Big Lots (BIGGQ) 10-Q 8 Jun 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Apr. 30, 2022	Jun. 03, 2022
Document Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2022
Document Transition Report	false
Entity File Number	001-08897
Entity Registrant Name	BIG LOTS, INC.
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	06-1119097
Entity Address, Address Line One	4900 E. Dublin-Granville Road
Entity Address, City or Town	Columbus
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43081
City Area Code	614
Local Phone Number	278-6800
Entity Central Index Key	0000768835
Title of 12(b) Security	Common shares
Trading Symbol	BIG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		28,917,471
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--01-31
Amendment Flag	false
Entity Small Business	false
Entity Filer Category	Large Accelerated Filer

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Net sales	$ 1,374,714	$ 1,625,552
Cost of sales (exclusive of depreciation expense shown separately below)	870,120	971,605
Gross margin	504,594	653,947
Selling and administrative expenses	480,779	497,418
Depreciation expense	37,356	33,977
Operating (loss) profit	(13,541)	122,552
Interest expense	(2,750)	(2,568)
Other income (expense)	1,040	960
(Loss) income before income taxes	(15,251)	120,944
Income tax (benefit) expense	(4,169)	26,381
Net (loss) income and comprehensive (loss) income	$ (11,082)	$ 94,563
Earnings (loss) per common share
Earnings (loss) per common share - basic (in dollars per share)	$ (0.39)	$ 2.68
Earnings (loss) per common share - diluted (in dollars per share)	$ (0.39)	$ 2.62
Weighted-average common shares outstanding:
Basic	28,621	35,349
Dilutive effect of share-based awards	0	693
Diluted	28,621	36,042
Cash dividends declared per common share	$ 0.30	$ 0.30

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022
Current assets:
Cash and cash equivalents	$ 61,707	$ 53,722
Inventories	1,338,737	1,237,797
Other current assets	125,362	119,449
Total current assets	1,525,806	1,410,968
Operating lease right-of-use assets	1,729,053	1,731,995
Property and equipment - net	749,416	735,826
Deferred income taxes	10,199	10,973
Other assets	37,283	37,491
Total assets	4,051,757	3,927,253
Current liabilities:
Accounts payable	488,524	587,496
Current operating lease liabilities	233,683	242,275
Property, payroll, and other taxes	95,920	90,728
Accrued operating expenses	121,977	120,684
Insurance reserves	36,227	36,748
Accrued salaries and wages	24,745	45,762
Income taxes payable	1,325	894
Total current liabilities	1,002,401	1,124,587
Long-term debt	270,800	3,500
Noncurrent operating lease liabilities	1,577,932	1,569,713
Deferred income taxes	22,854	21,413
Insurance reserves	59,847	62,591
Unrecognized tax benefits	10,623	10,557
Other liabilities	126,972	127,529
Shareholders' equity:
Preferred shares - authorized 2,000 shares; $0.01 par value; none issued	0	0
Common shares - authorized 298,000 shares; $0.01 par value; issued 117,495 shares; outstanding 28,893 shares and 28,476 shares, respectively	1,175	1,175
Treasury shares - 88,602 shares and 89,019 shares, respectively, at cost	(3,107,806)	(3,121,602)
Additional paid-in capital	619,754	640,522
Retained earnings	3,467,205	3,487,268
Total shareholders' equity	980,328	1,007,363
Total liabilities and shareholders' equity	$ 4,051,757	$ 3,927,253

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Apr. 30, 2022	Jan. 29, 2022
Statement of Financial Position [Abstract]
Preferred Stock, Shares Authorized	2,000	2,000
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Issued	0	0
Common Stock, Shares Authorized	298,000	298,000
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares, Issued	117,495	117,495
Common Stock, Shares, Outstanding	28,893	28,476
Treasury Stock, Shares	88,602	89,019

