair value of the Company’s derivative financial instruments on a gross basis as well as their classification on the Company’s Condensed Consolidated Balance Sheets: (in thousands) Fair Values of Derivative Instruments April 30, 2022 January 29, 2022 May 1, 2021 Derivatives Designated as Hedging Instruments Balance Fair Balance Fair Balance Fair Interest rate swap contracts Other assets $ 19,453 Other liabilities $ 10,968 Other liabilities $ 27,569 The following table presents the unrealized gains and losses deferred to accumulated other comprehensive loss resulting from the Company’s derivative financial instruments for each of the reporting periods. (in thousands) Three Months Ended Interest Rate Derivatives: April 30, 2022 May 1, 2021 Unrealized gains, before taxes $ 27,491 $ 1,132 Income tax expense ( 7,431 ) ( 307 ) Unrealized gains, net of taxes $ 20,060 $ 825 The following table presents information about the reclassification of gains and losses from accumulated other comprehensive loss into earnings related to the Company’s derivative instruments for each of the reporting periods. (in thousands) Three Months Ended Component of Earnings: April 30, 2022 May 1, 2021 Interest expense $ 3,892 $ 2,964 Income tax benefit ( 1,050 ) ( 805 ) Net reclassification into earnings $ 2,842 $ 2,159 The Company estimates that approximately $ 6.9 million will be reclassified from accumulated other comprehensive income into interest expense during the next twelve months.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Apr. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. Fair Value Measurements The Company accounts for fair value measurements in accordance with ASC 820, which defines fair value, establishes a framework for measurement and expands disclosure about fair value measurements. ASC 820 defines fair value 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 (exit price), and classifies the inputs used to measure fair value into the following hierarchy: Level 1: Quoted prices for identical assets or liabilities in active markets. Level 2: Quoted market prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3: Pricing inputs that are unobservable for the assets and liabilities and include situations where there is little, if any, market activity for the assets and liabilities. The inputs into the determination of fair value require significant management judgment or estimation. The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term nature of these instruments. Refer to Note 5, “Derivative Instruments and Hedging Activities,” for further discussion regarding the fair value of the Company’s interest rate swap contract. Financial Assets The fair values of the Company’s financial assets and the hierarchy of the level of inputs as of April 30, 2022, January 29, 2022 and May 1, 2021 are summarized below: (in thousands) Fair Value Measurements at April 30, January 29, May 1, 2022 2022 2021 Level 1 Cash equivalents (including restricted cash) $ 291,694 $ 701,638 $ 1,001,534 Long-lived assets are measured at fair value on a non-recurring basis for purposes of calculating impairment using the fair value hierarchy of ASC 820. The fair value of the Company’s long-lived assets is calculated using a discounted cash-flow model that used level 3 inputs. In calculating future cash flows, the Company makes estimates regarding future operating results and market rent rates, based on its experience and knowledge of market factors in which the retail location is located. During the first quarter of Fiscal 2022 and the first quarter of Fiscal 2021 , the assets impaired had a remaining carrying value after impairments of $ 3.4 million and $ 3.1 million, respectively. Financial Liabilities The fair values of the Company’s financial liabilities are summarized below: (in thousands) April 30, 2022 January 29, 2022 May 1, 2021 Principal Fair Principal Fair Principal Fair Term B-6 Loans $ 954,204 $ 945,855 $ 956,608 $ 955,412 $ — $ — Term B-5 Loans — — — — 961,415 953,604 Convertible Notes 507,687 613,860 572,322 724,703 805,000 1,268,382 Secured Notes — — — — 300,000 318,375 ABL Line of Credit (a) — — — — — — Total debt (b) $ 1,461,891 $ 1,559,715 $ 1,528,930 $ 1,680,115 $ 2,066,415 $ 2,540,361 (a) To the extent the Company has any outstanding borrowings under the ABL Line of Credit, the fair value would approximate its reported value, because the interest rate is variable and reflects current market rates, due to its short term nature. (b) The table above excludes finance lease obligations, debt discount and deferred debt costs. The fair values presented herein are based on pertinent information available to management as of the respective period end dates. The estimated fair values of the Company’s debt are classified as Level 2 in the fair value hierarchy, and are based on current market quotes received from inactive markets.

Income Taxes

Income Taxes	3 Months Ended
	Apr. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes Income tax expense was $ 1.5 million during the first quarter of Fiscal 2022 compared with $ 40.6 million during the first quarter of Fiscal 2021. The effective tax rate for the first quarter of Fiscal 2022 was 8.7 % compared with 19.2 % during the first quarter of Fiscal 2021. The decrease in income tax expense in the current year was a result of lower pre-tax income. The decrease in effective tax rate is due to favorable permanent items having a greater impact as a result of the lower pretax income compared to the prior year. Net deferred taxes are as follows: (in thousands) April 30, January 29, May 1, 2022 2022 2021 Deferred tax asset $ 3,824 $ 3,959 $ 4,332 Deferred tax liability 232,863 220,023 171,619 Net deferred tax liability $ 229,039 $ 216,064 $ 167,287 Net deferred tax assets relate to Puerto Rico deferred balances that have a future net benefit for tax purposes. Net deferred tax liabilities primarily relate to intangible assets and depreciation expense where the Company has a future obligation for tax purposes. As of April 30, 2022 , the Company had a deferred tax asset related to net operating losses of $ 22.2 million, inclusive of $ 21.9 million related to state net operating losses that expire at various dates between 2023 and 2041 , as well as $ 0.3 million related to Puerto Rico net operating losses that will expire in 2025 . As of April 30, 2022 , the Company had a deferred tax asset related to tax credit carry-forwards of $ 8.6 million, inclusive of $ 7.8 million of state tax credit carry-forwards, which will begin to expire in 2023 , and $ 0.8 million of deferred tax assets recorded for Puerto Rico alternative minimum tax credits that have an indefinite life . As of April 30, 2022, January 29, 2022 and May 1, 2021 , valuation allowances amounted to $ 12.9 million, $ 12.9 million and $ 13.7 million, respectively, related to state and Puerto Rico net operating losses and state tax credit carry-forwards. The Company believes that it is more likely than not that this portion of state and Puerto Rico net operating losses and state tax credit carry-forwards will not be realized. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) was signed into law, which provided emergency economic assistance for American workers, families and businesses affected by the COVID-19 pandemic. As of April 30, 2022, the Company received a portion of its one-time tax refund from the carryback of federal net operating losses (NOLs) as a result of the CARES Act in the amount of $ 177.4 million. The remaining amount of the refund to be received as of April 30, 2022 is $ 68.1 million, which is included in the line item “Prepaid and other current assets” on the Company’s Condensed Consolidated Balance Sheet.

