Ollie's Bargain Outlet (OLLI) 10-Q 8 Dec 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Oct. 31, 2020	Dec. 03, 2020
Cover [Abstract]
Entity Registrant Name	Ollie’s Bargain Outlet Holdings, Inc.
Entity Central Index Key	0001639300
Current Fiscal Year End Date	--01-30
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity File Number	001-37501
Entity Tax Identification Number	80-0848819
Entity Address, Address Line One	6295 Allentown Boulevard
Entity Address, Address Line Two	Suite 1
Entity Address, City or Town	Harrisburg
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	17112
City Area Code	717
Local Phone Number	657-2300
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	OLLI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		65,418,339

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Condensed Consolidated Statements of Income [Abstract]
Net sales	$ 414,382	$ 327,049	$ 1,293,058	$ 985,768
Cost of sales	242,881	193,767	774,349	595,719
Gross profit	171,501	133,282	518,709	390,049
Selling, general and administrative expenses	105,830	90,481	304,699	261,163
Depreciation and amortization expenses	4,230	3,766	12,296	10,687
Pre-opening expenses	3,656	3,302	8,923	10,931
Operating income	57,785	35,733	192,791	107,268
Interest income, net	(93)	(142)	(202)	(659)
Income before income taxes	57,878	35,875	192,993	107,927
Income tax expense	12,681	8,919	14,957	17,084
Net income	$ 45,197	$ 26,956	$ 178,036	$ 90,843
Earnings per common share:
Basic (in dollars per share)	$ 0.69	$ 0.43	$ 2.76	$ 1.44
Diluted (in dollars per share)	$ 0.68	$ 0.41	$ 2.71	$ 1.38
Weighted average common shares outstanding:
Basic (in shares)	65,388	63,173	64,524	63,292
Diluted (in shares)	66,121	65,672	65,799	66,049

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Current assets:
Cash and cash equivalents	$ 325,525	$ 89,950	$ 10,101
Inventories	394,896	335,181	385,296
Accounts receivable	203	2,840	977
Prepaid expenses and other assets	11,878	5,567	5,094
Total current assets	732,502	433,538	401,468
Property and equipment, net of accumulated depreciation of $93,361, $72,800 and $77,286, respectively	138,691	132,084	120,343
Operating lease right-of-use assets	382,787	352,684	330,740
Goodwill	444,850	444,850	444,850
Trade name	230,559	230,559	230,559
Other assets	2,472	2,532	2,514
Total assets	1,931,861	1,596,247	1,530,474
Current liabilities:
Current portion of long-term debt	361	273	257
Accounts payable	124,823	63,223	77,818
Income taxes payable	0	3,906	1,171
Current portion of operating lease liabilities	65,162	53,551	50,599
Accrued expenses and other	85,814	56,732	57,756
Total current liabilities	276,160	177,685	187,601
Revolving credit facility	0	0	0
Long-term debt	649	527	496
Deferred income taxes	64,622	59,401	55,844
Long-term operating lease liabilities	322,950	299,743	279,587
Other long-term liabilities	5	6	7
Total liabilities	664,386	537,362	523,535
Stockholders' equity:
Preferred stock - 50,000 shares authorized at $0.001 par value; no shares issued	0	0	0
Common stock - 500,000 shares authorized at $0.001 par value; 66,117, 63,605 and 63,712 shares issued, respectively	66	64	64
Additional paid-in capital	645,902	615,350	613,691
Retained earnings	661,607	483,571	433,284
Treasury - common stock, at cost; 698 shares	(40,100)	(40,100)	(40,100)
Total stockholders' equity	1,267,475	1,058,885	1,006,939
Total liabilities and stockholders' equity	$ 1,931,861	$ 1,596,247	$ 1,530,474

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Assets
Property and equipment, accumulated depreciation and amortization	$ 93,361	$ 77,286	$ 72,800
Stockholders' equity:
Preferred stock, shares authorized (in shares)	50,000	50,000	50,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)	0	0	0
Common stock, shares authorized (in shares)	500,000	500,000	500,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Common stock, shares issued (in shares)	66,117	63,712	63,605
Treasury - common stock (in shares)	698	698	698

