Academy Sports and Outdoors (ASO) 10-Q 11 Jun 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	May 04, 2024	Jun. 04, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 04, 2024
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		72,125,426
Entity Central Index Key	0001817358
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--02-01

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 378,145	$ 347,920	$ 295,536
Accounts receivable - less allowance for doubtful accounts of $1,817, $2,217 and $2,286, respectively	13,700	19,371	10,412
Merchandise inventories, net	1,356,811	1,194,159	1,386,457
Prepaid expenses and other current assets	68,320	83,450	34,622
Assets held for sale	0	0	1,763
Total current assets	1,816,976	1,644,900	1,728,790
PROPERTY AND EQUIPMENT, NET	456,594	445,209	365,024
RIGHT-OF-USE ASSETS	1,116,222	1,111,237	1,087,854
TRADE NAME	578,364	578,236	577,799
GOODWILL	861,920	861,920	861,920
OTHER NONCURRENT ASSETS	43,803	35,211	20,547
Total assets	4,873,879	4,676,713	4,641,934
CURRENT LIABILITIES:
Accounts payable	735,563	541,077	712,643
Accrued expenses and other current liabilities	262,048	217,932	221,388
Current lease liabilities	121,465	117,849	112,333
Current maturities of long-term debt	3,000	3,000	3,000
Total current liabilities	1,122,076	879,858	1,049,364
LONG-TERM DEBT, NET	484,084	484,551	584,093
LONG-TERM LEASE LIABILITIES	1,098,799	1,091,294	1,058,869
DEFERRED TAX LIABILITIES, NET	253,069	254,796	257,120
OTHER LONG-TERM LIABILITIES	10,330	11,564	11,526
Total liabilities	2,968,358	2,722,063	2,960,972
COMMITMENTS AND CONTINGENCIES (NOTE 10)
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value, authorized 50,000,000 shares; none issued and outstanding	0	0	0
Common stock, $0.01 par value, authorized 300,000,000 shares; 72,590,530; 74,349,927 and 76,439,594 issued and outstanding as of May 4, 2024, February 3, 2024 and April 29, 2023, respectively.	726	743	764
Additional paid-in capital	240,559	242,098	229,633
Retained earnings	1,664,236	1,711,809	1,450,565
Stockholders' equity	1,905,521	1,954,650	1,680,962
Total liabilities and stockholders' equity	$ 4,873,879	$ 4,676,713	$ 4,641,934

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,817	$ 2,217	$ 2,286
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
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, authorized (in shares)	300,000,000	300,000,000	300,000,000
Common stock, issued (in shares)	72,590,530	74,349,927	76,439,594
Common stock, outstanding (in shares)	72,590,530	74,349,927	76,439,594

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Income Statement [Abstract]
NET SALES	$ 1,364,220	$ 1,383,609
COST OF GOODS SOLD	908,427	916,494
GROSS MARGIN	455,793	467,115
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	353,410	340,919
OPERATING INCOME	102,383	126,196
INTEREST EXPENSE, NET	9,486	11,230
WRITE OFF OF DEFERRED LOAN COSTS	449	0
OTHER (INCOME), NET	(5,204)	(3,713)
INCOME BEFORE INCOME TAXES	97,652	118,679
INCOME TAX EXPENSE	21,187	24,709
NET INCOME	$ 76,465	$ 93,970
EARNINGS PER COMMON SHARE:
BASIC (in dollars per share)	$ 1.03	$ 1.22
DILUTED (in dollars per share)	$ 1.01	$ 1.19
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
BASIC (in shares)	73,993	76,862
DILUTED (in shares)	75,798	79,288

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings
Stockholders' Equity, beginning balance (in shares) at Jan. 28, 2023		76,712,000
Stockholders' Equity, beginning balance at Jan. 28, 2023	$ 1,628,306	$ 767	$ 216,209	$ 1,411,330
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	93,970			93,970
Equity compensation	$ 11,382		11,382
Repurchase of common stock for retirement (in shares)	(750,010)	(750,000)
Repurchase of common stock for retirement	$ (50,264)	$ (8)	(2,450)	(47,806)
Settlement of vested Restricted Stock Units, net of shares withheld (in shares)		93,000
Settlement of vested Restricted Stock Units, net of shares withheld	(2,469)	$ 1	(2,470)
Stock option exercises (in shares)		385,000
Stock option exercises, net of shares withheld	6,966	$ 4	6,962
Cash dividends declared	$ (6,929)			(6,929)
Stockholders' Equity, ending balance (in shares) at Apr. 29, 2023	76,439,594	76,440,000
Stockholders' Equity, ending balance at Apr. 29, 2023	$ 1,680,962	$ 764	229,633	1,450,565
Stockholders' Equity, beginning balance (in shares) at Feb. 03, 2024	74,349,927	74,350,000
Stockholders' Equity, beginning balance at Feb. 03, 2024	$ 1,954,650	$ 743	242,098	1,711,809
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	76,465			76,465
Equity compensation	$ 6,138		6,138
Repurchase of common stock for retirement (in shares)	(1,983,967)	(1,984,000)
Repurchase of common stock for retirement	$ (123,500)	$ (19)	(7,625)	(115,856)
Settlement of vested Restricted Stock Units, net of shares withheld (in shares)		98,000
Settlement of vested Restricted Stock Units, net of shares withheld	(2,797)	$ 1	(2,798)
Stock option exercises (in shares)		127,000
Stock option exercises, net of shares withheld	2,747	$ 1	2,746
Cash dividends declared	$ (8,182)			(8,182)
Stockholders' Equity, ending balance (in shares) at May. 04, 2024	72,590,530	72,591,000
Stockholders' Equity, ending balance at May. 04, 2024	$ 1,905,521	$ 726	$ 240,559	$ 1,664,236

