Academy Sports and Outdoors (ASO) 10-Q 8 Jun 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	May 01, 2021	Jun. 01, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 1, 2021
Document Transition Report	false
Entity File Number	001-39589
Entity Registrant Name	Academy Sports and Outdoors, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-1800912
Entity Address, Address Line One	1800 North Mason Road
Entity Address, City or Town	Katy
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77449
City Area Code	281
Local Phone Number	646-5200
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ASO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		92,099,917
Entity Central Index Key	0001817358
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--01-29

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		May 01, 2021	Jan. 30, 2021	May 02, 2020
CURRENT ASSETS:
Cash and cash equivalents		$ 593,288	$ 377,604	$ 725,615
Accounts receivable - less allowance for doubtful accounts of $1,450, $1,172 and $4,432, respectively		10,831	17,306	9,771
Merchandise inventories, net		1,080,804	990,034	1,012,680
Prepaid expenses and other current assets		30,369	28,313	27,824
Assets held for sale		1,763	1,763	1,763
Total current assets		1,717,055	1,415,020	1,777,653
PROPERTY AND EQUIPMENT, NET		366,005	378,260	418,476
RIGHT-OF-USE ASSETS		1,127,645	1,143,699	1,125,933
TRADE NAME		577,000	577,000	577,000
GOODWILL		861,920	861,920	861,920
OTHER NONCURRENT ASSETS		7,685	8,583	11,343
Total assets		4,657,310	4,384,482	4,772,325
CURRENT LIABILITIES:
Accounts payable		864,966	791,404	411,263
Accrued expenses and other current liabilities		287,592	291,351	187,736
Current lease liabilities		82,676	80,338	105,099
Current maturities of long-term debt		4,000	4,000	34,116
Total current liabilities		1,239,234	1,167,093	738,214
LONG-TERM DEBT, net		781,035	781,489	1,924,641
LONG-TERM LEASE LIABILITIES		1,132,196	1,150,088	1,106,225
DEFERRED TAX LIABILITIES, NET		164,038	138,703	0
OTHER LONG-TERM LIABILITIES		26,932	35,126	22,697
Total liabilities		3,343,435	3,272,499	3,791,777
COMMITMENTS AND CONTINGENCIES (NOTE 13)
REDEEMABLE MEMBERSHIP UNITS				2,977
STOCKHOLDERS'/PARTERS' EQUITY
Preferred stock, $0.01 par value, authorized 50,000,000 shares; none issued and outstanding	[1]	0	0	0
Partners' equity, membership units authorized, issued and outstanding were 72,478,106 as of May 2, 2020	[1]			988,178
Common stock, $0.01 par value, authorized 300,000,000 shares; 93,887,109 and 91,114,475 issued and outstanding as of May 1, 2021 and January 30, 2021 respectively.	[1]	939	911
Additional paid-in capital	[1]	150,370	127,228
Retained earnings	[1]	1,164,964	987,168
Accumulated other comprehensive loss	[1]	(2,398)	(3,324)	(10,607)
Stockholders' / partners' equity	[1]	1,313,875	1,111,983
Partners' Equity	[1]			977,571
Total liabilities and stockholders' / partners' equity		$ 4,657,310	$ 4,384,482	$ 4,772,325
[1]	(1) See Retrospective Presentation of Ownership Exchange in Note 2.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		May 01, 2021	Jan. 30, 2021	May 02, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts		$ 1,450	$ 1,172	$ 4,432
Preferred stock, par value (in dollars per share)		$ 0.01	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)		50,000,000	50,000,000	50,000,000
Preferred stock, issued (in shares)		0	0	0
Preferred stock, outstanding (in shares)		0	0	0
Partners' equity membership units, authorized (in shares)				72,478,106
Partners' equity membership units, issued (in shares)				72,478,106
Partners' equity membership units, outstanding (in shares)	[1]			72,478,106
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, authorized (in shares)		300,000,000	300,000,000
Common stock, issued (in shares)		93,887,109	91,114,475
Common stock, outstanding (in shares)		93,887,109	91,114,475
[1]	(1) See Retrospective Presentation of Ownership Exchange in Note 2.

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		May 01, 2021	May 02, 2020
Income Statement [Abstract]
NET SALES		$ 1,580,333	$ 1,136,301
COST OF GOODS SOLD		1,016,632	838,356
GROSS MARGIN		563,701	297,945
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		324,627	283,923
OPERATING INCOME		239,074	14,022
INTEREST EXPENSE, NET		14,549	24,522
OTHER (INCOME), NET		(397)	(993)
INCOME (LOSS) BEFORE INCOME TAXES		224,922	(9,507)
INCOME TAX EXPENSE		47,126	513
NET INCOME (LOSS)		$ 177,796	$ (10,020)
EARNINGS (LOSS) PER COMMON SHARE:
BASIC (in dollars per share)	[1]	$ 1.93	$ (0.14)
DILUTED (in dollars per share)	[1]	$ 1.84	$ (0.14)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
BASIC (in shares)	[1]	92,088	72,474
DILUTED (in shares)	[1]	96,472	72,474
[1]	(1) See Retrospective Presentation of Ownership Exchange in Note 2.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 177,796	$ (10,020)
Loss deferred into AOCI (net of tax impact of $0 and $0, respectively)	0	(4,434)
Recognized interest expense on interest rate swaps	1,196	1,893
Tax expense	(270)	0
Total comprehensive income (loss)	$ 178,722	$ (12,561)

Consolidated Statements of Part

Consolidated Statements of Partners'/Stockholders' Equity - USD ($) $ in Thousands		Total		Partners' Equity	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Redeemable Membership Units, beginning balance (in shares) at Feb. 01, 2020	[1]	162,000
Redeemable Membership Units, beginning balance at Feb. 01, 2020		$ 2,818
Increase (Decrease) in Temporary Equity [Roll Forward]
Adjustment to Redeemable Membership Units for settlement of vested Restricted Units (in shares)	[1]	12,000
Adjustment to Redeemable Membership Units for settlement of vested Restricted Units		$ 200
Adjustment to Redeemable Membership Units for repurchase of units from Managers (in shares)	[1]	(2,000)
Adjustment to Redeemable Membership Units for repurchase of units from Managers		$ (41)
Redeemable Membership Units, ending balance (in shares) at May. 02, 2020	[1]	172,000
Redeemable Membership Units, ending balance at May. 02, 2020		$ 2,977
Partners' Equity, beginning balance (in shares) at Feb. 01, 2020	[1]			72,306,000
Partners' Equity, beginning balance at Feb. 01, 2020		$ 988,219		$ 996,285				$ (8,066)
Redeemable Membership Units and Partners' Equity, beginning balance (in shares) at Feb. 01, 2020	[1]	72,468,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		$ (10,020)		(10,020)
Equity compensation		2,109		2,109
Adjustment to Redeemable Membership Units for settlement of vested Restricted Units		(200)		$ (200)
Adjustment to Redeemable Membership Units for repurchase of units from Managers (in shares)	[1]			2,000
Adjustment to Redeemable Membership Units for repurchase of units from Managers		$ 41		$ 41
Repurchase of Redeemable Membership Units (in shares)	[1]	(2,000)		(2,000)
Repurchase of Redeemable Membership Units		$ (37)		$ (37)
Unrealized loss on interest rate swaps		(4,434)						(4,434)
Recognized interest expense on interest rate swaps		1,893						1,893
Partners' Equity, ending balance (in shares) at May. 02, 2020	[1]			72,306,000
Partners' Equity, ending balance at May. 02, 2020		$ 977,571	[2]	$ 988,178				(10,607)
Redeemable Membership Units and Partners' Equity, ending balance (in shares) at May. 02, 2020	[1]	72,478,106
Stockholders' Equity, beginning balance (in shares) at Jan. 30, 2021		91,114,475			91,114,000
Stockholders' Equity, beginning balance at Jan. 30, 2021		$ 1,111,983	[2]		$ 911	$ 127,228	$ 987,168	(3,324)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		177,796					177,796
Equity compensation		$ 5,874				5,874
Settlement of vested Restricted Stock Units (in shares)		87,000			87,000
Settlement of vested Restricted Stock Units		$ 0			$ 1	(1)
Share-Based Award Payments adjustment for forfeitures		$ 39				39
Stock option exercises (in shares)		2,686,000			2,686,000
Stock option exercises		$ 17,257			$ 27	17,230
Recognized interest expense on interest rate swaps		$ 926						926
Stockholders' Equity, ending balance (in shares) at May. 01, 2021		93,887,109			93,887,000
Stockholders' Equity, ending balance at May. 01, 2021		$ 1,313,875	[2]		$ 939	$ 150,370	$ 1,164,964	$ (2,398)
[1]	(1) See Retrospective Presentation of Ownership Exchange in Note 2.
[2]	(1) See Retrospective Presentation of Ownership Exchange in Note 2.

Consolidated Statements of Pa_2

Consolidated Statements of Partners'/Stockholders' Equity (Parenthetical) $ in Thousands	3 Months Ended
	May 01, 2021USD ($)
Statement of Stockholders' Equity [Abstract]
Recognized interest expense on interest rate swaps, tax	$ 270

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income (loss)	$ 177,796	$ (10,020)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	25,298	27,447
Non-cash lease expense	500	12,871
Equity compensation	5,874	2,109
Amortization of terminated interest rate swaps, deferred loan and other costs	2,030	919
Deferred income taxes	25,064	(31)
Changes in assets and liabilities:
Accounts receivable, net	6,474	4,229
Merchandise inventories, net	(90,769)	87,069
Prepaid expenses and other current assets	(2,055)	1,048
Other noncurrent assets	612	(49)
Accounts payable	77,326	(12,149)
Accrued expenses and other current liabilities	(29,039)	(26,428)
Income taxes payable	21,357	0
Other long-term liabilities	(1,240)	3,741
Net cash provided by operating activities	219,228	90,756
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(16,808)	(9,926)
Net cash used in investing activities	(16,808)	(9,926)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from ABL Facility	0	500,000
Repayment of Term Loan	(1,000)	(4,563)
Share-Based Award Payments	(2,993)	0
Proceeds from exercise of stock options	17,257	0
Repurchase of Redeemable Membership Units	0	(37)
Net cash provided by financing activities	13,264	495,400
NET INCREASE IN CASH AND CASH EQUIVALENTS	215,684	576,230
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	377,604	149,385
CASH AND CASH EQUIVALENTS AT END OF PERIOD	593,288	725,615
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	6,253	28,258
Cash paid for income taxes	1,773	0
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Non-cash issuance of common shares	501
Change in capital expenditures in accounts payable and accrued liabilities	3,765	5,409
Right-of-use assets obtained in exchange for new operating leases	$ 5,939	$ 2,330

