Burlington Stores (BURL) 10-Q 25 May 23 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Apr. 29, 2023 shares
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 29, 2023
Document Fiscal Year Focus	2023
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	64,884,349
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. 29, 2023	Apr. 30, 2022
REVENUES:
Net sales	$ 2,132,793	$ 1,925,643
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember
Other revenue	$ 4,163	$ 4,049
Total revenue	2,136,956	1,929,692
COSTS AND EXPENSES:
Cost of sales	1,231,646	1,136,946
Selling, general and administrative expenses	755,628	680,327
Depreciation and amortization	70,529	66,304
Impairment charges - long-lived assets	844	2,543
Other income - net	(8,998)	(3,398)
Loss on extinguishment of debt	24,644	14,657
Interest expense	19,345	14,606
Total costs and expenses	2,093,638	1,911,985
Income before income tax expense	43,318	17,707
Income tax expense	10,570	1,533
Net income	$ 32,748	$ 16,174
Net income per common share - basic	$ 0.50	$ 0.24
Net income per common share - diluted	$ 0.50	$ 0.24
Weighted average number of common stock - basic	64,954	66,281
Weighted average number of common stock - diluted	65,291	66,645

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 32,748	$ 16,174
Interest rate derivative contracts:
Net unrealized gain arising during the period	947	20,060
Net reclassification into earnings during the period	(827)	2,842
Other comprehensive income, net of tax	120	22,902
Total comprehensive income	$ 32,868	$ 39,076

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Current assets:
Cash and cash equivalents	$ 532,443	$ 872,623	$ 627,050
Restricted cash and cash equivalents	6,582	6,582	6,582
Accounts receivable—net	78,477	71,091	77,708
Merchandise inventories	1,231,092	1,181,982	1,257,104
Assets held for disposal	5,120	19,823	3,791
Prepaid and other current assets	136,751	131,691	209,007
Total current assets	1,990,465	2,283,792	2,181,242
Property and equipment—net	1,678,461	1,668,005	1,567,400
Operating lease assets	2,968,247	2,945,932	2,816,885
Tradenames	238,000	238,000	238,000
Goodwill	47,064	47,064	47,064
Deferred tax assets	3,079	3,205	3,824
Other assets	78,563	83,599	79,067
Total assets	7,003,879	7,269,597	6,933,482
Current liabilities:
Accounts payable	829,212	955,793	962,208
Current operating lease liabilities	402,622	401,111	374,740
Other current liabilities	472,926	541,413	378,075
Current maturities of long term debt	13,753	13,634	14,473
Total current liabilities	1,718,513	1,911,951	1,729,496
Long term debt	1,350,416	1,462,072	1,474,941
Long term operating lease liabilities	2,842,785	2,825,292	2,709,016
Other liabilities	70,082	69,386	71,010
Deferred tax liabilities	220,609	205,991	232,863
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: 82,157,501 shares, 82,037,994 shares and 81,800,820 shares, respectively; Outstanding: 64,884,349 shares, 65,019,713 shares and 66,072,065 shares, respectively	8	8	7
Additional paid-in-capital	2,043,111	2,015,625	1,948,980
Accumulated earnings	677,163	644,415	430,466
Accumulated other comprehensive income	28,868	28,748	18,461
Treasury stock, at cost	(1,947,676)	(1,893,891)	(1,681,758)
Total stockholders' equity	801,474	794,905	716,156
Total liabilities and stockholders' equity	$ 7,003,879	$ 7,269,597	$ 6,933,482

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
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	82,157,501	82,037,994	81,800,820
Common Stock, Shares Outstanding	64,884,349	65,019,713	66,072,065

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Apr. 29, 2023	Apr. 30, 2022
OPERATING ACTIVITIES
Net income		$ 32,748	$ 16,174
Adjustments to reconcile net income to net cash used in operating activities
Depreciation and amortization		70,529	66,304
Impairment charges—long-lived assets		844	2,543
Amortization of deferred financing costs		855	986
Accretion of long term debt instruments		236	238
Deferred income taxes		14,699	4,496
Loss on extinguishment of debt		24,644	14,657
Non-cash stock compensation expense	[1]	16,722	16,705
Non-cash lease expense		(970)	(357)
Cash received from landlord allowances		4,349	7,199
Changes in assets and liabilities:
Accounts receivable		(7,418)	(23,710)
Merchandise inventories		(49,110)	(236,096)
Prepaid and other current assets		(5,060)	161,509
Accounts payable		(125,241)	(119,282)
Other current liabilities		(53,943)	(88,880)
Other long term assets and long term liabilities		723	1,114
Other operating activities		(2,559)	4,101
Net cash used in operating activities		(77,952)	(172,299)
INVESTING ACTIVITIES
Cash paid for property and equipment		(95,688)	(106,899)
Lease acquisition costs		(4,549)
Proceeds from sale of property and equipment and assets held for sale		14,080
Other investing activities			(75)
Net cash used in investing activities		(86,157)	(106,974)
FINANCING ACTIVITIES
Principal payment on long term debt-Convertible Note		(133,656)	(78,187)
Purchase of treasury shares		(53,393)	(104,763)
Proceeds from stock option exercises		10,764	4,721
Other financing activities		2,618	(4,135)
Net cash used in financing activities		(176,071)	(184,768)
Decrease in cash, cash equivalents, restricted cash and restricted cash equivalents		(340,180)	(464,041)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period		879,205	1,097,673
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period		539,025	633,632
Supplemental disclosure of cash flow information:
Interest paid		27,066	14,228
Income tax payments (refund) - net		1,539	(177,205)
Non-cash investing and financing activities:
Accrued purchases of property and equipment		49,628	37,235
Senior Secured Term B-6 Loans
FINANCING ACTIVITIES
Principal payments on long term debt		$ (2,404)	$ (2,404)
[1] The amounts presented in the table above exclude taxes. For the three month period ended April 29, 2023 , the tax benefit related to the Company’s non-cash stock compensation was approximately $ 3.2 million. 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Apr. 29, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Basis of Presentation As of April 29, 2023, Burlington Stores, Inc., a Delaware corporation (collectively with its subsidiaries, the Company), through its indirect subsidiary Burlington Coat Factory Warehouse Corporation (BCFWC), operated 933 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 28, 2023 (Fiscal 2022 10-K). The balance sheet at January 28, 2023 presented herein has been derived from the audited Consolidated Financial Statements contained in the Fiscal 2022 10-K. Because the Company’s business is seasonal in nature, the operating results for the three month period ended April 29, 2023 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 2022 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. Fiscal 2023 is defined as the 53-week year ending February 3, 2024 and Fiscal 2022 is defined as the 52-week year ended January 28, 2023. The first quarter of Fiscal 2023 and Fiscal 2022 each consist of 13 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 29, 2023, and there were no new accounting standards or pronouncements that were issued but not yet effective as of April 29, 2023 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. 29, 2023
Stockholders' Equity Note [Abstract]
Stockholders’ Equity	2. Stockholders’ Equity Activity for the three month periods ended April 29, 2023 and April 30, 2022 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 28, 2023 82,037,994 $ 8 $ 2,015,625 $ 644,415 $ 28,748 ( 17,018,281 ) $ ( 1,893,891 ) $ 794,905 Net income — — — 32,748 — — — 32,748 Stock options exercised 90,971 — 10,764 — — — — 10,764 Shares used for tax withholding — — — — — ( 9,457 ) ( 1,962 ) ( 1,962 ) Shares purchased as part of publicly announced program, inclusive of $ 0.4 million related to excise tax — — — — — ( 245,414 ) ( 51,823 ) ( 51,823 ) Vesting of restricted shares 28,536 — — — — — — — Stock based compensation — — 16,722 — — — — 16,722 Unrealized gains on interest rate derivative contracts, net of related taxes of $ 0.3 million — — — — 947 — — 947 Amount reclassified from accumulated other comprehensive income into earnings, net of related tax benefit of $ 0.3 million — — — — ( 827 ) — — ( 827 ) Balance at April 29, 2023 82,157,501 $ 8 $ 2,043,111 $ 677,163 $ 28,868 ( 17,273,152 ) $ ( 1,947,676 ) $ 801,474 (in thousands, except share data) Common Stock Additional Accumulated (Deficit) Accumulated Treasury Stock Shares Amount Capital Earnings Loss 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