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in dollars per share)	$ 0.11	$ 0.09

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 76,465	$ 93,970
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	28,853	26,261
Non-cash lease expense	6,137	2,165
Equity compensation	6,138	11,382
Amortization of deferred loan and other costs	624	674
Deferred income taxes	(1,726)	(1,923)
Write off of deferred loan costs	449	0
Changes in assets and liabilities:
Accounts receivable, net	5,671	6,091
Merchandise inventories, net	(162,652)	(102,940)
Prepaid expenses and other current assets	15,129	13,125
Other noncurrent assets	(3,392)	(3,215)
Accounts payable	186,475	26,776
Accrued expenses and other current liabilities	20,819	(31,673)
Income taxes payable	21,922	12,642
Other long-term liabilities	(1,235)	(1,200)
Net cash provided by operating activities	199,677	52,135
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(32,227)	(40,464)
Purchases of intangible assets	(128)	(83)
Net cash used in investing activities	(32,355)	(40,547)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Revolving Credit Facilities	3,900	0
Repayment of Revolving Credit Facilities	(3,900)	0
Repayment of Term Loan	(750)	(750)
Debt issuance fees	(5,690)	0
Proceeds from exercise of stock options	2,789	7,090
Taxes paid related to net share settlement of equity awards	(2,839)	(2,593)
Repurchase of common stock for retirement	(122,425)	(50,015)
Dividends paid	(8,182)	(6,929)
Net cash used in financing activities	(137,097)	(53,197)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	30,225	(41,609)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	347,920	337,145
CASH AND CASH EQUIVALENTS AT END OF PERIOD	378,145	295,536
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	2,767	4,696
Cash paid for income taxes	11	67
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES:
Non-cash capital expenditures	14,698	603
Right-of-use assets obtained in exchange for new operating leases	$ 39,569	$ 14,254

Nature of Operations

Nature of Operations	3 Months Ended
	May 04, 2024
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 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. All of the Company's sales and business operations occur at Academy, Ltd., and Academy, Ltd. is also the borrower and/or issuer of the Company's long-term debt and lessee of facilities. Our fiscal year represents the 52 or 53 weeks ending on the Saturday closest to January 31. The Company is a leading full-line sporting goods and outdoor recreational products retailer in the United States in terms of net sales. As of May 4, 2024, we operated 284 "Academy Sports + Outdoors" retail locations in 18 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	May 04, 2024
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 February 3, 2024, as filed with the Securities and Exchange Commission on March 21, 2024 (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 4, 2024 are not necessarily indicative of the results that will be realized for the fiscal year ending February 1, 2025 or any other period. The balance sheet as of February 3, 2024 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, New Academy Holding Company, LLC ("NAHC"), Academy Managing Co., L.L.C., Associated Investors, L.L.C., Academy, Ltd., the Company's operating company, Academy Procurement Co., LLC, 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. 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. 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 April 29, 2023 for comparability purposes. This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed. Share Repurchases On September 2, 2021, the Board of Directors of the Company authorized a share repurchase program (the "2021 Share Repurchase Program") under which the Company may purchase up to $500 million of its outstanding shares during the three-year period ending September 2, 2024. On June 2, 2022, the Board of Directors of the Company authorized a new share repurchase program (the "2022 Share Repurchase Program") under which the Company may purchase up to $600 million of its outstanding shares during the three-year period ending June 2, 2025. On November 29, 2023, the Board of Directors authorized a new share repurchase program (the "2023 Share Repurchase Program") under which the Company may purchase up to $600 million of its outstanding shares during the three-year period ending November 29, 2026. The 2023 Share Repurchase Program, the 2022 Share Repurchase Program and the 2021 Share Repurchase Program are collectively referred to as the "Share Repurchase Programs". Under the Share Repurchase Programs, repurchases can be made using a variety of methods, which may include open market purchases, block trades, privately negotiated transactions, accelerated share repurchase programs and/or a non-discretionary trading plan, all in compliance with the rules of the SEC and other applicable legal requirements. The timing, manner, price and amount of any common share repurchases under the Share Repurchase Programs are determined by the Company in its discretion and depend on a variety of factors, including legal requirements, price and economic and market conditions. The Share Repurchase Programs do not obligate the Company to acquire any particular number of common shares, and the programs may be suspended, extended, modified or discontinued at any time. The following table summarizes our share repurchases for the periods presented: Thirteen Weeks Ended May 4, 2024 April 29, 2023 Shares repurchased 1,983,967 750,010 Aggregate amount paid (amounts in millions) (1) $ 123.5 $ 50.3 (1) Includes estimated excise tax fees of $1.1 million and $0.3 million for the thirteen weeks ended May 4, 2024 and April 29, 2023, respectively. As of May 4, 2024, we no longer had availability under the 2021 Share Repurchase Program or 2022 Share Repurchase Program, and we had $574.3 million available under the 2023 Share Repurchase Program. Supplier Finance Programs We have previously entered into a supply chain financing arrangement with a third-party financial institution, whereby certain suppliers have the ability to settle outstanding payment obligations earlier than the due date required by our original supplier terms. Subsequently, we settle invoices with the financial institution within 45 days, which approximates our original supplier terms. The Company does not have an economic interest in suppliers’ voluntary participation, does not provide any guarantees or pledge assets under these arrangements, and our rights and obligations to our suppliers, including amounts due, are not impacted. Our liability associated with these arrangements, which is presented within accounts payable on the consolidated balance sheets, was $3.2 million, $7.2 million and $8.9 million as of May 4, 2024, February 3, 2024 and April 29, 2023, respectively. Recent Accounting Pronouncements Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09: Improvements to Income Tax Disclosures. This pronouncement is intended to enhance the transparency and decision usefulness of income tax disclosures and establishes new income tax disclosure requirements, including requiring disaggregation of a reporting entity’s effective tax rate reconciliation and disaggregation of the income taxes paid based on the applicable tax jurisdiction. The new guidance is effective for fiscal years beginning after December 15, 2024 and should be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its financial disclosures. Segment Reporting In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to enhance the disclosures on reportable segments. Under this pronouncement, all public entities (including those with a single reporting segment) are required to include incremental disclosures related to a public entity’s reportable segments, including disclosure of disaggregated expense information that is regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and should be adopted retrospectively. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its financial disclosures.