Nature of Operations

Nature of Operations	3 Months Ended
	May 01, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations The Company All references to "we", "us," "our" or the "Company" in the financial statements refer to, (1) prior to October 1, 2020, New Academy Holding Company, LLC, a Delaware limited liability company ("NAHC") and the prior parent holding company for our operations, and its consolidated subsidiaries; and (2) on and after October 1, 2020, Academy Sports and Outdoors, Inc., a Delaware corporation ("ASO, Inc.") and the current parent holding company of our operations, and its consolidated subsidiaries. We conduct our operations primarily through our parent holding company's indirect subsidiary, Academy, Ltd., a Texas limited partnership doing business as "Academy Sports + Outdoors", or Academy, Ltd. Our fiscal year represents the 52 or 53 weeks ending on the Saturday closest to January 31. On August 3, 2011, an investment entity owned by investment funds and other entities affiliated with Kohlberg Kravis Roberts & Co. L.P. (collectively, "KKR"), acquired a majority interest in the Company. On October 6, 2020, we completed an initial public offering and as of May 1, 2021, KKR had a 44.6% ownership interest in the Company (see Note 14). The Company is one of the leading full-line sporting goods and outdoor recreational products retailers in the United States in terms of net sales. As of May 1, 2021, we operated 259 "Academy Sports + Outdoors" retail locations in 16 states and three distribution centers located in Katy, Texas, Twiggs County, Georgia and Cookeville, Tennessee. We also sell merchandise to customers across most of the United States via our academy.com website. Initial Public Offering and Reorganization Transactions On October 6, 2020, ASO, Inc. completed an initial public offering (the "IPO") in which we issued and sold 15,625,000 shares of common stock, $0.01 par value for cash consideration of $12.22 per share (representing an initial public offering price of $13.00 per share, net of underwriting discounts) to a syndicate of underwriters led by Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC, as representatives, resulting in net proceeds of approximately $184.9 million after deducting underwriting discounts, which included approximately $2.7 million paid to KKR Capital Markets LLC ("KCM"), an affiliate of KKR, for underwriting services in connection with the IPO, and $6.1 million in costs directly associated with the IPO ("Offering Costs"), such as legal and accounting fees. The shares sold in the offering were registered under the Securities Act of 1933, as amended (the "Securities Act"), pursuant to our registration statement on Form S-1 (File No. 333-248683) (the "Registration Statement"), which was declared effective by the Securities and Exchange Commission (the "SEC") on October 1, 2020. In connection with our IPO, we completed a series of reorganization transactions (the "Reorganization Transactions") that resulted in: • NAHC, the previous parent holding company for the Company, being contributed to ASO, Inc. by its members and becoming a wholly-owned subsidiary of ASO, Inc., which thereupon became our parent holding company; and • one share of common stock of ASO, Inc. issued to then-existing members of NAHC for every 3.15 membership units of NAHC contributed to ASO, Inc. IPO Over-Allotment Exercise On November 3, 2020, ASO, Inc. issued and sold an additional 1,807,495 shares of the Company's common stock, par value $0.01 per share, for cash consideration of $12.22 per share (representing an initial public offering price of $13.00 per share, net of underwriting discounts) to the IPO underwriters, resulting in approximately $22.1 million in proceeds net of underwriting discounts, which included $0.3 million paid to KCM for underwriting services, pursuant to the partial exercise by the underwriters of their option to purchase up to 2,343,750 additional shares to cover over-allotments in connection with the IPO (the "IPO Over-Allotment Exercise"). The option expired with respect to the remaining shares. Secondary Offering On January 27, 2021, ASO, Inc. entered into an Underwriting Agreement (the “Underwriting Agreement”), by and among ASO, Inc., Allstar LLC, Allstar Co-Invest Blocker L.P., KKR 2006 Allstar Blocker L.P., MSI 2011 LLC, MG Family Limited Partnership and the former management selling stockholder named therein (collectively, the “Selling Stockholders”), and Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC, as representatives of the several underwriters named therein (the “Underwriters”), relating to an underwritten offering of 12,000,000 shares of Common Stock (the “Secondary Offering”), pursuant to the Company’s Registration Statement on Form S-1 (File No. 333-252390), filed on January 25, 2021. The Selling Stockholders granted the Underwriters the option to purchase, within 30 days from the date of the Underwriting Agreement, an additional 1,800,000 shares of Common Stock. On January 29, 2021, the Underwriters exercised in full their option to purchase the additional shares. The Secondary Offering was completed on February 1, 2021. Pursuant to the Underwriting Agreement, the Underwriters purchased the shares from the Selling Stockholders at a price of $20.69375 per share. The Company did not receive any proceeds from the Secondary Offering. On May 10, 2021, ASO, Inc. completed a subsequent secondary offering and concurrent share repurchase of shares of its Common Stock (see Note 14).

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	May 01, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The accompanying unaudited financial statements of the Company have been prepared as though they were required to be in accordance with Rule 10-01 of Regulation S-X for interim financial statements, however, they do not include all information and footnotes required by United States generally accepted accounting principles ("GAAP") for complete financial statements. Certain information and footnote disclosures normally included in our annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted; however, we believe that the disclosures included herein are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended January 30, 2021, as filed with the Securities and Exchange Commission on April 7, 2021 (the "Annual Report"). The information furnished herein reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The results of operations for the thirteen weeks ended May 1, 2021 are not necessarily indicative of the results that will be realized for the fiscal year ending January 29, 2022 or any other period. The balance sheet as of January 30, 2021 has been derived from our audited financial statements as of that date. For further information, refer to our audited financial statements and notes thereto included in the Annual Report. Basis of Presentation and Principles of Consolidation These unaudited condensed consolidated financial statements include the accounts of ASO, Inc. and, its subsidiaries, NAHC, Academy Managing Co., LLC, Associated Investors, LLC, Academy, Ltd., the Company's operating company, and Academy International Limited. NAHC, Academy Managing Co., LLC, and Associated Investors, LLC are intermediate holding companies. All intercompany balances and transactions have been eliminated in consolidation. ASO Co-Invest Blocker Sub, L.P. and ASO Blocker Sub, L.P. were dissolved effective January 31, 2021. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Our management bases its estimates on historical experience and other assumptions it believes to be reasonable under the circumstances. Actual results could differ significantly from those estimates. Our most significant estimates and assumptions that materially affect the financial statements involve difficult, subjective or complex judgments by management including the valuation of merchandise inventories, and performing goodwill, intangible and long-lived asset impairment analyses. Given the global economic climate and additional unforeseen effects from the COVID-19 pandemic, these estimates remain more challenging, and actual results could differ materially from our estimates. Reclassifications Within the merchandise division sales table presented in Note 3, certain products and categories were recategorized amongst various categories and divisions, respectively, to better align with our current merchandising strategy and view of the business. As a result, we have reclassified sales between divisions in the thirteen weeks ended May 2, 2020 for comparability purposes. This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed. Retrospective Presentation of Ownership Exchange Prior to the IPO, ASO, Inc. was a wholly-owned subsidiary of NAHC. On the IPO pricing date (October 1, 2020), the then-existing members of NAHC contributed all of their membership units of NAHC to ASO, Inc. and, in exchange, received one share of common stock of ASO, Inc. for every 3.15 membership units of NAHC contributed to ASO, Inc. (such 3.15:1 contribution and exchange ratio, the "Contribution Ratio"). As a result of such contributions and exchanges, upon the IPO, NAHC became a wholly-owned subsidiary of ASO, Inc., which became our parent holding company. The par value and authorized shares of the common stock of ASO, Inc. of $0.01 and 300,000,000, respectively, remain unchanged as a result of such contributions and exchanges. All membership units and redeemable membership units in the financial statements and notes have been retrospectively adjusted to give effect to the Contribution Ratio, as if such contributions and exchanges occurred as of all pre-IPO periods presented, including the periods presented on the Balance Sheets, Statements of Income, Statements of Partners’ / Stockholders’ Equity, Note 9. Equity and Share-Based Compensation, and Note 10. Earnings per Common Share. Redeemable Membership Units Prior to October 1, 2020, Allstar Managers LLC, a Delaware limited liability company ("Managers"), owned membership units in NAHC (each, a "NAHC Membership Unit"). Managers was dissolved and its assets were distributed to its members on December 23, 2020. Managers was 100% owned by certain current and former executives and directors of the Company and was formed to facilitate the purchase of indirect contingently redeemable ownership interests in NAHC. Prior to October 1, 2020, certain executives and directors could acquire contingently redeemable membership units in Managers (the "Redeemable Membership Units"), either by (1) purchasing the Redeemable Membership Units with cash consideration, which was subsequently contributed to NAHC by Managers in exchange for a number of NAHC Membership Units equal to the number of Redeemable Membership Units purchased, or (2) by receiving the Redeemable Membership Units in settlement of vested restricted units awarded to the executive or director under the Company's 2011 Unit Incentive Plan (see Note 9). Each outstanding Redeemable Membership Unit in Managers corresponded to an outstanding NAHC Membership Unit, on a unit-for-unit basis. On October 1, 2020, Managers received one share of ASO, Inc. common stock in exchange for every 3.15 membership units in NAHC that Managers contributed to ASO, Inc., and the Redeemable Membership Units in Managers that were held by its owners were reduced proportionately by the Contribution Ratio, so that the outstanding number of Redeemable Membership Units in Managers equal the number of shares of ASO, Inc. common stock held by Managers on a 1:1 basis. NAHC was the sole managing member of Managers with a controlling voting interest, but no economic interest, in Managers. As the sole managing member of Managers, NAHC operated and controlled all business affairs of Managers. The terms and conditions of the agreements governing the Redeemable Membership Units included provisions by which the holder, or its heirs, had the right to require Managers or NAHC to purchase the holder's Redeemable Membership Units upon the holder’s termination of employment due to death or disability for cash at fair value. The carrying value of the Redeemable Membership Units was classified as temporary equity, initially at fair value, as redemption was an event that was not solely within our control. If redemption became probable, we were required to re-measure the Redeemable Membership Units to fair value. Periodically, these rights lapsed due to contractual expiration or a holder's termination of employment for reasons other than death or disability. Recent Accounting Pronouncements ASU 2019-12 Income Taxes (Topic 740) In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes". ASU 2019-12 is effective for fiscal years and interim periods beginning after December 15, 2020. This update simplifies the accounting for income taxes by removing certain exceptions and amends existing guidance to improve consistent application. The Company adopted ASU 2019-12 on January 31, 2021 and it did not have a material impact on our financial position, results of operations or cash flows. Reference Rate Reform

Net Sales

Net Sales	3 Months Ended
	May 01, 2021
Revenue from Contract with Customer [Abstract]
Net Sales	Net Sales Revenue from merchandise sales is recognized, net of sales tax, when the Company’s performance obligation to the customer is met, which is when the Company transfers control of the merchandise to the customer. Store merchandise sales are recognized at the point of sale and e-commerce sales are recognized upon delivery to the customer. The following table sets forth the approximate amount of sales by merchandise divisions for the periods presented (amounts in thousands): Thirteen Weeks Ended May 1, 2021 May 2, 2020 Merchandise division sales (1) Outdoors $ 485,661 $ 428,744 Sports and recreation 402,424 294,887 Apparel 375,757 208,573 Footwear 310,447 196,425 Total merchandise sales (2) 1,574,289 1,128,629 Other sales (3) 6,044 7,672 Net Sales $ 1,580,333 $ 1,136,301 (1) Certain products and categories were recategorized amongst various categories and divisions, respectively, to better align with our current merchandising strategy and view of the business. As a result, we have reclassified sales between divisions in the thirteen weeks ended May 2, 2020 for comparability purposes. This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed (see Note 2). (2) E-commerce sales consisted of 7.4% and 13.1% of merchandise sales for the thirteen weeks ended May 1, 2021 and May 2, 2020, respectively. (3) Other sales consisted primarily of the sales return allowance, gift card breakage income, credit card bounties and royalties, shipping income, net hunting and fishing license income and other items. We sell gift cards in stores, online and in third-party retail locations. A liability for gift cards, which is recorded in accrued expenses and other liabilities on our balance sheets is established at the time of sale and revenues are recognized as the gift cards are redeemed in stores or on our website. The following is a reconciliation of the gift card liability (amounts in thousands): Thirteen Weeks Ended May 1, 2021 May 2, 2020 Gift card liability, beginning balance $ 74,253 $ 67,993 Issued 18,442 11,606 Redeemed (28,490) (21,010) Recognized as breakage income (963) (803) Gift card liability, ending balance $ 63,242 $ 57,786