Lease Commitments

Lease Commitments	3 Months Ended
	Apr. 29, 2023
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 2023 (remainder) $ 415,312 $ 4,441 2024 558,150 5,733 2025 524,187 3,604 2026 484,136 3,640 2027 442,743 3,640 2028 394,083 3,447 Thereafter 1,146,440 20,786 Total future minimum lease payments 3,965,051 45,291 Amount representing interest ( 719,644 ) ( 12,807 ) Total lease liabilities 3,245,407 32,484 Less: current portion of lease liabilities ( 402,622 ) ( 4,138 ) Total long term lease liabilities $ 2,842,785 $ 28,346 Weighted average discount rate 5.1 % 6.0 % Weighted average remaining lease term (years) 8.1 11.9 The above schedule excludes approximately $ 401.9 million for 73 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 29, 2023 April 30, 2022 Finance lease cost: Amortization of finance lease asset (a) $ 877 $ 1,140 Interest on lease liabilities (b) 495 722 Operating lease cost (c) 138,950 125,688 Variable lease cost (c) 54,071 48,970 Total lease cost 194,393 176,520 Less gain on sale and leaseback transaction (d) ( 1,958 ) — Less all rental income (e) ( 1,398 ) ( 1,548 ) Total net rent expense (f) $ 191,037 $ 174,972 (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 income - net” in the Company’s Condensed Consolidated Statements of Income. (e) Included in the line item “Other revenue” in the Company’s Condensed Consolidated Statements of Income. (f) 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 29, 2023 April 30, 2022 Cash paid for amounts included in the measurement of lease liabilities: Cash payments arising from operating lease liabilities (a) $ 139,950 $ 126,091 Cash payments for the principal portion of finance lease liabilities (b) $ 963 $ 1,140 Cash payments for the interest portion of finance lease liabilities (a) $ 495 $ 722 Supplemental non-cash information: Operating lease liabilities arising from obtaining right-of-use assets $ 122,802 $ 276,559 (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. 29, 2023
Debt Disclosure [Abstract]
Long Term Debt	4. Long Term Debt Long term debt consists of: (in thousands) April 29, January 28, April 30, 2023 2023 2022 Senior secured term loan facility (Term B-6 Loans), LIBOR (with a floor of 0.00 %) plus 2.00 %, matures on June 24, 2028 $ 939,844 $ 942,012 $ 948,511 Convertible senior notes, 2.25 %, matures on April 15, 2025 397,375 507,687 507,687 ABL senior secured revolving facility, SOFR plus spread based on average outstanding balance, matures on December 22, 2026 — — — Finance lease obligations 32,484 33,447 42,805 Unamortized deferred financing costs ( 5,534 ) ( 7,440 ) ( 9,589 ) Total debt 1,364,169 1,475,706 1,489,414 Less: current maturities ( 13,753 ) ( 13,634 ) ( 14,473 ) Long term debt, net of current maturities $ 1,350,416 $ 1,462,072 $ 1,474,941 Term Loan Facility 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. On May 11, 2023, the Company amended the Term Loan Credit Agreement to, effective as of July 1, 2023, change one of the 0.11 % for an interest period of one-month’s duration, 0.26 % for an interest period of three-months’ duration and 0.43 % for 0.00 %. At April 29, 2023 and April 30, 2022 , the interest rate related to the Term Loan Facility was 7.0 % and 2.8 %, 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 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. During the first quarter of Fiscal 2023, 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 $ 110.3 million in aggregate principal amount of Convertible Notes held by them for $ 133.3 million in cash. These exchanges resulted in aggregate pre-tax debt extinguishment charges of $ 24.6 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 was not permitted to redeem the Convertible Notes prior to April 15, 2023. From and after April 15, 2023, the Company is 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 %. ABL Line of Credit On July 20, 2022, BCFWC entered into a Fourth Amendment to the Second Amended and Restated Credit Agreement (the Amendment). The Amendment increased the aggregate principal amount of the commitments of its current asset-based lending facility (the ABL Line of Credit) from $ 650.0 million to $ 900.0 million and replaced the LIBOR-based interest rate benchmark provisions with interest rate benchmark provisions based on a term secured overnight financing rate (SOFR) or a daily SOFR rate (in the case of daily SOFR, available for borrowings up to $ 100 million, or up to the full amount of the commitments if the term SOFR rate is not available). At April 29, 2023 , the Company had $ 839.8 million available under the ABL Line of Credit. There were no borrowings under the ABL Line of Credit during the three month period ended April 29, 2023. At April 30, 2022 , the Company had $ 597.5 million available under the ABL Line of Credit. There were no borrowings under the ABL Line of Credit during the three month period ended April 30, 2022.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Apr. 29, 2023
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 29, 2023, 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 29, 2023 January 28, 2023 April 30, 2022 Derivatives Designated as Hedging Instruments Balance Fair Balance Fair Balance Fair Interest rate swap contracts Other assets $ 26,857 Other assets $ 29,152 Other assets $ 19,453 The following table presents the unrealized gains deferred to accumulated other comprehensive income resulting from the Company’s derivative financial instruments for each of the reporting periods. (in thousands) Three Months Ended Interest Rate Derivatives: April 29, 2023 April 30, 2022 Unrealized gains, before taxes $ 1,294 $ 27,491 Income tax expense ( 347 ) ( 7,431 ) Unrealized gains, net of taxes $ 947 $ 20,060 The following table presents information about the reclassification of gains and losses from accumulated other comprehensive income into earnings related to the Company’s derivative instruments for each of the reporting periods. (in thousands) Three Months Ended Component of Earnings: April 29, 2023 April 30, 2022 Interest (benefit) expense $ ( 1,129 ) $ 3,892 Income tax expense (benefit) 302 ( 1,050 ) Net reclassification into earnings $ ( 827 ) $ 2,842 The Company estimates that approximately $ 8.2 million will be reclassified from accumulated other comprehensive income as a reduction to interest expense during the next twelve months.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Apr. 29, 2023
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 29, 2023, January 28, 2023 and April 30, 2022 are summarized below: (in thousands) Fair Value Measurements at April 29, January 28, April 30, 2023 2023 2022 Level 1 Cash equivalents (including restricted cash equivalents) $ 163,713 $ 548,986 $ 291,694 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. Impairment charges on long-lived assets were $ 0.6 million during the first quarter of Fiscal 2023 , related to declines in revenue and operating results for seven stores, as well as lease asset impairment of $ 0.2 million related to two of those stores. Impairment charges on long-lived assets were $ 2.5 million during the first quarter of Fiscal 2022 , related to one owned store selling below carrying value and two additional store relocations. During the three months ended April 29, 2023 and the three months ended April 30, 2022, the assets impaired had a remaining carrying value after impairments of $ 70.9 million and $ 3.4 million, respectively. Financial Liabilities The fair values of the Company’s financial liabilities are summarized below: (in thousands) April 29, 2023 January 28, 2023 April 30, 2022 Principal Fair Principal Fair Principal Fair Term B-6 Loans $ 944,590 $ 935,144 $ 946,994 $ 938,708 $ 954,204 $ 945,855 Convertible Notes 397,375 448,016 507,687 619,409 507,687 613,860 ABL Line of Credit (a) — — — — — — Total debt (b) $ 1,341,965 $ 1,383,160 $ 1,454,681 $ 1,558,117 $ 1,461,891 $ 1,559,715 (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. 29, 2023
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes Income tax expense was $ 10.6 million during the first quarter of Fiscal 2023 compared with $ 1.5 million during the first quarter of Fiscal 2022. The effective tax rate for the first quarter of Fiscal 2023 was 24.4 % compared with 8.7 % during the first quarter of Fiscal 2022. The increase in income tax expense in the current year was a result of higher pre-tax income. The lower effective tax rate in the prior period is due to favorable permanent items having a greater impact as a result of lower pretax income. Net deferred taxes are as follows: (in thousands) April 29, January 28, April 30, 2023 2023 2022 Deferred tax asset $ 3,079 $ 3,205 $ 3,824 Deferred tax liability 220,609 205,991 232,863 Net deferred tax liability $ 217,530 $ 202,786 $ 229,039 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 29, 2023 , the Company had a deferred tax asset related to net operating losses of $ 10.4 million, inclusive of $ 10.1 million related to state net operating losses that expire at various dates between 2024 and 2041 , as well as $ 0.3 million related to Puerto Rico net operating losses that will expire in 2025 . As of April 29, 2023 , the Company had a deferred tax asset related to tax credit carry-forwards of $ 11.8 million, inclusive of $ 11.2 million of state tax credit carry-forwards, which will begin to expire in 2024 , and $ 0.6 million of deferred tax assets recorded for Puerto Rico alternative minimum tax credits that have an indefinite life . As of April 29, 2023, January 28, 2023 and April 30, 2022 , valuation allowances amounted to $ 13.9 million, $ 13.1 million and $ 12.9 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.