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance at Feb. 02, 2019	$ 63	$ (86)	$ 600,234	$ 342,441	$ 942,652
Beginning balance (in shares) at Feb. 02, 2019	63,015
Beginning balance (in shares) at Feb. 02, 2019		(9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	$ 0	6,855	0	6,855
Proceeds from stock options exercised	$ 1	$ 0	7,869	0	7,870
Proceeds from stock options exercised (in shares)	549	0
Vesting of restricted stock	$ 0	$ 0	0	0	0
Vesting of restricted stock (in shares)	57	0
Common shares withheld for taxes	$ 0	$ 0	(1,267)	0	(1,267)
Common shares withheld for taxes (in shares)	(16)	0
Shares repurchased	$ 0	$ (40,014)	0	0	(40,014)
Shares repurchased (in shares)	0	(689)
Net income	$ 0	$ 0	0	90,843	90,843
Ending balance at Nov. 02, 2019	$ 64	$ (40,100)	613,691	433,284	1,006,939
Ending balance (in shares) at Nov. 02, 2019	63,605
Ending balance (in shares) at Nov. 02, 2019		(698)
Beginning balance at Aug. 03, 2019	$ 64	$ (86)	611,163	406,328	1,017,469
Beginning balance (in shares) at Aug. 03, 2019	63,592
Beginning balance (in shares) at Aug. 03, 2019		(9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	$ 0	2,230	0	2,230
Proceeds from stock options exercised	$ 0	$ 0	298	0	298
Proceeds from stock options exercised (in shares)	13	0
Shares repurchased	$ 0	$ (40,014)	0	0	(40,014)
Shares repurchased (in shares)	0	(689)
Net income	$ 0	$ 0	0	26,956	26,956
Ending balance at Nov. 02, 2019	$ 64	$ (40,100)	613,691	433,284	1,006,939
Ending balance (in shares) at Nov. 02, 2019	63,605
Ending balance (in shares) at Nov. 02, 2019		(698)
Beginning balance at Feb. 01, 2020	$ 64	$ (40,100)	615,350	483,571	1,058,885
Beginning balance (in shares) at Feb. 01, 2020	63,712
Beginning balance (in shares) at Feb. 01, 2020		(698)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	$ 0	4,755	0	4,755
Proceeds from stock options exercised	$ 2	$ 0	26,611	0	26,613
Proceeds from stock options exercised (in shares)	2,358	0
Vesting of restricted stock	$ 0	$ 0	0	0	0
Vesting of restricted stock (in shares)	64	0
Common shares withheld for taxes	$ 0	$ 0	(814)	0	(814)
Common shares withheld for taxes (in shares)	(17)	0
Net income	$ 0	$ 0	0	178,036	178,036
Ending balance at Oct. 31, 2020	$ 66	$ (40,100)	645,902	661,607	1,267,475
Ending balance (in shares) at Oct. 31, 2020	66,117
Ending balance (in shares) at Oct. 31, 2020		(698)
Beginning balance at Aug. 01, 2020	$ 66	$ (40,100)	641,677	616,410	1,218,053
Beginning balance (in shares) at Aug. 01, 2020	66,005
Beginning balance (in shares) at Aug. 01, 2020		(698)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	$ 0	1,709	0	1,709
Proceeds from stock options exercised	$ 0	$ 0	2,528	0	2,528
Proceeds from stock options exercised (in shares)	112	0
Common shares withheld for taxes	$ 0	$ 0	(12)	0	(12)
Common shares withheld for taxes (in shares)	0	0
Net income	$ 0	$ 0	0	45,197	45,197
Ending balance at Oct. 31, 2020	$ 66	$ (40,100)	$ 645,902	$ 661,607	$ 1,267,475
Ending balance (in shares) at Oct. 31, 2020	66,117
Ending balance (in shares) at Oct. 31, 2020		(698)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Cash flows from operating activities:
Net income	$ 178,036	$ 90,843
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	16,634	12,890
Amortization of debt issuance costs	192	232
Loss (gain) on sale of assets	1	(56)
Deferred income tax provision	5,221	431
Stock-based compensation expense	4,755	6,855
Changes in operating assets and liabilities:
Inventories	(59,715)	(88,889)
Accounts receivable	2,637	(407)
Prepaid expenses and other assets	(6,443)	(315)
Accounts payable	62,904	932
Income taxes payable	(3,906)	(6,222)
Accrued expenses and other liabilities	35,598	(2,022)
Net cash provided by operating activities	235,914	14,272
Cash flows from investing activities:
Purchases of property and equipment	(25,908)	(64,543)
Proceeds from sale of property and equipment	77	42,742
Net cash used in investing activities	(25,831)	(21,801)
Cash flows from financing activities:
Repayments on finance leases	(307)	(348)
Payment of debt issuance costs	0	(552)
Proceeds from stock option exercises	26,613	7,870
Common shares withheld for taxes	(814)	(1,267)
Payment for shares repurchased	0	(40,014)
Net cash provided by (used in) financing activities	25,492	(34,311)
Net increase (decrease) in cash and cash equivalents	235,575	(41,840)
Cash and cash equivalents at the beginning of the period	89,950	51,941
Cash and cash equivalents at the end of the period	325,525	10,101
Cash paid during the period for:
Interest	245	269
Income taxes	20,725	22,874
Non-cash investing activities:
Accrued purchases of property and equipment	$ 1,455	$ 668

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	9 Months Ended
	Oct. 31, 2020
Organization and Summary of Significant Accounting Policies [Abstract]
Organization and Summary of Significant Accounting Policies	(1) Organization and Summary of Significant Accounting Policies (a) Description of Business Ollie’s Bargain Outlet Holdings, Inc. and subsidiaries (collectively referred to as the “Company” or “Ollie’s”) principally buys overproduced, overstocked, and closeout merchandise from manufacturers, wholesalers and other retailers. In addition, the Company augments its name-brand closeout deals with directly sourced private label products featuring names exclusive to Ollie’s in order to provide consistently value-priced goods in select key merchandise categories. Since its first store opened in 1982, the Company has grown to 385 retail locations in 25 states as of October 31, 2020. Ollie’s Bargain Outlet retail locations are located in Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia and West Virginia. (b) Fiscal Year Ollie’s follows a 52/53-week fiscal year, which ends on the Saturday nearer to January 31 of the following calendar year. References to the thirteen weeks ended October 31, 2020 and November 2, 2019 refer to the thirteen weeks from August 2, 2020 to October 31, 2020 and from August 4, 2019 to November 2, 2019, respectively. References to year-to-date periods ended October 31, 2020 and November 2, 2019 refer to the thirty-nine weeks from February 2, 2020 to October 31, 2020 and from February 3, 2019 to November 2, 2019, respectively. References to “2019” refer to the fiscal year ended February 1, 2020 and references to “2020” refer to the fiscal year ending January 30, 2021 . (c) Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the Company’s results of operations, financial condition, and cash flows for all periods presented. The condensed consolidated balance sheets as of October 31, 2020 and November 2, 2019, and the condensed consolidated statements of income and stockholders’ equity for the thirteen and thirty-nine weeks ended October 31, 2020 and November 2, 2019, and the condensed consolidated statements of cash flows for the thirty-nine weeks ended October 31, 2020 and November 2, 2019 have been prepared by the Company and are unaudited. The Company’s business is seasonal in nature and results of operations for the interim periods presented are not necessarily indicative of operating results for 2020 or any other period. All intercompany accounts, transactions, and balances have been eliminated in . The Company’s balance sheet as of February 1, 2020 , presented herein, has been derived from the audited balance sheet included in the Company’s Annual Report on Form 10-K filed with the SEC on March 25, 2020 (“Annual Report”), but does not include all disclosures required by GAAP. These financial statements should be read in conjunction with the financial statements for 2019 and footnotes thereto included in the Annual Report . For purposes of the disclosure requirements for segments of a business enterprise, it has been determined that the Company is comprised of one operating segment. (d) Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (e) Fair Value Disclosures Fair value is defined as the price which the Company would receive to sell an asset or pay to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. In determining fair value, GAAP establishes a three-level hierarchy used in measuring fair value, as follows: ● Level 1 inputs are quoted prices available for identical assets and liabilities in active markets. ● Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets or other inputs which are observable or can be corroborated by observable market data. ● Level 3 inputs are less observable and reflect the Company’s assumptions. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, and its credit facilities. The carrying amount of cash and cash equivalents, accounts receivable and accounts payable approximates fair value because of their short maturities. The carrying amount of the Company’s credit facilities approximates its fair value because the interest rates are adjusted regularly based on current market conditions. (f) Immaterial Correction of Prior Period Financial Statements During the fourth quarter of fiscal 2019 the Company identified that it had been incorrectly recording the activity within one of its cash accounts as borrowings and repayments on its revolving credit facility within the consolidated statements of cash flows although there were no actual borrowings or repayments on the revolving credit facility during the periods. The error had no impact to total net cash used in financing activities or the Company’s condensed consolidated balance sheets or condensed consolidated statements of income. The Company corrected the presentation for the prior period in the accompanying condensed consolidated statement of cash flows. (g) I The outbreak of the novel coronavirus COVID-19, which was declared a global pandemic by the World Health Organization on March 11, 2020, has led to adverse impacts on the U.S. and global economies. The outbreak of COVID-19 and related measures to quell the outbreak have impacted the Company’s inventory supply chain, operations and customer demand. The Company’s stores and distribution centers have continued to operate as an essential business during the COVID-19 pandemic and the Company is committed to maintaining a safe work and shopping environment. The COVID-19 pandemic could further affect the Company’s operations and the operations of its suppliers and vendors as a result of continuing or renewed restrictions and limitations on travel, shelter-in-place orders, limitations on store or facility operations up to and including closures, and other governmental, business or consumer actions. The extent to which the COVID-19 pandemic will impact the Company’s operations, liquidity or financial results in subsequent periods is uncertain, but such impact could be material.