Long-Term Debt

Long-Term Debt	3 Months Ended
	May 01, 2021
Debt Disclosure [Abstract]
Long-term Debt	Long-Term Debt Our debt consisted of the following (amounts in thousands) as of: May 1, 2021 January 30, 2021 May 2, 2020 ABL Facility, due November 2025 $ — $ — $ 500,000 Term Loan, due November 2027 399,000 400,000 1,464,432 Notes, due November 2027 400,000 400,000 — Total debt 799,000 800,000 1,964,432 Less current maturities (4,000) (4,000) (34,116) Less unamortized discount on Term Loan (3,714) (3,861) (2,321) Less deferred loan costs (1) (10,251) (10,650) (3,354) Long-term debt, net $ 781,035 $ 781,489 $ 1,924,641 (1) Deferred loan costs are related to the Term Loan and Notes. As of May 1, 2021, January 30, 2021 and May 2, 2020, the balance in deferred loan costs related to the ABL Facility (as defined below) was approximately $5.2 million, $5.5 million and $3.2 million, respectively, and was included in other noncurrent assets on our consolidated balance sheets. Total amortization of deferred loan costs was $0.7 million and $0.6 million for the thirteen weeks ended May 1, 2021 and May 2, 2020, respectively. Total expenses related to accretion of original issuance discount were $0.1 million and $0.3 million for the thirteen weeks ended May 1, 2021 and May 2, 2020, respectively. The expenses related to amortization of deferred loan costs and accretion of original issuance discount are included in interest expense, net on the consolidated statements of income (loss). On November 6, 2020, the Company issued the Notes (as defined below), entered into the 2020 Term Loan (as defined below), and entered into the 2020 ABL Facility (the "Refinancing Transactions"). The Company used the net proceeds from the Notes and the net proceeds from the 2020 Term Loan, together with cash on hand, to repay in full outstanding borrowings under its then-existing term loan, in the amount of $1,431.4 million. Term Loan We refer to the 2015 Term Loan and the 2020 Term Loan collectively as the "Term Loan". On July 2, 2015, Academy, Ltd. entered into a seven-year $1.8 billion senior secured term loan facility (the "2015 Term Loan") with Morgan Stanley Senior Funding, Inc., as the administrative and collateral agent, and other lenders, and a five-year $650 million secured asset-based revolving credit facility (the "2015 ABL Facility") with JPMorgan Chase Bank, N.A., as administrative agent, and other lenders. Academy, Ltd. received proceeds from the 2015 Term Loan of $1.8 billion, which was net of discount of $9.1 million. The 2015 Term Loan bore interest at our election, at either (1) LIBOR rate with a floor of 1.00%, plus a margin of 4.00%, or (2) a base rate equal to the highest of (a) the federal funds rate plus 0.50%, (b) Morgan Stanley Senior Funding, Inc.'s "prime rate," or (c) the one-month LIBOR rate plus 1.00%, plus a margin of 3.00%. Quarterly principal payments of approximately $4.6 million were required through June 30, 2022, with the balance due in full on the maturity date of July 2, 2022. On November 6, 2020, Academy, Ltd. entered into a seven-year $400.0 million senior secured term loan (the "2020 Term Loan") with Credit Suisse AG, Cayman Island Branch ("Credit Suisse"), as the administrative agent and collateral agent and the several other lenders and parties. The 2020 Term Loan will mature on November 6, 2027. The 2020 Term Loan bears interest, at Academy, Ltd.’s election, at either (1) LIBOR rate with a floor of 0.75%, plus a margin of 5.00%, or (2) a base rate equal to the highest of (a) the federal funds rate plus 0.50%, (b) Credit Suisse’s "prime rate", or (c) the one-month LIBOR rate plus 1.00%, plus a margin of 4.00%. Quarterly principal payments of approximately $1.0 million are required through September 30, 2027, with the balance due in full on the maturity date of November 6, 2027. As of May 1, 2021, the weighted average interest rate was 5.75%, with interest payable monthly. The terms and conditions of the 2020 Term Loan also require that the outstanding balance under the 2020 Term Loan is prepaid under certain circumstances. In connection with the 2020 Term Loan, the Company capitalized related professional fees of $5.8 million as deferred loan costs. As of May 1, 2021, no prepayment was due under the terms and conditions of the Term Loan. On May 25, 2021, the Company refinanced its 2020 Term Loan and paid down approximately $99.0 million of the Term Loan (see Note 14). Notes On November 6, 2020, Academy, Ltd. issued $400.0 million of 6.00% senior secured notes which are due November 15, 2027 (the "Notes"), pursuant to an indenture, dated as of November 6, 2020 (the "Indenture") with The Bank of New York Mellon Trust Company, N.A., as trustee and collateral agent. The Notes will pay interest semi-annually in arrears in cash on May 15 and November 15 of each year at a rate of 6.00% per year, commencing on May 15, 2021. In connection with issuance of the Notes, the Company capitalized related professional fees of $5.2 million as deferred loan costs. On or after November 15, 2023, Academy, Ltd. may, at its option and on one or more occasions, redeem all or a part of the Notes at the redemption prices set forth in the Indenture, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. At any time prior to November 15, 2023, Academy, Ltd. may, at its option and on one or more occasions, redeem all or part of the Notes at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date, plus a "make-whole" premium as described in the Indenture. In addition, at any time prior to November 15, 2023, Academy, Ltd. may, at its option and on one or more occasions, redeem up to 40% of the aggregate principal amount of the Notes at a redemption price equal to 106.00% of the aggregate principal amount thereof, with an amount equal to or less than the net cash proceeds from one or more equity offerings to the extent such net cash proceeds are received by or contributed to Academy, Ltd., plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. ABL Facility We refer to the 2015 ABL Facility and the 2020 ABL Facility collectively as the "ABL Facility". On July 2, 2015, Academy, Ltd. entered into a five-year $650 million secured asset-based revolving credit facility (the "2015 ABL Facility"). On May 22, 2018, the Company amended the agreement governing the 2015 ABL Facility to increase the commitment on the facility from $650 million to $1 billion. In connection with the amendment to the 2015 ABL Facility, the Company capitalized related professional fees of $2.8 million as deferred loan costs and wrote off $0.1 million in previously capitalized deferred loan costs. The 2015 ABL Facility was scheduled to mature on May 22, 2023, subject to a springing maturity clause which could have been triggered 91 days before the July 2, 2022 maturity of the 2015 Term Loan. On November 6, 2020, Academy, Ltd., as borrower, and the Guarantors, as guarantors, amended the 2015 ABL Facility by entering into an amendment to the First Amended and Restated ABL Credit Agreement, dated as of July 2, 2015, with JPMorgan Chase Bank, N.A. as the administrative agent and collateral agent, letter of credit issuer and swingline lender (the "ABL Agent") and the several lenders party thereto, which ABL Amendment, among other things, extended the maturity of Academy, Ltd.’s asset-based revolving credit facility thereunder to November 6, 2025 (the "2020 ABL Facility"). In connection with the 2020 ABL Facility, the Company capitalized related professional fees of $3.1 million as deferred loan costs. The ABL Facility is used to provide financing for working capital and other general corporate purposes, as well as to support certain letters of credit requirements, and availability is subject to customary borrowing base and availability provisions. During the normal course of business, we periodically utilize letters of credit primarily for the purchase of import goods and in support of insurance contracts. As of May 1, 2021, we had outstanding letters of credit of approximately $17.2 million, of which $13.6 million were issued under the ABL Facility, and we had no borrowings outstanding under the ABL Facility, leaving the available borrowing capacity under the ABL Facility of $819.4 million. Borrowings under the ABL Facility bear interest, at our election, at either (1) LIBOR plus a margin of 1.25% to 1.75%, or (2) a base rate equal to the highest of (a) the federal funds rate plus 0.50%, (b) JPMorgan Chase Bank, N.A.'s "prime rate", or (c) the one-month LIBOR rate plus 1.00%, plus a margin of 0.25% to 0.75%. The ABL Facility also provides a fee applicable to the unused commitments of 0.25%. The terms and conditions of the ABL Facility also require that we prepay outstanding loans under the ABL Facility under certain circumstances. As of May 1, 2021, no future prepayments of outstanding loans have been triggered under the terms and conditions of the ABL Facility. Covenants . The ABL Facility and Term Loan agreements and the Indenture contain covenants, including, among other things, covenants that restrict Academy, Ltd.'s ability to incur certain additional indebtedness, create or permit liens on assets, engage in mergers or consolidations, pay dividends, make other restricted payments, make loans or advances, engage in transactions with affiliates or amend material documents. Additionally, at certain times, the ABL Facility is subject to a minimum adjusted fixed charge coverage ratio. These covenants are subject to certain qualifications and limitations. We were in compliance with these covenants as of May 1, 2021. Capitalized Interest. We capitalized interest primarily related to construction of new stores and store renovations in the amount of $0.1 million and $0.1 million for the thirteen weeks ended May 1, 2021 and May 2, 2020, respectively.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	May 01, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments We have historically used interest rate swap agreements to hedge market risk relating to possible adverse changes in interest rates. All interest rate swaps had been designated as cash flow hedges of variable rate interest payments on borrowings under the Term Loan. On January 19, 2021, we settled our three remaining outstanding interest rate swaps in full, which were scheduled to expire on various dates during 2021, for $4.1 million. As of May 1, 2021, we do not have any derivative financial instruments outstanding. The fair value of these interest rate swaps is as follows (amounts in thousands) as of: May 1, 2021 January 30, 2021 May 2, 2020 Derivatives designated as hedging instruments Assets Amounts included in other current assets $ — $ — $ — Amounts included in other noncurrent assets — — — Liabilities Amounts included in accrued expenses and other current liabilities — — 8,912 Amounts included in other long-term liabilities — — 1,735 Total derivatives designated as hedging instruments net liability $ — $ — $ (10,647) For derivatives designated as hedging instruments, amounts included in AOCI are reclassified to interest expense in the same period during which the hedged transaction affects earnings, which is as interest expense is recorded on the underlying Term Loan. The impact of gains and losses related to interest rate swaps that are deferred into AOCI and subsequently reclassified into expense as follows (amounts in thousands): Thirteen Weeks Ended May 1, 2021 May 2, 2020 Accumulated Other Comprehensive Loss, beginning $ (3,324) $ (8,066) Loss deferred into AOCI — (4,434) Increase to interest expense (net of tax impact of $270 in the thirteen weeks ended May 1, 2021) 926 1,893 Accumulated Other Comprehensive Loss, ending $ (2,398) $ (10,607)

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	May 01, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is defined as an exit price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Authoritative guidance establishes a three-level hierarchy for disclosure that is based on the extent and level of judgment used to estimate the fair value of the assets and liabilities. The fair value measurements are classified as either: • Level 1 which represents valuations based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 which represents valuations based on quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and • Level 3 which represents valuations based on prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy in which the fair value measurement is classified in its entirety, is based on the lowest level input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. There were no transfers made into or out of the Level 1, 2 or 3 categories during any period presented. The following table provides the fair value hierarchy for our derivative financial instruments (amounts in thousands) as of: Fair Value Hierarchy May 1, 2021 January 30, 2021 May 2, 2020 Assets Interest rate swap Level 2 $ — $ — $ — Liabilities Interest rate swap Level 2 $ — $ — $ 10,647 We value our derivative financial instruments using a discounted cash flow analysis based on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market based inputs including interest rates and implied volatilities. Our valuations also consider both our own and the respective counterparty's non-performance risk. We have considered unobservable market factors such as the likelihood of default by us and our counterparty, our net exposures, credit enhancements, and remaining maturities in determining a credit valuation adjustment to include as part of the fair value of our derivative financial instruments. To date, the credit valuation adjustment did not comprise a material portion of the fair value of the derivative financial instruments. Therefore, we consider our derivative financial instruments to fall within Level 2 of the fair value hierarchy. Other Financial Instruments Periodically we make cash investments in money market funds comprised of U.S. Government treasury bills and securities, which are classified as cash and redeemable on demand. As of May 1, 2021, January 30, 2021 and May 2, 2020, we held $476.0 million, $284.0 million and $662.0 million in money market funds, respectively.