Capital Stock

Capital Stock	3 Months Ended
	Apr. 29, 2023
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 29, 2023, the Company acquired 9,457 shares of common stock from employees for approximately $ 2.0 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, at cost” 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 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 2023, the Company repurchased 245,414 shares of common stock for $ 51.4 million under this repurchase program. As of April 29, 2023, the Company had $ 295.9 million remaining under its share repurchase authorization.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Apr. 29, 2023
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 29, April 30, 2023 2022 Basic net income per share Net income $ 32,748 $ 16,174 Weighted average number of common shares – basic 64,954 66,281 Net income per common share – basic $ 0.50 $ 0.24 Diluted net income per share Net income $ 32,748 $ 16,174 Shares for basic and diluted net income per share: Weighted average number of common shares – basic 64,954 66,281 Assumed exercise of stock options and vesting of restricted stock 337 364 Assumed conversion of convertible debt — — Weighted average number of common shares – diluted 65,291 66,645 Net income per common share – diluted $ 0.50 $ 0.24 Approximately 5 40,000 shares of the Company’s stock-based compensation grants were excluded from diluted net income per share for the three month period ended April 29, 2023, since their effect was anti-dilutive. Approximately 555,000 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 April 30, 2022, since their effect was anti-dilutive. During the three months ended April 29, 2023 , shares of common stock issuable upon conversion of the Convertible Notes have been excluded from the computation of diluted earnings per share as the effect would be anti-dilutive, since the conversion price of $ 220.18 exceeded the average market price of the Company’s common stock during the period.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Apr. 29, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	10. Stock-Based Compensation As of April 29, 2023 , there were 6,439,288 shares of common stock available for issuance under the Company’s 2022 Omnibus Incentive Plan. Non-cash stock compensation expense is as follows: (in thousands) Three Months Ended April 29, April 30, Type of Non-Cash Stock Compensation 2023 2022 Restricted stock and restricted stock unit grants (a) $ 9,365 $ 8,492 Stock option grants (a) 4,203 4,999 Performance stock unit grants (a) 3,154 3,214 Total (b) $ 16,722 $ 16,705 (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 29, 2023 , the tax benefit related to the Company’s non-cash stock compensation was approximately $ 3.2 million. 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. Stock Options Stock option transactions during the three month period ended April 29, 2023 are summarized as follows: Number of Weighted Options outstanding, January 28, 2023 1,218,101 $ 193.31 Options granted 1,407 234.15 Options exercised (a) ( 90,971 ) 118.32 Options forfeited ( 8,846 ) 238.81 Options outstanding, April 29, 2023 1,119,691 $ 199.09 (a) Options exercised during the three month period ended April 29, 2023 had a total intrinsic value of $ 8.2 million . The following table summarizes information about the stock options vested and expected to vest during the contractual term, as well as options exercisable, as of April 29, 2023: Options Weighted Weighted Aggregate Options vested and expected to vest 1,119,691 7.1 $ 199.09 $ 21.1 Options exercisable 538,714 5.8 $ 173.49 $ 16.8 The fair value of each stock option granted during the three month period ended April 29, 2023 was estimated using the Black Scholes option pricing model using the following assumptions: Three Months Ended April 29, 2023 Risk-free interest rate 2.78 % Expected volatility 32 % Expected life (years) 6.25 Contractual life (years) 10.0 Expected dividend yield 0 % Weighted average grant date fair value of options issued $ 87.18 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 29, 2023, 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 29, 2023 are summarized as follows: Number of Weighted Non-vested awards outstanding, January 28, 2023 477,441 $ 222.90 Awards granted 931 234.15 Awards vested (a) ( 2,861 ) 208.12 Awards forfeited ( 4,782 ) 225.75 Non-vested awards outstanding, April 29, 2023 470,729 $ 222.99 (a) Restricted stock awards vested during the three month period ended April 29, 2023 had a total intrinsic value of $ 0.6 million . The fair value of each restricted stock unit granted during the three month period ended April 29, 2023 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 adjusted 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 and Fiscal 2023 are 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 be earned up to 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 29, 2023 are summarized as follows: Number of Weighted Non-vested awards outstanding, January 28, 2023 196,300 $ 226.05 Awards granted 409 234.15 Awards vested (a) ( 26,116 ) 179.46 Awards forfeited ( 35,943 ) 183.53 Non-vested awards outstanding, April 29, 2023 134,650 $ 246.46 (a) Performance-based stock awards vested during the three month period ended April 29, 2023 had a total intrinsic value of $ 5.5 million.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 29, 2023
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 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 $ 53.2 million, $ 51.1 million and $ 52.5 million as of April 29, 2023, January 28, 2023 and April 30, 2022, respectively. Among these arrangements, as of April 29, 2023, January 28, 2023 and April 30, 2022 , the Company had letters of credit outstanding in the amount of $ 51.5 million, $ 47.4 million and $ 47.3 million, respectively, guaranteeing performance under various lease agreements, insurance contracts, and utility agreements. In addition, the Company had outstanding letters of credit arrangements in the amounts of $ 1.7 million, $ 3.7 million and $ 5.2 million at April 29, 2023, January 28, 2023 and April 30, 2022 , 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 $ 839.8 million, $ 795.7 million and $ 597.5 million as of April 29, 2023, January 28, 2023 and April 30, 2022, respectively. Purchase Commitments The Company had $ 1,341.2 million of purchase commitments related to goods that were not received as of April 29, 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Apr. 29, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation As of April 29, 2023, Burlington Stores, Inc., a Delaware corporation (collectively with its subsidiaries, the Company), through its indirect subsidiary Burlington Coat Factory Warehouse Corporation (BCFWC), operated 933 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 28, 2023 (Fiscal 2022 10-K). The balance sheet at January 28, 2023 presented herein has been derived from the audited Consolidated Financial Statements contained in the Fiscal 2022 10-K. Because the Company’s business is seasonal in nature, the operating results for the three month period ended April 29, 2023 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 2022 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. Fiscal 2023 is defined as the 53-week year ending February 3, 2024 and Fiscal 2022 is defined as the 52-week year ended January 28, 2023. The first quarter of Fiscal 2023 and Fiscal 2022 each consist of 13 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 29, 2023, and there were no new accounting standards or pronouncements that were issued but not yet effective as of April 29, 2023 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. 29, 2023
Stockholders' Equity Note [Abstract]
Company's Stockholders Equity	Activity for the three month periods ended April 29, 2023 and April 30, 2022 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 28, 2023 82,037,994 $ 8 $ 2,015,625 $ 644,415 $ 28,748 ( 17,018,281 ) $ ( 1,893,891 ) $ 794,905 Net income — — — 32,748 — — — 32,748 Stock options exercised 90,971 — 10,764 — — — — 10,764 Shares used for tax withholding — — — — — ( 9,457 ) ( 1,962 ) ( 1,962 ) Shares purchased as part of publicly announced program, inclusive of $ 0.4 million related to excise tax — — — — — ( 245,414 ) ( 51,823 ) ( 51,823 ) Vesting of restricted shares 28,536 — — — — — — — Stock based compensation — — 16,722 — — — — 16,722 Unrealized gains on interest rate derivative contracts, net of related taxes of $ 0.3 million — — — — 947 — — 947 Amount reclassified from accumulated other comprehensive income into earnings, net of related tax benefit of $ 0.3 million — — — — ( 827 ) — — ( 827 ) Balance at April 29, 2023 82,157,501 $ 8 $ 2,043,111 $ 677,163 $ 28,868 ( 17,273,152 ) $ ( 1,947,676 ) $ 801,474 (in thousands, except share data) Common Stock Additional Accumulated (Deficit) Accumulated Treasury Stock Shares Amount Capital Earnings Loss 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