Capital Stock

Capital Stock	3 Months Ended
	Apr. 30, 2022
Capital Stock [Abstract]
Capital Stock	8. Capital Stock Treasury Stock The Company accounts for treasury stock under the cost method. During the three month period ended April 30, 2022, the Company acquired 30,090 shares of common stock from employees for approximately $ 5.7 million to satisfy their minimum statutory tax withholdings related to the vesting of restricted stock and restricted stock unit awards, which was recorded in the line item “Treasury stock” on the Company’s Condensed Consolidated Balance Sheets, and the line item “Purchase of treasury shares” on the Company’s Condensed Consolidated Statements of Cash Flows. Share Repurchase Program On August 18, 2021, the Company’s board of directors authorized the repurchase of up to $ 400.0 million of common stock, which is authorized to be executed through August 2023 . This repurchase program is funded using the Company’s available cash and borrowings under the ABL Line of Credit. On February 16, 2022, the Company's Board of Directors authorized the repurchase of up to $ 500.0 million of common stock, which is authorized to be executed through February 2024 . During the first quarter of Fiscal 2022, the Company repurchased 512,905 shares of common stock for $ 99.1 million under this repurchase program. As of April 30, 2022, the Company had $ 550.9 million remaining under its share repurchase authorization.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Apr. 30, 2022
Earnings Per Share [Abstract]
Net Income Per Share	9. Net Income Per Share Basic net income per share is calculated by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per share is calculated by dividing net income by the weighted-average number of common shares and potentially dilutive securities outstanding during the period using the treasury stock method for the Company’s stock option, restricted stock and restricted stock unit awards, and the if-converted method for the Convertible Notes. The following table presents the computation of basic and diluted net income per share: (in thousands, except per share data) Three Months Ended April 30, May 1, 2022 2021 Basic net income per share Net income $ 16,174 $ 171,030 Weighted average number of common shares – basic 66,281 66,397 Net income per common share – basic $ 0.24 $ 2.58 Diluted net income per share Net income $ 16,174 $ 171,030 Shares for basic and diluted net income per share: Weighted average number of common shares – basic 66,281 66,397 Assumed exercise of stock options and vesting of restricted stock 364 761 Assumed conversion of convertible debt — 874 Weighted average number of common shares – diluted 66,645 68,032 Net income per common share – diluted $ 0.24 $ 2.51 Approximately 555,000 shares of the Company’s stock-based compensation grants were excluded from diluted net income per share for the three month period ended April 30, 2022, since their effect was anti-dilutive. Approximately 5,000 shares related to the Company’s stock option, restricted stock and restricted stock unit awards were excluded from diluted net income per share for the three month period ended May 1, 2021 , since their effect was anti-dilutive.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Apr. 30, 2022
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	10. Stock-Based Compensation As of April 30, 2022 , there were 1,898,671 shares of common stock available for issuance under the Company’s 2013 Omnibus Incentive Plan. Subsequent to the end of the first quarter of Fiscal 2022, the Company's stockholders approved the Company's 2022 Omnibus Incentive Plan (2022 Plan) at the Company’s annual meeting of stockholders on May 18, 2022. The 2022 Plan previously had been approved by the Company’s Board of Directors subject to stockholder approval. The 2022 Plan replaces the 2013 Plan and is largely based on the 2013 Plan, but with updates to the available shares and other administrative changes. Subject to the terms and conditions of the 2022 Plan, the number of shares of Company common stock authorized for grants under the 2022 Plan is 5,470,000 shares plus the number of shares that remained available for future grant under the 2013 Plan as of the effectiveness of the 2022 Plan. Non-cash stock compensation expense is as follows: (in thousands) Three Months Ended April 30, May 1, Type of Non-Cash Stock Compensation 2022 2021 Restricted stock and restricted stock unit grants (a) $ 8,492 $ 6,256 Stock option grants (a) 4,999 4,394 Performance stock unit grants (a) 3,214 2,229 Total (b) $ 16,705 $ 12,879 (a) Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Income. (b) The amounts presented in the table above exclude taxes. For the three month period ended April 30, 2022 , the tax benefit related to the Company’s non-cash stock compensation was approximately $ 3.2 million. For the three month period ended May 1, 2021 , the tax benefit related to the Company’s non-cash stock compensation was approximately $ 2.4 million. Stock Options Stock option transactions during the three month period ended April 30, 2022 are summarized as follows: Number of Weighted Options outstanding, January 29, 2022 1,097,558 $ 181.17 Options granted 6,993 214.03 Options exercised (a) ( 41,673 ) 113.29 Options forfeited ( 3,414 ) 213.94 Options outstanding, April 30, 2022 1,059,464 $ 183.95 (a) Options exercised during the three month period ended April 30, 2022 had a total intrinsic value of $ 3.8 million . The following table summarizes information about the stock options vested and expected to vest during the contractual term of such options as of April 30, 2022: Options Weighted Weighted Aggregate Options vested and expected to vest 1,059,464 6.7 $ 183.95 $ 43.5 Options exercisable 470,643 5.3 $ 141.00 $ 29.5 The fair value of each stock option granted during the three month period ended April 30, 2022 was estimated using the Black Scholes option pricing model using the following assumptions: Three Months Ended April 30, 2022 Risk-free interest rate 1.13 % Expected volatility 34 % Expected life (years) 6.25 Contractual life (years) 10.0 Expected dividend yield 0 % Weighted average grant date fair value of options issued $ 74.83 The expected dividend yield was based on the Company’s expectation of not paying dividends in the near term. To evaluate its volatility factor, the Company uses the historical volatility of its stock price, as well as the historical volatility of the stock price of peer companies that are publicly traded over the expected life of the options. The risk free interest rate was based on the U.S. Treasury rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the awards being valued. For grants issued during the three month period ended April 30, 2022, the expected life of the options was calculated using the simplified method. The simplified method defines the life as the average of the contractual term of the options and the weighted average vesting period for all option tranches. This methodology was utilized due to the relatively short length of time the Company’s common stock has been publicly traded. Restricted Stock Prior to May 1, 2019, the Company granted shares of restricted stock. Grants made on and after May 1, 2019 are in the form of restricted stock units. Restricted stock transactions during the three month period ended April 30, 2022 are summarized as follows: Number of Weighted Non-vested awards outstanding, January 29, 2022 368,158 $ 233.00 Awards granted 3,345 213.15 Awards vested (a) ( 2,224 ) 159.11 Awards forfeited ( 1,360 ) 210.81 Non-vested awards outstanding, April 30, 2022 367,919 233.35 (a) Restricted stock awards vested during the three month period ended April 30, 2022 had a total intrinsic value of $ 0.5 million . The fair value of each share of restricted stock granted during the three month period ended April 30, 2022 was based upon the closing price of the Company’s common stock on the grant date . Performance Stock Units The Company grants performance-based restricted stock units to its senior executives. Vesting of the performance stock units granted in Fiscal 2020 and Fiscal 2021 is based on continued service and the achievement of pre-established EBIT margin expansion and sales compounded annual growth rate (CAGR) goals (each weighted equally) over a three-year performance period. Vesting of the performance stock units granted in Fiscal 2022 will be based on continued service and the achievement of pre-established adjusted net income per share growth over a three-year performance period. Based on the Company’s achievement of these goals, each award may range from 50 % (at threshold performance) to no more than 200 % of the target award. In the event that actual performance is below threshold, no award will be made. Compensation costs recognized on the performance stock units are adjusted, as applicable, for performance above or below the target specified in the award. Performance stock unit transactions during the three month period ended April 30, 2022 are summarized as follows: Number of Weighted Non-vested awards outstanding, January 29, 2022 186,436 $ 215.90 Awards granted (a) 11,118 170.08 Awards vested (a) (b) ( 81,440 ) 173.84 Awards forfeited — — Non-vested awards outstanding, April 30, 2022 116,114 241.01 (a) Inclusive of awards distributed in connection with the final settlement of the performance-based stock awards granted in Fiscal 2019. (b) Performance-based stock awards vested during the three month period ended April 30, 2022 had a total intrinsic value of $ 15.4 million.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Legal In the course of business, the Company is party to class or collective actions alleging violations of federal and state wage and hour and other labor statutes, representative claims under the California Private Attorneys’ General Act and various other lawsuits and regulatory proceedings from time to time including, among others, commercial, product, employee, customer, intellectual property, privacy and other claims. Actions against us are in various procedural stages. Many of these proceedings raise factual and legal issues and are subject to uncertainties. While no assurance can be given as to the ultimate outcome of these matters, the Company believes that the final resolution of these actions will not have a material adverse effect on the Company’s results of operations, financial position, liquidity or capital resources. Letters of Credit The Company had letters of credit arrangements with various banks in the aggregate amount of $ 52.5 million, $ 55.4 million and $ 50.6 million as of April 30, 2022, January 29, 2022 and May 1, 2021, respectively. Among these arrangements, as of April 30, 2022, January 29, 2022 and May 1, 2021 , the Company had letters of credit outstanding in the amount of $ 47.3 million, $ 48.4 million and $ 46.8 million, respectively, guaranteeing performance under various insurance contracts and utility agreements. In addition, the Company had outstanding letters of credit arrangements in the amounts of $ 5.2 million, $ 7.1 million and $ 3.8 million at April 30, 2022, January 29, 2022 and May 1, 2021 , respectively, related to certain merchandising agreements. Based on the terms of the agreement governing the ABL Line of Credit, the Company had the ability to enter into letters of credit up to $ 597.5 million, $ 594.6 million and $ 549.5 million as of April 30, 2022, January 29, 2022 and May 1, 2021, respectively. Purchase Commitments The Company had $ 1,452.3 million of purchase commitments related to goods that were not received as of April 30, 2022. Death Benefits In November 2005, the Company entered into agreements with three of the Company’s former executives whereby upon each of their deaths the Company will pay $ 1.0 million to each respective designated beneficiary.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Apr. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation As of April 30, 2022, Burlington Stores, Inc., a Delaware corporation (collectively with its subsidiaries, the Company), through its indirect subsidiary Burlington Coat Factory Warehouse Corporation (BCFWC), operated 866 retail stores. These unaudited Condensed Consolidated Financial Statements include the accounts of Burlington Stores, Inc. and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. The Condensed Consolidated Financial Statements are unaudited, but in the opinion of management reflect all adjustments (which are of a normal and recurring nature) necessary for the fair presentation of the results of operations for the interim periods presented. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2022 (Fiscal 2021 10-K). The balance sheet at January 29, 2022 presented herein has been derived from the audited Consolidated Financial Statements contained in the Fiscal 2021 10-K. Because the Company’s business is seasonal in nature, the operating results for the three month period ended April 30, 2022 are not necessarily indicative of results for the fiscal year. Accounting policies followed by the Company are described in Note 1, “Summary of Significant Accounting Policies,” included in Part II, Item 8 of the Fiscal 2021 10-K.
Fiscal Year	Fiscal Year The Company defines its fiscal year as the 52- or 53-week period ending on the Saturday closest to January 31. The current fiscal year ending January 28, 2023 (Fiscal 2022) and the prior fiscal year ended January 29, 2022 (Fiscal 2021) both consist of 52 weeks.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards There were no new accounting standards that had a material impact on the Company’s Condensed Consolidated Financial Statements and notes thereto during the three month period ended April 30, 2022, and there were no new accounting standards or pronouncements that were issued but not yet effective as of April 30, 2022 that the Company expects to have a material impact on its financial position or results of operations upon becoming effective.