Property and Equipment

Property and Equipment	3 Months Ended
	May 01, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consists of the following (amounts in thousands) as of: May 1, 2021 January 30, 2021 May 2, 2020 Leasehold improvements $ 443,513 $ 438,287 $ 433,981 Equipment and software 565,873 561,333 539,357 Furniture and fixtures 322,326 319,764 316,295 Construction in progress 23,926 23,575 20,062 Land 3,698 3,699 3,698 Total property and equipment 1,359,336 1,346,658 1,313,393 Accumulated depreciation and amortization (993,331) (968,398) (894,917) Property and equipment, net $ 366,005 $ 378,260 $ 418,476 Depreciation expense was $25.3 million and $27.4 million in the thirteen weeks ended May 1, 2021 and May 2, 2020, respectively and is included in selling, general and administrative expenses on the consolidated statements of income.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	May 01, 2021
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (amounts in thousands) as of: May 1, 2021 January 30, 2021 May 2, 2020 Accrued interest $ 14,003 $ 7,684 $ 3,191 Accrued personnel costs 60,830 113,032 20,155 Accrued professional fees 3,453 2,547 2,363 Accrued sales and use tax 29,493 14,980 21,514 Accrued self-insurance 14,125 13,471 13,463 Deferred revenue - gift cards and other 66,309 76,778 61,361 Income taxes payable 45,087 23,730 5,481 Interest rate swaps — — 8,912 Property taxes 24,798 16,978 26,537 Sales return allowance 6,100 5,800 4,300 Other 23,394 16,351 20,459 Accrued expenses and other current liabilities $ 287,592 $ 291,351 $ 187,736

Equity and Share-Based Compensa

Equity and Share-Based Compensation	3 Months Ended
	May 01, 2021
Share-based Payment Arrangement [Abstract]
Equity and Share-Based Compensation	Equity and Share-Based Compensation On September 29, 2020, the ASO, Inc. Board of Directors adopted the 2020 Omnibus Incentive Plan (the "2020 Omnibus Incentive Plan"), which became effective on October 1, 2020. The plan reserved a total of 5,150,000 shares of common stock for issuance. Concurrent with the adoption of the 2020 Omnibus Incentive Plan, the NAHC 2011 Unit Incentive Plan (the "2011 Unit Incentive Plan") was frozen and no further issuances will be permitted as part of the 2011 Unit Incentive Plan. As of May 1, 2021, there were 3,707,752 shares that were authorized and available for grant under the 2020 Omnibus Incentive Plan. On September 29, 2020, the Academy Sports and Outdoors, Inc. Board of Directors adopted the 2020 Employee Stock Purchase Plan (the "ESPP"), which became effective on October 1, 2020 upon the effectiveness of the Registration Statement. As of May 1, 2021, we have reserved a total of 2,000,000 shares of common stock for issuance and no common shares were issued or outstanding pursuant to the ESPP. Our initial offering period related to the ESPP commenced during the thirteen weeks ended May 1, 2021. Equity compensation expense was $5.9 million and $2.1 million for the thirteen weeks ended May 1, 2021 and May 2, 2020, respectively and is included in selling, general and administrative expenses in the statements of income. 2011 Unit Incentive Plan The 2011 Unit Incentive Plan provides for the grant of certain equity incentive awards (each, an "Award"), such as options to purchase ASO, Inc. common stock (each, a "Unit Option") and restricted units that may settle in ASO, Inc. common stock (each, a "Restricted Unit") to our directors, executives, and eligible employees of the Company. Unit Options granted under the 2011 Unit Incentive Plan consist of Unit Options that vest upon the satisfaction of time-based requirements (each, a "Service Unit Option") and Unit Options that vest upon the satisfaction of both time-based requirements and Company performance-based requirements (each, a "Performance Unit Option"). Restricted Units granted under the 2011 Unit Incentive Plan consist of Restricted Units that vest upon the satisfaction of time-based requirements (each, a "Service Restricted Unit") and Restricted Units that vest upon the satisfaction of a liquidity event-based requirement together with a time-based requirement and/or a performance-based requirement (each, a "Liquidity Event Restricted Unit"). In each case, vesting of the Company’s outstanding and unvested Unit Options and Restricted Units is contingent upon the holder’s continued service through the date of each applicable vesting event. Concurrent with the adoption of the 2020 Omnibus Incentive Plan on October 1, 2020, no further Awards are authorized to be granted under the 2011 Unit Incentive Plan. Subsequent to May 1, 2021, the May 2021 Secondary Offering (as defined in Note 14) reduced KKR's ownership interest in the Company to 31.3% and resulted in a vesting event for awards granted under the 2011 Unit Incentive Plan, whereby unvested time awards, and performance-based awards which had previously met their performance targets, vested, and unvested performance-based awards which had not previously met their performance targets were forfeited. As a result, we incurred approximately $24.9 million in non-cash expenses related to equity-based compensation and approximately $15.4 million of cash expenses related to taxes on equity-based compensation. Additionally, approximately $8.2 million of cash payments for equity-based compensation distributions will be accelerated (see Note 14). 2020 Omnibus Incentive Plan The 2020 Omnibus Incentive plan provides for the grant of Awards such as options to purchase ASO, Inc. common stock (each, a "Stock Option") and restricted stock units which may settle in ASO, Inc. common stock (each, a "Restricted Stock Unit") to our directors, executives, and eligible employees of the Company. Stock Options granted under the 2020 Omnibus Incentive Plan consist of Stock Options that vest upon the satisfaction of time-based requirements (each, a "Service Stock Option" and Service Unit Options and Service Stock Options together are "Service Options"). Restricted Stock Units granted under the 2020 Omnibus Incentive Plan consist of Restricted Stock Units that vest upon the satisfaction of time-based requirements (each, a "Service Restricted Stock Unit") and Restricted Stock Units that vest upon the satisfaction of a time-based requirement and performance-based requirement (each, a "Performance Restricted Stock Unit"). In each case, vesting of the Company’s outstanding and unvested Stock Options and Restricted Stock Units is contingent upon the holder’s continued service through the date of each applicable vesting event. ESPP Our ESPP allows eligible employees to contribute up to 15% of their eligible earnings toward the semi-annual purchase of the Company's shares of common stock at a discount of 15% of the closing stock price on the first or last day of the six-month offering period, whichever is lower. The number of shares reserved for issuance under the ESPP will be increased automatically on the first day of each fiscal year, beginning in fiscal year 2021, by a number equal to the lesser of (1) 1,000,000 shares of common stock, (2) 2.0% of the total number of all classes of the company's common stock outstanding on the last day of the immediately preceding fiscal year, or (3) a lower number of shares determined by the ASO, Inc. Board of Directors. Distribution On August 28, 2020, NAHC paid a $257.0 million, or $1.1257 per unit (or $3.5460 as converted using the Contribution Ratio), distribution to its members of record as of August 25, 2020. Cash on hand was used to fund $248.0 million of the distribution, with the remainder distributed through an offset of outstanding loans receivable from one member and state income tax withholding made on behalf of NAHC's members. Holders of the outstanding granted equity Awards are entitled to receive value equal to $1.1257 per Award (or $3.5460 as converted using the Contribution Ratio), which was or will be made in the form of cash payments, additional Restricted Unit grants or Unit Option exercise price adjustments. Cash payments due for unvested Awards will be payable upon vesting of such Awards. In accordance with the terms of the 2011 Unit Incentive Plan, the Company made the following adjustments to each outstanding Award (per unit components, shares and exercise prices shown above and below are converted using the Contribution Ratio as described in the Retrospective Presentation of Ownership Exchange in Note 2): • Exercise price reductions of $0.28 for 9,788,000 Unit Options (or $0.89 for 3,107,301 Stock Options, as converted); • Exercise price reductions of $1.12 for 1,746,594 Unit Options (or $3.53 for 554,474 Stock Options, as converted); • Additional Restricted Unit grants of 159,362 units (or 50,590 Liquidity Event Restricted Units, as converted); and • Cash payments for vested Unit Options and vested Restricted Units ("Share-Based Award Payments") of $24.0 million were paid through May 1, 2021. Share-Based Award Payments payable as of May 1, 2021 for unvested awards is $8.2 million, which is reflected within accrued expenses and other current liabilities on the Company's consolidated balance sheets. The May 2021 Secondary Offering resulted in the acceleration of cash payments for equity-based compensation distributions of approximately $8.2 million (see Note 14). These exercise price adjustments did not increase the value of the Unit Options and no related additional equity compensation was or will be incurred. Service Option Fair Value Assumptions The fair value for Service Options granted was estimated using a Black-Scholes option-pricing model. The expected lives of the Service Options granted were based on the "SEC simplified" method and a mid-point assumption, respectively. Expected price volatility was determined based on the implied volatilities of comparable companies over a historical period that matches the expected life of the Award. The risk-free interest rate was based on the expected U.S. Treasury rate over the expected life. The dividend yield was based on the expectation that no dividends will be paid. The assumptions used to calculate the fair value of Awards granted are evaluated and modified, as necessary, to reflect current market conditions and experience. The following table presents the assumptions and grant date fair values for Service Options granted in the thirteen weeks ended May 1, 2021: Expected life in years 6.18 Expected volatility 44 % Weighted-average volatility 44 % Risk-free interest rate 1.16% to 1.22% Dividend yield — The following table presents the Award grants during the thirteen weeks ended May 1, 2021: Service Options Service Restricted Units Performance Restricted Units Number of shares 889,989 157,649 190,708 Weighted average grant date fair value per Award $ 11.74 $ 26.97 $ 26.99 Weighted average exercise price per Award $ 26.99 N/A N/A The following table presents the unrecognized compensation cost as of May 1, 2021: Service Options Performance Unit Options Service Restricted Units Liquidity Event Restricted Units Performance Restricted Units Remaining expense $ 24,583,043 $ 498,614 $ 4,170,078 $ 11,069,761 $ 5,003,780 Weighted average life remaining in years 3.0 1.8 3.7 1.6 3.7

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	May 01, 2021
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Basic earnings per common share is calculated based on net income divided by the basic weighted average common shares outstanding during the period, and diluted earnings per common share is calculated based on net income divided by the diluted weighted average common shares outstanding. Diluted weighted average common shares outstanding is based on the basic weighted average common shares outstanding plus any potential dilutive effect of stock-based awards outstanding during the period using the treasury stock method, which assumes the potential proceeds received from the dilutive stock options are used to purchase treasury stock. Anti-dilutive stock-based awards do not include awards which have a performance or liquidity event target which has yet to be achieved. Basic and diluted weighted average common shares outstanding and basic and diluted earnings per common share are calculated as follows (amounts in thousands except per share amounts): Thirteen Weeks Ended May 1, 2021 May 2, 2020 Net income (loss) $ 177,796 $ (10,020) Weighted average common shares outstanding - basic (1) 92,088 72,474 Dilutive effect of Service Restricted Units and Service Restricted Stock Units (1) — — Dilutive effect of Performance Restricted Stock Units and Liquidity Event Restricted Units (1) 910 — Dilutive effect of Service Options (1) 2,095 — Dilutive effect of Performance Unit Options and Performance Stock Options (1) 1,379 — Dilutive effect of ESPP shares — — Weighted average common shares outstanding - diluted (1) 96,472 72,474 Earnings per common share - basic $ 1.93 $ (0.14) Earnings per common share - diluted $ 1.84 $ (0.14) Anti-dilutive stock-based awards excluded from diluted calculation (1) 303 9,447 (1) See Retrospective Presentation of Ownership Exchange in Note 2.