Net Sales

Net Sales	3 Months Ended
	May 04, 2024
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 4, 2024 April 29, 2023 Merchandise division sales (1) Outdoors $ 374,907 $ 366,321 Sports and recreation 350,588 366,300 Apparel 335,621 345,231 Footwear 292,441 296,301 Total merchandise sales (2) 1,353,557 1,374,153 Other sales (3) 10,663 9,456 Net Sales $ 1,364,220 $ 1,383,609 (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 April 29, 2023, for comparability purposes. This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed. (2) E-commerce sales consisted of 9.0% and 8.2% for the thirteen weeks ended May 4, 2024 and April 29, 2023, respectively. (3) Other sales consisted primarily of the gift card breakage income, credit card bounties and royalties, shipping income, net hunting and fishing license income, sales return allowance 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 consolidated 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 4, 2024 April 29, 2023 Gift card liability, beginning balance $ 94,155 $ 90,650 Issued 18,020 17,293 Redeemed (28,545) (28,715) Recognized as breakage income (1,361) (1,116) Gift card liability, ending balance $ 82,269 $ 78,112

Long-Term Debt

Long-Term Debt	3 Months Ended
	May 04, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Our debt consisted of the following (amounts in thousands) as of: May 4, 2024 February 3, 2024 April 29, 2023 ABL Facility, due March 2029 $ — $ — $ — Term Loan, due November 2027 91,000 91,750 194,000 Notes, due November 2027 400,000 400,000 400,000 Total debt 491,000 491,750 594,000 Less current maturities (3,000) (3,000) (3,000) Less unamortized discount on Term Loan (465) (501) (1,268) Less deferred loan costs (1) (3,451) (3,698) (5,639) Long-term debt, net $ 484,084 $ 484,551 $ 584,093 (1) Deferred loan costs are related to the Term Loan and Notes. As of May 4, 2024, February 3, 2024 and April 29, 2023, the balance in deferred loan costs related to the ABL Facility (as defined below) was approximately $7.2 million, $2.1 million and $2.9 million, respectively, and was included in other noncurrent assets on our consolidated balance sheets. Total amortization of deferred loan costs was $0.6 million for each of the thirteen weeks ended May 4, 2024 and April 29, 2023. Total expenses related to accretion of original issuance discount was $0.1 million for the thirteen weeks ended May 4, 2024 and April 29, 2023, 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. Term Loan We refer to the 2020 Term Loan and the amendments thereto collectively as the "Term Loan". On November 6, 2020, Academy, Ltd. entered into a seven-year $400.0 million senior secured term loan (the "2020 Term Loan"). 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. Under the Amendment, the Term Loan bore interest, at Academy, Ltd.'s election, at either (1) LIBOR rate with a floor of 0.75%, plus a margin of 3.75%, 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%. On May 17, 2023, Academy, Ltd. entered into a Conforming Changes 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 and the several lenders party thereto and the several other parties named therein, which updated the Term Loan benchmark base interest rate from LIBOR to Adjusted Term SOFR (as defined in the Conforming Changes Amendment to the Second Amended and Restated Credit Agreement). The transition of our Term Loan to Adjusted Term SOFR became effective on August 1, 2023. Borrowings under the Term Loan bear interest, at our election, at either (1) Adjusted Term SOFR with a floor of 0.75% rate plus a margin of 3.75% or (2) a base rate equal to the highest of (a) the federal funds rate plus 0.50%, (b) the U.S. "prime rate" announced by the administrative agent, or (c) the one-month Adjusted Term SOFR with a floor of 0.75% rate, plus a margin of 3.75%. Quarterly principal payments of $750 thousand are required through September 30, 2027 and borrowings mature on November 6, 2027. As of May 4, 2024, the weighted average interest rate was 9.19%, with interest payable monthly. The terms and conditions of the Term Loan also require that the outstanding balance under the Term Loan is prepaid under certain circumstances. As of May 4, 2024, no prepayment was due under the terms and conditions of the Term Loan. 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 require cash interest payments semi-annually in arrears on May 15 and November 15 of each year at a rate of 6.00% per year. ABL Facility We refer to the 2020 ABL Facility and the amendments thereto collectively as the "ABL Facility". On November 6, 2020, Academy, Ltd., as borrower, and the guarantors, amended the previously existing secured asset-based revolving credit facility by entering into an amendment to the First Amended and Restated ABL Credit Agreement, dated as of November 6, 2020, with JPMorgan Chase Bank, N.A. as the administrative agent and collateral agent, letter of credit issuer and swingline lender 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"). On March 30, 2023, Academy, Ltd., as borrower, and the guarantors, amended the 2020 ABL Facility by entering into an amendment to the First Amended and Restated ABL Credit Agreement, dated as of July 2, 2015, with JP Morgan Chase Bank, N.A. as the ABL Agent and the several lenders party thereto, which ABL amendment updated its benchmark base interest rate from LIBOR to Adjusted Term SOFR. On March 8, 2024, Academy, Ltd., as borrower, and New Academy Holding Company, LLC, Associated Investors, L.L.C. and Academy Managing Co., L.L.C., as guarantors, entered into an amendment (the “ABL 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, and the several lenders party thereto, which ABL Amendment, among other things, extended the maturity of Academy’s asset-based revolving credit facility (the “ABL Credit Facility”) to March 8, 2029, unless (i) more than $100 million of the aggregate principal amount of the Notes or the Term Loan, or any refinancing thereof, in each case, is outstanding on the date that is 91 days prior to the earliest maturity date of any such indebtedness or (ii) equal to or less than $100 million of the aggregate principal amount of the Notes or the Term Loan, in either case, is outstanding on the date that is 91 days prior to the earliest maturity date of any such indebtedness and a Reserve (as defined in the ABL Amendment) in the ABL Credit Facility has not been taken for such amount, then the maturity date of the ABL Credit Facility will be the date that is 91 days earlier than the earlier maturity date of the Notes and the Term Loan. 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 4, 2024, we had outstanding letters of credit of approximately $11.6 million, all of which were issued under the ABL Facility, and we had no borrowings outstanding under the ABL Facility, leaving an available borrowing capacity under the ABL Facility of $981.2 million. Borrowings under the ABL Facility bear interest, at our election, at either (1) Adjusted Term SOFR 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 Adjusted Term SOFR 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 4, 2024, no future prepayments of outstanding loans have been triggered under the terms and conditions of the ABL Facility. In connection with the reduction of two lenders who dropped out of the ABL Facility, the Company wrote off $0.4 million of deferred loan costs related to the ABL Facility. Covenants . The ABL Facility, Term Loan and Notes agreements contain covenants, including, among other things, covenants that may 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 4, 2024.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	May 04, 2024
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. 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 4, 2024, February 3, 2024 and April 29, 2023, we held $324.0 million, $303.4 million and $42.3 million in money market funds, respectively. The fair value of the Term Loan and Notes is estimated using a discounted cash flow analysis based on quoted market prices for the instrument in an inactive market and is therefore classified as Level 2 within the fair value hierarchy. As of May 4, 2024, February 3, 2024, and April 29, 2023, the estimated fair value of the Term Loan and Notes was $0.5 billion, $0.5 billion and $0.6 billion, respectively. As borrowings on the ABL Facility are generally repaid in less than 12 months, we believe that fair value approximates the carrying value.