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	3 Months Ended
	Apr. 30, 2022
Stockholders' Equity Note [Abstract]
Company's Stockholders Equity	Activity for the three month periods ended April 30, 2022 and May 1, 2021 in the Company’s stockholders’ equity are summarized below: (in thousands, except share data) Common Stock Additional Accumulated Accumulated Treasury Stock Shares Amount Capital Earnings (Loss) Income Shares Amount Total Balance at January 29, 2022 81,677,315 $ 7 $ 1,927,554 $ 414,292 $ ( 4,441 ) ( 15,185,760 ) $ ( 1,576,995 ) $ 760,417 Net income — — — 16,174 — — — 16,174 Stock options exercised 41,673 — 4,721 — — — — 4,721 Shares used for tax withholding — — — — — ( 30,090 ) ( 5,673 ) ( 5,673 ) Shares purchased as part of publicly announced program — — — — — ( 512,905 ) ( 99,090 ) ( 99,090 ) Vesting of restricted shares, net of forfeitures of 199 restricted shares 81,832 — — — — — — — Stock based compensation — — 16,705 — — — — 16,705 Unrealized gains on interest rate derivative contracts, net of related taxes of $ 7.4 million — — — — 20,060 — — 20,060 Amount reclassified from accumulated other comprehensive income into earnings, net of related taxes of $ 1.1 million — — — — 2,842 — — 2,842 Balance at April 30, 2022 81,800,820 $ 7 $ 1,948,980 $ 430,466 $ 18,461 ( 15,728,755 ) $ ( 1,681,758 ) $ 716,156 (in thousands, except share data) Common Stock Additional Accumulated Earnings Accumulated Treasury Stock Shares Amount Capital (Deficit) Loss Shares Amount Total Balance at January 30, 2021 80,661,453 $ 7 $ 1,809,831 $ ( 11,702 ) $ ( 23,015 ) ( 14,275,122 ) $ ( 1,310,367 ) $ 464,754 Net loss — — — 171,030 — — — 171,030 Stock options exercised 181,683 — 16,089 — — — — 16,089 Shares used for tax withholding — — — — — ( 41,768 ) ( 13,083 ) ( 13,083 ) Vesting of restricted shares, net of forfeitures of 883 restricted shares 53,914 — — — — — — — Stock based compensation — — 12,879 — — — — 12,879 Unrealized losses on interest rate derivative contracts, net of related tax benefit of $ 0.3 million — — — — 825 — — 825 Amount reclassified from accumulated other comprehensive income into earnings, net of related taxes of $ 0.8 million — — — — 2,159 — — 2,159 Adoption of ASU 2020-06 — — ( 131,916 ) 17,155 — — — ( 114,761 ) Balance at May 1, 2021 80,897,050 $ 7 $ 1,706,883 $ 176,483 $ ( 20,031 ) ( 14,316,890 ) $ ( 1,323,450 ) $ 539,892

Lease Commitments (Tables)

Lease Commitments (Tables)	3 Months Ended
	Apr. 30, 2022
Leases [Abstract]
Future Lease Payments	The following is a schedule of the Company’s future lease payments: (in thousands) Fiscal Year Operating Finance 2022 (remainder) $ 383,117 $ 5,644 2023 516,652 7,589 2024 474,253 7,417 2025 444,798 5,287 2026 408,513 5,324 2027 370,149 3,780 Thereafter 1,130,557 24,233 Total future minimum lease payments 3,728,039 59,274 Amount representing interest ( 644,283 ) ( 16,469 ) Total lease liabilities 3,083,756 42,805 Less: current portion of lease liabilities ( 374,740 ) ( 4,859 ) Total long term lease liabilities $ 2,709,016 $ 37,946 Weighted average discount rate 4.8 % 6.6 % Weighted average remaining lease term (years) 8.3 11.0
Schedule of Net Lease Costs	The following is a schedule of net lease costs for the periods indicated: (in thousands) Three Months Ended April 30, 2022 May 1, 2021 Finance lease cost: Amortization of finance lease asset (a) $ 1,140 $ 1,142 Interest on lease liabilities (b) 722 808 Operating lease cost (c) 125,688 111,159 Variable lease cost (c) 48,970 46,747 Total lease cost 176,520 159,856 Less all rental income (d) ( 1,548 ) ( 1,275 ) Total net rent expense (e) $ 174,972 $ 158,581 (a) Included in the line item “Depreciation and amortization” in the Company’s Condensed Consolidated Statements of Income. (b) Included in the line item “Interest expense” in the Company’s Condensed Consolidated Statements of Income. (c) Includes real estate taxes, common area maintenance, insurance and percentage rent. Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Income. (d) Included in the line item “Other revenue” in the Company’s Condensed Consolidated Statements of Income. (e) Excludes an immaterial amount of short-term lease cost.
Schedule of Supplemental Cash Flow Disclosures Related to Leases	Supplemental cash flow disclosures related to leases are as follows: (in thousands) Three Months Ended April 30, 2022 May 1, 2021 Cash paid for amounts included in the measurement of lease liabilities: Cash payments arising from operating lease liabilities (a) $ 126,091 $ 128,200 Cash payments for the principal portion of finance lease liabilities (b) $ 1,140 $ 1,263 Cash payments for the interest portion of finance lease liabilities (a) $ 722 $ 808 Supplemental non-cash information: Operating lease liabilities arising from obtaining right-of-use assets $ 276,559 $ 114,364 (a) Included within operating activities in the Company’s Condensed Consolidated Statements of Cash Flows. (b) Included within financing activities in the Company’s Condensed Consolidated Statements of Cash Flows.