Income Taxes

Income Taxes	3 Months Ended
	May 01, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Prior to October 1, 2020, the Company, was treated as a flow through entity for U.S. federal income tax purposes and thus no federal income tax expense was recorded in our statements of income for periods prior to October 1, 2020. Our tax rate prior to October 1, 2020 was almost entirely the result of state income taxes. In connection with our IPO, as a result of the Reorganization Transactions completed on October 1, 2020, on and after October 1, 2020, the Company is treated as a U.S. corporation for U.S. federal, state, and local income tax purposes and accordingly, a provision for income taxes has been recorded for the anticipated tax consequences of our reported results of operations for federal, state and local income taxes since October 1, 2020. NAHC continued to operate as a tax partnership through January 30, 2021. Effective January 31, 2021, NAHC discontinued partnership treatment for tax purposes. As a result, our deferred tax liability was no longer measured by reference to membership units in NAHC and instead was measured by reference to the underlying assets and liabilities of our operations. No change in the total reported deferred tax liability occurred as a result of the change in tax structure. The table below reflects the allocation of the deferred tax liability previously reflected for “Investment in NAHC” to the underlying assets and liabilities of the business based on the estimated fair value as of January 31, 2021 (amounts in thousands): January 30, 2021 Effect of Change January 31, 2021 Deferred tax assets: Accounts receivable $ — $ 274 $ 274 Accrued liabilities and reserves — 37,760 37,760 Equity compensation — 22,854 22,854 Other — — — Total deferred tax assets — 60,888 60,888 Deferred tax liabilities: Investment in NAHC (138,358) 138,358 — Inventory — (17,387) (17,387) Prepaid items — (4,124) (4,124) Property and equipment — (11,531) (11,531) Intangible assets — (166,204) (166,204) Other (345) — (345) Total deferred tax liabilities (138,703) (60,888) (199,591) Total net deferred tax liabilities $ (138,703) $ — $ (138,703) The Company determines its income tax expense by applying an estimated annual effective tax rate to its income before income taxes for the interim period. The current tax payable is based on the estimated federal and state income tax payments, while the remainder of income tax expense or benefit for the period is recorded to the net deferred tax asset or liability account. For the three months ended May 1, 2021, ASO, Inc. recorded $47.1 million of income tax expense, which included income taxes payable of $22.0 million and net deferred tax liabilities of $25.1 million.

Related Party Transactions

Related Party Transactions	3 Months Ended
	May 01, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Monitoring Agreement On August 3, 2011 (the "Effective Date"), we entered into a monitoring agreement (the "Monitoring Agreement"), with Kohlberg Kravis Roberts & Co. L.P. (the "Adviser") pursuant to which the Adviser provided advisory, consulting and financial services to us. In accordance with the terms of the Monitoring Agreement, we paid an aggregate annual advisory fee which increased by 5.0% annually on each anniversary of the Effective Date. The Adviser also charged us a customary fee for services rendered in connection with securing, structuring and negotiating equity and debt financings by us. Additionally, we were required to reimburse the Adviser for any out-of-pocket expenses in connection with these services. The Monitoring Agreement continued in effect from year-to-year, unless amended or terminated by the Adviser and us. Upon the completion of the IPO in the third quarter of 2020, the Monitoring Agreement terminated. We recognized advisory fees related to the Monitoring Agreement, including reimbursement of expenses, of approximately $0.9 million in the thirteen weeks ended May 2, 2020. These expenses are included in selling, general and administrative expenses in the statements of income. Other Related Party Transactions KKR has ownership interest in a broad range of portfolio companies and we may enter into commercial transactions for goods or services in the ordinary course of business with these companies. We do not believe such transactions are material to our business (see Note 14). Investments in Managers During the thirteen weeks ended May 2, 2020, Managers repurchased at fair market value approximately $37.0 thousand of Redeemable Membership Units from a director of the Company for cash. NAHC concurrently repurchased from Managers for cash, at fair market value, a number of NAHC membership units equal to the number of Redeemable Membership Units repurchased from the director and executive. Note Receivable from Member and Distribution Prior to October 1, 2020, under NAHC's LLC agreement, certain members could require the Company to provide a tax loan on their behalf under certain circumstances. On April 10, 2019, the Company loaned $4.0 million with a note receivable issued to a member. The note receivable bears semi-annual compounding interest at 2.5% with outstanding principal and interest due on April 10, 2022. This note receivable was recorded in other non-current assets on the balance sheet. On April 5, 2018, the Company loaned $4.1 million with a note receivable issued to a member. The note receivable bears semi-annual compounding interest at 2.1%, with outstanding principal and interest due on April 5, 2021, and was recorded in prepaid expenses and other non-current assets on the balance sheet. On August 28, 2020, the Company made a distribution to its members of record as of August 25, 2020, of $257.0 million (see Note 9). Of the $257.0 million, $8.5 million was used to offset and satisfy the remaining balances of the notes receivable and related interest receivable from a member.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	May 01, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Technology Related Commitments and Other As of May 1, 2021, we have obligations under technology related and other contractual commitments in the amount of $21.2 million. Of such commitments, approximately $9.4 million is payable in the next 12 months. Financial Guarantees During the normal course of business, we enter into contracts that contain a variety of representations and warranties and provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against us that have not yet occurred. However, based on experience, we believe the risk of loss to be remote. Legal Proceedings We are a defendant or co-defendant in lawsuits, claims and demands brought by various parties relating to matters normally incident to our business. No individual case, or group of cases presenting substantially similar issues of law or fact, is expected to have a material effect on the manner in which we conduct our business or on our results of operations, financial position or liquidity. The majority of these cases are alleging product, premises, employment and/or commercial liability. Reserves have been established that we believe to be adequate based on our current evaluations and experience in these types of claim situations; however, the ultimate outcome of these cases cannot be determined at this time. We believe, taking into consideration our indemnities, insurance and reserves, the ultimate resolution of these matters will not have a material impact on our financial position, results of operations or cash flows. Sponsorship Agreement and Intellectual Property Commitments We periodically enter into sponsorship agreements generally with professional sports teams, associations, events, networks, or individual professional players and collegiate athletic programs in exchange for marketing and advertising promotions. We also enter into intellectual property agreements whereby the Company receives the right to use third-party owned trademarks typically in exchange for royalties on sales. These agreements typically contain a one

Subsequent Events

Subsequent Events	3 Months Ended
	May 01, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Our management evaluated events or transactions that occurred after May 1, 2021, through June 8, 2021, the issuance date of the financial statements, and identified the following matters to report: May 2021 Secondary Offering and Stock Repurchase On May 5, 2021, ASO, Inc. entered into an underwriting agreement (the “May 2021 Underwriting Agreement”), by and among ASO, Inc., Allstar LLC, Allstar Co-Invest Blocker L.P., KKR 2006 Allstar Blocker L.P., MSI 2011 LLC and MG Family Limited Partnership (collectively, the “May 2021 Selling Stockholders”), and Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC, as representatives of the several underwriters named therein (the “May 2021 Underwriters”), relating to an underwritten offering of 14,000,000 shares of Common Stock at $30.96 per share (the “May 2021 Secondary Offering”), pursuant to the Company’s Registration Statement on Form S-1 (File No. 333-255720), filed on May 3, 2021. The May 2021 Secondary Offering also included the Company's repurchase and simultaneous retirement of 3,229,974 shares out of the 14,000,000 shares. The May 2021 Selling Stockholders granted the May 2021 Underwriters the option to purchase, within 30 days from the date of the May 2021 Underwriting Agreement, an additional 2,100,000 shares of Common Stock. On May 6, 2021, the May 2021 Underwriters exercised in full their option to purchase the additional shares. The May 2021 Secondary Offering was completed on May 10, 2021. The Company did not receive any proceeds from the May 2021 Secondary Offering. The May 2021 Secondary Offering reduced the KKR ownership interest in the Company to 31.3%, resulting in a vesting event for awards granted under the 2011 Unit Incentive Plan, whereby unvested time awards and performance-based awards which had previously met their performance targets vested and unvested performance-based awards which had not previously met their performance targets were forfeited. As a result, we incurred approximately $24.9 million in non-cash expenses related to equity-based compensation and approximately $15.4 million of cash expenses related to taxes on equity-based compensation. Additionally, approximately $8.2 million of cash payments for equity-based compensation distributions will be accelerated. These expenses will be included in selling, general and administrative expenses in the statements of income. Debt Refinancing On May 25, 2021, Academy, Ltd. entered into Amendment No. 4 (the “Amendment”) to the Second Amended and Restated Credit Agreement, dated as of November 6, 2020, among Academy, Ltd., as Borrower, Credit Suisse AG, Cayman Islands Branch, as the administrative agent and collateral agent, the several lenders party thereto and the several other parties named therein (as previously amended, the “Existing Credit Agreement” and as amended by the Amendment, the “Amended Credit Agreement”). Pursuant to the terms of the Amendment, Academy, Ltd. (i) reduced the applicable margin on LIBOR borrowings under the Existing Credit Agreement from 5.00% to 3.75% and (ii) utilized cash on hand to repay $99.0 million of outstanding borrowings under the Existing Credit Agreement, leaving an outstanding principal balance of $300.0 million under the Amended Credit Agreement. Borrowings under the Amended Credit Agreement will continue to mature on November 6, 2027, and all other material terms and provisions of the Existing Credit Agreement remain substantially the same as the terms and provisions in place immediately prior to the effectiveness of the Amendment.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	May 01, 2021
Accounting Policies [Abstract]
Basis of Presentation	These unaudited condensed consolidated financial statements include the accounts of ASO, Inc. and, its subsidiaries, NAHC, Academy Managing Co., LLC, Associated Investors, LLC, Academy, Ltd., the Company's operating company, and Academy International Limited.
Principals of Consolidation	All intercompany balances and transactions have been eliminated in consolidation. ASO Co-Invest Blocker Sub, L.P. and ASO Blocker Sub, L.P. were dissolved effective January 31, 2021.
Use of Estimates in the Preparation of Financial Statements	The preparation of financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Our management bases its estimates on historical experience and other assumptions it believes to be reasonable under the circumstances. Actual results could differ significantly from those estimates. Our most significant estimates and assumptions that materially affect the financial statements involve difficult, subjective or complex judgments by management including the valuation of merchandise inventories, and performing goodwill, intangible and long-lived asset impairment analyses. Given the global economic climate and additional unforeseen effects from the COVID-19 pandemic, these estimates remain more challenging, and actual results could differ materially from our estimates.
Reclassifications	Within the merchandise division sales table presented in Note 3, certain products and categories were recategorized amongst various categories and divisions, respectively, to better align with our current merchandising strategy and view of the business. As a result, we have reclassified sales between divisions in the thirteen weeks ended May 2, 2020 for comparability purposes. This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed.
Recent Accounting Pronouncements	ASU 2019-12 Income Taxes (Topic 740) In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes". ASU 2019-12 is effective for fiscal years and interim periods beginning after December 15, 2020. This update simplifies the accounting for income taxes by removing certain exceptions and amends existing guidance to improve consistent application. The Company adopted ASU 2019-12 on January 31, 2021 and it did not have a material impact on our financial position, results of operations or cash flows. Reference Rate Reform