Net Sales

Net Sales	9 Months Ended
	Oct. 31, 2020
Net Sales [Abstract]
Net Sales	(2) Net Sales Ollie’s recognizes retail sales in its stores when merchandise is sold and the customer takes possession of merchandise. Also included in net sales is revenue allocated to certain redeemed discounts earned via the Ollie’s Army loyalty program and gift card breakage. Net sales are presented net of returns and sales tax. The Company provides an allowance for estimated retail merchandise returns based on prior experience. Revenue Recognition Revenue is deferred for the Ollie’s Army loyalty program where members accumulate points that can be redeemed for discounts on future purchases. The Company has determined it has an additional performance obligation to Ollie’s Army members at the time of the initial transaction. The Company allocates the transaction price to the initial transaction and the discount awards based upon its relative standalone selling price, which considers historical redemption patterns for the award. Revenue is recognized as those discount awards are redeemed. Discount awards issued upon the achievement of specified point levels are subject to expiration. . At the end of each fiscal period, unredeemed discount awards and accumulated points to earn a future discount award are reflected as a liability. Discount awards are combined in one homogeneous pool and are not separately identifiable. Therefore, the revenue recognized consists of discount awards redeemed that were included in the deferred revenue balance at the beginning of the period as well as discount awards issued during the current period. The following table is a reconciliation of the liability related to this program (in thousands): Thirty-nine weeks ended October 31, 2020 November 2, 2019 Beginning balance $ 8,254 $ 9,055 Revenue deferred 13,516 11,743 Revenue recognized (11,862 ) (10,939 ) Ending balance $ 9,908 $ 9,859 Gift card breakage for gift card liabilities not subject to escheatment is recognized as revenue in proportion to the redemption of gift cards. Gift cards do not expire. The rate applied to redemptions is based upon a historical breakage rate. Gift cards are combined in one homogenous pool and are not separately identifiable. Therefore, the revenue recognized consists of gift cards that were included in the liability at the beginning of the period as well as gift cards that were issued during the period. The following table is a reconciliation of the gift card liability (in thousands): Thirty-nine weeks ended October 31, 2020 November 2, 2019 Beginning balance $ 1,679 $ 1,448 Gift card issuances 2,951 3,286 Gift card redemption and breakage (2,969 ) (3,288 ) Ending balance $ 1,661 $ 1,446

Earnings per Common Share

Earnings per Common Share	9 Months Ended
	Oct. 31, 2020
Earnings per Common Share [Abstract]
Earnings per Common Share	(3) Earnings per Common Share Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding after giving effect to the potential dilution, if applicable, from the assumed exercise of stock options into shares of common stock as if those stock options were exercised and the assumed lapse of restrictions on restricted stock units. The following table summarizes those effects for the diluted earnings per common share calculation (in thousands, except per share amounts): Thirteen weeks ended Thirty-nine weeks ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Net income $ 45,197 $ 26,956 $ 178,036 $ 90,843 Weighted average number of common shares outstanding - Basic 65,388 63,173 64,524 63,292 Dilutive impact of stock options and restricted stock units 733 2,499 1,275 2,757 Weighted average number of common shares outstanding - Diluted 66,121 65,672 65,799 66,049 Earnings per common share - Basic $ 0.69 $ 0.43 $ 2.76 $ 1.44 Earnings per common share - Diluted $ 0.68 $ 0.41 $ 2.71 $ 1.38 The effect of the weighted average assumed exercise of stock options outstanding totaling 186,270 and 521,738 for the thirteen weeks ended October 31, 2020 and November 2, 2019, respectively, and and for the thirty-nine weeks ended , respectively, The effect of weighted average non-vested restricted stock units outstanding totaling 394 and 53,522 for the thirteen weeks ended October 31, 2020 and November 2, 2019, respectively, and 16,062 and 27,623 for the thirty-nine weeks ended October 31, 2020 and November 2, 2019, respectively, were excluded from the calculation of diluted weighted average common shares outstanding because the effect would have been antidilutive .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Oct. 31, 2020
Commitments and Contingencies [Abstract]
Commitments and Contingencies	(4) Commitments and Contingencies Commitments The Company accounts for leases in accordance with Accounting Standards Update (“ASU”) 2016-02 Leases , which was adopted as of February 3, 2019 Pursuant to the adoption of the new standard, the Company elected the practical expedients upon transition that did not require it to reassess existing contracts to determine if they contain leases under the new definition of a lease, or to reassess historical lease classification or initial direct costs. The Company also adopted the practical expedient to not separate lease and non-lease components for new leases after adoption of the new standard. In addition, the Company applied a policy election to exclude leases with an initial term of 12 months or less from balance sheet recognition. The Company did not adopt the hindsight practical expedient and, therefore, will continue to utilize lease terms determined under previous lease guidance . Ollie’s generally leases its stores, offices and distribution facilities under operating leases that expire at various dates through 2034 These leases generally provide for fixed annual rentals; however, several provide for minimum annual rentals plus contingent rentals based on a of annual sales. A majority of the Company’s leases also require a payment for all or a portion of common-area maintenance, insurance, real estate taxes, water and sewer costs and repairs, on a fixed or variable payment basis, the cost of which, for leases existing as of the adoption of ASU 2016-02 is charged to the related expense category rather than being accounted for as rent expense. For leases entered into after the adoption of ASU 2016-02 the Company accounts for lease components together with non-lease components as a single component for all classes of underlying assets. Most of the leases contain options to renew for to successive periods. The Company is generally not reasonably certain to exercise renewal options; therefore, the options are not considered in determining the lease term, and associated potential option payments are excluded from the lease payments. Ollie’s lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. Store and office lease costs are classified in selling, general and administrative expenses and distribution center lease costs are classified in cost of goods sold on the condensed consolidated statements of income. The following table summarizes the maturity of the Company’s operating lease liabilities as of October 31, 2020 (in thousands): 2020 $ 12,106 2021 81,277 2022 76,373 2023 74,010 2024 56,850 Thereafter 145,851 Total undiscounted lease payments (1) 446,467 Less: Imputed interest (58,355 ) Total lease obligations 388,112 Less: Current obligations under leases (65,162 ) Long-term lease obligations $ 322,950 (1) Lease obligations exclude $31.5 million of minimum lease payments for leases signed, but not commenced. The following table summarizes other information related to the Company’s operating leases as of and for the respective periods (dollars in thousands): Thirty-nine weeks ended October 31, 2020 November 2, 2019 Cash paid for operating leases $ 50,640 $ 48,931 Operating lease cost 57,535 49,038 Variable lease cost 3,879 1,532 Non-cash right-of-use assets obtained in exchange for lease obligations 52,966 69,041 Weighted-average remaining lease term 6.8 years 7.2 years Weighted-average discount rate 4.1 % 4.5 % Related Party Leases The Company has entered into non-cancelable operating leases with related parties for office and store locations that expire at various dates through 2033 Ollie’s made and . Contingencies From time to time the Company may be involved in claims and legal actions that arise in the ordinary course of its business. The Company cannot predict the outcome of any litigation or suit to which it is a party. However, the Company does not believe that an unfavorable decision of any of the current claims or legal actions against it, individually or in the aggregate, will have a material adverse effect on its financial position, results of operations, liquidity or capital resources. Sale-Leaseback On May 31, 2019, OBO Ventures, Inc. (“OBO”), a wholly owned subsidiary of the Company, entered into a sale-leaseback transaction with an unaffiliated third-party involving 12 former Toys “R” Us store locations which were acquired by OBO on August 29, 2018. OBO received approximately $42.0 million for the 12 locations, which resulted in no net gain or loss. Each of the 12 leased locations has 15-year lease terms with options for renewal and are included in operating lease liabilities in the accompanying condensed consolidated balance sheets.