Lease Commitments (Tables)

Lease Commitments (Tables)	3 Months Ended
	Apr. 29, 2023
Leases [Abstract]
Future Lease Payments	The following is a schedule of the Company’s future lease payments: (in thousands) Fiscal Year Operating Finance 2023 (remainder) $ 415,312 $ 4,441 2024 558,150 5,733 2025 524,187 3,604 2026 484,136 3,640 2027 442,743 3,640 2028 394,083 3,447 Thereafter 1,146,440 20,786 Total future minimum lease payments 3,965,051 45,291 Amount representing interest ( 719,644 ) ( 12,807 ) Total lease liabilities 3,245,407 32,484 Less: current portion of lease liabilities ( 402,622 ) ( 4,138 ) Total long term lease liabilities $ 2,842,785 $ 28,346 Weighted average discount rate 5.1 % 6.0 % Weighted average remaining lease term (years) 8.1 11.9
Schedule of Net Lease Costs	The following is a schedule of net lease costs for the periods indicated: (in thousands) Three Months Ended April 29, 2023 April 30, 2022 Finance lease cost: Amortization of finance lease asset (a) $ 877 $ 1,140 Interest on lease liabilities (b) 495 722 Operating lease cost (c) 138,950 125,688 Variable lease cost (c) 54,071 48,970 Total lease cost 194,393 176,520 Less gain on sale and leaseback transaction (d) ( 1,958 ) — Less all rental income (e) ( 1,398 ) ( 1,548 ) Total net rent expense (f) $ 191,037 $ 174,972 (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 income - net” in the Company’s Condensed Consolidated Statements of Income. (e) Included in the line item “Other revenue” in the Company’s Condensed Consolidated Statements of Income. (f) 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 29, 2023 April 30, 2022 Cash paid for amounts included in the measurement of lease liabilities: Cash payments arising from operating lease liabilities (a) $ 139,950 $ 126,091 Cash payments for the principal portion of finance lease liabilities (b) $ 963 $ 1,140 Cash payments for the interest portion of finance lease liabilities (a) $ 495 $ 722 Supplemental non-cash information: Operating lease liabilities arising from obtaining right-of-use assets $ 122,802 $ 276,559 (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. 29, 2023
Debt Disclosure [Abstract]
Long Term Debt	Long term debt consists of: (in thousands) April 29, January 28, April 30, 2023 2023 2022 Senior secured term loan facility (Term B-6 Loans), LIBOR (with a floor of 0.00 %) plus 2.00 %, matures on June 24, 2028 $ 939,844 $ 942,012 $ 948,511 Convertible senior notes, 2.25 %, matures on April 15, 2025 397,375 507,687 507,687 ABL senior secured revolving facility, SOFR plus spread based on average outstanding balance, matures on December 22, 2026 — — — Finance lease obligations 32,484 33,447 42,805 Unamortized deferred financing costs ( 5,534 ) ( 7,440 ) ( 9,589 ) Total debt 1,364,169 1,475,706 1,489,414 Less: current maturities ( 13,753 ) ( 13,634 ) ( 14,473 ) Long term debt, net of current maturities $ 1,350,416 $ 1,462,072 $ 1,474,941