Long Term Debt (Tables)

Long Term Debt (Tables)	3 Months Ended
	Apr. 30, 2022
Debt Disclosure [Abstract]
Long Term Debt	Long term debt consists of: (in thousands) April 30, January 29, May 1, 2022 2022 2021 Senior secured term loan facility (Term B-6 Loans), LIBOR (with a floor of 0.00 %) plus 2.00 %, matures on June 24, 2028 $ 948,511 $ 950,676 $ — Senior secured term loan facility (Term B-5 Loans), LIBOR (with a floor of 0.00 %) plus 1.75 %, repaid in full on June 24, 2021 — — 958,615 $ 805,000 convertible senior notes, 2.25 %, matures on April 15, 2025 507,687 572,322 805,000 $ 300,000 senior secured notes, 6.25 %, redeemed in full on June 11, 2021 — — 300,000 $650,000 ABL senior secured revolving facility, LIBOR plus spread based on average outstanding balance, matures on December 22, 2026 — — — Finance lease obligations 42,805 43,945 46,719 Unamortized deferred financing costs ( 9,589 ) ( 11,484 ) ( 25,034 ) Total debt 1,489,414 1,555,459 2,085,300 Less: current maturities ( 14,473 ) ( 14,357 ) ( 4,287 ) Long term debt, net of current maturities $ 1,474,941 $ 1,541,102 $ 2,081,013
Schedule of Components of Convertible Notes	The Convertible Notes consist of the following components as of the dates indicated: (in thousands) April 30, January 29, May 1, 2022 2022 2021 Principal $ 507,687 $ 572,322 $ 805,000 Unamortized deferred debt costs ( 7,934 ) ( 9,761 ) ( 16,854 ) Net carrying amount $ 499,753 $ 562,561 $ 788,146
Schedule of Interest Expense Related to Convertible Notes	Interest expense related to the Convertible Notes consists of the following as of the periods indicated: (in thousands) Three Months Ended April 30, 2022 May 1, 2021 Coupon interest $ 3,003 $ 4,511 Amortization of deferred debt costs 775 1,000 Convertible Notes interest expense $ 3,778 $ 5,511

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Apr. 30, 2022
Fair Value of Company's Derivative Financial Instruments on Gross Basis as well as Classification	The table below presents the fair value of the Company’s derivative financial instruments on a gross basis as well as their classification on the Company’s Condensed Consolidated Balance Sheets: (in thousands) Fair Values of Derivative Instruments April 30, 2022 January 29, 2022 May 1, 2021 Derivatives Designated as Hedging Instruments Balance Fair Balance Fair Balance Fair Interest rate swap contracts Other assets $ 19,453 Other liabilities $ 10,968 Other liabilities $ 27,569
Summary of Unrealized Gains and Losses Deferred to Accumulated Other Comprehensive Loss	The following table presents the unrealized gains and losses deferred to accumulated other comprehensive loss resulting from the Company’s derivative financial instruments for each of the reporting periods. (in thousands) Three Months Ended Interest Rate Derivatives: April 30, 2022 May 1, 2021 Unrealized gains, before taxes $ 27,491 $ 1,132 Income tax expense ( 7,431 ) ( 307 ) Unrealized gains, net of taxes $ 20,060 $ 825
Reclassification of Gains and Losses from Accumulated Other Comprehensive Loss into Earnings	The following table presents information about the reclassification of gains and losses from accumulated other comprehensive loss into earnings related to the Company’s derivative instruments for each of the reporting periods. (in thousands) Three Months Ended Component of Earnings: April 30, 2022 May 1, 2021 Interest expense $ 3,892 $ 2,964 Income tax benefit ( 1,050 ) ( 805 ) Net reclassification into earnings $ 2,842 $ 2,159
Derivatives Designated as Hedging Instruments
Outstanding Interest Rate Derivative in Qualifying Hedging Relationships	As of April 30, 2022, the Company had the following outstanding interest rate derivative that was designated as a cash flow hedge of interest rate risk: Interest Rate Derivative Number of Notional Aggregate Principal Amount Interest Swap Rate Maturity Date Interest rate swap contract One $ 450.0 million 2.19 % June 24, 2028

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Apr. 30, 2022
Fair Value Disclosures [Abstract]
Fair Values of Financial Assets and Hierarchy of Level of Inputs	The fair values of the Company’s financial assets and the hierarchy of the level of inputs as of April 30, 2022, January 29, 2022 and May 1, 2021 are summarized below: (in thousands) Fair Value Measurements at April 30, January 29, May 1, 2022 2022 2021 Level 1 Cash equivalents (including restricted cash) $ 291,694 $ 701,638 $ 1,001,534
Fair Values of Financial Liabilities	The fair values of the Company’s financial liabilities are summarized below: (in thousands) April 30, 2022 January 29, 2022 May 1, 2021 Principal Fair Principal Fair Principal Fair Term B-6 Loans $ 954,204 $ 945,855 $ 956,608 $ 955,412 $ — $ — Term B-5 Loans — — — — 961,415 953,604 Convertible Notes 507,687 613,860 572,322 724,703 805,000 1,268,382 Secured Notes — — — — 300,000 318,375 ABL Line of Credit (a) — — — — — — Total debt (b) $ 1,461,891 $ 1,559,715 $ 1,528,930 $ 1,680,115 $ 2,066,415 $ 2,540,361 (a) To the extent the Company has any outstanding borrowings under the ABL Line of Credit, the fair value would approximate its reported value, because the interest rate is variable and reflects current market rates, due to its short term nature. (b) The table above excludes finance lease obligations, debt discount and deferred debt costs.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Apr. 30, 2022
Income Tax Disclosure [Abstract]
Net Deferred Taxes	Net deferred taxes are as follows: (in thousands) April 30, January 29, May 1, 2022 2022 2021 Deferred tax asset $ 3,824 $ 3,959 $ 4,332 Deferred tax liability 232,863 220,023 171,619 Net deferred tax liability $ 229,039 $ 216,064 $ 167,287 Net deferred tax assets relate to Puerto Rico deferred balances that have a future net benefit for tax purposes. Net deferred tax liabilities primarily relate to intangible assets and depreciation expense where the Company has a future obligation for tax purposes.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Apr. 30, 2022
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Income per Share	The following table presents the computation of basic and diluted net income per share: (in thousands, except per share data) Three Months Ended April 30, May 1, 2022 2021 Basic net income per share Net income $ 16,174 $ 171,030 Weighted average number of common shares – basic 66,281 66,397 Net income per common share – basic $ 0.24 $ 2.58 Diluted net income per share Net income $ 16,174 $ 171,030 Shares for basic and diluted net income per share: Weighted average number of common shares – basic 66,281 66,397 Assumed exercise of stock options and vesting of restricted stock 364 761 Assumed conversion of convertible debt — 874 Weighted average number of common shares – diluted 66,645 68,032 Net income per common share – diluted $ 0.24 $ 2.51