Net Sales (Tables)

Net Sales (Tables)	3 Months Ended
	May 01, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table sets forth the approximate amount of sales by merchandise divisions for the periods presented (amounts in thousands): Thirteen Weeks Ended May 1, 2021 May 2, 2020 Merchandise division sales (1) Outdoors $ 485,661 $ 428,744 Sports and recreation 402,424 294,887 Apparel 375,757 208,573 Footwear 310,447 196,425 Total merchandise sales (2) 1,574,289 1,128,629 Other sales (3) 6,044 7,672 Net Sales $ 1,580,333 $ 1,136,301 (1) Certain products and categories were recategorized amongst various categories and divisions, respectively, to better align with our current merchandising strategy and view of the business. As a result, we have reclassified sales between divisions in the thirteen weeks ended May 2, 2020 for comparability purposes. This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed (see Note 2). (2) E-commerce sales consisted of 7.4% and 13.1% of merchandise sales for the thirteen weeks ended May 1, 2021 and May 2, 2020, respectively. (3) Other sales consisted primarily of the sales return allowance, gift card breakage income, credit card bounties and royalties, shipping income, net hunting and fishing license income and other items.
Reconciliation of Gift Card Liability	The following is a reconciliation of the gift card liability (amounts in thousands): Thirteen Weeks Ended May 1, 2021 May 2, 2020 Gift card liability, beginning balance $ 74,253 $ 67,993 Issued 18,442 11,606 Redeemed (28,490) (21,010) Recognized as breakage income (963) (803) Gift card liability, ending balance $ 63,242 $ 57,786

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	May 01, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Our debt consisted of the following (amounts in thousands) as of: May 1, 2021 January 30, 2021 May 2, 2020 ABL Facility, due November 2025 $ — $ — $ 500,000 Term Loan, due November 2027 399,000 400,000 1,464,432 Notes, due November 2027 400,000 400,000 — Total debt 799,000 800,000 1,964,432 Less current maturities (4,000) (4,000) (34,116) Less unamortized discount on Term Loan (3,714) (3,861) (2,321) Less deferred loan costs (1) (10,251) (10,650) (3,354) Long-term debt, net $ 781,035 $ 781,489 $ 1,924,641 (1) Deferred loan costs are related to the Term Loan and Notes.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	May 01, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Interest Rate Swaps	The fair value of these interest rate swaps is as follows (amounts in thousands) as of: May 1, 2021 January 30, 2021 May 2, 2020 Derivatives designated as hedging instruments Assets Amounts included in other current assets $ — $ — $ — Amounts included in other noncurrent assets — — — Liabilities Amounts included in accrued expenses and other current liabilities — — 8,912 Amounts included in other long-term liabilities — — 1,735 Total derivatives designated as hedging instruments net liability $ — $ — $ (10,647)
Impact of Gains and Losses Related to Interest Rate Swaps	Thirteen Weeks Ended May 1, 2021 May 2, 2020 Accumulated Other Comprehensive Loss, beginning $ (3,324) $ (8,066) Loss deferred into AOCI — (4,434) Increase to interest expense (net of tax impact of $270 in the thirteen weeks ended May 1, 2021) 926 1,893 Accumulated Other Comprehensive Loss, ending $ (2,398) $ (10,607)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	May 01, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	The following table provides the fair value hierarchy for our derivative financial instruments (amounts in thousands) as of: Fair Value Hierarchy May 1, 2021 January 30, 2021 May 2, 2020 Assets Interest rate swap Level 2 $ — $ — $ — Liabilities Interest rate swap Level 2 $ — $ — $ 10,647

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	May 01, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment consists of the following (amounts in thousands) as of: May 1, 2021 January 30, 2021 May 2, 2020 Leasehold improvements $ 443,513 $ 438,287 $ 433,981 Equipment and software 565,873 561,333 539,357 Furniture and fixtures 322,326 319,764 316,295 Construction in progress 23,926 23,575 20,062 Land 3,698 3,699 3,698 Total property and equipment 1,359,336 1,346,658 1,313,393 Accumulated depreciation and amortization (993,331) (968,398) (894,917) Property and equipment, net $ 366,005 $ 378,260 $ 418,476

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	May 01, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses and other current liabilities consist of the following (amounts in thousands) as of: May 1, 2021 January 30, 2021 May 2, 2020 Accrued interest $ 14,003 $ 7,684 $ 3,191 Accrued personnel costs 60,830 113,032 20,155 Accrued professional fees 3,453 2,547 2,363 Accrued sales and use tax 29,493 14,980 21,514 Accrued self-insurance 14,125 13,471 13,463 Deferred revenue - gift cards and other 66,309 76,778 61,361 Income taxes payable 45,087 23,730 5,481 Interest rate swaps — — 8,912 Property taxes 24,798 16,978 26,537 Sales return allowance 6,100 5,800 4,300 Other 23,394 16,351 20,459 Accrued expenses and other current liabilities $ 287,592 $ 291,351 $ 187,736
Schedule of Other Current Liabilities	Accrued expenses and other current liabilities consist of the following (amounts in thousands) as of: May 1, 2021 January 30, 2021 May 2, 2020 Accrued interest $ 14,003 $ 7,684 $ 3,191 Accrued personnel costs 60,830 113,032 20,155 Accrued professional fees 3,453 2,547 2,363 Accrued sales and use tax 29,493 14,980 21,514 Accrued self-insurance 14,125 13,471 13,463 Deferred revenue - gift cards and other 66,309 76,778 61,361 Income taxes payable 45,087 23,730 5,481 Interest rate swaps — — 8,912 Property taxes 24,798 16,978 26,537 Sales return allowance 6,100 5,800 4,300 Other 23,394 16,351 20,459 Accrued expenses and other current liabilities $ 287,592 $ 291,351 $ 187,736

Equity and Share-Based Compen_2

Equity and Share-Based Compensation (Tables)	3 Months Ended
	May 01, 2021
Share-based Payment Arrangement [Abstract]
Assumptions and Grant Date Fair Values for Options Granted	The following table presents the assumptions and grant date fair values for Service Options granted in the thirteen weeks ended May 1, 2021: Expected life in years 6.18 Expected volatility 44 % Weighted-average volatility 44 % Risk-free interest rate 1.16% to 1.22% Dividend yield —
Units Granted	The following table presents the Award grants during the thirteen weeks ended May 1, 2021: Service Options Service Restricted Units Performance Restricted Units Number of shares 889,989 157,649 190,708 Weighted average grant date fair value per Award $ 11.74 $ 26.97 $ 26.99 Weighted average exercise price per Award $ 26.99 N/A N/A
Unrecognized Compensation Cost	The following table presents the unrecognized compensation cost as of May 1, 2021: Service Options Performance Unit Options Service Restricted Units Liquidity Event Restricted Units Performance Restricted Units Remaining expense $ 24,583,043 $ 498,614 $ 4,170,078 $ 11,069,761 $ 5,003,780 Weighted average life remaining in years 3.0 1.8 3.7 1.6 3.7

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
	May 01, 2021
Earnings Per Share [Abstract]
Earnings per Common Share	Basic and diluted weighted average common shares outstanding and basic and diluted earnings per common share are calculated as follows (amounts in thousands except per share amounts): Thirteen Weeks Ended May 1, 2021 May 2, 2020 Net income (loss) $ 177,796 $ (10,020) Weighted average common shares outstanding - basic (1) 92,088 72,474 Dilutive effect of Service Restricted Units and Service Restricted Stock Units (1) — — Dilutive effect of Performance Restricted Stock Units and Liquidity Event Restricted Units (1) 910 — Dilutive effect of Service Options (1) 2,095 — Dilutive effect of Performance Unit Options and Performance Stock Options (1) 1,379 — Dilutive effect of ESPP shares — — Weighted average common shares outstanding - diluted (1) 96,472 72,474 Earnings per common share - basic $ 1.93 $ (0.14) Earnings per common share - diluted $ 1.84 $ (0.14) Anti-dilutive stock-based awards excluded from diluted calculation (1) 303 9,447 (1) See Retrospective Presentation of Ownership Exchange in Note 2.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	May 01, 2021
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities	The table below reflects the allocation of the deferred tax liability previously reflected for “Investment in NAHC” to the underlying assets and liabilities of the business based on the estimated fair value as of January 31, 2021 (amounts in thousands): January 30, 2021 Effect of Change January 31, 2021 Deferred tax assets: Accounts receivable $ — $ 274 $ 274 Accrued liabilities and reserves — 37,760 37,760 Equity compensation — 22,854 22,854 Other — — — Total deferred tax assets — 60,888 60,888 Deferred tax liabilities: Investment in NAHC (138,358) 138,358 — Inventory — (17,387) (17,387) Prepaid items — (4,124) (4,124) Property and equipment — (11,531) (11,531) Intangible assets — (166,204) (166,204) Other (345) — (345) Total deferred tax liabilities (138,703) (60,888) (199,591) Total net deferred tax liabilities $ (138,703) $ — $ (138,703)

Nature of Operations (Details)

Nature of Operations (Details)	Jan. 27, 2021USD ($)$ / sharesshares	Nov. 03, 2020USD ($)$ / sharesshares	Oct. 06, 2020USD ($)$ / sharesshares	May 01, 2021locationdistributionCenterstate$ / shares	Jan. 30, 2021$ / shares
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of retail locations | location				259
Number of states | state				16
Number of distribution centers | distributionCenter				3
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01	$ 0.01	$ 0.01
Stock issuance costs | $			$ 6,100,000
Conversion ratio			3.15
Majority Shareholder
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock issuance costs | $			$ 2,700,000
IPO
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares issued in transaction (in shares) | shares			15,625,000
Price per share (in dollars per share) | $ / shares			$ 12.22
Offering price, net of underwriting discounts (in dollars per share) | $ / shares			$ 13
Net proceeds from sale of stock | $			$ 184,900,000
Over-Allotment Option
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares issued in transaction (in shares) | shares	1,800,000	1,807,495	2,343,750
Price per share (in dollars per share) | $ / shares		$ 12.22
Offering price, net of underwriting discounts (in dollars per share) | $ / shares		$ 13
Net proceeds from sale of stock | $		$ 22,100,000
Period to purchase additional shares	30 days
Over-Allotment Option | Majority Shareholder
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock issuance costs | $		$ 300,000
Secondary Offering
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares issued in transaction (in shares) | shares	12,000,000
Price per share (in dollars per share) | $ / shares	$ 20.69375
Net proceeds from sale of stock | $	$ 0
KKR
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest				44.60%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	Oct. 06, 2020$ / shares	May 01, 2021$ / sharesshares	Jan. 30, 2021$ / sharesshares	Nov. 03, 2020$ / shares
Accounting Policies [Abstract]
Conversion ratio	3.15
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common stock, authorized (in shares) | shares		300,000,000	300,000,000