Property and Equipment

Property and Equipment	3 Months Ended
	May 04, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consists of the following (amounts in thousands) as of: May 4, 2024 February 3, 2024 April 29, 2023 Leasehold improvements $ 589,714 $ 571,785 $ 491,112 Equipment and software 703,039 688,143 648,142 Furniture and fixtures 402,803 398,415 364,619 Construction in progress 41,591 38,873 43,074 Building and Land 14,919 14,919 3,698 Total property and equipment 1,752,066 1,712,135 1,550,645 Accumulated depreciation and amortization (1,295,472) (1,266,926) (1,185,621) Property and equipment, net $ 456,594 $ 445,209 $ 365,024 Depreciation expense was $28.9 million and $26.3 million in the thirteen weeks ended May 4, 2024 and April 29, 2023, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	May 04, 2024
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 4, 2024 February 3, 2024 April 29, 2023 Accrued interest $ 13,006 $ 6,717 $ 13,197 Accrued personnel costs 44,384 30,899 27,452 Accrued professional fees 1,964 1,818 1,853 Accrued sales and use tax 18,083 14,828 12,705 Accrued self-insurance 16,002 15,269 15,954 Deferred revenue - gift cards and other 84,725 96,688 80,405 Income taxes payable 31,234 9,313 18,837 Property taxes 23,657 14,239 24,341 Sales return allowance 5,200 6,400 5,700 Other 23,793 21,761 20,944 Accrued expenses and other current liabilities $ 262,048 $ 217,932 $ 221,388

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	May 04, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	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 2020 Omnibus 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 "Stock Option") and restricted units that may settle in ASO, Inc. common stock (each, a "Restricted Stock Unit") to our directors, executives and eligible employees of the Company. Awards granted under the 2020 Omnibus Incentive Plan consist of Stock Options that vest upon the satisfaction of time-based requirements (each, a "Service Option"), 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 time and performance and/or market based requirements (each, a "Performance Restricted Stock Unit"). The plan reserved a total of 5,150,000 shares of common stock for issuance. On June 1, 2023, our stockholders approved the First Amendment to the 2020 Omnibus Incentive Plan, which, among other changes, increased the number of shares available for issuance thereunder by 2,600,000 shares. As of May 4, 2024, there were 4,132,613 shares that were authorized and available for future issuance under the 2020 Omnibus Incentive Plan. On September 29, 2020, the ASO, Inc. Board of Directors adopted the 2020 Employee Stock Purchase Plan (the "ESPP"), which became effective on October 1, 2020. We have reserved a total of 2,000,000 shares under the ESPP and as of May 4, 2024, there were 1,593,760 shares authorized and available for future issuance under the ESPP. Equity compensation expense was $6.1 million and $11.4 million for the thirteen weeks ended May 4, 2024 and April 29, 2023, respectively. These costs are included in selling, general and administrative expenses in the consolidated statements of income. For all Awards granted in 2023 and 2024, for team members that meet the age and service requirement for retirement eligibility (as defined in the award agreement), such Awards do not require the continued employment of the team member for vesting eligibility. In such cases, expensing of Awards is accelerated through the retirement eligibility date. The following table presents the Award grants during the thirteen weeks ended May 4, 2024: Service Restricted Stock Units Performance Restricted Stock Units Number of shares 346,418 129,041 Weighted average grant date fair value per Award $ 64.94 $ 65.48 Weighted average exercise price per Award N/A N/A The following table presents the unrecognized compensation cost as of May 4, 2024: Service Options Service Restricted Stock Units Performance Restricted Stock Units Remaining expense $ 7,123,633 $ 33,693,705 $ 9,227,029 Weighted average life remaining in years 1.7 2.3 2.6