Accrued Expenses and Other

Accrued Expenses and Other	9 Months Ended
	Oct. 31, 2020
Accrued Expenses and Other [Abstract]
Accrued Expenses and Other	(5) Accrued Expenses and Other Accrued expenses and other consists of the following (in thousands): October 31, 2020 November 2, 2019 February 1, 2020 Compensation and benefits $ 25,378 $ 10,129 $ 11,375 Deferred revenue 11,569 11,305 9,933 Freight 8,705 6,055 3,363 Sales and use taxes 7,670 6,017 4,590 Insurance 6,614 4,261 4,864 Real estate related 5,496 4,554 4,787 Advertising 4,536 3,993 2,486 Other 15,846 11,442 15,334 $ 85,814 $ 57,756 $ 56,732

Debt Obligations and Financing

Debt Obligations and Financing Arrangements	9 Months Ended
	Oct. 31, 2020
Debt Obligations and Financing Arrangements [Abstract]
Debt Obligations and Financing Arrangements	(6) Debt Obligations and Financing Arrangements Long-term debt consists of October 31, 2020, November 2, 2019 and February 1, 2020 The Company’s prior credit facilities consisted of a $200.0 million term loan, which was fully paid as of February 2, 2019, and a $100.0 million revolving credit facility. On May 22, 2019, the Company completed a transaction in which it refinanced its credit facility (the “Credit Facility”). The Credit Facility provides for a five-year $100.0 million revolving credit facility, which includes a $45.0 million sub-facility for letters of credit and a $25.0 million sub-facility for swingline loans (the “Revolving Credit Facility”). The loans under the Revolving Credit Facility mature on May 22, 2024. In addition, the Company may at any time add term loan facilities or additional revolving commitments up to $150.0 million pursuant to terms and conditions set out in the Credit Facility. The interest rates for the Credit Facility are calculated as follows: for Base Rate Loans, the higher of the Prime Rate, the Federal Funds Effective Rate plus 0.50% or the Eurodollar Rate plus 1.0%, plus the Applicable Margin, or, for Eurodollar Loans, the Eurodollar Rate plus the Applicable Margin. The Applicable Margin will vary from 0.00% to 0.50% for a Base Rate Loan and 1.00% to 1.50% for a Eurodollar Loan, based on availability under the Credit Facility. The Eurodollar Rate is subject to a 0% floor. Under the terms of the Revolving Credit Facility, as of October 31 As of October 31, The Credit Facility is collateralized by the Company’s assets and equity and contains a financial covenant, as well as certain business covenants, including restrictions on dividend payments, which the Company must comply with during the term of the agreement. The financial covenant is a consolidated fixed charge coverage ratio test of at least 1.0 to 1.0 applicable during a covenant period, based on reference to availability. The Company was in compliance with all terms of the Credit Facility during and as of the thirty-nine weeks ended October 31, 2020. The provisions of the Credit Facility restrict all of the net assets of the Company’s consolidated subsidiaries, which constitutes all of the net assets on the Company’s condensed consolidated balance sheet as of October 31,

Income Taxes

Income Taxes	9 Months Ended
	Oct. 31, 2020
Income Taxes [Abstract]
Income Taxes	(7) Income Taxes The provision for income taxes is based on the current estimate of the annual effective tax rate and is adjusted as necessary for discrete events occurring in a particular period. The effective tax rates for the thirteen and thirty-nine weeks ended October 31, 2020 were and , respectively. The effective tax rates for the thirteen and thirty-nine weeks ended November 2, 2019 were and , respectively. The effective tax rates during the thirteen and thirty-nine weeks ended October 31, 2020 were affected by excess tax benefits related to stock-based compensation of $ million and $ million, respectively, he thirteen and thirty-nine weeks ended November 2, 2019 included a similar discrete tax benefit of $ million and $ million, respectively.