Net Sales - Disaggregation of R

Net Sales - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Disaggregation of Revenue [Line Items]
Net Sales	$ 1,580,333	$ 1,136,301
Customer Concentration Risk | Revenue from Contract with Customer Benchmark | E-Commerce
Disaggregation of Revenue [Line Items]
Percentage of sales	7.40%	13.10%
Outdoors
Disaggregation of Revenue [Line Items]
Net Sales	$ 485,661	$ 428,744
Sports and recreation
Disaggregation of Revenue [Line Items]
Net Sales	402,424	294,887
Apparel
Disaggregation of Revenue [Line Items]
Net Sales	375,757	208,573
Footwear
Disaggregation of Revenue [Line Items]
Net Sales	310,447	196,425
Total Merchandise
Disaggregation of Revenue [Line Items]
Net Sales	1,574,289	1,128,629
Other sales
Disaggregation of Revenue [Line Items]
Net Sales	$ 6,044	$ 7,672

Net Sales - Gift Card Liability

Net Sales - Gift Card Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Change in Contract with Customer, Liability [Roll Forward]
Gift card liability, beginning balance	$ 74,253	$ 67,993
Issued	18,442	11,606
Gift card liability, ending balance	63,242	57,786
Redeemed
Change in Contract with Customer, Liability [Roll Forward]
Redeemed and recognized as breakage income	(28,490)	(21,010)
Recognized as breakage income
Change in Contract with Customer, Liability [Roll Forward]
Redeemed and recognized as breakage income	$ (963)	$ (803)

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Nov. 06, 2020	May 01, 2021	May 02, 2020	Jan. 30, 2021	May 22, 2018
Debt Instrument [Line Items]
Total debt		$ 799,000	$ 1,964,432	$ 800,000
Less current maturities		(4,000)	(34,116)	(4,000)
Less unamortized discount on Term Loan		(3,714)	(2,321)	(3,861)
Less deferred loan costs		(10,251)	(3,354)	(10,650)
Long-term debt, net		781,035	1,924,641	781,489
Amortization of terminated interest rate swaps, deferred loan and other costs		2,030	919
Repayments of term loan	$ 1,431,400	1,000	4,563
Secured Debt | Term Loan Facility
Debt Instrument [Line Items]
Total debt		399,000	1,464,432	400,000
Senior Notes | 2020 Senior Secured Notes
Debt Instrument [Line Items]
Total debt		400,000	0	400,000
Less deferred loan costs	(5,200)
Revolving Credit Facility | Senior Secured Asset-Based Revolving Credit Facility
Debt Instrument [Line Items]
Total debt		0	500,000	0
Revolving Credit Facility | Line of Credit | Senior Secured Asset-Based Revolving Credit Facility
Debt Instrument [Line Items]
Less deferred loan costs	$ (3,100)				$ (2,800)
Amortization of terminated interest rate swaps, deferred loan and other costs		700	600
Accretion of original discount		100	300
Revolving Credit Facility | Line of Credit | Senior Secured Asset-Based Revolving Credit Facility | Other noncurrent assets
Debt Instrument [Line Items]
Less deferred loan costs		$ (5,200)	$ (3,200)	$ (5,500)

Long-Term Debt - Term Loan (Det

Long-Term Debt - Term Loan (Details) - USD ($)	May 25, 2021	Nov. 06, 2020	Jul. 02, 2015	May 01, 2021	Jan. 30, 2021	May 02, 2020	May 22, 2018
Debt Instrument [Line Items]
Debt discount				$ 3,714,000	$ 3,861,000	$ 2,321,000
Deferred loan costs				$ 10,251,000	$ 10,650,000	$ 3,354,000
Secured Debt | 2015 Term Loan Facility
Debt Instrument [Line Items]
Debt term			7 years
Debt face amount			$ 1,800,000,000
Proceeds from Term Loan, net of discount			1,800,000,000
Debt discount			9,100,000
Quarterly principal payments			$ 4,600,000
Secured Debt | 2015 Term Loan Facility | LIBOR Rate | Variable Rate Component, One
Debt Instrument [Line Items]
Interest rate floor			1.00%
Basis spread on variable rate			4.00%
Secured Debt | 2015 Term Loan Facility | LIBOR Rate | Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Secured Debt | 2015 Term Loan Facility | Federal funds rate | Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Secured Debt | 2015 Term Loan Facility | Base Rate | Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate			3.00%
Secured Debt | 2020 Term Loan Facility
Debt Instrument [Line Items]
Debt face amount		$ 400,000,000
Quarterly principal payments		1,000,000
Weighted average interest rate				5.75%
Deferred loan costs		$ 5,800,000
Secured Debt | 2020 Term Loan Facility | Subsequent Event
Debt Instrument [Line Items]
Repayment of debt	$ 99,000,000
Secured Debt | 2020 Term Loan Facility | LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate				5.00%
Secured Debt | 2020 Term Loan Facility | LIBOR Rate | Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	3.75%
Secured Debt | 2020 Term Loan Facility | LIBOR Rate | Variable Rate Component, One
Debt Instrument [Line Items]
Interest rate floor		0.75%
Basis spread on variable rate		5.00%
Secured Debt | 2020 Term Loan Facility | LIBOR Rate | Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Secured Debt | 2020 Term Loan Facility | Federal funds rate | Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Secured Debt | 2020 Term Loan Facility | Base Rate | Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate		4.00%
Line of Credit | Senior Secured Asset-Based Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Debt term			5 years
Maximum borrowing capacity			$ 650,000,000				$ 1,000,000,000
Deferred loan costs		$ 3,100,000					$ 2,800,000
Line of Credit | Senior Secured Asset-Based Revolving Credit Facility | Revolving Credit Facility | LIBOR Rate | Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Line of Credit | Senior Secured Asset-Based Revolving Credit Facility | Revolving Credit Facility | Federal funds rate | Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%

Long-Term Debt - Notes (Details

Long-Term Debt - Notes (Details) - USD ($)	Nov. 06, 2020	May 01, 2021	Jan. 30, 2021	May 02, 2020
Debt Instrument [Line Items]
Deferred loan costs		$ 10,251,000	$ 10,650,000	$ 3,354,000
2020 Senior Secured Notes | Senior Notes
Debt Instrument [Line Items]
Debt face amount	$ 400,000,000
Interest rate, stated percentage	6.00%
Deferred loan costs	$ 5,200,000
2020 Senior Secured Notes | Senior Notes | Debt Instrument, Redemption Option One
Debt Instrument [Line Items]
Redemption price, percentage	100.00%
2020 Senior Secured Notes | Senior Notes | Debt Instrument, Redemption Option Two
Debt Instrument [Line Items]
Redemption price, percentage	106.00%
Redemption price, percentage of principal amount redeemed	40.00%

Long-Term Debt - ABL Facility,

Long-Term Debt - ABL Facility, Capitalized Interest (Details) - USD ($)	May 22, 2018	Jul. 02, 2015	May 01, 2021	May 02, 2020	Jan. 30, 2021	Nov. 06, 2020
Debt Instrument [Line Items]
Deferred loan costs			$ 10,251,000	$ 3,354,000	$ 10,650,000
Outstanding letters of credit			17,200,000
Capitalized interest			100,000	$ 100,000
Revolving Credit Facility | Line of Credit | Senior Secured Asset-Based Revolving Credit Facility
Debt Instrument [Line Items]
Debt term		5 years
Maximum borrowing capacity	$ 1,000,000,000	$ 650,000,000
Deferred loan costs	2,800,000					$ 3,100,000
Write off of deferred loan costs	$ 100,000
Springing maturity clause period	91 days
Borrowings outstanding			0
Remaining borrowing capacity			819,400,000
Unused commitment fee, percentage		0.25%
Revolving Credit Facility | Line of Credit | LIBOR Rate | Senior Secured Asset-Based Revolving Credit Facility | Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Revolving Credit Facility | Line of Credit | LIBOR Rate | Minimum | Senior Secured Asset-Based Revolving Credit Facility | Variable Rate Component, One
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Revolving Credit Facility | Line of Credit | LIBOR Rate | Maximum | Senior Secured Asset-Based Revolving Credit Facility | Variable Rate Component, One
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
Revolving Credit Facility | Line of Credit | Federal funds rate | Senior Secured Asset-Based Revolving Credit Facility | Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Revolving Credit Facility | Line of Credit | Base Rate | Minimum | Senior Secured Asset-Based Revolving Credit Facility | Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate		0.25%
Revolving Credit Facility | Line of Credit | Base Rate | Maximum | Senior Secured Asset-Based Revolving Credit Facility | Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate		0.75%
Letter of Credit | Line of Credit | Senior Secured Asset-Based Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding letters of credit			$ 13,600,000

Derivative Financial Instrume_3

Derivative Financial Instruments - Fair Value of Interest Rate Swaps (Details) $ in Thousands	Jan. 19, 2021USD ($)swap	May 01, 2021USD ($)	Jan. 30, 2021USD ($)	May 02, 2020USD ($)
Designated as Hedging Instrument
Derivative [Line Items]
Total derivatives designated as hedging instruments net liability		$ 0	$ 0	$ (10,647)
Interest rate swaps
Derivative [Line Items]
Number of interest rate swaps settled | swap	3
Derivatives settled	$ 4,100
Interest rate swaps | Other current assets | Designated as Hedging Instrument
Derivative [Line Items]
Assets		0	0	0
Interest rate swaps | Other noncurrent assets | Designated as Hedging Instrument
Derivative [Line Items]
Assets		0	0	0
Interest rate swaps | Accrued expenses and other current liabilities | Designated as Hedging Instrument
Derivative [Line Items]
Liabilities		0	0	8,912
Interest rate swaps | Other long-term liabilities | Designated as Hedging Instrument
Derivative [Line Items]
Liabilities		$ 0	$ 0	$ 1,735

Derivative Financial Instrume_4

Derivative Financial Instruments - Impact of Gains and Losses Related to Interest Rate Swaps (Details) - USD ($) $ in Thousands		3 Months Ended
		May 01, 2021	May 02, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity, beginning balance	[1]	$ 1,111,983
Partners' Equity, beginning balance			$ 988,219
Loss deferred into AOCI (net of tax impact of $0 and $0, respectively)			(4,434)
Recognized interest expense on interest rate swaps		926	1,893
Stockholders' Equity, ending balance	[1]	1,313,875
Partners' Equity, ending balance	[1]		977,571
Increase (decrease) to interest expense, tax		270
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' Equity, beginning balance		(3,324)
Partners' Equity, beginning balance			(8,066)
Loss deferred into AOCI (net of tax impact of $0 and $0, respectively)			(4,434)
Recognized interest expense on interest rate swaps		926	1,893
Stockholders' Equity, ending balance		(2,398)
Partners' Equity, ending balance			(10,607)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Loss deferred into AOCI (net of tax impact of $0 and $0, respectively)		0	(4,434)
Recognized interest expense on interest rate swaps		$ 926	$ 1,893
[1]	(1) See Retrospective Presentation of Ownership Exchange in Note 2.