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Apr. 29, 2023
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 29, 2023 January 28, 2023 April 30, 2022 Derivatives Designated as Hedging Instruments Balance Fair Balance Fair Balance Fair Interest rate swap contracts Other assets $ 26,857 Other assets $ 29,152 Other assets $ 19,453
Summary of Unrealized Gains Deferred to Accumulated Other Comprehensive Income	The following table presents the unrealized gains deferred to accumulated other comprehensive income resulting from the Company’s derivative financial instruments for each of the reporting periods. (in thousands) Three Months Ended Interest Rate Derivatives: April 29, 2023 April 30, 2022 Unrealized gains, before taxes $ 1,294 $ 27,491 Income tax expense ( 347 ) ( 7,431 ) Unrealized gains, net of taxes $ 947 $ 20,060
Reclassification of Gains and Losses from Accumulated Other Comprehensive Income into Earnings	The following table presents information about the reclassification of gains and losses from accumulated other comprehensive income into earnings related to the Company’s derivative instruments for each of the reporting periods. (in thousands) Three Months Ended Component of Earnings: April 29, 2023 April 30, 2022 Interest (benefit) expense $ ( 1,129 ) $ 3,892 Income tax expense (benefit) 302 ( 1,050 ) Net reclassification into earnings $ ( 827 ) $ 2,842
Derivatives Designated as Hedging Instruments
Outstanding Interest Rate Derivative in Qualifying Hedging Relationships	As of April 29, 2023, 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. 29, 2023
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 29, 2023, January 28, 2023 and April 30, 2022 are summarized below: (in thousands) Fair Value Measurements at April 29, January 28, April 30, 2023 2023 2022 Level 1 Cash equivalents (including restricted cash equivalents) $ 163,713 $ 548,986 $ 291,694
Fair Values of Financial Liabilities	The fair values of the Company’s financial liabilities are summarized below: (in thousands) April 29, 2023 January 28, 2023 April 30, 2022 Principal Fair Principal Fair Principal Fair Term B-6 Loans $ 944,590 $ 935,144 $ 946,994 $ 938,708 $ 954,204 $ 945,855 Convertible Notes 397,375 448,016 507,687 619,409 507,687 613,860 ABL Line of Credit (a) — — — — — — Total debt (b) $ 1,341,965 $ 1,383,160 $ 1,454,681 $ 1,558,117 $ 1,461,891 $ 1,559,715 (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. 29, 2023
Income Tax Disclosure [Abstract]
Net Deferred Taxes	Net deferred taxes are as follows: (in thousands) April 29, January 28, April 30, 2023 2023 2022 Deferred tax asset $ 3,079 $ 3,205 $ 3,824 Deferred tax liability 220,609 205,991 232,863 Net deferred tax liability $ 217,530 $ 202,786 $ 229,039 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. 29, 2023
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 29, April 30, 2023 2022 Basic net income per share Net income $ 32,748 $ 16,174 Weighted average number of common shares – basic 64,954 66,281 Net income per common share – basic $ 0.50 $ 0.24 Diluted net income per share Net income $ 32,748 $ 16,174 Shares for basic and diluted net income per share: Weighted average number of common shares – basic 64,954 66,281 Assumed exercise of stock options and vesting of restricted stock 337 364 Assumed conversion of convertible debt — — Weighted average number of common shares – diluted 65,291 66,645 Net income per common share – diluted $ 0.50 $ 0.24

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Apr. 29, 2023
Share-Based Payment Arrangement [Abstract]
Non-Cash Stock Compensation Expense	Non-cash stock compensation expense is as follows: (in thousands) Three Months Ended April 29, April 30, Type of Non-Cash Stock Compensation 2023 2022 Restricted stock and restricted stock unit grants (a) $ 9,365 $ 8,492 Stock option grants (a) 4,203 4,999 Performance stock unit grants (a) 3,154 3,214 Total (b) $ 16,722 $ 16,705 (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 29, 2023 , the tax benefit related to the Company’s non-cash stock compensation was approximately $ 3.2 million. 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.
Stock Option Transactions	Stock option transactions during the three month period ended April 29, 2023 are summarized as follows: Number of Weighted Options outstanding, January 28, 2023 1,218,101 $ 193.31 Options granted 1,407 234.15 Options exercised (a) ( 90,971 ) 118.32 Options forfeited ( 8,846 ) 238.81 Options outstanding, April 29, 2023 1,119,691 $ 199.09 (a) Options exercised during the three month period ended April 29, 2023 had a total intrinsic value of $ 8.2 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, as well as options exercisable, as of April 29, 2023: Options Weighted Weighted Aggregate Options vested and expected to vest 1,119,691 7.1 $ 199.09 $ 21.1 Options exercisable 538,714 5.8 $ 173.49 $ 16.8
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 29, 2023 was estimated using the Black Scholes option pricing model using the following assumptions: Three Months Ended April 29, 2023 Risk-free interest rate 2.78 % Expected volatility 32 % Expected life (years) 6.25 Contractual life (years) 10.0 Expected dividend yield 0 % Weighted average grant date fair value of options issued $ 87.18
Award Grant and Vesting Transactions	Restricted stock transactions during the three month period ended April 29, 2023 are summarized as follows: Number of Weighted Non-vested awards outstanding, January 28, 2023 477,441 $ 222.90 Awards granted 931 234.15 Awards vested (a) ( 2,861 ) 208.12 Awards forfeited ( 4,782 ) 225.75 Non-vested awards outstanding, April 29, 2023 470,729 $ 222.99 (a) Restricted stock awards vested during the three month period ended April 29, 2023 had a total intrinsic value of $ 0.6 million .
Performance Stock Unit Transactions	Performance stock unit transactions during the three month period ended April 29, 2023 are summarized as follows: Number of Weighted Non-vested awards outstanding, January 28, 2023 196,300 $ 226.05 Awards granted 409 234.15 Awards vested (a) ( 26,116 ) 179.46 Awards forfeited ( 35,943 ) 183.53 Non-vested awards outstanding, April 29, 2023 134,650 $ 246.46 (a) Performance-based stock awards vested during the three month period ended April 29, 2023 had a total intrinsic value of $ 5.5 million.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail)	Apr. 29, 2023 Store
Summary Of Significant Accounting Policies [Line Items]
Number of stores operated	933

Company's Stockholders Equity (

Company's Stockholders Equity (Detail) - USD ($) $ in Thousands		3 Months Ended
		Apr. 29, 2023	Apr. 30, 2022
Balance at beginning of period		$ 794,905	$ 760,417
Net income		32,748	16,174
Stock options exercised		$ 10,764	4,721
Stock options exercised (in shares)	[1]	90,971
Shares used for tax withholding		$ (1,962)	(5,673)
Shares purchased as part of publicly announced program		$ (51,823)	$ (99,090)
Vesting of restricted shares, net of forfeitures of restricted shares		337,000	364,000
Stock based compensation		$ 16,722	$ 16,705
Unrealized gains on interest rate derivative contracts, net of related taxes benefit		947	20,060
Amount reclassified from accumulated other comprehensive income into earnings, net of related taxes		(827)	2,842
Balance at end of period		801,474	716,156
Common Stock
Balance at beginning of period		$ 8	$ 7
Balance at beginning of period (in shares)		82,037,994	81,677,315
Stock options exercised (in shares)		90,971	41,673
Vesting of restricted shares, net of forfeitures of restricted shares		28,536	81,832
Balance at end of period		$ 8	$ 7
Balance at end of period (in shares)		82,157,501	81,800,820
Additional Paid-in Capital
Balance at beginning of period		$ 2,015,625	$ 1,927,554
Stock options exercised		10,764	4,721
Stock based compensation		16,722	16,705
Balance at end of period		2,043,111	1,948,980
Accumulated (Deficit) Earnings
Balance at beginning of period		644,415	414,292
Net income		32,748	16,174
Balance at end of period		677,163	430,466
Accumulated Other Comprehensive (Loss) Income
Balance at beginning of period		28,748	(4,441)
Unrealized gains on interest rate derivative contracts, net of related taxes benefit		947	20,060
Amount reclassified from accumulated other comprehensive income into earnings, net of related taxes		(827)	2,842
Balance at end of period		28,868	18,461
Treasury Stock
Balance at beginning of period		$ (1,893,891)	$ (1,576,995)
Balance at beginning of period (in shares)		(17,018,281)	(15,185,760)
Shares used for tax withholding		$ (1,962)	$ (5,673)
Shares used for tax withholding (in shares)		(9,457)	(30,090)
Shares purchased as part of publicly announced program		$ (51,823)	$ (99,090)
Shares purchased as part of publicly announced program, (in shares)		(245,414)	(512,905)
Balance at end of period		$ (1,947,676)	$ (1,681,758)
Balance at end of period (in shares)		(17,273,152)	(15,728,755)
[1] Options exercised during the three month period ended April 29, 2023 had a total intrinsic value of $ 8.2 million .