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Performance Shares [Member]	Common Stock [Member]	Common Stock [Member]Performance Shares [Member]	Treasury Stock [Member]	Treasury Stock [Member]Performance Shares [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member]Performance Shares [Member]	Retained Earnings [Member]	Retained Earnings [Member]Performance Shares [Member]
Balance at Jan. 30, 2021	$ 1,277,731		$ 1,175		$ (2,709,259)		$ 634,813		$ 3,351,002
Balance (in shares) at Jan. 30, 2021			35,535
Treasury stock (in shares) at Jan. 30, 2021					81,960
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	94,563		$ 0		$ 0		0		94,563
Dividends declared	(11,206)		0		0		0		(11,206)
Purchases of common shares	(104,491)		$ 0		$ (104,491)		0		0
Purchases of common shares, (in shares)			(1,538)		1,538
Restricted shares vested	0		$ 0		$ 12,995		(12,995)		0
Restricted shares vested, (in shares)			390		(390)
Performance shares vested		$ 0		$ 0		$ 17,770		$ (17,770)		$ 0
Performance shares vested (in shares)				533		(533)
Other	(2)		$ 0		$ (2)		0		0
Other (in shares)			0		0
Share-based employee compensation expense	11,907		$ 0		$ 0		11,907		0
Balance at May. 01, 2021	1,268,502		$ 1,175		$ (2,782,987)		615,955		3,434,359
Balance (in shares) at May. 01, 2021			34,920
Treasury stock (in shares) at May. 01, 2021					82,575
Balance at Jan. 29, 2022	$ 1,007,363		$ 1,175		$ (3,121,602)		640,522		3,487,268
Balance (in shares) at Jan. 29, 2022	28,476		28,476
Treasury stock (in shares) at Jan. 29, 2022	89,019				89,019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	$ (11,082)		$ 0		$ 0		0		(11,082)
Dividends declared	(8,981)		0		0		0		(8,981)
Purchases of common shares	(10,639)		$ 0		$ (10,639)		0		0
Purchases of common shares, (in shares)			(280)		281
Restricted shares vested	0		$ 0		$ 12,483		(12,483)		0
Restricted shares vested, (in shares)			356		(356)
Performance shares vested		$ 0		$ 0		$ 11,952		$ (11,952)		$ 0
Performance shares vested (in shares)				341		(342)
Share-based employee compensation expense	3,667		$ 0		$ 0		3,667		0
Balance at Apr. 30, 2022	$ 980,328		$ 1,175		$ (3,107,806)		$ 619,754		$ 3,467,205
Balance (in shares) at Apr. 30, 2022	28,893		28,893
Treasury stock (in shares) at Apr. 30, 2022	88,602				88,602

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share	$ 0.30	$ 0.30

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Operating activities:
Net (loss) income	$ (11,082)	$ 94,563
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization expense	37,631	34,116
Non-cash lease expense	68,473	64,457
Deferred income taxes	2,215	(5,369)
Non-cash impairment charge	222	194
(Gain) loss on disposition of property and equipment	(1,568)	780
Non-cash share-based compensation expense	3,667	11,907
Unrealized gain on fuel derivatives	(699)	(1,005)
Change in assets and liabilities
Inventories	(100,940)	38,813
Accounts payable	(98,972)	(17,492)
Operating lease liabilities	(66,127)	(53,511)
Current income taxes	(8,856)	29,435
Other current assets	3,908	1,294
Other current liabilities	(20,432)	2,703
Other assets	107	389
Other liabilities	(3,780)	3,019
Net cash (used in) provided by operating activities	(196,233)	204,293
Investing activities:
Capital expenditures	(43,741)	(32,160)
Cash proceeds from sale of property and equipment	2,505	7
Other	(5)	(17)
Net cash used in investing activities	(41,241)	(32,170)
Financing activities:
Net (proceeds from) repayments of long-term debt	267,300	(3,580)
Payment of finance lease obligations	497	1,293
Dividends paid	(10,705)	(12,460)
Payment for treasury shares acquired	(10,639)	(101,016)
Other	0	(1)
Net cash provided by (used in) financing activities	245,459	(118,350)
Increase in cash and cash equivalents	7,985	53,773
Cash and cash equivalents:
Beginning of period	53,722	559,556
End of period	$ 61,707	$ 613,329

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies Supplemental Cash Flow Disclosures	3 Months Ended
	Apr. 30, 2022
Other Significant Noncash Transactions [Line Items]
Schedule of Other Significant Noncash Transactions [Table Text Block]	The following table provides supplemental cash flow information for the first quarter of 2022 and the first quarter of 2021: Thirteen Weeks Ended (In thousands) April 30, 2022 May 1, 2021 Supplemental disclosure of cash flow information: Cash paid for interest $ 3,326 $ 468 Cash paid for income taxes, excluding impact of refunds 2,933 2,303 Gross proceeds from long-term debt 648,200 — Gross payments of long-term debt 380,900 3,580 Cash paid for operating lease liabilities 90,725 76,727 Non-cash activity: Share repurchases payable — 3,476 Assets acquired under finance leases 1,377 — Accrued property and equipment 26,073 26,306 Operating lease right-of-use assets obtained in exchange for operating lease liabilities 65,753 47,661