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	May 04, 2024
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 4, 2024 April 29, 2023 Net income $ 76,465 $ 93,970 Weighted average common shares outstanding - basic 73,993 76,862 Dilutive effect of Service Restricted Units and Service Restricted Stock Units 244 247 Dilutive effect of Performance Restricted Stock Units and Liquidity Event Restricted Units 128 186 Dilutive effect of Service Options 1,342 1,841 Dilutive effect of Performance Unit Options 91 152 Dilutive effect of ESPP Shares — — Weighted average common shares outstanding - diluted 75,798 79,288 Earnings per common share - basic $ 1.03 $ 1.22 Earnings per common share - diluted $ 1.01 $ 1.19 Anti-dilutive stock-based awards excluded from diluted calculation 4 64

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	May 04, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Technology Related and Other Commitments As of May 4, 2024, we have obligations under technology-related, construction and other contractual commitments in the amount of $95.0 million. Of such commitments, approximately $69.0 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 against us, 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 consolidated 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, defenses, 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. In addition, government agencies and self-regulatory organizations have the ability to conduct periodic examinations of and administrative proceedings regarding our business. In May and December 2023, U.S. Customs and Border Protection (the "CBP") notified us we owed additional duties relating to certain products that we imported from China that CBP believes are subject to certain anti-dumping and/or countervailing duties. We do not believe that these products are subject to such duties and are contesting CBP’s determination vigorously. While we contest CBP’s determination, we were required to deposit with CBP an amount of duties relating to these products, which are included in prepaid expenses and other current assets on the Company’s consolidated balance sheet while this matter is pending. We anticipate that this matter will be resolved without a material adverse effect on our financial position, results of operations or cash flows. However, the ultimate outcome of this matter cannot be determined at this time, and we cannot assure you that we will be successful in contesting CBP's determination or that we will not need to accrue or pay additional amounts in the future. There have been no material developments during the fiscal quarter ended May 4, 2024, with respect to any of the matters discussed under the heading "Legal Proceedings" in the Annual Report. We are not currently party to any other legal proceedings that we believe would have a material adverse effect 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 04, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Our management evaluated events or transactions that occurred after May 4, 2024 through June 11, 2024, the issuance date of the consolidated financial statements, and identified the following matters to report: On June 6, 2024, the Company's Board of Directors declared a quarterly cash dividend with respect to the fiscal quarter ended May 4, 2024, of $0.11 per share of the Company's common stock, payable on July 18, 2024, to stockholders of record as of the close of business on June 20, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Pay vs Performance Disclosure
Net income	$ 76,465	$ 93,970

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	May 04, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	May 04, 2024
Accounting Policies [Abstract]
Basis of Presentation	These unaudited condensed consolidated financial statements include the accounts of ASO, Inc. and its subsidiaries, New Academy Holding Company, LLC ("NAHC"), Academy Managing Co., L.L.C., Associated Investors, L.L.C., Academy, Ltd., the Company's operating company, Academy Procurement Co., LLC, and Academy International Limited. NAHC, Academy Managing Co., LLC, and Associated Investors, LLC are intermediate holding companies.
Principles of Consolidation	All intercompany balances and transactions have been eliminated in consolidation.
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.
Supplier Finance Programs	Supplier Finance Programs We have previously entered into a supply chain financing arrangement with a third-party financial institution, whereby certain suppliers have the ability to settle outstanding payment obligations earlier than the due date required by our original supplier terms. Subsequently, we settle invoices with the financial institution within 45 days, which approximates our original supplier terms. The Company does not have an economic interest in suppliers’ voluntary participation, does not provide any guarantees or pledge assets under these arrangements, and our rights and obligations to our suppliers, including amounts due, are not impacted. Our liability associated with these arrangements, which is presented within accounts payable on the consolidated balance sheets, was $3.2 million, $7.2 million and $8.9 million as of May 4, 2024, February 3, 2024 and April 29, 2023, respectively.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09: Improvements to Income Tax Disclosures. This pronouncement is intended to enhance the transparency and decision usefulness of income tax disclosures and establishes new income tax disclosure requirements, including requiring disaggregation of a reporting entity’s effective tax rate reconciliation and disaggregation of the income taxes paid based on the applicable tax jurisdiction. The new guidance is effective for fiscal years beginning after December 15, 2024 and should be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its financial disclosures. Segment Reporting In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to enhance the disclosures on reportable segments. Under this pronouncement, all public entities (including those with a single reporting segment) are required to include incremental disclosures related to a public entity’s reportable segments, including disclosure of disaggregated expense information that is regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and should be adopted retrospectively. The Company is currently evaluating the impact that the adoption of this accounting standard will have on its financial disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	May 04, 2024
Accounting Policies [Abstract]
Summary of Share Repurchases	The following table summarizes our share repurchases for the periods presented: Thirteen Weeks Ended May 4, 2024 April 29, 2023 Shares repurchased 1,983,967 750,010 Aggregate amount paid (amounts in millions) (1) $ 123.5 $ 50.3 (1) Includes estimated excise tax fees of $1.1 million and $0.3 million for the thirteen weeks ended May 4, 2024 and April 29, 2023, respectively.