Equity Incentive Plans

Equity Incentive Plans	9 Months Ended
	Oct. 31, 2020
Equity Incentive Plans [Abstract]
Equity Incentive Plans	(8) Equity Incentive Plans During 2012, Ollie’s established an equity incentive plan (the “2012 Plan”), under which stock options were granted to executive officers and key employees as deemed appropriate under the provisions of the 2012 Plan, with an exercise price at the fair value of the underlying stock on the date of grant. The vesting period for options granted under the 2012 Plan is five years (20% ratably per year). Options granted under the 2012 Plan are subject to employment for vesting, expire 10 years from the date of grant and are not transferable other than upon death. As of July 15, 2015, the date of the pricing of the Company’s initial public offering, no additional equity grants will be made under the 2012 Plan. In connection with its initial public offering, the Company adopted the 2015 equity incentive plan (the “2015 Plan”) pursuant to which the Company’s Board of Directors may grant stock options, restricted shares or other awards to employees, directors and consultants. The 2015 Plan allows for the issuance of up to 5,250,000 shares. Awards will be made pursuant to agreements and may be subject to vesting and other restrictions as determined by the Board of Directors or the Compensation Committee of the Board. The Company uses authorized and unissued shares to satisfy share award exercises. As of October 31, 2020 Stock Options The exercise price for stock options is determined at the fair value of the underlying stock on the date of grant. The vesting period for awards granted under the 2015 Plan is generally set at four years (25% ratably per year). Awards are subject to employment for vesting, expire 10 years from the date of grant, and are not transferable other than upon death. A summary of the Company’s stock option activity and related information for the thirty-nine October 31, 2020 Number of options Weighted average exercise price Weighted average remaining contractual term (years) Outstanding at February 1, 2020 3,228,692 $ 19.83 Granted 512,706 41.86 Forfeited (84,521 ) 52.17 Exercised (2,357,801 ) 11.29 Outstanding at October 31, 2020 1,299,076 41.92 7.4 Exercisable at October 31, 2020 478,739 25.76 4.9 In December 2019, the Company announced the unexpected passing of Mark Butler, the then-Chairman of the Board, President and Chief Executive Officer of the Company. During the thirty-nine October 31, 2020 The weighted average grant date fair value per option for options granted during the thirty-nine weeks ended October 31, 2020 and November 2, 2019 Thirty-nine weeks ended October 31, 2020 November 2, 2019 Risk-free interest rate 0.77 % 2.41 % Expected dividend yield - - Expected term (years) 6.25 years 6.25 years Expected volatility 30.49 % 25.88 % The expected life of stock options is estimated using the “simplified method,” as the Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. For stock price volatility, the Company uses its historical information since its initial public offering as well as comparable public companies as a basis for its expected volatility to calculate the fair value of option grants. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the option. Restricted Stock Units Restricted stock units (“RSUs”) are issued at a value not less than the fair market value of the common stock on the date of the grant. RSUs granted to date vest ratably over three one A summary of the Company’s RSU activity and related information for the thirty-nine October 31, 2020 Number of shares Weighted average grant date fair value Non-vested balance at February 1, 2020 177,546 $ 48.78 Granted 62,998 42.29 Forfeited (24,917 ) 51.61 Vested (64,182 ) 33.28 Non-vested balance at October 31, 2020 151,445 52.18 Stock-Based Compensation Expense The compensation cost for stock options and RSUs which has been recorded within selling, general and administrative expenses related to the Company’s equity incentive plans was $ million and $ million for the thirteen weeks ended October 31, 2020 and November 2, 2019 , respectively, and $ million and $ million for the thirty-nine weeks ended October 31, 2020 and November 2, 2019 , respectively. As of October 31, 2020

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Oct. 31, 2020
Organization and Summary of Significant Accounting Policies [Abstract]
Fiscal Year	(b) Fiscal Year Ollie’s follows a 52/53-week fiscal year, which ends on the Saturday nearer to January 31 of the following calendar year. References to the thirteen weeks ended October 31, 2020 and November 2, 2019 refer to the thirteen weeks from August 2, 2020 to October 31, 2020 and from August 4, 2019 to November 2, 2019, respectively. References to year-to-date periods ended October 31, 2020 and November 2, 2019 refer to the thirty-nine weeks from February 2, 2020 to October 31, 2020 and from February 3, 2019 to November 2, 2019, respectively. References to “2019” refer to the fiscal year ended February 1, 2020 and references to “2020” refer to the fiscal year ending January 30, 2021 .
Basis of Presentation	(c) Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the Company’s results of operations, financial condition, and cash flows for all periods presented. The condensed consolidated balance sheets as of October 31, 2020 and November 2, 2019, and the condensed consolidated statements of income and stockholders’ equity for the thirteen and thirty-nine weeks ended October 31, 2020 and November 2, 2019, and the condensed consolidated statements of cash flows for the thirty-nine weeks ended October 31, 2020 and November 2, 2019 have been prepared by the Company and are unaudited. The Company’s business is seasonal in nature and results of operations for the interim periods presented are not necessarily indicative of operating results for 2020 or any other period. All intercompany accounts, transactions, and balances have been eliminated in . The Company’s balance sheet as of February 1, 2020 , presented herein, has been derived from the audited balance sheet included in the Company’s Annual Report on Form 10-K filed with the SEC on March 25, 2020 (“Annual Report”), but does not include all disclosures required by GAAP. These financial statements should be read in conjunction with the financial statements for 2019 and footnotes thereto included in the Annual Report .
Segment Reporting	For purposes of the disclosure requirements for segments of a business enterprise, it has been determined that the Company is comprised of one operating segment.
Use of Estimates	(d) Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value Disclosures	(e) Fair Value Disclosures Fair value is defined as the price which the Company would receive to sell an asset or pay to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. In determining fair value, GAAP establishes a three-level hierarchy used in measuring fair value, as follows: ● Level 1 inputs are quoted prices available for identical assets and liabilities in active markets. ● Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets or other inputs which are observable or can be corroborated by observable market data. ● Level 3 inputs are less observable and reflect the Company’s assumptions. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, and its credit facilities. The carrying amount of cash and cash equivalents, accounts receivable and accounts payable approximates fair value because of their short maturities. The carrying amount of the Company’s credit facilities approximates its fair value because the interest rates are adjusted regularly based on current market conditions.
Immaterial Correction of Prior Period Financial Statements	(f) Immaterial Correction of Prior Period Financial Statements During the fourth quarter of fiscal 2019 the Company identified that it had been incorrectly recording the activity within one of its cash accounts as borrowings and repayments on its revolving credit facility within the consolidated statements of cash flows although there were no actual borrowings or repayments on the revolving credit facility during the periods. The error had no impact to total net cash used in financing activities or the Company’s condensed consolidated balance sheets or condensed consolidated statements of income. The Company corrected the presentation for the prior period in the accompanying condensed consolidated statement of cash flows.