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Apr. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES All references in this report to “we,” “us,” or “our” are to Big Lots, Inc. and its subsidiaries. We are a home discount retailer in the United States (“U.S.”). At April 30, 2022, we operated 1,434 stores in 47 states and an e-commerce platform. We make available, free of charge, through the “Investor Relations” section of our website ( www.biglots.com ) under the “SEC Filings” caption, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), as soon as reasonably practicable after we file such material with, or furnish it to, the Securities and Exchange Commission (“SEC”). The contents of our websites are not part of this report. The accompanying consolidated financial statements and these notes have been prepared in accordance with the rules and regulations of the SEC for interim financial information. The consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly our financial condition, results of operations, and cash flows for all periods presented. The consolidated financial statements, however, do not include all information necessary for a complete presentation of financial condition, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Interim results may not necessarily be indicative of results that may be expected for, or actually result during, any other interim period or for the year as a whole. We have historically experienced seasonal fluctuations, with a larger percentage of our net sales and operating profit realized in our fourth fiscal quarter. The accompanying consolidated financial statements and these notes should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended January 29, 2022 (“2021 Form 10-K”). Fiscal Periods Our fiscal year ends on the Saturday nearest to January 31, which results in fiscal years consisting of 52 or 53 weeks. Unless otherwise stated, references to years in this report relate to fiscal years rather than calendar years. Fiscal year 2022 (“2022”) is comprised of the 52 weeks that began on January 30, 2022 and will end on January 28, 2023. Fiscal year 2021 (“2021”) was comprised of the 52 weeks that began on January 31, 2021 and ended on January 29, 2022. The fiscal quarters ended April 30, 2022 (“first quarter of 2022”) and May 1, 2021 (“first quarter of 2021”) were both comprised of 13 weeks. Selling and Administrative Expenses Selling and administrative expenses include store expenses (such as payroll and occupancy costs) and costs related to warehousing, distribution, outbound transportation to our stores, advertising, purchasing, insurance, non-income taxes, accepting credit/debit cards, and overhead. Our selling and administrative expense rates may not be comparable to those of other retailers that include warehousing, distribution, and outbound transportation costs to stores in cost of sales. Distribution and outbound transportation costs included in selling and administrative expenses were $82.0 million and $66.2 million for the first quarter of 2022 and the first quarter of 2021, respectively. Advertising Expense Advertising costs, which are expensed as incurred, consist primarily of television and print advertising, digital, social media, internet and e-mail marketing and advertising, payment card-linked marketing and in-store point-of-purchase signage and presentations. Advertising expenses are included in selling and administrative expenses. Advertising expenses were $21.4 million and $21.8 million for the first quarter of 2022 and the first quarter of 2021, respectively. Supplemental Cash Flow Disclosures The following table provides supplemental cash flow information for the first quarter of 2022 and the first quarter of 2021: Thirteen Weeks Ended (In thousands) April 30, 2022 May 1, 2021 Supplemental disclosure of cash flow information: Cash paid for interest $ 3,326 $ 468 Cash paid for income taxes, excluding impact of refunds 2,933 2,303 Gross proceeds from long-term debt 648,200 — Gross payments of long-term debt 380,900 3,580 Cash paid for operating lease liabilities 90,725 76,727 Non-cash activity: Share repurchases payable — 3,476 Assets acquired under finance leases 1,377 — Accrued property and equipment 26,073 26,306 Operating lease right-of-use assets obtained in exchange for operating lease liabilities 65,753 47,661 Reclassifications We periodically assess, and make minor adjustments to, our product hierarchy, which can impact the roll-up of our merchandise categories. Our financial reporting process utilizes the most current product hierarchy in reporting net sales by merchandise category for all periods presented. Therefore, there may be minor reclassifications of net sales by merchandise category compared to previously reported amounts. Recent Accounting Pronouncements There are currently no new accounting pronouncements with a future effective date that are of significance, or potential significance, to us.