Net Sales (Tables)

Net Sales (Tables)	3 Months Ended
	May 04, 2024
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 4, 2024 April 29, 2023 Merchandise division sales (1) Outdoors $ 374,907 $ 366,321 Sports and recreation 350,588 366,300 Apparel 335,621 345,231 Footwear 292,441 296,301 Total merchandise sales (2) 1,353,557 1,374,153 Other sales (3) 10,663 9,456 Net Sales $ 1,364,220 $ 1,383,609 (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 April 29, 2023, for comparability purposes. This reclassification is in divisional presentation only and did not impact the overall net sales balances previously disclosed. (2) E-commerce sales consisted of 9.0% and 8.2% for the thirteen weeks ended May 4, 2024 and April 29, 2023, respectively. (3) Other sales consisted primarily of the gift card breakage income, credit card bounties and royalties, shipping income, net hunting and fishing license income, sales return allowance 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 4, 2024 April 29, 2023 Gift card liability, beginning balance $ 94,155 $ 90,650 Issued 18,020 17,293 Redeemed (28,545) (28,715) Recognized as breakage income (1,361) (1,116) Gift card liability, ending balance $ 82,269 $ 78,112

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	May 04, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Our debt consisted of the following (amounts in thousands) as of: May 4, 2024 February 3, 2024 April 29, 2023 ABL Facility, due March 2029 $ — $ — $ — Term Loan, due November 2027 91,000 91,750 194,000 Notes, due November 2027 400,000 400,000 400,000 Total debt 491,000 491,750 594,000 Less current maturities (3,000) (3,000) (3,000) Less unamortized discount on Term Loan (465) (501) (1,268) Less deferred loan costs (1) (3,451) (3,698) (5,639) Long-term debt, net $ 484,084 $ 484,551 $ 584,093 (1) Deferred loan costs are related to the Term Loan and Notes.

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	May 04, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment consists of the following (amounts in thousands) as of: May 4, 2024 February 3, 2024 April 29, 2023 Leasehold improvements $ 589,714 $ 571,785 $ 491,112 Equipment and software 703,039 688,143 648,142 Furniture and fixtures 402,803 398,415 364,619 Construction in progress 41,591 38,873 43,074 Building and Land 14,919 14,919 3,698 Total property and equipment 1,752,066 1,712,135 1,550,645 Accumulated depreciation and amortization (1,295,472) (1,266,926) (1,185,621) Property and equipment, net $ 456,594 $ 445,209 $ 365,024

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	May 04, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses and other current liabilities consist of the following (amounts in thousands) as of: May 4, 2024 February 3, 2024 April 29, 2023 Accrued interest $ 13,006 $ 6,717 $ 13,197 Accrued personnel costs 44,384 30,899 27,452 Accrued professional fees 1,964 1,818 1,853 Accrued sales and use tax 18,083 14,828 12,705 Accrued self-insurance 16,002 15,269 15,954 Deferred revenue - gift cards and other 84,725 96,688 80,405 Income taxes payable 31,234 9,313 18,837 Property taxes 23,657 14,239 24,341 Sales return allowance 5,200 6,400 5,700 Other 23,793 21,761 20,944 Accrued expenses and other current liabilities $ 262,048 $ 217,932 $ 221,388
Schedule of Other Current Liabilities	Accrued expenses and other current liabilities consist of the following (amounts in thousands) as of: May 4, 2024 February 3, 2024 April 29, 2023 Accrued interest $ 13,006 $ 6,717 $ 13,197 Accrued personnel costs 44,384 30,899 27,452 Accrued professional fees 1,964 1,818 1,853 Accrued sales and use tax 18,083 14,828 12,705 Accrued self-insurance 16,002 15,269 15,954 Deferred revenue - gift cards and other 84,725 96,688 80,405 Income taxes payable 31,234 9,313 18,837 Property taxes 23,657 14,239 24,341 Sales return allowance 5,200 6,400 5,700 Other 23,793 21,761 20,944 Accrued expenses and other current liabilities $ 262,048 $ 217,932 $ 221,388

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	May 04, 2024
Share-Based Payment Arrangement [Abstract]
Units Granted	The following table presents the Award grants during the thirteen weeks ended May 4, 2024: Service Restricted Stock Units Performance Restricted Stock Units Number of shares 346,418 129,041 Weighted average grant date fair value per Award $ 64.94 $ 65.48 Weighted average exercise price per Award N/A N/A
Unrecognized Compensation Cost	The following table presents the unrecognized compensation cost as of May 4, 2024: Service Options Service Restricted Stock Units Performance Restricted Stock Units Remaining expense $ 7,123,633 $ 33,693,705 $ 9,227,029 Weighted average life remaining in years 1.7 2.3 2.6

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
	May 04, 2024
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 4, 2024 April 29, 2023 Net income $ 76,465 $ 93,970 Weighted average common shares outstanding - basic 73,993 76,862 Dilutive effect of Service Restricted Units and Service Restricted Stock Units 244 247 Dilutive effect of Performance Restricted Stock Units and Liquidity Event Restricted Units 128 186 Dilutive effect of Service Options 1,342 1,841 Dilutive effect of Performance Unit Options 91 152 Dilutive effect of ESPP Shares — — Weighted average common shares outstanding - diluted 75,798 79,288 Earnings per common share - basic $ 1.03 $ 1.22 Earnings per common share - diluted $ 1.01 $ 1.19 Anti-dilutive stock-based awards excluded from diluted calculation 4 64