Net Sales (Policies)

Net Sales (Policies)	9 Months Ended
	Oct. 31, 2020
Net Sales [Abstract]
Net Sales	Ollie’s recognizes retail sales in its stores when merchandise is sold and the customer takes possession of merchandise. Also included in net sales is revenue allocated to certain redeemed discounts earned via the Ollie’s Army loyalty program and gift card breakage. Net sales are presented net of returns and sales tax. The Company provides an allowance for estimated retail merchandise returns based on prior experience.

Net Sales (Tables)

Net Sales (Tables)	9 Months Ended
	Oct. 31, 2020
Net Sales [Abstract]
Reconciliation of Liabilities for Ollie's Army Loyalty Program and Gift Cards	Revenue is deferred for the Ollie’s Army loyalty program where members accumulate points that can be redeemed for discounts on future purchases. The Company has determined it has an additional performance obligation to Ollie’s Army members at the time of the initial transaction. The Company allocates the transaction price to the initial transaction and the discount awards based upon its relative standalone selling price, which considers historical redemption patterns for the award. Revenue is recognized as those discount awards are redeemed. Discount awards issued upon the achievement of specified point levels are subject to expiration. . At the end of each fiscal period, unredeemed discount awards and accumulated points to earn a future discount award are reflected as a liability. Discount awards are combined in one homogeneous pool and are not separately identifiable. Therefore, the revenue recognized consists of discount awards redeemed that were included in the deferred revenue balance at the beginning of the period as well as discount awards issued during the current period. The following table is a reconciliation of the liability related to this program (in thousands): Thirty-nine weeks ended October 31, 2020 November 2, 2019 Beginning balance $ 8,254 $ 9,055 Revenue deferred 13,516 11,743 Revenue recognized (11,862 ) (10,939 ) Ending balance $ 9,908 $ 9,859 Gift card breakage for gift card liabilities not subject to escheatment is recognized as revenue in proportion to the redemption of gift cards. Gift cards do not expire. The rate applied to redemptions is based upon a historical breakage rate. Gift cards are combined in one homogenous pool and are not separately identifiable. Therefore, the revenue recognized consists of gift cards that were included in the liability at the beginning of the period as well as gift cards that were issued during the period. The following table is a reconciliation of the gift card liability (in thousands): Thirty-nine weeks ended October 31, 2020 November 2, 2019 Beginning balance $ 1,679 $ 1,448 Gift card issuances 2,951 3,286 Gift card redemption and breakage (2,969 ) (3,288 ) Ending balance $ 1,661 $ 1,446

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Oct. 31, 2020
Earnings per Common Share [Abstract]
Earnings per Common Share	The following table summarizes those effects for the diluted earnings per common share calculation (in thousands, except per share amounts): Thirteen weeks ended Thirty-nine weeks ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Net income $ 45,197 $ 26,956 $ 178,036 $ 90,843 Weighted average number of common shares outstanding - Basic 65,388 63,173 64,524 63,292 Dilutive impact of stock options and restricted stock units 733 2,499 1,275 2,757 Weighted average number of common shares outstanding - Diluted 66,121 65,672 65,799 66,049 Earnings per common share - Basic $ 0.69 $ 0.43 $ 2.76 $ 1.44 Earnings per common share - Diluted $ 0.68 $ 0.41 $ 2.71 $ 1.38

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Oct. 31, 2020
Commitments and Contingencies [Abstract]
Maturity of Operating Lease Liabilities	The following table summarizes the maturity of the Company’s operating lease liabilities as of October 31, 2020 (in thousands): 2020 $ 12,106 2021 81,277 2022 76,373 2023 74,010 2024 56,850 Thereafter 145,851 Total undiscounted lease payments (1) 446,467 Less: Imputed interest (58,355 ) Total lease obligations 388,112 Less: Current obligations under leases (65,162 ) Long-term lease obligations $ 322,950 (1) Lease obligations exclude $31.5 million of minimum lease payments for leases signed, but not commenced.
Other Information Related to Operating Leases	The following table summarizes other information related to the Company’s operating leases as of and for the respective periods (dollars in thousands): Thirty-nine weeks ended October 31, 2020 November 2, 2019 Cash paid for operating leases $ 50,640 $ 48,931 Operating lease cost 57,535 49,038 Variable lease cost 3,879 1,532 Non-cash right-of-use assets obtained in exchange for lease obligations 52,966 69,041 Weighted-average remaining lease term 6.8 years 7.2 years Weighted-average discount rate 4.1 % 4.5 %

Accrued Expenses and Other (Tab

Accrued Expenses and Other (Tables)	9 Months Ended
	Oct. 31, 2020
Accrued Expenses and Other [Abstract]
Accrued Expenses and Other	Accrued expenses and other consists of the following (in thousands): October 31, 2020 November 2, 2019 February 1, 2020 Compensation and benefits $ 25,378 $ 10,129 $ 11,375 Deferred revenue 11,569 11,305 9,933 Freight 8,705 6,055 3,363 Sales and use taxes 7,670 6,017 4,590 Insurance 6,614 4,261 4,864 Real estate related 5,496 4,554 4,787 Advertising 4,536 3,993 2,486 Other 15,846 11,442 15,334 $ 85,814 $ 57,756 $ 56,732