Debt

Debt	3 Months Ended
	Apr. 30, 2022
Debt Disclosure [Abstract]
DEBT	DEBT Bank Credit Facility On September 22, 2021, we entered into a $600 million five Borrowings under the Credit Agreement are available for general corporate purposes, working capital, and to repay certain indebtedness. The Credit Agreement includes a $50 million swing loan sublimit, a $75 million letter of credit sublimit, a $75 million sublimit for loans to foreign borrowers, and a $200 million optional currency sublimit. The Credit Agreement also contains an environmental, social and governance (“ESG”) provision, which may provide favorable pricing and fee adjustments if we meet ESG performance criteria to be established by a future amendment to the Credit Agreement. Under the Credit Agreement, we have the option to establish incremental term loans and/or increases in the revolving credit limits in an aggregate amount of up to $300 million, subject to the lenders agreeing to increase their commitments. Additionally, the Credit Agreement includes two options to extend the maturity date of the Credit Agreement by one year each, subject to each lender agreeing to extend the maturity date of its respective loans. The interest rates, pricing and fees under the Credit Agreement fluctuate based on our debt rating or leverage ratio, whichever results in more favorable pricing to us. The Credit Agreement allows us to select our interest rate for each borrowing from multiple interest rate options. The interest rate options are generally derived from the prime rate or LIBOR. The Credit Agreement updated the LIBOR fallback language to implement fallback provisions, pursuant to which the interest rate on the loans will transition to an alternative rate upon the occurrence of certain LIBOR cessation events. Loans made under the Credit Agreement may be prepaid without penalty. The Credit Agreement contains financial and other covenants, including, but not limited to, limitations on indebtedness, liens and investments, as well as the maintenance of two financial ratios – a leverage ratio and a fixed charge coverage ratio. The covenants of the Credit Agreement do not restrict our ability to pay dividends. Additionally, we are subject to cross-default provisions associated with the synthetic lease for our distribution center in Apple Valley, CA, which was amended concurrent with our entry into the Credit Agreement to conform with the covenants of the Credit Agreement. A violation of any of the covenants could result in a default under the Credit Agreement that would permit the lenders to restrict our ability to further access the Credit Agreement for loans and letters of credit and require the immediate repayment of any outstanding loans under the Credit Agreement. At April 30, 2022, we had $270.8 million in outstanding borrowings under the Credit Agreement and $5.0 million committed to outstanding letters of credit, leaving $324.2 million available under the Credit Agreement. The fair value of our long-term debt is estimated based on the quoted market prices for same or similar issues and the current interest rates offered for similar instruments. These fair value measurements are classified as Level 2 within the fair value hierarchy. Given the variable rate features and relatively short maturity of the instruments underlying our long-term debt, the carrying value of these instruments approximates their fair value.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Apr. 30, 2022
Equity [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS’ EQUITY Earnings per Share There were no adjustments required to be made to the weighted-average common shares outstanding for purposes of computing basic and diluted earnings per share for all periods presented. At May 1, 2021, all outstanding awards were included in our computation of earnings per share because the minimum applicable performance conditions had been attained. At April 30, 2022, performance share units that vest based on relative total shareholder return (“TSR PSUs” - see Note 4 for a more detailed description of these awards), were excluded from our computation of earnings per share because the minimum applicable performance conditions had not been attained. Antidilutive restricted stock units (“RSUs”), performance share units (“PSUs”), performance restricted share units (“PRSUs”), and TSR PSUs are excluded from the calculation because they decrease the number of diluted shares outstanding under the treasury stock method. The RSUs, PSUs, PRSUs, and TSR PSUs that were antidilutive, as determined under the treasury stock method, were 0.4 million and 0.1 million for the first quarter of 2022 and the first quarter of 2021, respectively. Due to the net loss in first quarter of 2022, any potentially dilutive shares were excluded from the denominator in computing diluted earnings (loss) per common share for the first quarter of 2022. Share Repurchase Programs On December 1, 2021, our Board of Directors authorized the repurchase of up to $250 million of our common shares (“2021 Repurchase Authorization”). Pursuant to the 2021 Repurchase Authorization, we may repurchase shares in the open market and/or in privately negotiated transactions at our discretion, subject to market conditions and other factors. The 2021 Repurchase Authorization has no scheduled termination date. In the first quarter of 2022, no shares were repurchased under the 2021 Repurchase Authorization. As of April 30, 2022, we had $159.4 million available for future repurchases under the 2021 Repurchase Authorization. Purchases of common shares reported in the consolidated statements of shareholders’ equity include shares acquired to satisfy income tax withholdings associated with the vesting of share-based awards. Dividends We declared and paid cash dividends per common share during the first quarter of 2022 as follows: Dividends Amount Declared Amount Paid 2022: (In thousands) (In thousands) First quarter $ 0.30 $ 8,981 $ 10,705 Total $ 0.30 $ 8,981 $ 10,705 The amount of dividends declared may vary from the amount of dividends paid in a period due to the vesting of RSUs and PSUs. The payment of future dividends will be at the discretion of our Board of Directors and will depend on our financial condition, results of operations, capital requirements, compliance with applicable laws and agreements and any other factors deemed relevant by our Board of Directors.