Company's Stockholders Equity_2

Company's Stockholders Equity (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Statement of Stockholders' Equity [Abstract]
Excise tax	$ 0.4
Forfeited restricted shares		199
Unrealized gains (losses) on interest rate derivative contracts, Tax	0.3	$ 7.4
Amount reclassified from accumulated other comprehensive loss into earnings on Interest Rate Cap Contracts, Tax	$ 0.3	$ 1.1

Lease Commitments - Additional

Lease Commitments - Additional Information (Detail) $ in Millions	3 Months Ended
	Apr. 29, 2023 USD ($) Store
Future Minimum Payments Receivable [Line Items]
Operating and finance leases, expiration period	30 years
Leases renewal option	5 years
Accrued lease liability | $	$ 401.9
Number of store committed to open or relocate but has not yet taken possession | Store	73

Future Lease Payments (Detail)

Future Lease Payments (Detail) - USD ($) $ in Thousands	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Operating Leases
2023 (remainder)	$ 415,312
2024	558,150
2025	524,187
2026	484,136
2027	442,743
2028	394,083
Thereafter	1,146,440
Total future minimum lease payments	3,965,051
Amount representing interest	(719,644)
Total lease liabilities	3,245,407
Less: current portion of lease liabilities	(402,622)	$ (401,111)	$ (374,740)
Total long term lease liabilities	$ 2,842,785	2,825,292	2,709,016
Weighted average discount rate	5.10%
Weighted average remaining lease term (years)	8 years 1 month 6 days
Finance Leases
2023 (remainder)	$ 4,441
2024	5,733
2025	3,604
2026	3,640
2027	3,640
2028	3,447
Thereafter	20,786
Total future minimum lease payments	45,291
Amount representing interest	(12,807)
Total lease liabilities	32,484	$ 33,447	$ 42,805
Less: current portion of lease liabilities	(4,138)
Total long term lease liabilities	$ 28,346
Weighted average discount rate	6%
Weighted average remaining lease term (years)	11 years 10 months 24 days

Schedule of Net Lease Costs (De

Schedule of Net Lease Costs (Detail) - USD ($) $ in Thousands		3 Months Ended
		Apr. 29, 2023	Apr. 30, 2022
Finance lease cost:
Amortization of finance lease asset	[1]	$ 877	$ 1,140
Interest on lease liabilities	[2]	495	722
Operating lease cost	[3]	138,950	125,688
Variable lease cost	[3]	54,071	48,970
Total lease cost		194,393	176,520
Less gain on sale and leaseback transaction	[4]	(1,958)
Less all rental income	[5]	(1,398)	(1,548)
Total net rent expense	[6]	$ 191,037	$ 174,972
[1] Included in the line item “Depreciation and amortization” in the Company’s Condensed Consolidated Statements of Income. Included in the line item “Interest expense” in the Company’s Condensed Consolidated Statements of Income. 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. Included in the line item “Other income - net” in the Company’s Condensed Consolidated Statements of Income. Included in the line item “Other revenue” in the Company’s Condensed Consolidated Statements of Income. 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. 29, 2023	Apr. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments arising from operating lease liabilities	[1]	$ 139,950	$ 126,091
Cash payments for the principal portion of finance lease liabilities	[2]	963	1,140
Cash payments for the interest portion of finance lease liabilities	[1]	495	722
Operating lease liabilities arising from obtaining right-of-use assets		$ 122,802	$ 276,559
[1] Included within operating activities in the Company’s Condensed Consolidated Statements of Cash Flows. 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. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Debt Instrument [Line Items]
Finance lease obligations	$ 32,484	$ 33,447	$ 42,805
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	$ (5,534)	$ (7,440)	$ (9,589)
Total debt	1,364,169	1,475,706	1,489,414
Less: current maturities	(13,753)	(13,634)	(14,473)
Long term debt, net of current maturities	1,350,416	1,462,072	1,474,941
Senior Secured Term B-6 Loans
Debt Instrument [Line Items]
Long Term Debt	939,844	942,012	948,511
Convertible Senior Notes
Debt Instrument [Line Items]
Long Term Debt	$ 397,375	$ 507,687	$ 507,687

Long-Term Debt (Parenthetical)

Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Millions		3 Months Ended		12 Months Ended
	Apr. 16, 2020	Apr. 29, 2023	Apr. 30, 2022	Jan. 28, 2023
Senior Secured Term B-6 Loans
Debt Instrument [Line Items]
Long-Term Debt, maturity date		Jun. 24, 2028	Jun. 24, 2028	Jun. 24, 2028
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
Long-Term Debt, interest rate	2.25%	2.25%	2.25%	2.25%
ABL senior secured revolving facility
Debt Instrument [Line Items]
Long-Term Debt, maturity date		Dec. 22, 2026	Dec. 22, 2026	Dec. 22, 2026
London Interbank Offered Rate Floor | Senior Secured Term B-6 Loans
Debt Instrument [Line Items]
Long-Term Debt, interest rate		0%	0%	0%
London Interbank Offered Rate (LIBOR) | Senior Secured Term B-6 Loans
Debt Instrument [Line Items]
Long-Term Debt, interest rate		2%	2%	2%

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail)			3 Months Ended		12 Months Ended
	May 11, 2023	Apr. 16, 2020 USD ($) $ / shares	Apr. 29, 2023 USD ($)	Apr. 30, 2022 USD ($)	Jan. 28, 2023 USD ($)	Oct. 29, 2022	Jul. 20, 2022 USD ($)	Jul. 19, 2022 USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ (24,644,000)	$ (14,657,000)
Deferred financing costs			$ 5,534,000	$ 9,589,000	$ 7,440,000
Senior Secured Term Loan Facilities
Debt Instrument [Line Items]
Borrowing, interest rate			7%	2.80%
Convertible Senior Notes
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ (24,600,000)	$ (14,700,000)
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
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			$ 110,300,000	$ 64,600,000
Debt conversion, converted instrument, in cash			$ 133,300,000	$ 78,200,000
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%
Debt instrument, redemption price, percentage		100%
Debt instrument repurchase percentage on conditional basis		100%
ABL senior secured revolving facility
Debt Instrument [Line Items]
Debt instrument maturity date			Dec. 22, 2026	Dec. 22, 2026	Dec. 22, 2026
Line of Credit Facility, maximum borrowing capacity							$ 900,000,000	$ 650,000,000
Line of Credit Facility, amount available			$ 839,800,000	$ 597,500,000
Line of Credit Facility, amount outstanding during period			$ 0	$ 0
Amended ABL senior secured revolving facility
Debt Instrument [Line Items]
Line of Credit Facility, interest rate description			The Amendment increased the aggregate principal amount of the commitments of its current asset-based lending facility (the ABL Line of Credit) from $650.0 million to $900.0 million and replaced the LIBOR-based interest rate benchmark provisions with interest rate benchmark provisions based on a term secured overnight financing rate (SOFR) or a daily SOFR rate (in the case of daily SOFR, available for borrowings up to $100 million, or up to the full amount of the commitments if the term SOFR rate is not available).
Adjusted London Interbank Offered Rate | Senior Secured Term Loan Facilities
Debt Instrument [Line Items]
Line of Credit Facility, interest rate			0%
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%
One Month Adjusted Secured Overnight Financing Rate | Senior Secured Term Loan Facilities
Debt Instrument [Line Items]
Line of Credit Facility, interest rate	0.11%
Three Month Adjusted Secured Overnight Financing Rate | Senior Secured Term Loan Facilities
Debt Instrument [Line Items]
Line of Credit Facility, interest rate	0.26%
Six Month Adjusted Secured Overnight Financing Rate | Senior Secured Term Loan Facilities
Debt Instrument [Line Items]
Line of Credit Facility, interest rate	0.43%
Secured Overnight Financing Rate Floor | Senior Secured Term Loan Facilities
Debt Instrument [Line Items]
Line of Credit Facility, interest rate	0%
Maximum | Secured Overnight Financing Rate (SOFR) | Amended ABL senior secured revolving facility
Debt Instrument [Line Items]
Line of Credit Facility, amount available							$ 100,000,000