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	9 Months Ended
	Oct. 31, 2020
Equity Incentive Plans [Abstract]
Stock Option Activity	A summary of the Company’s stock option activity and related information for the thirty-nine October 31, 2020 Number of options Weighted average exercise price Weighted average remaining contractual term (years) Outstanding at February 1, 2020 3,228,692 $ 19.83 Granted 512,706 41.86 Forfeited (84,521 ) 52.17 Exercised (2,357,801 ) 11.29 Outstanding at October 31, 2020 1,299,076 41.92 7.4 Exercisable at October 31, 2020 478,739 25.76 4.9
Weighted Average Assumptions	The weighted average grant date fair value per option for options granted during the thirty-nine weeks ended October 31, 2020 and November 2, 2019 Thirty-nine weeks ended October 31, 2020 November 2, 2019 Risk-free interest rate 0.77 % 2.41 % Expected dividend yield - - Expected term (years) 6.25 years 6.25 years Expected volatility 30.49 % 25.88 %
RSU Activity	A summary of the Company’s RSU activity and related information for the thirty-nine October 31, 2020 Number of shares Weighted average grant date fair value Non-vested balance at February 1, 2020 177,546 $ 48.78 Granted 62,998 42.29 Forfeited (24,917 ) 51.61 Vested (64,182 ) 33.28 Non-vested balance at October 31, 2020 151,445 52.18

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies (Details)	9 Months Ended
	Oct. 31, 2020StateLocationSegment
Organization and Summary of Significant Accounting Policies [Abstract]
Number of retail locations | Location	385
Number of states in which retail locations are located | State	25
Number of operating segments | Segment	1

Net Sales (Details)

Net Sales (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Net Sales [Abstract]
Maximum redemption period for discount awards	45 days
Ollie's Army Loyalty Program Liability [Abstract]
Beginning balance	$ 8,254	$ 9,055
Revenue deferred	13,516	11,743
Revenue recognized	(11,862)	(10,939)
Ending balance	9,908	9,859
Gift Card Liability [Abstract]
Beginning balance	1,679	1,448
Gift card issuances	2,951	3,286
Gift card redemption and breakage	(2,969)	(3,288)
Ending balance	$ 1,661	$ 1,446

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Earnings per Common Share [Abstract]
Net income	$ 45,197	$ 26,956	$ 178,036	$ 90,843
Weighted average number of common shares outstanding - Basic (in shares)	65,388,000	63,173,000	64,524,000	63,292,000
Dilutive impact of stock options and restricted stock units (in shares)	733,000	2,499,000	1,275,000	2,757,000
Weighted average number of common shares outstanding - Diluted (in shares)	66,121,000	65,672,000	65,799,000	66,049,000
Earnings per common share - Basic (in dollars per share)	$ 0.69	$ 0.43	$ 2.76	$ 1.44
Earnings per common share - Diluted (in dollars per share)	$ 0.68	$ 0.41	$ 2.71	$ 1.38
Stock Options [Member]
Earnings per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	186,270	521,738	368,237	316,250
Non-vested Restricted Stock Units [Member]
Earnings per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	394	53,522	16,062	27,623

Commitments and Contingencies,

Commitments and Contingencies, Operating Leases (Details) $ in Thousands		9 Months Ended
		Oct. 31, 2020USD ($)Option	Nov. 02, 2019USD ($)	Feb. 01, 2020USD ($)
Commitments [Abstract]
Renewal term of leases		5 years
Maturity of Operating Lease Liabilities [Abstract]
2020		$ 12,106
2021		81,277
2022		76,373
2023		74,010
2024		56,850
Thereafter		145,851
Total undiscounted lease payments	[1]	446,467
Less: Imputed interest		(58,355)
Total lease obligations		388,112
Less: Current obligations under leases		(65,162)	$ (50,599)	$ (53,551)
Long-term lease obligations		322,950	279,587	$ 299,743
Minimum lease payments for leases signed, but not commenced		31,500
Other Information Related to Operating Leases [Abstract]
Cash paid for operating leases		50,640	48,931
Operating lease cost		57,535	49,038
Variable lease cost		3,879	1,532
Non-cash right-of-use assets obtained in exchange for lease obligations		$ 52,966	$ 69,041
Weighted-average remaining lease term		6 years 9 months 18 days	7 years 2 months 12 days
Weighted-average discount rate		4.10%	4.50%
Minimum [Member]
Commitments [Abstract]
Number of options to renew operating leases | Option		3
Maximum [Member]
Commitments [Abstract]
Number of options to renew operating leases | Option		5
[1]	Lease obligations exclude $31.5 million of minimum lease payments for leases signed, but not commenced.

Commitments and Contingencies_2

Commitments and Contingencies, Related Party Leases (Details) - Operating Leases for Office and Store Locations with Related Parties [Member] $ in Millions	9 Months Ended
	Oct. 31, 2020USD ($)Lease	Nov. 02, 2019USD ($)
Related Party Leases [Abstract]
Number of non-cancelable operating leases with related parties | Lease	5
Payments to related parties | $	$ 1.2	$ 1.1

Commitments and Contingencies_3

Commitments and Contingencies, Sale-Leaseback (Details) $ in Thousands	May 31, 2019USD ($)	Oct. 31, 2020USD ($)	Nov. 02, 2019USD ($)	Aug. 29, 2018Store
Sale-Leaseback [Abstract]
Proceeds from sale of property and equipment		$ 77	$ 42,742
OBO [Member]
Sale-Leaseback [Abstract]
Number of Toys "R" Us store sites acquired | Store				12
Proceeds from sale of property and equipment	$ 42,000
Net gain (loss) from sale leaseback	$ 0
Term of leases		15 years

Accrued Expenses and Other (Det

Accrued Expenses and Other (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Accrued Expenses and Other [Abstract]
Compensation and benefits	$ 25,378	$ 11,375	$ 10,129
Deferred revenue	11,569	9,933	11,305
Freight	8,705	3,363	6,055
Sales and use taxes	7,670	4,590	6,017
Insurance	6,614	4,864	4,261
Real estate related	5,496	4,787	4,554
Advertising	4,536	2,486	3,993
Other	15,846	15,334	11,442
Total accrued expenses and other	$ 85,814	$ 56,732	$ 57,756