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Apr. 30, 2022
Share-based Payment Arrangement [Abstract]
Non-Cash Stock Compensation Expense	Non-cash stock compensation expense is as follows: (in thousands) Three Months Ended April 30, May 1, Type of Non-Cash Stock Compensation 2022 2021 Restricted stock and restricted stock unit grants (a) $ 8,492 $ 6,256 Stock option grants (a) 4,999 4,394 Performance stock unit grants (a) 3,214 2,229 Total (b) $ 16,705 $ 12,879 (a) Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Income. The amounts presented in the table above exclude taxes. For the three month period ended April 30, 2022 , the tax benefit related to the Company’s non-cash stock compensation was approximately $ 3.2 million. For the three month period ended May 1, 2021 , the tax benefit related to the Company’s non-cash stock compensation was approximately $ 2.4 million.
Stock Option Transactions	Stock option transactions during the three month period ended April 30, 2022 are summarized as follows: Number of Weighted Options outstanding, January 29, 2022 1,097,558 $ 181.17 Options granted 6,993 214.03 Options exercised (a) ( 41,673 ) 113.29 Options forfeited ( 3,414 ) 213.94 Options outstanding, April 30, 2022 1,059,464 $ 183.95 (a) Options exercised during the three month period ended April 30, 2022 had a total intrinsic value of $ 3.8 million .
Stock Options Vested and Expected to Vest	The following table summarizes information about the stock options vested and expected to vest during the contractual term of such options as of April 30, 2022: Options Weighted Weighted Aggregate Options vested and expected to vest 1,059,464 6.7 $ 183.95 $ 43.5 Options exercisable 470,643 5.3 $ 141.00 $ 29.5
Weighted Average Assumptions Used to Estimate Fair Value of Each Stock Option Granted	The fair value of each stock option granted during the three month period ended April 30, 2022 was estimated using the Black Scholes option pricing model using the following assumptions: Three Months Ended April 30, 2022 Risk-free interest rate 1.13 % Expected volatility 34 % Expected life (years) 6.25 Contractual life (years) 10.0 Expected dividend yield 0 % Weighted average grant date fair value of options issued $ 74.83
Award Grant and Vesting Transactions	Restricted stock transactions during the three month period ended April 30, 2022 are summarized as follows: Number of Weighted Non-vested awards outstanding, January 29, 2022 368,158 $ 233.00 Awards granted 3,345 213.15 Awards vested (a) ( 2,224 ) 159.11 Awards forfeited ( 1,360 ) 210.81 Non-vested awards outstanding, April 30, 2022 367,919 233.35 (a) Restricted stock awards vested during the three month period ended April 30, 2022 had a total intrinsic value of $ 0.5 million .
Performance Stock Unit Transactions	Performance stock unit transactions during the three month period ended April 30, 2022 are summarized as follows: Number of Weighted Non-vested awards outstanding, January 29, 2022 186,436 $ 215.90 Awards granted (a) 11,118 170.08 Awards vested (a) (b) ( 81,440 ) 173.84 Awards forfeited — — Non-vested awards outstanding, April 30, 2022 116,114 241.01 (a) Inclusive of awards distributed in connection with the final settlement of the performance-based stock awards granted in Fiscal 2019. (b) Performance-based stock awards vested during the three month period ended April 30, 2022 had a total intrinsic value of $ 15.4 million.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail)	Apr. 30, 2022Store
Summary Of Significant Accounting Policies [Line Items]
Number of stores operated	866

Company's Stockholders Equity (

Company's Stockholders Equity (Detail) - USD ($) $ in Thousands		3 Months Ended
		Apr. 30, 2022	May 01, 2021
Balance at beginning of period		$ 760,417	$ 464,754
Net income (loss)		16,174	171,030
Stock options exercised		$ 4,721	16,089
Stock options exercised (in shares)	[1]	41,673
Shares used for tax withholding		$ (5,673)	$ (13,083)
Shares purchased as part of publicly announced programs		(99,090)
Vesting of restricted shares, net of forfeitures of restricted shares			761,000
Stock based compensation		16,705	$ 12,879
Unrealized gains (losses) on interest rate derivative contracts, net of related taxes benefit		20,060	825
Amount reclassified from accumulated other comprehensive loss into earnings, net of related taxes		2,842	2,159
Balance at end of period		716,156	$ 539,892
Accounting Standards Update [Extensible List]			Accounting Standards Update (ASU) 2020-06
Cumulative-effect Adjustment
Balance at end of period			$ (114,761)
Common Stock
Balance at beginning of period		$ 7	$ 7
Balance at beginning of period (in shares)		81,677,315	80,661,453
Stock options exercised (in shares)		41,673	181,683
Vesting of restricted shares, net of forfeitures of restricted shares		81,832	53,914
Balance at end of period		$ 7	$ 7
Balance at end of period (in shares)		81,800,820	80,897,050
Additional Paid-in Capital
Balance at beginning of period		$ 1,927,554	$ 1,809,831
Stock options exercised		4,721	16,089
Stock based compensation		16,705	12,879
Balance at end of period		1,948,980	1,706,883
Additional Paid-in Capital | Cumulative-effect Adjustment
Balance at end of period			(131,916)
Accumulated Earnings (Deficit)
Balance at beginning of period		(414,292)	(11,702)
Net income (loss)		16,174	171,030
Balance at end of period		430,466	176,483
Accumulated Earnings (Deficit) | Cumulative-effect Adjustment
Balance at end of period			17,155
Accumulated Other Comprehensive Loss
Balance at beginning of period		(4,441)	(23,015)
Unrealized gains (losses) on interest rate derivative contracts, net of related taxes benefit		20,060	825
Amount reclassified from accumulated other comprehensive loss into earnings, net of related taxes		2,842	2,159
Balance at end of period		18,461	(20,031)
Treasury Stock
Balance at beginning of period		$ (1,576,995)	$ (1,310,367)
Balance at beginning of period (in shares)		(15,185,760)	(14,275,122)
Shares used for tax withholding		$ (5,673)	$ (13,083)
Shares used for tax withholding (in shares)		30,090	(41,768)
Shares purchased as part of publicly announced programs		$ (99,090)
Shares purchased as part of publicly announced programs, (in shares)		(512,905)
Balance at end of period		$ (1,681,758)	$ (1,323,450)
Balance at end of period (in shares)		(15,728,755)	(14,316,890)
[1]	Options exercised during the three month period ended April 30, 2022 had a total intrinsic value of $ 3.8 million .

Company's Stockholders Equity_2

Company's Stockholders Equity (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Statement of Stockholders' Equity [Abstract]
Forfeited restricted shares	199	883
Unrealized gains (losses) on interest rate derivative contracts, Tax	$ 7.4	$ 0.3
Amount reclassified from accumulated other comprehensive loss into earnings on Interest Rate Cap Contracts, Tax	$ 1.1	$ 0.8

Lease Commitments - Additional

Lease Commitments - Additional Information (Detail) $ in Millions	3 Months Ended
	Apr. 30, 2022USD ($)Store
Future Minimum Payments Receivable [Line Items]
Operating and finance leases, expiration period	30 years
Leases renewal option	5 years
Accrued lease liability | $	$ 485.8
Number of store committed to open or relocate but has not yet taken possession | Store	85

Future Lease Payments (Detail)

Future Lease Payments (Detail) - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Operating Leases
2022 (remainder)	$ 383,117
2023	516,652
2024	474,253
2025	444,798
2026	408,513
2027	370,149
Thereafter	1,130,557
Total future minimum lease payments	3,728,039
Amount representing interest	(644,283)
Total lease liabilities	3,083,756
Less: current portion of lease liabilities	(374,740)	$ (358,793)	$ (312,934)
Total long term lease liabilities	$ 2,709,016	2,539,420	2,428,866
Weighted average discount rate	4.80%
Weighted average remaining lease term (years)	8 years 3 months 18 days
Finance Leases
2022 (remainder)	$ 5,644
2023	7,589
2024	7,417
2025	5,287
2026	5,324
2027	3,780
Thereafter	24,233
Total future minimum lease payments	59,274
Amount representing interest	(16,469)
Total lease liabilities	42,805	$ 43,945	$ 46,719
Less: current portion of lease liabilities	(4,859)
Total long term lease liabilities	$ 37,946
Weighted average discount rate	6.60%
Weighted average remaining lease term (years)	11 years

Schedule of Net Lease Costs (De

Schedule of Net Lease Costs (Detail) - USD ($) $ in Thousands		3 Months Ended
		Apr. 30, 2022	May 01, 2021
Finance lease cost:
Amortization of finance lease asset	[1]	$ 1,140	$ 1,142
Interest on lease liabilities	[2]	722	808
Operating lease cost	[3]	125,688	111,159
Variable lease cost	[3]	48,970	46,747
Total lease cost		176,520	159,856
Less all rental income	[4]	(1,548)	(1,275)
Total net rent expense	[5]	$ 174,972	$ 158,581
[1]	Included in the line item “Depreciation and amortization” in the Company’s Condensed Consolidated Statements of Income.
[2]	Included in the line item “Interest expense” in the Company’s Condensed Consolidated Statements of Income.
[3]	Includes real estate taxes, common area maintenance, insurance and percentage rent. Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Income.
[4]	Included in the line item “Other revenue” in the Company’s Condensed Consolidated Statements of Income.
[5]	Excludes an immaterial amount of short-term lease cost.