Share-Based Plans

Share-Based Plans	3 Months Ended
	Apr. 30, 2022
Share-based Payment Arrangement [Abstract]
SHARE-BASED PLANS	SHARE-BASED PLANS We have issued RSUs, PSUs, PRSUs, and TSR PSUs under our shareholder-approved equity compensation plans. We recognized share-based compensation expense of $3.7 million and $11.9 million in the first quarter of 2022 and the first quarter of 2021, respectively. As of April 30, 2022, there were no PRSUs outstanding. Non-vested Restricted Stock Units The following table summarizes the non-vested RSU activity for the first quarter of 2022: Number of Shares Weighted Average Grant-Date Fair Value Per Share Outstanding non-vested RSUs at January 29, 2022 909,287 $ 33.87 Granted 418,247 38.13 Vested (355,911) 29.29 Forfeited (23,271) 29.59 Outstanding non-vested RSUs at April 30, 2022 948,352 $ 37.52 The non-vested RSUs granted in the first quarter of 2022 generally vest and are expensed on a ratable basis over three years from the grant date of the award, if a threshold financial performance objective is achieved and the grantee remains employed by us through the vesting dates. Performance Share Units Prior to 2020, in 2021, and in the first quarter of 2022, we issued PSUs to certain members of management, which will vest if certain financial performance objectives are achieved over a three As a result of the process used to establish the financial performance objectives, we will only meet the requirements for establishing a grant date for PSUs when we communicate the financial performance objectives for the third fiscal year of the award to the award recipients, which will then trigger the service inception date, the fair value of the awards, and the associated expense recognition period. If we meet the applicable threshold financial performance objectives over the three-year performance period and the grantee remains employed by us through the end of the performance period, the PSUs will vest on the first trading day after we file our Annual Report on Form 10-K for the last fiscal year in the performance period. The number of shares to be distributed upon vesting of the PSUs depends on the average performance attained during the three-year performance period compared to the performance targets established by the Compensation Committee, and may result in the distribution of an amount of shares that is greater or less than the number of PSUs granted, as defined in the award agreement. In the first quarter of 2022, we also awarded TSR PSUs to certain members of management, which vest based on the achievement of total shareholder return (“TSR”) targets relative to a peer group over a three We have begun or expect to begin recognizing expense related to PSUs and TSR PSUs as follows: Issue Year Measurement Basis Outstanding PSUs and TSR PSUs at April 30, 2022 Actual Grant Date Expected Valuation (Grant) Date Actual or Expected Expense Period 2019 ROIC/EPS 6,109 March 2021 Fiscal 2021 2021 ROIC/EPS 170,426 March 2023 Fiscal 2023 2022 Relative TSR 68,231 March 2022 Fiscal 2022 - 2024 2022 ROIC/EPS 272,951 March 2024 Fiscal 2024 Total 517,717 During the first quarter of 2022, the PSUs issued in 2019 vested with an average performance attainment higher than the targets established. During the first quarters of 2022 and 2021, we recognized $0.1 million and $8.6 million in share-based compensation expense related to PSUs and TSR PSUs, respectively. The following table summarizes the activity related to PSUs and TSR PSUs for the first quarter of 2022: Number of Units Weighted Average Grant-Date Fair Value Per Share Outstanding PSUs and TSR PSUs at January 29, 2022 240,110 $ 70.24 Granted 68,231 58.09 Vested (234,001) 70.24 Forfeited — — Outstanding PSUs and TSR PSUs at April 30, 2022 74,340 $ 59.09 The following activity occurred under our share-based plans during the respective periods shown: First Quarter (In thousands) 2022 2021 Total fair value of restricted stock vested $ 12,631 $ 26,901 Total fair value of performance shares vested $ 13,753 $ 37,168 The total unearned compensation expense related to all share-based awards outstanding, excluding PSUs issued in 2021 and 2022, at April 30, 2022 was approximately $32.9 million. This compensation cost is expected to be recognized through March 2025 based on existing vesting terms with the weighted-average remaining expense recognition period being approximately 2.4 years from April 30, 2022.