Debt Obligations and Financin_2

Debt Obligations and Financing Arrangements (Details) $ in Millions	9 Months Ended
	Oct. 31, 2020USD ($)	May 22, 2019USD ($)	Feb. 02, 2019USD ($)
Term Loan Facility [Member]
Debt Obligations and Financing Arrangements [Abstract]
Face amount			$ 200
Revolving Credit Facility [Member]
Debt Obligations and Financing Arrangements [Abstract]
Maximum borrowing capacity			$ 100
Revolving Credit Facility [Member] | Maximum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Percentage of most recent appraised value of eligible inventory	90.00%
Credit Facility [Member]
Debt Obligations and Financing Arrangements [Abstract]
Maximum borrowing capacity		$ 150
Credit Facility [Member] | Minimum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Variable unused line fee percentage	0.125%
Consolidated fixed charge coverage ratio	1
Credit Facility [Member] | Maximum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Variable unused line fee percentage	0.25%
Credit Facility [Member] | Federal Funds Effective Rate [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	0.50%
Credit Facility [Member] | Eurodollar Rate [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	1.00%
Interest rate floor	0.00%
Credit Facility [Member] | Eurodollar Rate [Member] | Minimum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	1.00%
Credit Facility [Member] | Eurodollar Rate [Member] | Maximum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	1.50%
Credit Facility [Member] | Base Rate [Member] | Minimum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	0.00%
Credit Facility [Member] | Base Rate [Member] | Maximum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	0.50%
Revolving Credit Facility [Member]
Debt Obligations and Financing Arrangements [Abstract]
Term of facility	5 years
Maximum borrowing capacity		100
Maturity date	May 22, 2024
Outstanding borrowings	$ 0
Borrowing availability	95.3
Outstanding letters of credit commitments	4.5
Rent reserves	$ 0.2
Sub-Facility for Letters of Credit [Member]
Debt Obligations and Financing Arrangements [Abstract]
Maximum borrowing capacity		45
Sub-Facility for Swingline Loans [Member]
Debt Obligations and Financing Arrangements [Abstract]
Maximum borrowing capacity		$ 25

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Income Taxes [Abstract]
Effective income tax rate	21.90%	24.90%	7.80%	15.80%
Excess tax benefits related to stock-based compensation	$ (2)	$ (0.2)	$ (33.8)	$ (10)

Equity Incentive Plans, Equity

Equity Incentive Plans, Equity Incentive Plans (Details)	9 Months Ended
	Oct. 31, 2020shares
2012 Plan [Member] | Stock Options [Member]
Equity Incentive Plans [Abstract]
Vesting period	5 years
Expiration period	10 years
2012 Plan [Member] | Stock Options [Member] | Year 1 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	20.00%
2012 Plan [Member] | Stock Options [Member] | Year 2 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	20.00%
2012 Plan [Member] | Stock Options [Member] | Year 3 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	20.00%
2012 Plan [Member] | Stock Options [Member] | Year 4 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	20.00%
2012 Plan [Member] | Stock Options [Member] | Year 5 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	20.00%
2015 Plan [Member]
Equity Incentive Plans [Abstract]
Number of shares authorized for issuance (in shares)	5,250,000
Number of shares available for grant (in shares)	2,846,274
2015 Plan [Member] | Stock Options [Member]
Equity Incentive Plans [Abstract]
Vesting period	4 years
Expiration period	10 years
2015 Plan [Member] | Stock Options [Member] | Year 1 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	25.00%
2015 Plan [Member] | Stock Options [Member] | Year 2 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	25.00%
2015 Plan [Member] | Stock Options [Member] | Year 3 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	25.00%
2015 Plan [Member] | Stock Options [Member] | Year 4 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	25.00%

Equity Incentive Plans, Stock O

Equity Incentive Plans, Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Oct. 31, 2020USD ($)$ / sharesshares	Nov. 02, 2019USD ($)
Equity Incentive Plans [Abstract]
Proceeds from stock option exercises | $	$ 26,613	$ 7,870
Estate of Mark Butler [Member]
Equity Incentive Plans [Abstract]
Proceeds from stock option exercises | $	$ 17,100
Stock Options [Member]
Number of Options [Roll Forward]
Outstanding at beginning of period (in shares)	3,228,692
Granted (in shares)	512,706
Forfeited (in shares)	(84,521)
Exercised (in shares)	(2,357,801)
Outstanding at end of period (in shares)	1,299,076
Exercisable at end of period (in shares)	478,739
Weighted Average Exercise Price [Abstract]
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 19.83
Granted (in dollars per share) | $ / shares	41.86
Forfeited (in dollars per share) | $ / shares	52.17
Exercised (in dollars per share) | $ / shares	11.29
Outstanding at end of period (in dollars per share) | $ / shares	41.92
Exercisable at end of period (in dollars per share) | $ / shares	$ 25.76
Weighted Average Remaining Contractual Term [Abstract]
Outstanding at end of period	7 years 4 months 24 days
Exercisable at end of period	4 years 10 months 24 days
Stock Options [Member] | Estate of Mark Butler [Member]
Number of Options [Roll Forward]
Exercised (in shares)	(1,900,000)

Equity Incentive Plans, Weighte

Equity Incentive Plans, Weighted Average Assumptions (Details) - $ / shares	9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Equity Incentive Plans [Abstract]
Weighted average grant date fair value per option granted (in dollars per share)	$ 13.13	$ 24.92
Risk-free interest rate	0.77%	2.41%
Expected dividend yield	0.00%	0.00%
Expected term	6 years 3 months	6 years 3 months
Expected volatility	30.49%	25.88%

Equity Incentive Plans, RSU Act

Equity Incentive Plans, RSU Activity (Details) - Restricted Stock Units [Member]	9 Months Ended
	Oct. 31, 2020$ / sharesshares
Number of Shares [Roll Forward]
Non-vested at beginning of period (in shares) | shares	177,546
Granted (in shares) | shares	62,998
Forfeited (in shares) | shares	(24,917)
Vested (in shares) | shares	(64,182)
Non-vested at end of period (in shares) | shares	151,445
Weighted Average Grant Date Fair Value [Abstract]
Non-vested at beginning of period (in dollars per share) | $ / shares	$ 48.78
Granted (in dollars per share) | $ / shares	42.29
Forfeited (in dollars per share) | $ / shares	51.61
Vested (in dollars per share) | $ / shares	33.28
Non-vested at end of period (in dollars per share) | $ / shares	$ 52.18
Minimum [Member]
Equity Incentive Plans [Abstract]
Vesting period	3 years
Cliff vesting period	1 year
Maximum [Member]
Equity Incentive Plans [Abstract]
Vesting period	4 years
Cliff vesting period	4 years

Equity Incentive Plans, Stock-B

Equity Incentive Plans, Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Stock-Based Compensation Expense [Abstract]
Total unrecognized compensation cost related to non-vested stock-based compensation arrangements	$ 15.5		$ 15.5
Weighted average period to recognize stock-based compensation expense			2 years 8 months 12 days
Selling, General and Administrative Expenses [Member]
Stock-Based Compensation Expense [Abstract]
Compensation expense	$ 1.7	$ 2.2	$ 4.8	$ 6.9