Schedule of Supplemental Cash F

Schedule of Supplemental Cash Flow Disclosures Related to Leases (Details) - USD ($) $ in Thousands		3 Months Ended
		Apr. 30, 2022	May 01, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments arising from operating lease liabilities	[1]	$ 126,091	$ 128,200
Cash payments for the principal portion of finance lease liabilities	[2]	1,140	1,263
Cash payments for the interest portion of finance lease liabilities	[1]	722	808
Operating lease liabilities arising from obtaining right-of-use assets		$ 276,559	$ 114,364
[1]	Included within operating activities in the Company’s Condensed Consolidated Statements of Cash Flows.
[2]	Included within financing activities in the Company’s Condensed Consolidated Statements of Cash Flows.

Long-Term Debt (Detail)

Long-Term Debt (Detail) - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Debt Instrument [Line Items]
Finance lease obligations	$ 42,805	$ 43,945	$ 46,719
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Long term debt and capital lease obligations current and noncurrent	Long term debt and capital lease obligations current and noncurrent	Long term debt and capital lease obligations current and noncurrent
Unamortized deferred financing costs	$ (9,589)	$ (11,484)	$ (25,034)
Total debt	1,489,414	1,555,459	2,085,300
Less: current maturities	(14,473)	(14,357)	(4,287)
Long term debt, net of current maturities	1,474,941	1,541,102	2,081,013
Senior Secured Term B-6 Loans
Debt Instrument [Line Items]
Long Term Debt	948,511	950,676
Senior Secured Term B-5 Loans
Debt Instrument [Line Items]
Long Term Debt			958,615
Convertible Senior Notes
Debt Instrument [Line Items]
Long Term Debt	$ 507,687	$ 572,322	805,000
Senior Secured Notes
Debt Instrument [Line Items]
Long Term Debt			$ 300,000

Long-Term Debt (Parenthetical)

Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands	Apr. 16, 2020	Apr. 30, 2022	May 01, 2021	Jan. 29, 2022	Jun. 11, 2021
Senior Secured Term B-6 Loans
Debt Instrument [Line Items]
Long-Term Debt, maturity date		Jun. 24, 2028		Jun. 24, 2028
Senior Secured Term B-5 Loans
Debt Instrument [Line Items]
Long-Term Debt, redemption date			Jun. 24, 2021
Convertible Senior Notes
Debt Instrument [Line Items]
Long-Term Debt, maturity date	Apr. 15, 2025	Apr. 15, 2025	Apr. 15, 2025	Apr. 15, 2025
Long-Term Debt, face amount	$ 805,000	$ 805,000	$ 805,000	$ 805,000
Long-Term Debt, interest rate	2.25%	2.25%	2.25%	2.25%
Senior Secured Notes
Debt Instrument [Line Items]
Long-Term Debt, redemption date			Jun. 11, 2021
Long-Term Debt, face amount	$ 300,000		$ 300,000		$ 300,000
Long-Term Debt, interest rate	6.25%		6.25%
London Interbank Offered Rate Floor | Senior Secured Term B-6 Loans
Debt Instrument [Line Items]
Long-Term Debt, interest rate		0.00%		0.00%
London Interbank Offered Rate Floor | Senior Secured Term B-5 Loans
Debt Instrument [Line Items]
Long-Term Debt, interest rate			0.00%
London Interbank Offered Rate (LIBOR) | Senior Secured Term B-6 Loans
Debt Instrument [Line Items]
Long-Term Debt, interest rate		2.00%		2.00%
London Interbank Offered Rate (LIBOR) | Senior Secured Term B-5 Loans
Debt Instrument [Line Items]
Long-Term Debt, interest rate			1.75%

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail)	Jun. 24, 2021USD ($)	Jun. 23, 2021	Jun. 11, 2021USD ($)	Apr. 16, 2020USD ($)$ / shares	Apr. 30, 2022USD ($)	Oct. 30, 2021USD ($)	May 01, 2021USD ($)	Jan. 29, 2022USD ($)shares
Debt Instrument [Line Items]
Loss on extinguishment of debt					$ (14,657,000)
Deferred financing costs					$ 9,589,000		$ 25,034,000	$ 11,484,000
Senior Secured Term Loan Facilities
Debt Instrument [Line Items]
Borrowing, interest rate					2.80%		1.90%
Convertible Senior Notes
Debt Instrument [Line Items]
Loss on extinguishment of debt					$ 14,700,000			$ 124,600,000
Debt instrument maturity date				Apr. 15, 2025	Apr. 15, 2025		Apr. 15, 2025	Apr. 15, 2025
Borrowing, interest rate				2.80%
Long-Term Debt, face amount				$ 805,000,000	$ 805,000,000		$ 805,000,000	$ 805,000,000
Long-Term Debt, interest rate				2.25%	2.25%		2.25%	2.25%
Debt instrument frequency of periodic payments				semi-annually
Debt instrument, date of first required payment				Oct. 15, 2020
Debt instrument, conversion ratio				4.5418
Debt instrument, principal amount for conversion				$ 1,000
Debt conversion, aggregate principal amount of convertible debt					$ 64,600,000			$ 232,700,000
Debt conversion, converted in to shares of common stock | shares								513,991
Debt conversion, converted instrument, in cash					78,200,000			$ 199,800,000
Debt instrument, conversion price | $ / shares				$ 220.18
Debt instrument, conversion premium				32.50%
Share price | $ / shares				$ 166.17
Debt instrument, convertible, stock price trigger				130.00%
Debt instrument, redemption price, percentage				100.00%
Debt instrument repurchase percentage on conditional basis				100.00%
Convertible Senior Notes | Debt Component
Debt Instrument [Line Items]
Deferred financing costs					7,934,000		$ 16,854,000	$ 9,761,000
Senior Secured Notes
Debt Instrument [Line Items]
Loss on extinguishment of debt						$ 30,200,000
Long-Term Debt, face amount			$ 300,000,000	$ 300,000,000			$ 300,000,000
Long-Term Debt, interest rate				6.25%			6.25%
Debt instrument frequency of periodic payments				semiannually
Debt instrument, date of first required payment				Oct. 15, 2020
Debt instrument, redemption price			$ 323,700,000
ABL senior secured revolving facility
Debt Instrument [Line Items]
Line of Credit Facility, amount available					597,500,000		$ 549,500,000
Line of Credit Facility, amount outstanding during period					$ 0		$ 0
Adjusted London Interbank Offered Rate | Senior Secured Term Loan Facilities
Debt Instrument [Line Items]
Line of Credit Facility, interest rate					0.00%
Federal Funds Rate | Senior Secured Term Loan Facilities
Debt Instrument [Line Items]
Line of Credit Facility, interest rate					0.50%
One Month Adjusted London Interbank Offered Rate | Senior Secured Term Loan Facilities
Debt Instrument [Line Items]
Line of Credit Facility, interest rate					1.00%
Term Loan Facility
Debt Instrument [Line Items]
Costs related to debt issuances and amendments	$ 3,300,000
Debt instrument maturity date	Jun. 24, 2028	Nov. 17, 2024
Quarterly principal payments	$ 2,400,000
Term Loan Facility | Write Off Deferred Financing Costs
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ (1,200,000)
Term Loan Facility | Prime Rate
Debt Instrument [Line Items]
Line of Credit Facility, interest rate	1.00%	0.75%
Term Loan Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Line of Credit Facility, interest rate	2.00%	1.75%
Term Loan Facility | London Interbank Offered Rate Floor
Debt Instrument [Line Items]
Line of Credit Facility, interest rate	0.00%

Long-Term Debt - Schedule of Co

Long-Term Debt - Schedule of Components of Convertible Notes (Detail) - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022		May 01, 2021
Debt Instrument [Line Items]
Principal	$ 1,461,891	$ 1,528,930	[1]	$ 2,066,415	[1]
Unamortized deferred financing costs	(9,589)	(11,484)		(25,034)
Convertible Senior Notes
Debt Instrument [Line Items]
Net carrying amount	507,687	572,322		805,000
Convertible Senior Notes | Debt Component
Debt Instrument [Line Items]
Principal	507,687	572,322		805,000
Unamortized deferred financing costs	(7,934)	(9,761)		(16,854)
Net carrying amount	$ 499,753	$ 562,561		$ 788,146
[1]	The table above excludes finance lease obligations, debt discount and deferred debt costs.