Nature of Operations (Details)

Nature of Operations (Details)	May 04, 2024 location state distributionCenter
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of retail locations | location	284
Number of states | state	18
Number of distribution centers | distributionCenter	3

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	Nov. 29, 2023	Jun. 02, 2022	Sep. 02, 2021	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, period in force	3 years
Liability associated with supplier finance programs				$ 3,200,000	$ 7,200,000	$ 8,900,000
2021 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, authorized amount			$ 500,000,000
Share repurchase program, period in force			3 years
Share repurchase program, remaining authorized amount				0
2022 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, authorized amount		$ 600,000,000
Share repurchase program, period in force		3 years
Share repurchase program, remaining authorized amount				0
2023 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, authorized amount	$ 600,000,000
Share repurchase program, remaining authorized amount				$ 574,300,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Share Repurchases (Details) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Accounting Policies [Abstract]
Shares repurchased (in shares)	1,983,967	750,010
Aggregate amount paid (amounts in millions)	$ 123,500	$ 50,264
Excise tax fees	$ 1,100	$ 300

Net Sales - Disaggregation of R

Net Sales - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Disaggregation of Revenue [Line Items]
Net Sales	$ 1,364,220	$ 1,383,609
Customer Concentration Risk | Revenue from Contract with Customer Benchmark | E-Commerce
Disaggregation of Revenue [Line Items]
Percentage of sales	9%	8.20%
Total merchandise sales
Disaggregation of Revenue [Line Items]
Net Sales	$ 1,353,557	$ 1,374,153
Outdoors
Disaggregation of Revenue [Line Items]
Net Sales	374,907	366,321
Sports and recreation
Disaggregation of Revenue [Line Items]
Net Sales	350,588	366,300
Apparel
Disaggregation of Revenue [Line Items]
Net Sales	335,621	345,231
Footwear
Disaggregation of Revenue [Line Items]
Net Sales	292,441	296,301
Other sales
Disaggregation of Revenue [Line Items]
Net Sales	$ 10,663	$ 9,456

Net Sales - Gift Card Liability

Net Sales - Gift Card Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Change in Contract with Customer, Liability [Roll Forward]
Gift card liability, beginning balance	$ 94,155	$ 90,650
Issued	18,020	17,293
Gift card liability, ending balance	82,269	78,112
Redeemed
Change in Contract with Customer, Liability [Roll Forward]
Redeemed and recognized as breakage income	(28,545)	(28,715)
Recognized as breakage income
Change in Contract with Customer, Liability [Roll Forward]
Redeemed and recognized as breakage income	$ (1,361)	$ (1,116)

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Debt Instrument [Line Items]
Total debt	$ 491,000	$ 491,750	$ 594,000
Current maturities of long-term debt	(3,000)	(3,000)	(3,000)
Less unamortized discount on Term Loan	(465)	(501)	(1,268)
Less deferred loan costs	(3,451)	(3,698)	(5,639)
Long-term debt, net	484,084	484,551	584,093
Secured Debt | Term Loan, due November 2027
Debt Instrument [Line Items]
Total debt	91,000	91,750	194,000
Senior Notes | Notes, due November 2027
Debt Instrument [Line Items]
Total debt	400,000	400,000	400,000
Revolving Credit Facility | ABL Facility, due March 2029
Debt Instrument [Line Items]
Total debt	$ 0	$ 0	$ 0

Long-Term Debt - Additional Det

Long-Term Debt - Additional Detail (Details) - USD ($)					3 Months Ended
	Mar. 08, 2024	Aug. 01, 2023	Nov. 06, 2020	Jul. 02, 2015	May 04, 2024	Apr. 29, 2023	Feb. 03, 2024
Debt Instrument [Line Items]
Deferred loan costs					$ 3,451,000	$ 5,639,000	$ 3,698,000
Amortization of debt issuance costs					624,000	674,000
Outstanding letters of credit					11,600,000
Write off of deferred loan costs					449,000	0
Line of Credit | ABL Facility, due March 2029 | Revolving Credit Facility
Debt Instrument [Line Items]
Amortization of debt issuance costs					600,000	600,000
Accretion of original discount					100,000	100,000
Borrowings outstanding					0
Remaining borrowing capacity					981,200,000
Unused commitment fee, percentage				0.25%
Line of Credit | ABL Facility, due March 2029 | Revolving Credit Facility | Other noncurrent assets
Debt Instrument [Line Items]
Deferred loan costs					$ 7,200,000	$ 2,900,000	$ 2,100,000
Line of Credit | ABL Facility, due March 2029 | Revolving Credit Facility | Federal funds rate | Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate				0.50%
Line of Credit | ABL Facility, due March 2029 | Revolving Credit Facility | Base Rate | Variable Rate Component, Two | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				0.25%
Line of Credit | ABL Facility, due March 2029 | Revolving Credit Facility | Base Rate | Variable Rate Component, Two | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				0.75%
Line of Credit | ABL Facility, due March 2029 | Revolving Credit Facility | Adjusted Term SOFR | Variable Rate Component, One | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
Line of Credit | ABL Facility, due March 2029 | Revolving Credit Facility | Adjusted Term SOFR | Variable Rate Component, One | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				1.75%
Line of Credit | ABL Facility, due March 2029 | Revolving Credit Facility | Adjusted Term SOFR | Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate				1%
Secured Debt | 2020 Term Loan Facility
Debt Instrument [Line Items]
Weighted average interest rate					9.19%
Secured Debt | 2020 Term Loan Facility
Debt Instrument [Line Items]
Debt term			7 years
Debt face amount			$ 400,000,000
Quarterly principal payments			$ 750,000
Aggregate principal threshold	$ 100,000,000
Days prior to maturity threshold	91 days
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			3.75%
Secured Debt | 2020 Term Loan Facility | LIBOR rate | Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate			1%
Secured Debt | 2020 Term Loan Facility | Federal funds rate | Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%	0.50%
Secured Debt | 2020 Term Loan Facility | Base Rate | Variable Rate Component, Two
Debt Instrument [Line Items]
Basis spread on variable rate			4%
Secured Debt | 2020 Term Loan Facility | Adjusted Term SOFR | Variable Rate Component, One
Debt Instrument [Line Items]
Interest rate floor		0.75%
Basis spread on variable rate		3.75%
Secured Debt | 2020 Term Loan Facility | Adjusted Term SOFR | Variable Rate Component, Two
Debt Instrument [Line Items]
Interest rate floor		0.75%
Basis spread on variable rate		3.75%
Secured Debt | 2020 Senior Secured Notes
Debt Instrument [Line Items]
Debt face amount			$ 400,000,000
Interest rate, stated percentage			6%