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Hierarchy (Details) - Level 2 - USD ($) $ in Thousands	May 01, 2021	Jan. 30, 2021	May 02, 2020
Assets
Interest rate swap	$ 0	$ 0	$ 0
Liabilities
Interest rate swap	$ 0	$ 0	$ 10,647

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	May 01, 2021	Jan. 30, 2021	May 02, 2020
2015 Term Loan Facility | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Borrowings, fair value	$ 800	$ 800	$ 900
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 476	$ 284	$ 662

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020	Jan. 30, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,359,336	$ 1,313,393	$ 1,346,658
Accumulated depreciation and amortization	(993,331)	(894,917)	(968,398)
Property and equipment, net	366,005	418,476	378,260
Depreciation expense	25,300	27,400
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	443,513	433,981	438,287
Equipment and software
Property, Plant and Equipment [Line Items]
Total property and equipment	565,873	539,357	561,333
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	322,326	316,295	319,764
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	23,926	20,062	23,575
Land
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 3,698	$ 3,698	$ 3,699

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	May 01, 2021	Jan. 30, 2021	May 02, 2020
Payables and Accruals [Abstract]
Accrued interest	$ 14,003	$ 7,684	$ 3,191
Accrued personnel costs	60,830	113,032	20,155
Accrued professional fees	3,453	2,547	2,363
Accrued sales and use tax	29,493	14,980	21,514
Accrued self-insurance	14,125	13,471	13,463
Deferred revenue - gift cards and other	66,309	76,778	61,361
Income taxes payable	45,087	23,730	5,481
Interest rate swaps	0	0	8,912
Property taxes	24,798	16,978	26,537
Sales return allowance	6,100	5,800	4,300
Other	23,394	16,351	20,459
Accrued expenses and other current liabilities	$ 287,592	$ 291,351	$ 187,736

Equity and Share-Based Compen_3

Equity and Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	May 05, 2021	Aug. 28, 2020	May 01, 2021	May 02, 2020	Oct. 01, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation expense			$ 5,900	$ 2,100
Equity compensation			5,874	2,109
Share-Based Award Payments			2,993	$ 0
Distribution		$ 257,000
Distributions to unitholders (in dollars per share)		$ 1.1257
Distributions to unitholders after conversion (in dollars per share)		$ 3.5460
Cash used for distributions		$ 248,000
Share-based award payments payable			$ 8,200
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation expense	$ 8,200
Equity compensation	24,900
Share-Based Award Payments	$ 15,400
KKR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ownership interest			44.60%
KKR | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ownership interest	31.30%
Exercise Price Range, One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price reduction, after conversion (in dollars per share)		$ 0.89
Unit options after conversion (in shares)		3,107,301
Exercise Price Range, Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price reduction, after conversion (in dollars per share)		$ 3.53
Unit options after conversion (in shares)		554,474
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted units, granted (in shares)		159,362
Unit Options And Restricted Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation expense			$ 24,000
Unit Options | Exercise Price Range, One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price reduction (in dollars per share)		$ 0.28
Unit options (in shares)		9,788,000
Unit Options | Exercise Price Range, Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price reduction (in dollars per share)		$ 1.12
Unit options (in shares)		1,746,594
Liquidity Event Restricted Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted units, granted (in shares)		50,590
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized for grant (in shares)			2,000,000
Issued (in shares)			0
Outstanding (in shares)			0
Percent of eligible earnings			15.00%
Purchase discount percent			15.00%
Offering period			6 months
Number of additional shares allowable under the plan (in shares)			1,000,000
Percent of outstanding shares			2.00%
2020 Share Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)					5,150,000
Available for grant (in shares)			3,707,752
Authorized for grant (in shares)			3,707,752

Equity and Share-Based Compen_4

Equity and Share-Based Compensation - Assumptions and Grant Date Fair Values for Options Granted (Details) - Service Options	3 Months Ended
	May 01, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life in years	6 years 2 months 4 days
Expected volatility	44.00%
Weighted-average volatility	44.00%
Risk-free interest rate, minimum	1.16%
Risk-free interest rate, maximum	1.22%
Dividend yield	0.00%

Equity and Share-Based Compen_5

Equity and Share-Based Compensation - Units Granted (Details)	3 Months Ended
	May 01, 2021$ / sharesshares
Service Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, granted (in shares) | shares	889,989
Options, weighted average grant date fair value (in usd per share)	$ 11.74
Options, weighted average exercise price (in usd per share)	$ 26.99
Service Restricted Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted units, granted (in shares) | shares	157,649
Restricted units, weighted average grant date fair value (in usd per share)	$ 26.97
Performance Restricted Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted units, granted (in shares) | shares	190,708
Restricted units, weighted average grant date fair value (in usd per share)	$ 26.99

Equity and Share-Based Compen_6

Equity and Share-Based Compensation - Unrecognized Compensation Cost (Details)	3 Months Ended
	May 01, 2021USD ($)
Service Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining expense, options	$ 24,583,043
Weighted average life remaining in years	3 years
Performance Unit Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining expense, options	$ 498,614
Weighted average life remaining in years	1 year 9 months 18 days
Service Restricted Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining expense, restricted units	$ 4,170,078
Weighted average life remaining in years	3 years 8 months 12 days
Liquidity Event Restricted Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining expense, restricted units	$ 11,069,761
Weighted average life remaining in years	1 year 7 months 6 days
Performance Restricted Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining expense, restricted units	$ 5,003,780
Weighted average life remaining in years	3 years 8 months 12 days

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		May 01, 2021	May 02, 2020
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss)		$ 177,796	$ (10,020)
Weighted average common shares outstanding - basic (in shares)	[1]	92,088	72,474
Weighted average common shares outstanding - diluted (in shares)	[1]	96,472	72,474
Earnings per common share - basic (in usd per share)	[1]	$ 1.93	$ (0.14)
Earnings per common share - diluted (in usd per share)	[1]	$ 1.84	$ (0.14)
Anti-dilutive stock-based awards excluded from diluted calculation (in shares)		303	9,447
Service Restricted Units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect of stock-based awards (in shares)		0	0
Performance Restricted Units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect of stock-based awards (in shares)		910	0
Service Options
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect of stock-based awards (in shares)		2,095	0
Performance Unit Options
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect of stock-based awards (in shares)		1,379	0
ESPP
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect of stock-based awards (in shares)		0	0
[1]	(1) See Retrospective Presentation of Ownership Exchange in Note 2.

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Jan. 30, 2021
Deferred tax assets:
Accounts receivable	$ 274
Accrued liabilities and reserves	37,760
Equity compensation	22,854
Other	0
Total deferred tax assets	60,888
Deferred tax liabilities:
Investment in NAHC	0
Inventory	(17,387)
Prepaid items	(4,124)
Property and equipment	(11,531)
Intangible assets	(166,204)
Other	(345)
Total deferred tax liabilities	(199,591)
Total net deferred tax liabilities	(138,703)
Previously Reported
Deferred tax assets:
Accounts receivable		$ 0
Accrued liabilities and reserves		0
Equity compensation		0
Other		0
Total deferred tax assets		0
Deferred tax liabilities:
Investment in NAHC		(138,358)
Inventory		0
Prepaid items		0
Property and equipment		0
Intangible assets		0
Other		(345)
Total deferred tax liabilities		(138,703)
Total net deferred tax liabilities		$ (138,703)
Revision of Prior Period, Adjustment
Deferred tax assets:
Accounts receivable	274
Accrued liabilities and reserves	37,760
Equity compensation	22,854
Other	0
Total deferred tax assets	60,888
Deferred tax liabilities:
Investment in NAHC	138,358
Inventory	(17,387)
Prepaid items	(4,124)
Property and equipment	(11,531)
Intangible assets	(166,204)
Other	0
Total deferred tax liabilities	(60,888)
Total net deferred tax liabilities	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 47,126	$ 513
Total current tax expense	22,000
Deferred income taxes	$ 25,064	$ (31)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Aug. 28, 2020	Apr. 10, 2019	Apr. 05, 2018	Aug. 03, 2011	May 02, 2020
Related Party Transaction [Line Items]
Distribution	$ 257,000,000
Monitoring Agreement, advisory fees
Related Party Transaction [Line Items]
Related party expense					$ 900,000
Majority Shareholder | Monitoring Agreement, advisory fees
Related Party Transaction [Line Items]
Annual advisory fee increase				5.00%
Management
Related Party Transaction [Line Items]
Repurchase of Redeemable Membership Units					$ 37,000
Member
Related Party Transaction [Line Items]
Interest rate		2.50%
Notes receivable from member	$ 8,500,000
Member | Related Party, Notes Receivable
Related Party Transaction [Line Items]
Note receivable issued to member		$ 4,000,000	$ 4,100,000
Interest rate			2.10%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
	May 01, 2021USD ($)
Technology Related Commitments And Other
Long-term Purchase Commitment [Line Items]
Contractual commitment obligations	$ 21.2
Contractual commitment obligations, payable in next 12 months	9.4
Sponsorship Agreement And Intellectual Property Commitments
Long-term Purchase Commitment [Line Items]
Contractual commitment obligations	9.6
Contractual commitment obligations, payable in next 12 months	$ 5.5
Minimum | Sponsorship Agreement And Intellectual Property Commitments
Long-term Purchase Commitment [Line Items]
Agreement term	1 year
Maximum | Sponsorship Agreement And Intellectual Property Commitments
Long-term Purchase Commitment [Line Items]
Agreement term	3 years

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	May 25, 2021	May 10, 2021	May 05, 2021	Jan. 27, 2021	Nov. 03, 2020	Oct. 06, 2020	May 01, 2021	May 02, 2020
Subsequent Event [Line Items]
Equity compensation							$ 5,874,000	$ 2,109,000
Payment of taxes on equity based compensation							2,993,000	0
Equity compensation expense							$ 5,900,000	$ 2,100,000
2020 Term Loan Facility | Secured Debt | LIBOR Rate
Subsequent Event [Line Items]
Basis spread on variable rate							5.00%
KKR
Subsequent Event [Line Items]
Ownership interest							44.60%
Over-Allotment Option
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares)				1,800,000	1,807,495	2,343,750
Price per share (in dollars per share)					$ 12.22
Period to purchase additional shares				30 days
Net proceeds from sale of stock					$ 22,100,000
Subsequent Event
Subsequent Event [Line Items]
Stock repurchased and retired (in shares)			3,229,974
Equity compensation			$ 24,900,000
Payment of taxes on equity based compensation			15,400,000
Equity compensation expense			$ 8,200,000
Subsequent Event | 2020 Term Loan Facility | Secured Debt
Subsequent Event [Line Items]
Repayment of debt	$ 99,000,000
Borrowings outstanding	$ 300,000,000
Subsequent Event | 2020 Term Loan Facility | Secured Debt | LIBOR Rate
Subsequent Event [Line Items]
Basis spread on variable rate	3.75%
Subsequent Event | KKR
Subsequent Event [Line Items]
Ownership interest			31.30%
Subsequent Event | May Secondary Offering
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares)			14,000,000
Price per share (in dollars per share)			$ 30.96
Net proceeds from sale of stock		$ 0
Subsequent Event | Over-Allotment Option
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares)			2,100,000
Period to purchase additional shares			30 days