Income Taxes

Income Taxes	3 Months Ended
	Apr. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES In 2021, the provision for income taxes was based on a current estimate of the annual effective tax rate, adjusted to reflect the effect of discrete items. For 2022, the Company's estimated annual effective tax rate has fluctuated with changes in estimated full-year pre-tax earnings due to uncertainty in our forecasted earnings resulting from an unpredictable retail landscape due to macroeconomic pressures, including cost inflation, and a decline in consumer discretionary spending . Differences between pre-tax and taxable income, such as non-deductible executive compensation, cause the effective income rate to vary significantly. Accordingly, the Company does not believe that it can estimate the annual effective tax rate for 2022 with sufficient precision and, as permitted by GAAP, has determined the income tax benefit for the first quarter of 2022 based upon the year-to-date pre-tax loss and the effect of differences between book and taxable loss. We have estimated the reasonably possible expected net change in unrecognized tax benefits through April 29, 2023, based on (1) expected cash and noncash settlements or payments of uncertain tax positions, and (2) lapses of the applicable statutes of limitations for unrecognized tax benefits. The estimated net decrease in unrecognized tax benefits for the next 12 months is approximately $4.0 million. Actual results may differ materially from this estimate.

Contingencies

Contingencies	3 Months Ended
	Apr. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES Legal Proceedings We are involved in legal actions and claims arising in the ordinary course of business. We currently believe that each such action and claim will be resolved without a material effect on our financial condition, results of operations, or liquidity. However, litigation involves an element of uncertainty. Future developments could cause these actions or claims to have a material effect on our financial condition, results of operations, and liquidity.

Business Segment Data

Business Segment Data	3 Months Ended
	Apr. 30, 2022
Segment Reporting [Abstract]
BUSINESS SEGMENT DATA	BUSINESS SEGMENT DATA We use the following seven merchandise categories, which are consistent with our internal management and reporting of merchandise net sales: Food; Consumables; Soft Home; Hard Home; Furniture; Seasonal; and Apparel, Electronics, & Other. The Food category includes our beverage & grocery; specialty foods; and pet departments. The Consumables category includes our health, beauty and cosmetics; plastics; paper; and chemical departments. The Soft Home category includes our home décor; frames; fashion bedding; utility bedding; bath; window; decorative textile; and area rugs departments. The Hard Home category includes our small appliances; table top; food preparation; stationery; home maintenance; home organization; and toys departments. The Furniture category includes our upholstery; mattress; ready-to-assemble; and case goods departments. The Seasonal category includes our lawn & garden; summer; Christmas; and other holiday departments. The Apparel, Electronics, & Other department includes our apparel; electronics; jewelry; hosiery; and candy & snacks departments, as well as the assortments for The Lot, our cross-category presentation solution, and the Queue Line, our streamlined checkout experience. We periodically assess, and make minor adjustments to, our product hierarchy, which can impact the roll-up of our merchandise categories. Our financial reporting process utilizes the most current product hierarchy in reporting net sales by merchandise category for all periods presented. Therefore, there may be minor reclassifications of net sales by merchandise category compared to previously reported amounts. The following table presents net sales data by merchandise category: First Quarter (In thousands) 2022 2021 Furniture $ 390,386 $ 481,431 Seasonal 234,171 303,918 Food 176,620 180,297 Soft Home 166,295 223,854 Consumables 155,310 162,388 Hard Home 129,284 152,198 Apparel, Electronics, & Other 122,648 121,466 Net sales $ 1,374,714 $ 1,625,552

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Apr. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fiscal Period, Policy [Policy Text Block]	Fiscal Periods Our fiscal year ends on the Saturday nearest to January 31, which results in fiscal years consisting of 52 or 53 weeks. Unless otherwise stated, references to years in this report relate to fiscal years rather than calendar years. Fiscal year 2022 (“2022”) is comprised of the 52 weeks that began on January 30, 2022 and will end on January 28, 2023. Fiscal year 2021 (“2021”) was comprised of the 52 weeks that began on January 31, 2021 and ended on January 29, 2022. The fiscal quarters ended April 30, 2022 (“first quarter of 2022”) and May 1, 2021 (“first quarter of 2021”) were both comprised of 13 weeks.
Selling, General and Administrative Expenses, Policy [Policy Text Block]	Selling and Administrative Expenses Selling and administrative expenses include store expenses (such as payroll and occupancy costs) and costs related to warehousing, distribution, outbound transportation to our stores, advertising, purchasing, insurance, non-income taxes, accepting credit/debit cards, and overhead. Our selling and administrative expense rates may not be comparable to those of other retailers that include warehousing, distribution, and outbound transportation costs to stores in cost of sales. Distribution and outbound transportation costs included in selling and administrative expenses were $82.0 million and $66.2 million for the first quarter of 2022 and the first quarter of 2021, respectively.
Advertising Cost [Policy Text Block]	Advertising Expense Advertising costs, which are expensed as incurred, consist primarily of television and print advertising, digital, social media, internet and e-mail marketing and advertising, payment card-linked marketing and in-store point-of-purchase signage and presentations. Advertising expenses are included in selling and administrative expenses. Advertising expenses were $21.4 million and $21.8 million for the first quarter of 2022 and the first quarter of 2021, respectively.
Comparability of Prior Year Financial Data, Policy [Policy Text Block]	Reclassifications We periodically assess, and make minor adjustments to, our product hierarchy, which can impact the roll-up of our merchandise categories. Our financial reporting process utilizes the most current product hierarchy in reporting net sales by merchandise category for all periods presented. Therefore, there may be minor reclassifications of net sales by merchandise category compared to previously reported amounts.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements There are currently no new accounting pronouncements with a future effective date that are of significance, or potential significance, to us.