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Borrowings, fair value	$ 500	$ 500	$ 600
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 324	$ 303.4	$ 42.3

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023	Feb. 03, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,752,066	$ 1,550,645	$ 1,712,135
Accumulated depreciation and amortization	(1,295,472)	(1,185,621)	(1,266,926)
Property and equipment, net	456,594	365,024	445,209
Depreciation expense	28,900	26,300
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	589,714	491,112	571,785
Equipment and software
Property, Plant and Equipment [Line Items]
Total property and equipment	703,039	648,142	688,143
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	402,803	364,619	398,415
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	41,591	43,074	38,873
Building and Land
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 14,919	$ 3,698	$ 14,919

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Payables and Accruals [Abstract]
Accrued interest	$ 13,006	$ 6,717	$ 13,197
Accrued personnel costs	44,384	30,899	27,452
Accrued professional fees	1,964	1,818	1,853
Accrued sales and use tax	18,083	14,828	12,705
Accrued self-insurance	16,002	15,269	15,954
Deferred revenue - gift cards and other	84,725	96,688	80,405
Income taxes payable	31,234	9,313	18,837
Property taxes	23,657	14,239	24,341
Sales return allowance	5,200	6,400	5,700
Other	23,793	21,761	20,944
Accrued expenses and other current liabilities	$ 262,048	$ 217,932	$ 221,388

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023	Jun. 01, 2023	Oct. 01, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation expense	$ 6.1	$ 11.4
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	2,000,000
Common stock authorized for grant (in shares)	1,593,760
Common stock available for grant (in shares)	1,593,760
2020 Share Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)			2,600,000	5,150,000
Common stock authorized for grant (in shares)	4,132,613
Common stock available for grant (in shares)	4,132,613

Share-Based Compensation - Unit

Share-Based Compensation - Units Granted (Details)	3 Months Ended
	May 04, 2024 $ / shares shares
Service Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted units, Number of shares (in shares) | shares	346,418
Restricted units, Weighted average grant date fair value per Award (in usd per share) | $ / shares	$ 64.94
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted units, Number of shares (in shares) | shares	129,041
Restricted units, Weighted average grant date fair value per Award (in usd per share) | $ / shares	$ 65.48

Share-Based Compensation - Unre

Share-Based Compensation - Unrecognized Compensation Cost (Details)	3 Months Ended
	May 04, 2024 USD ($)
Service Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, remaining expense	$ 7,123,633
Weighted average life remaining in years	1 year 8 months 12 days
Service Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted units, remaining expense	$ 33,693,705
Weighted average life remaining in years	2 years 3 months 18 days
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted units, remaining expense	$ 9,227,029
Weighted average life remaining in years	2 years 7 months 6 days

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income	$ 76,465	$ 93,970
Weighted average common shares outstanding - basic (in shares)	73,993	76,862
Weighted average common shares outstanding - diluted (in shares)	75,798	79,288
Earnings per common share - basic (in usd per share)	$ 1.03	$ 1.22
Earnings per common share - diluted (in usd per share)	$ 1.01	$ 1.19
Anti-dilutive stock-based awards excluded from diluted calculation (in shares)	4	64
Service Restricted Stock Units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect of stock-based awards (in shares)	244	247
Performance Restricted Stock Units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect of stock-based awards (in shares)	128	186
Service Options
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect of stock-based awards (in shares)	1,342	1,841
Performance Unit Options
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect of stock-based awards (in shares)	91	152
ESPP
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect of stock-based awards (in shares)	0	0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
	May 04, 2024 USD ($)
Freight, technology-related, construction and other contractual commitments
Long-term Purchase Commitment [Line Items]
Contractual commitment obligations	$ 95
Contractual commitment obligations, payable in next 12 months	69
Sponsorship Agreement and Intellectual Property Commitments
Long-term Purchase Commitment [Line Items]
Contractual commitment obligations	13.3
Contractual commitment obligations, payable in next 12 months	$ 5.6
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) - $ / shares		3 Months Ended
	Jun. 06, 2024	May 04, 2024	Apr. 29, 2023
Subsequent Event [Line Items]
Cash dividends declared (in dollars per share)		$ 0.11	$ 0.09
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared (in dollars per share)	$ 0.11