Long-Term Debt - Schedule of In

Long-Term Debt - Schedule of Interest Expense Related to Convertible Notes (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Debt Instrument [Line Items]
Amortization of deferred financing costs	$ 986	$ 1,651
Convertible Senior Notes
Debt Instrument [Line Items]
Coupon interest	3,003	4,511
Amortization of deferred financing costs	775	1,000
Convertible Notes interest expense	$ 3,778	$ 5,511

Derivative Instruments And He_3

Derivative Instruments And Hedging Activities - Additional Information (Detail) $ in Millions	Jun. 24, 2021USD ($)	Dec. 17, 2018USD ($)	Apr. 30, 2022USD ($)Derivative
Interest Rate Cap Contracts
Derivative [Line Items]
Number of credit risk derivatives held | Derivative			1
Amounts reported in Accumulated Other Comprehensive income to be reclassified to interest expense, during the next twelve months			$ 6.9
Interest Rate Swap Contract | Cash Flow Hedging | Derivatives Designated as Hedging Instruments
Derivative [Line Items]
Notional aggregate principal amount	$ 450	$ 450	$ 450
Interest swap rate	2.19%	2.72%	2.19%
Amount of loss deferred for previous interest rate swap		$ 26.9
Interest rate swap liability fair value	$ 26.9
Maturity date	Jun. 24, 2028	Dec. 29, 2023	Jun. 24, 2028

Outstanding Interest Rate Deriv

Outstanding Interest Rate Derivative in Qualifying Hedging Relationships (Detail) - Cash Flow Hedging - Derivatives Designated as Hedging Instruments - Interest Rate Swap Contract $ in Millions	Jun. 24, 2021USD ($)	Dec. 17, 2018USD ($)	Apr. 30, 2022USD ($)Derivative
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments | Derivative			1
Notional aggregate principal amount | $	$ 450	$ 450	$ 450
Interest Swap Rate	2.19%	2.72%	2.19%
Maturity Date	Jun. 24, 2028	Dec. 29, 2023	Jun. 24, 2028

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities (Detail) - Interest Rate Swap Contract - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Designated as Hedging Instruments Interest Rate Cap Contracts, Liability at Fair Value		$ 10,968	$ 27,569
Other Assets
Derivatives, Fair Value [Line Items]
Derivative Designated as Hedging Instruments Interest Rate Cap Contracts, Liability at Fair Value	$ 19,453

Summary of Unrealized Gains and

Summary of Unrealized Gains and Losses Deferred to Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Derivative Instruments Gain Loss [Line Items]
Income tax expense	$ (7,400)	$ (300)
Unrealized gains, net of taxes	20,060	825
Derivatives Designated as Hedging Instruments | Interest Rate Derivatives
Derivative Instruments Gain Loss [Line Items]
Unrealized gains, before taxes	27,491	1,132
Income tax expense	(7,431)	(307)
Unrealized gains, net of taxes	$ 20,060	$ 825

Reclassification of Gains and L

Reclassification of Gains and Losses from Accumulated Other Comprehensive Loss into Earnings (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Interest expense	$ 14,606	$ 19,599
Income tax benefit	1,533	40,637
Net reclassification into earnings	(2,842)	(2,159)
Reclassification out of accumulated other comprehensive income | Derivatives Designated as Hedging Instruments | Accumulated net gain (loss) from cash flow hedges including portion attributable to noncontrolling interest | Interest Rate Cap Contracts
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Interest expense	3,892	2,964
Income tax benefit	(1,050)	(805)
Net reclassification into earnings	$ 2,842	$ 2,159

Fair Values of Financial Assets

Fair Values of Financial Assets and Hierarchy of Level of Inputs (Detail) - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Fair Value, Inputs, Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents (including restricted cash)	$ 291,694	$ 701,638	$ 1,001,534

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Asset impairment carrying value related to right of use assets	$ 3,400	$ 3,100
Impairment charges - long-lived assets	$ 2,543	$ 777

Fair Values of Financial Liabil

Fair Values of Financial Liabilities (Detail) - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022		May 01, 2021
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Long-Term Debt, Principal Amount	$ 1,461,891	$ 1,528,930	[1]	$ 2,066,415	[1]
Long-Term Debt, Fair Value	1,559,715	1,680,115	[1]	2,540,361	[1]
Term B-6 Loans
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Long-Term Debt, Principal Amount	954,204	956,608
Long-Term Debt, Fair Value	945,855	955,412
Term B-5 Loans
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Long-Term Debt, Principal Amount				961,415
Long-Term Debt, Fair Value				953,604
Convertible Notes
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Long-Term Debt, Principal Amount	507,687	572,322		805,000
Long-Term Debt, Fair Value	$ 613,860	$ 724,703		1,268,382
Secured Notes
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Long-Term Debt, Principal Amount				300,000
Long-Term Debt, Fair Value				$ 318,375
[1]	The table above excludes finance lease obligations, debt discount and deferred debt costs.

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021	Jan. 29, 2022
Income Tax Disclosure [Line Items]
Income tax expense	$ 1,533	$ 40,637
Effective tax rate	8.70%	19.20%
Deferred tax asset for net operating loss	$ 22,200
Valuation allowances	12,900	$ 13,700	$ 12,900
CARES Act
Income Tax Disclosure [Line Items]
Federal net operating losses	177,400
CARES Act | Prepaid and Other Current Assets
Income Tax Disclosure [Line Items]
Federal net operating losses	68,100
State and local jurisdiction
Income Tax Disclosure [Line Items]
Deferred tax asset for net operating loss	21,900
Tax credit carryforwards	$ 7,800
Tax credit expiration period	2023
State and local jurisdiction | Minimum
Income Tax Disclosure [Line Items]
Net operating losses subject to expiration year	2023
State and local jurisdiction | Maximum
Income Tax Disclosure [Line Items]
Net operating losses subject to expiration year	2041
Puerto Rico
Income Tax Disclosure [Line Items]
Deferred tax asset for net operating loss	$ 300
Net operating losses subject to expiration year	2025
Tax credit carryforwards	$ 8,600
Amount of alternative minimum tax credits	$ 800
Alternative minimum tax credits, expiration life	indefinite life

Net Deferred Taxes (Detail)

Net Deferred Taxes (Detail) - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Income Tax Disclosure [Abstract]
Deferred tax asset	$ 3,824	$ 3,959	$ 4,332
Deferred tax liability	232,863	220,023	171,619
Net deferred tax liability	$ 229,039	$ 216,064	$ 167,287

Capital Stock - Additional Info

Capital Stock - Additional Information (Detail) - USD ($)	Feb. 16, 2022	Aug. 18, 2021	Apr. 30, 2022	May 01, 2021
Statement Equity Components [Line Items]
Shares Used for Tax Withholdings			$ 5,673,000	$ 13,083,000
2021 Stock Repurchase Programs
Statement Equity Components [Line Items]
Stock repurchase programs, authorized amount	$ 500,000,000	$ 400,000,000
Stock repurchase programs, authorized execution month and year	2024-02	2023-08
Remaining authorized repurchase amount			$ 550,900,000
Common stock repurchased, shares			512,905
Common stock repurchased, value			$ 99,100,000
Treasury Stock
Statement Equity Components [Line Items]
Shares Used for Tax Withholdings (in shares)			30,090
Shares Used for Tax Withholdings			$ 5,700,000