Long-Term Debt - Schedule of Co

Long-Term Debt - Schedule of Components of Convertible Notes (Detail) - USD ($) $ in Thousands	Apr. 29, 2023		Jan. 28, 2023		Apr. 30, 2022
Debt Instrument [Line Items]
Principal	$ 1,341,965	[1]	$ 1,454,681	[1]	$ 1,461,891
Unamortized deferred financing costs	(5,534)		(7,440)		(9,589)
Convertible Senior Notes
Debt Instrument [Line Items]
Net carrying amount	$ 397,375		$ 507,687		$ 507,687
[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. 29, 2023	Apr. 30, 2022
Debt Instrument [Line Items]
Amortization of deferred financing costs	$ 855	$ 986

Derivative Instruments And He_3

Derivative Instruments And Hedging Activities - Additional Information (Detail) $ in Millions			3 Months Ended
	Jun. 24, 2021 USD ($)	Dec. 17, 2018 USD ($)	Apr. 29, 2023 USD ($) Derivative
Interest Rate Cap Contracts
Derivative [Line Items]
Interest rate cap contracts, number | Derivative			1
Amounts reported in Accumulated Other Comprehensive income to be reclassified to interest expense, during the next twelve months			$ 8.2
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			3 Months Ended
	Jun. 24, 2021 USD ($)	Dec. 17, 2018 USD ($)	Apr. 29, 2023 USD ($) 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) - USD ($) $ in Thousands	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Interest Rate Swap Contracts | Other Assets
Derivatives, Fair Value [Line Items]
Derivative Designated as Hedging Instruments Interest Rate Cap Contracts, Liability at Fair Value	$ 26,857	$ 29,152	$ 19,453

Summary of Unrealized Gains Def

Summary of Unrealized Gains Deferred to Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Derivative Instruments Gain Loss [Line Items]
Income tax expense	$ (300)	$ (7,400)
Unrealized gains, net of taxes	947	20,060
Derivatives Designated as Hedging Instruments | Interest Rate Derivatives
Derivative Instruments Gain Loss [Line Items]
Unrealized gains, before taxes	1,294	27,491
Income tax expense	(347)	(7,431)
Unrealized gains, net of taxes	$ 947	$ 20,060

Reclassification of Gains and L

Reclassification of Gains and Losses from Accumulated Other Comprehensive Income into Earnings (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Interest (benefit) expense	$ 19,345	$ 14,606
Income tax expense (benefit)	10,570	1,533
Net reclassification into earnings	(827)	2,842
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 (benefit) expense	(1,129)	3,892
Income tax expense (benefit)	302	(1,050)
Net reclassification into earnings	$ (827)	$ 2,842

Fair Values of Financial Assets

Fair Values of Financial Assets and Hierarchy of Level of Inputs (Detail) - USD ($) $ in Thousands	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Fair Value, Inputs, Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents (including restricted cash equivalents)	$ 163,713	$ 548,986	$ 291,694

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) $ in Thousands	3 Months Ended
	Apr. 29, 2023 USD ($) Store	Apr. 30, 2022 USD ($) Store
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Asset impairment carrying value related to right of use assets	$ 70,900	$ 3,400
Impairment charges-Long lived assets	600
Impairment charges - long-lived assets	844	$ 2,543
Impairment of operating lease assets	$ 200
Assets Impairments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment of store level assets, number of stores | Store	7	1
Number of relocating stores | Store		2
Lease Asset Impairment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment of store level assets, number of stores | Store	2

Fair Values of Financial Liabil

Fair Values of Financial Liabilities (Detail) - USD ($) $ in Thousands	Apr. 29, 2023		Jan. 28, 2023		Apr. 30, 2022
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Long-Term Debt, Principal Amount	$ 1,341,965	[1]	$ 1,454,681	[1]	$ 1,461,891
Long-Term Debt, Fair Value	1,383,160	[1]	1,558,117	[1]	1,559,715
Term B-6 Loans
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Long-Term Debt, Principal Amount	944,590		946,994		954,204
Long-Term Debt, Fair Value	935,144		938,708		945,855
Convertible Notes
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Long-Term Debt, Principal Amount	397,375		507,687		507,687
Long-Term Debt, Fair Value	$ 448,016		$ 619,409		$ 613,860
[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. 29, 2023	Apr. 30, 2022	Jan. 28, 2023
Income Tax Disclosure [Line Items]
Income tax expense	$ 10,570	$ 1,533
Effective tax rate	24.40%	8.70%
Deferred tax asset for net operating loss	$ 10,400
Tax credit carryforwards	11,800
Valuation allowances	13,900	$ 12,900	$ 13,100
State and local jurisdiction
Income Tax Disclosure [Line Items]
Deferred tax asset for net operating loss	10,100
Tax credit carryforwards	$ 11,200
Tax credit expiration period	2024
State and local jurisdiction | Minimum
Income Tax Disclosure [Line Items]
Net operating losses subject to expiration year	2024
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
Amount of alternative minimum tax credits	$ 600
Alternative minimum tax credits, expiration life	indefinite life

Net Deferred Taxes (Detail)

Net Deferred Taxes (Detail) - USD ($) $ in Thousands	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Income Tax Disclosure [Abstract]
Deferred tax asset	$ 3,079	$ 3,205	$ 3,824
Deferred tax liability	220,609	205,991	232,863
Net deferred tax liability	$ 217,530	$ 202,786	$ 229,039

Capital Stock - Additional Info

Capital Stock - Additional Information (Detail) - USD ($)		3 Months Ended
	Feb. 16, 2022	Apr. 29, 2023	Apr. 30, 2022
Statement Equity Components [Line Items]
Shares Used for Tax Withholdings		$ 1,962,000	$ 5,673,000
2021 Stock Repurchase Program
Statement Equity Components [Line Items]
Stock repurchase programs, authorized amount	$ 500,000,000
Stock repurchase programs, authorized execution month and year	2024-02
Remaining authorized repurchase amount		$ 295,900,000
Common stock repurchased, shares		245,414
Common stock repurchased, value		$ 51,400,000
Treasury Stock
Statement Equity Components [Line Items]
Shares Used for Tax Withholdings (in shares)		9,457
Shares Used for Tax Withholdings		$ 2,000,000

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. 29, 2023	Apr. 30, 2022
Basic net income per share
Net income	$ 32,748	$ 16,174
Weighted average number of common shares – basic	64,954	66,281
Net income per common share - basic	$ 0.50	$ 0.24
Diluted net income per share
Net income	$ 32,748	$ 16,174
Weighted average number of common shares – basic	64,954	66,281
Assumed exercise of stock options and vesting of restricted stock	337	364
Weighted average number of common shares – diluted	65,291	66,645
Net income per common share - diluted	$ 0.50	$ 0.24