Shareholders' Equity Dividends

Shareholders' Equity Dividends Declared (Tables)	3 Months Ended
	Apr. 30, 2022
Equity [Abstract]
Dividends Declared [Table Text Block]	We declared and paid cash dividends per common share during the first quarter of 2022 as follows: Dividends Amount Declared Amount Paid 2022: (In thousands) (In thousands) First quarter $ 0.30 $ 8,981 $ 10,705 Total $ 0.30 $ 8,981 $ 10,705

Share-Based Plans (Tables)

Share-Based Plans (Tables)	3 Months Ended
	Apr. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]	The following table summarizes the non-vested RSU activity for the first quarter of 2022: Number of Shares Weighted Average Grant-Date Fair Value Per Share Outstanding non-vested RSUs at January 29, 2022 909,287 $ 33.87 Granted 418,247 38.13 Vested (355,911) 29.29 Forfeited (23,271) 29.59 Outstanding non-vested RSUs at April 30, 2022 948,352 $ 37.52
Schedule of Nonvested Performance-based Units Activity [Table Text Block]	The following table summarizes the activity related to PSUs and TSR PSUs for the first quarter of 2022: Number of Units Weighted Average Grant-Date Fair Value Per Share Outstanding PSUs and TSR PSUs at January 29, 2022 240,110 $ 70.24 Granted 68,231 58.09 Vested (234,001) 70.24 Forfeited — — Outstanding PSUs and TSR PSUs at April 30, 2022 74,340 $ 59.09
Schedule of Share Based Compensation, Additional Information [Table Text Block]	The following activity occurred under our share-based plans during the respective periods shown: First Quarter (In thousands) 2022 2021 Total fair value of restricted stock vested $ 12,631 $ 26,901 Total fair value of performance shares vested $ 13,753 $ 37,168
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share Based Compensation, Additional Information [Table Text Block]	We have begun or expect to begin recognizing expense related to PSUs and TSR PSUs as follows: Issue Year Measurement Basis Outstanding PSUs and TSR PSUs at April 30, 2022 Actual Grant Date Expected Valuation (Grant) Date Actual or Expected Expense Period 2019 ROIC/EPS 6,109 March 2021 Fiscal 2021 2021 ROIC/EPS 170,426 March 2023 Fiscal 2023 2022 Relative TSR 68,231 March 2022 Fiscal 2022 - 2024 2022 ROIC/EPS 272,951 March 2024 Fiscal 2024 Total 517,717

Business Segment Data (Tables)

Business Segment Data (Tables)	3 Months Ended
	Apr. 30, 2022
Segment Reporting [Abstract]
Schedule of Net Sales by Category [Table Text Block]	The following table presents net sales data by merchandise category: First Quarter (In thousands) 2022 2021 Furniture $ 390,386 $ 481,431 Seasonal 234,171 303,918 Food 176,620 180,297 Soft Home 166,295 223,854 Consumables 155,310 162,388 Hard Home 129,284 152,198 Apparel, Electronics, & Other 122,648 121,466 Net sales $ 1,374,714 $ 1,625,552

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended		12 Months Ended
	Apr. 30, 2022USD ($)store	May 01, 2021USD ($)	Jan. 28, 2023	Jan. 29, 2022
Components of Operating Cost and Expense [Abstract]
Number of Stores | store	1,434
Number of States in which Entity Operates	47
Fiscal Period Duration	91 days	91 days	364 days	364 days
Distribution and Outbound Transportation Costs	$ 82	$ 66.2
Advertising Expense	$ 21.4	$ 21.8

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Supplemental disclosure of cash flow information:
Cash paid for interest	$ 3,326	$ 468
Cash paid for income taxes, excluding impact of refunds	2,933	2,303
Gross proceeds from long-term debt	648,200	0
Gross payments of long-term debt	380,900	3,580
Cash paid for operating lease liabilities	90,725	76,727
Non-cash activity:
Share repurchases payable	0	3,476
Assets acquired under finance leases	1,377	0
Accrued property and equipment	26,073	26,306
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$ 65,753	$ 47,661