Computation of Basic and Dilute

Computation of Basic and Diluted Net Income per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Basic net income per share
Net income		$ 171,030
Weighted average number of common shares – basic	66,281	66,397
Net income per common share - basic	$ 0.24	$ 2.58
Diluted net income per share
Net income		$ 171,030
Weighted average number of common shares – basic	66,281	66,397
Assumed exercise of stock options and vesting of restricted stock		761
Assumed conversion of convertible debt		874
Weighted average number of common shares – diluted	66,645	68,032
Net income per common share - diluted	$ 0.24	$ 2.51

Net Income Per Share - Addition

Net Income Per Share - Additional Information (Detail) - USD ($)	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from diluted net income per share	555,000
Conversion price of convertible notes excluded from computation of diluted earnings per share	$ 220.18
Stock Option, Restricted Stock and Restricted Stock Unit Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from diluted net income per share		5,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail)	3 Months Ended
	Apr. 30, 2022shares
Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Service-based awards, vesting period	3 years
Performance Stock Units | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target award threshold range	50.00%
Performance Stock Units | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target award threshold range	200.00%
2013 Omnibus Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant equity awards	1,898,671

Non-Cash Stock Compensation Exp

Non-Cash Stock Compensation Expense (Detail) - USD ($) $ in Thousands		3 Months Ended
		Apr. 30, 2022	May 01, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Non-Cash Stock Compensation	[1]	$ 16,705	$ 12,879
Restricted Stock and Restricted Stock Unit Grants
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Non-Cash Stock Compensation	[2]	8,492	6,256
Stock Option Grants
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Non-Cash Stock Compensation	[2]	4,999	4,394
Performance Stock Unit Grants
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Non-Cash Stock Compensation	[2]	$ 3,214	$ 2,229
[1]	The amounts presented in the table above exclude taxes. For the three month period ended April 30, 2022 , the tax benefit related to the Company’s non-cash stock compensation was approximately $ 3.2 million. For the three month period ended May 1, 2021 , the tax benefit related to the Company’s non-cash stock compensation was approximately $ 2.4 million.
[2]	Included in the line item “Selling, general and administrative expenses” in the Company’s Condensed Consolidated Statements of Income.

Non-Cash Stock Compensation E_2

Non-Cash Stock Compensation Expense (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Share-based Payment Arrangement [Abstract]
Non-Cash Stock Compensation tax benefit	$ 3.2	$ 2.4

Stock Option Transactions (Deta

Stock Option Transactions (Detail)	3 Months Ended
	Apr. 30, 2022$ / sharesshares
Number of Shares
Options Outstanding at Beginning of Period | shares	1,097,558
Options Granted | shares	6,993
Options Exercised | shares	(41,673)	[1]
Options Forfeited | shares	(3,414)
Options Outstanding at End of Period | shares	1,059,464
Weighted Average Exercise Price Per Share
Options Outstanding at Beginning of Period | $ / shares	$ 181.17
Options Granted | $ / shares	214.03
Options Exercised | $ / shares	113.29	[1]
Options Forfeited | $ / shares	213.94
Options Outstanding at End of Period | $ / shares	$ 183.95
[1]	Options exercised during the three month period ended April 30, 2022 had a total intrinsic value of $ 3.8 million .

Stock Option Transactions (Pare

Stock Option Transactions (Parenthetical) (Detail) $ in Millions	3 Months Ended
	Apr. 30, 2022USD ($)
Share-based Payment Arrangement [Abstract]
Share based compensation option exercised total intrinsic value	$ 3.8

Stock Options Vested and Expect

Stock Options Vested and Expected to Vest (Detail) $ / shares in Units, $ in Millions	3 Months Ended
	Apr. 30, 2022USD ($)$ / sharesshares
Share-based Payment Arrangement [Abstract]
Vested and expected to vest, Options | shares	1,059,464
Vested and expected to vest, Weighted Average Remaining Contractual Life (Years)	6 years 8 months 12 days
Vested and expected to vest, Weighted Average Exercise Price | $ / shares	$ 183.95
Vested and expected to vest, Aggregate Intrinsic Value | $	$ 43.5
Options exercisable, Options | shares	470,643
Options exercisable, Weighted Average Remaining Contractual Life (Years)	5 years 3 months 18 days
Options exercisable, Weighted Average Exercise Price | $ / shares	$ 141
Options exercisable, Aggregate Intrinsic Value | $	$ 29.5

Weighted Average Assumptions Us

Weighted Average Assumptions Used to Estimate Fair Value of Stock Option (Detail)	3 Months Ended
	Apr. 30, 2022$ / shares
Share-based Payment Arrangement [Abstract]
Risk-free interest rate	1.13%
Expected volatility	34.00%
Expected life (years)	6 years 3 months
Contractual life (years)	10 years
Expected dividend yield	0.00%
Weighted average grant date fair value of options issued	$ 74.83

Award Grant, Vested and Forfeit

Award Grant, Vested and Forfeiture Transactions (Detail) - Non Vested Restricted Stock	3 Months Ended
	Apr. 30, 2022$ / sharesshares
Number of Shares
Non-Vested Awards Outstanding at Beginning of Period | shares	368,158
Awards Granted | shares	3,345
Awards Vested | shares	(2,224)	[1]
Awards Forfeited | shares	(1,360)
Non-Vested Awards Outstanding at End of Period | shares	367,919
Weighted Average Grant Date Fair Value Per Award
Non-Vested Awards Outstanding at Beginning of Period | $ / shares	$ 233
Awards Granted | $ / shares	213.15
Awards Vested | $ / shares	159.11	[1]
Awards Forfeited | $ / shares	210.81
Non-Vested Awards Outstanding at End of Period | $ / shares	$ 233.35
[1]	Restricted stock awards vested during the three month period ended April 30, 2022 had a total intrinsic value of $ 0.5 million .

Award Grant, Vested and Forfe_2

Award Grant, Vested and Forfeiture Transactions (Parenthetical) (Detail) $ in Millions	3 Months Ended
	Apr. 30, 2022USD ($)
Restricted Stock Issuances
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation awards vested total intrinsic value	$ 0.5

Performance Stock Units Transac

Performance Stock Units Transactions (Detail) - Performance Stock Units	3 Months Ended
	Apr. 30, 2022$ / sharesshares
Number of Shares
Non-Vested Awards Outstanding at Beginning of Period | shares	186,436
Awards Granted | shares	11,118
Awards Vested | shares	(81,440)	[1]
Non-Vested Awards Outstanding at End of Period | shares	116,114
Weighted Average Grant Date Fair Value Per Award
Non-Vested Awards Outstanding at Beginning of Period | $ / shares	$ 215.90
Awards Granted | $ / shares	170.08
Awards Vested | $ / shares	173.84	[1]
Non-Vested Awards Outstanding at End of Period | $ / shares	$ 241.01
[1]	Performance-based stock awards vested during the three month period ended April 30, 2022 had a total intrinsic value of $ 15.4 million.

Performance Stock Units Trans_2

Performance Stock Units Transactions (Parenthetical) (Detail) $ in Millions	3 Months Ended
	Apr. 30, 2022USD ($)
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation awards vested total intrinsic value	$ 15.4

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021	Nov. 30, 2005
Commitments And Contingencies Disclosure [Line Items]
Letters of credit, outstanding amount	$ 52,500,000	$ 55,400,000	$ 50,600,000
Purchase commitments related to goods or services	1,452,300,000
Death benefits				$ 1,000,000
Guarantee Performance Under Insurance And Utility Agreement
Commitments And Contingencies Disclosure [Line Items]
Letters of credit, outstanding amount	47,300,000	48,400,000	46,800,000
Merchandising Agreement
Commitments And Contingencies Disclosure [Line Items]
Letters of credit, outstanding amount	5,200,000	7,100,000	3,800,000
Letters of Credit | ABL senior secured revolving facility
Commitments And Contingencies Disclosure [Line Items]
Letters of credit, maximum borrowing capacity	$ 597,500,000	$ 594,600,000	$ 549,500,000