Net Income Per Share - Addition

Net Income Per Share - Additional Information (Detail) - USD ($)	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from diluted net income per share	40,000
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		555,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail)	3 Months Ended
	Apr. 29, 2023 shares
Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Service-based awards, vesting period	3 years
Performance Stock Units | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target award threshold range	200%
2022 Omnibus Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant equity awards	6,439,288

Non-Cash Stock Compensation Exp

Non-Cash Stock Compensation Expense (Detail) - USD ($) $ in Thousands		3 Months Ended
		Apr. 29, 2023	Apr. 30, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Non-Cash Stock Compensation	[1]	$ 16,722	$ 16,705
Restricted Stock and Restricted Stock Unit Grants
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Non-Cash Stock Compensation	[2]	9,365	8,492
Stock Option Grants
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Non-Cash Stock Compensation	[2]	4,203	4,999
Performance Stock Unit Grants
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Non-Cash Stock Compensation	[2]	$ 3,154	$ 3,214
[1] The amounts presented in the table above exclude taxes. For the three month period ended April 29, 2023 , the tax benefit related to the Company’s non-cash stock compensation was approximately $ 3.2 million. 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. 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. 29, 2023	Apr. 30, 2022
Share-Based Payment Arrangement [Abstract]
Non-Cash Stock Compensation tax benefit	$ 3.2	$ 3.2

Stock Option Transactions (Deta

Stock Option Transactions (Detail)	3 Months Ended
	Apr. 29, 2023 $ / shares shares
Number of Shares
Options Outstanding at Beginning of Period | shares	1,218,101
Options Granted | shares	1,407
Options Exercised | shares	(90,971)	[1]
Options Forfeited | shares	(8,846)
Options Outstanding at End of Period | shares	1,119,691
Weighted Average Exercise Price Per Share
Options Outstanding at Beginning of Period | $ / shares	$ 193.31
Options Granted | $ / shares	234.15
Options Exercised | $ / shares	118.32	[1]
Options Forfeited | $ / shares	238.81
Options Outstanding at End of Period | $ / shares	$ 199.09
[1] Options exercised during the three month period ended April 29, 2023 had a total intrinsic value of $ 8.2 million .

Stock Option Transactions (Pare

Stock Option Transactions (Parenthetical) (Detail) $ in Millions	3 Months Ended
	Apr. 29, 2023 USD ($)
Share-Based Payment Arrangement [Abstract]
Share based compensation option exercised total intrinsic value	$ 8.2

Stock Options Vested and Expect

Stock Options Vested and Expected to Vest (Detail) $ / shares in Units, $ in Millions	3 Months Ended
	Apr. 29, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Vested and expected to vest, Options | shares	1,119,691
Vested and expected to vest, Weighted Average Remaining Contractual Life (Years)	7 years 1 month 6 days
Vested and expected to vest, Weighted Average Exercise Price | $ / shares	$ 199.09
Vested and expected to vest, Aggregate Intrinsic Value | $	$ 21.1
Options exercisable, Options | shares	538,714
Options exercisable, Weighted Average Remaining Contractual Life (Years)	5 years 9 months 18 days
Options exercisable, Weighted Average Exercise Price | $ / shares	$ 173.49
Options exercisable, Aggregate Intrinsic Value | $	$ 16.8

Weighted Average Assumptions Us

Weighted Average Assumptions Used to Estimate Fair Value of Stock Option (Detail)	3 Months Ended
	Apr. 29, 2023 $ / shares
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	2.78%
Expected volatility	32%
Expected life (years)	6 years 3 months
Contractual life (years)	10 years
Expected dividend yield	0%
Weighted average grant date fair value of options issued	$ 87.18

Award Grant, Vested and Forfeit

Award Grant, Vested and Forfeiture Transactions (Detail) - Non Vested Restricted Stock	3 Months Ended
	Apr. 29, 2023 $ / shares shares
Number of Shares
Non-Vested Awards Outstanding at Beginning of Period | shares	477,441
Awards Granted | shares	931
Awards Vested | shares	(2,861)	[1]
Awards Forfeited | shares	(4,782)
Non-Vested Awards Outstanding at End of Period | shares	470,729
Weighted Average Grant Date Fair Value Per Award
Non-Vested Awards Outstanding at Beginning of Period | $ / shares	$ 222.90
Awards Granted | $ / shares	234.15
Awards Vested | $ / shares	208.12	[1]
Awards Forfeited | $ / shares	225.75
Non-Vested Awards Outstanding at End of Period | $ / shares	$ 222.99
[1] Restricted stock awards vested during the three month period ended April 29, 2023 had a total intrinsic value of $ 0.6 million .

Award Grant, Vested and Forfe_2

Award Grant, Vested and Forfeiture Transactions (Parenthetical) (Detail) $ in Millions	3 Months Ended
	Apr. 29, 2023 USD ($)
Restricted Stock Issuances
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation awards vested total intrinsic value	$ 0.6

Performance Stock Units Transac

Performance Stock Units Transactions (Detail) - Performance Stock Units	3 Months Ended
	Apr. 29, 2023 $ / shares shares
Number of Shares
Non-Vested Awards Outstanding at Beginning of Period | shares	196,300
Awards Granted | shares	409
Awards Vested | shares	(26,116)	[1]
Awards Forfeited | shares	(35,943)
Non-Vested Awards Outstanding at End of Period | shares	134,650
Weighted Average Grant Date Fair Value Per Award
Non-Vested Awards Outstanding at Beginning of Period | $ / shares	$ 226.05
Awards Granted | $ / shares	234.15
Awards Vested | $ / shares	179.46	[1]
Awards Forfeited | $ / shares	183.53
Non-Vested Awards Outstanding at End of Period | $ / shares	$ 246.46
[1] Performance-based stock awards vested during the three month period ended April 29, 2023 had a total intrinsic value of $ 5.5 million.

Performance Stock Units Trans_2

Performance Stock Units Transactions (Parenthetical) (Detail) $ in Millions	3 Months Ended
	Apr. 29, 2023 USD ($)
Performance Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation awards vested total intrinsic value	$ 5.5

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Apr. 29, 2023	Jan. 28, 2023	Jul. 20, 2022	Jul. 19, 2022	Apr. 30, 2022
Commitments And Contingencies Disclosure [Line Items]
Letters of credit, outstanding amount	$ 53,200,000	$ 51,100,000			$ 52,500,000
Purchase commitments related to goods or services	1,341,200,000
ABL senior secured revolving facility
Commitments And Contingencies Disclosure [Line Items]
Letters of credit, maximum borrowing capacity			$ 900,000,000	$ 650,000,000
Guarantee Performance Under Insurance And Utility Agreement
Commitments And Contingencies Disclosure [Line Items]
Letters of credit, outstanding amount	51,500,000	47,400,000			47,300,000
Merchandising Agreement
Commitments And Contingencies Disclosure [Line Items]
Letters of credit, outstanding amount	1,700,000	3,700,000			5,200,000
Letters of Credit | ABL senior secured revolving facility
Commitments And Contingencies Disclosure [Line Items]
Letters of credit, maximum borrowing capacity	$ 839,800,000	$ 795,700,000			$ 597,500,000