Debt (Details)

Debt (Details) - Credit Agreement [Member] - USD ($) $ in Millions	1 Months Ended
	Sep. 22, 2021	Apr. 30, 2022
Line of Credit Facility [Line Items]
Line of Credit Facility	$ 600
Debt Instrument, Term	5 years
Debt Issuance Costs, Gross	$ 1.2
Line of Credit Facility, Swing Loan Sublimit	50
Line of Credit Facility, Letter of Credit Sublimit	75
Line of Credit Facility, Foreign Borrower Sublimit	75
Line of Credit Facility, Optional Currency Sublimit	200
Line of Credit Facility, Optional Incremental Term Loans and/or Borrowing Capacity	$ 300
Line of Credit Facility, Amount Outstanding		$ 270.8
Line of Credit Facility, Letters of Credit Outstanding		5
Line of Credit Facility, Remaining Borrowing Capacity		$ 324.2

Shareholders' Equity - Earnings

Shareholders' Equity - Earnings Per Share (Details) - shares	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Class of Stock [Line Items]
Weighted Average Number Diluted Shares Outstanding Adjustment	0	0
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	400,000	100,000

Shareholders' Equity - Share Re

Shareholders' Equity - Share Repurchase Programs (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021	Dec. 01, 2021
Class of Stock [Line Items]
Stock Repurchased During Period, Value	$ 10,639	$ 104,491
Common Stock [Member] | 2021 Repurchase Authorization [Member]
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount			$ 250,000
Stock Repurchased During Period, Value	0
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 159,400

Shareholders' Equity - Dividend

Shareholders' Equity - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Equity [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.30
Amount declared (Dividends)	$ 8,981	$ 11,206
Amount paid (Dividends)	$ (10,705)	$ (12,460)

Share-Based Plans - General and

Share-Based Plans - General and Other than Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021	Jan. 29, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Expense	$ 3,700	$ 11,900
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 32,900
Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	2 years 4 months 24 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning balance	909,287
Granted	418,247
Vested	(355,911)
Forfeited	(23,271)
Nonvested, ending balance	948,352
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Nonvested, Weighted Average Grant Date Fair Value	$ 37.52		$ 33.87
Grants in Period, Weighted Average Grant Date Fair Value	38.13
Vested in Period, Weighted Average Grant Date Fair Value	29.29
Forfeited in Period, Weighted Average Grant Date Fair Value	$ 29.59
Award Requisite Service Period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
Total fair value of other than options vested	$ 12,631	26,901
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Expense	$ 100	8,600
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning balance	240,110
Granted	68,231
Vested	(234,001)
Forfeited	0
Nonvested, ending balance	74,340
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Nonvested, Weighted Average Grant Date Fair Value	$ 59.09		$ 70.24
Grants in Period, Weighted Average Grant Date Fair Value	58.09
Vested in Period, Weighted Average Grant Date Fair Value	70.24
Forfeited in Period, Weighted Average Grant Date Fair Value	$ 0
Award Vesting Period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Performance Share Units Issued, Nonvested, Number	517,717
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
Total fair value of other than options vested	$ 13,753	$ 37,168
2019 PSU Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Performance Share Units Issued, Nonvested, Number	6,109
2022 PSU Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Performance Share Units Issued, Nonvested, Number	272,951
2021 PSU Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Performance Share Units Issued, Nonvested, Number	170,426
2022 TSR PSU Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Performance Share Units Issued, Nonvested, Number	68,231
2020 PRSU Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, ending balance	0

Income Taxes (Details)

Income Taxes (Details) $ in Millions	Apr. 30, 2022USD ($)
Income Tax Contingency [Line Items]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ (4)

Business Segment Data (Details)

Business Segment Data (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Segment Reporting Information [Line Items]
Net sales	$ 1,374,714	$ 1,625,552
Furniture [Member]
Segment Reporting Information [Line Items]
Net sales	390,386	481,431
Seasonal [Member]
Segment Reporting Information [Line Items]
Net sales	234,171	303,918
Food [Member]
Segment Reporting Information [Line Items]
Net sales	176,620	180,297
Soft Home [Member]
Segment Reporting Information [Line Items]
Net sales	166,295	223,854
Consumables [Member]
Segment Reporting Information [Line Items]
Net sales	155,310	162,388
Hard Home [Member]
Segment Reporting Information [Line Items]
Net sales	129,284	152,198
Apparel, Electronics, & Other [Member]
Segment Reporting Information [Line Items]
Net sales	$ 122,648	$ 121,466