Chico's Fas (CHS) 10-Q 8 Jun 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Apr. 30, 2022	May 30, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2022
Document Transition Report	false
Entity File Number	001-16435
Entity Registrant Name	Chico's FAS, Inc.
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-2389435
Entity Address, Address Line One	11215 Metro Parkway
Entity Address, City or Town	Fort Myers
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33966
City Area Code	239
Local Phone Number	277-6200
Title of 12(b) Security	Common Stock, Par Value $0.01 Per Share
Trading Symbol	CHS
Security Exchange Name	NYSE
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		125,143,408
Amendment Flag	false
Entity Central Index Key	0000897429
Current Fiscal Year End Date	--01-29
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Income Statement [Abstract]
Net Sales	$ 540,915	$ 387,961
Net Sales, as a Percentage	100.00%	100.00%
Cost of goods sold	$ 324,350	$ 261,166
Cost of goods sold, as a Percentage of Sales	60.00%	67.30%
Gross Margin	$ 216,565	$ 126,795
Gross Margin, as a Percentage of Sales	40.00%	32.70%
Selling, general and administrative expenses	$ 171,158	$ 134,319
Selling, general and administrative expenses, as a Percentage of Sales	31.60%	34.60%
Income (Loss) from Operations	$ 45,407	$ (7,524)
Income (Loss) from Operations, as a Percentage of Sales	8.40%	(1.90%)
Interest expense, net	$ (975)	$ (1,705)
Interest expense, net, as a Percentage of Sales	(0.20%)	(0.50%)
Income (Loss) before Income Taxes	$ 44,432	$ (9,229)
Income (Loss) before Income Taxes, as a Percentage of Sales	8.20%	(2.40%)
Income tax provision (benefit)	$ 9,500	$ (300)
Income tax provision (benefit), as a Percentage of Sales	1.70%	(0.10%)
Net Income (Loss)	$ 34,932	$ (8,929)
Net Income (Loss), as a Percentage of Sales	6.50%	(2.30%)
Per Share Data:
Net income (loss) per common share - basic (in dollars per share)	$ 0.29	$ (0.08)
Net income (loss) per common and common equivalent share – diluted (in dollars per share)	$ 0.28	$ (0.08)
Weighted average common shares outstanding – basic (in shares)	118,993,187	116,689,409
Weighted average common and common equivalent shares outstanding – diluted (in shares)	123,311,433	116,689,409

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 34,932	$ (8,929)
Other comprehensive income (loss):
Unrealized losses on marketable securities, net of taxes	0	(34)
Comprehensive income (loss)	$ 34,932	$ (8,963)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Current Assets:
Cash and cash equivalents	$ 104,131	$ 115,105	$ 83,874
Marketable securities, at fair value	0	0	18,511
Inventories	325,565	323,389	209,668
Prepaid expenses and other current assets	53,024	41,871	39,701
Income tax receivable	12,737	13,698	57,513
Total Current Assets	495,457	494,063	409,267
Property and Equipment, net	184,240	195,332	223,898
Right of Use Assets	439,896	463,077	554,795
Other Assets:
Goodwill	16,360	16,360	16,360
Other intangible assets, net	5,000	5,000	5,000
Other assets, net	19,648	23,005	21,038
Total Other Assets	41,008	44,365	42,398
Total Assets	1,160,601	1,196,837	1,230,358
Current Liabilities:
Accounts payable	161,058	180,828	128,230
Current lease liabilities	150,476	172,506	184,296
Other current and deferred liabilities	139,148	134,051	116,764
Total Current Liabilities	450,682	487,385	429,290
Noncurrent Liabilities:
Long-term debt	99,000	99,000	149,000
Long-term lease liabilities	355,851	381,081	480,537
Other noncurrent and deferred liabilities	2,290	7,867	13,249
Total Noncurrent Liabilities	457,141	487,948	642,786
Commitments and Contingencies (see Note 10)
Shareholders’ Equity:
Preferred stock, $0.01 par value; 2,500 shares authorized; no shares issued and outstanding	0	0	0
Common stock, $0.01 par value; 400,000 shares authorized; 166,458 and 163,823 and 163,863 shares issued respectively; and 125,161 and 122,526 and 122,566 shares outstanding, respectively	1,251	1,225	1,226
Additional paid-in capital	504,977	508,654	500,453
Treasury stock, at cost, 41,297 shares, respectively	(494,395)	(494,395)	(494,395)
Retained earnings	240,945	206,020	150,968
Accumulated other comprehensive gain	0	0	30
Total Shareholders’ Equity	252,778	221,504	158,282
Total Liabilities and Shareholders' Equity	$ 1,160,601	$ 1,196,837	$ 1,230,358

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) - Parenthetical - $ / shares	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Statement of Financial Position [Abstract]
Preferred share par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred shares authorized (in shares)	2,500,000	2,500,000	2,500,000
Preferred shares issued (in shares)	0	0	0
Preferred shares outstanding (in shares)	0	0	0
Common share par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common shares authorized (in shares)	400,000,000	400,000,000	400,000,000
Common shares issued (in shares)	166,458,000	163,823,000	163,863,000
Common shares outstanding (in shares)	125,161,000	122,526,000	122,566,000
Treasury shares at cost (in shares)	41,297,000	41,297,000	41,297,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Gain (Loss)
Beginning Balance (in shares) at Jan. 30, 2021		119,735		(41,297)
Beginning Balance at Jan. 30, 2021	$ 165,119	$ 1,197	$ 498,488	$ (494,395)	$ 159,765	$ 64
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(8,929)				(8,929)
Unrealized losses on marketable securities, net of taxes	(34)					(34)
Issuance of common stock (in shares)		3,125
Issuance of common stock	1	$ 32	(31)
Dividends on common stock	132				132
Repurchase of common stock & tax withholdings related to share-based awards (in shares)		(294)
Repurchase of common stock & tax withholdings related to share-based awards	(822)	$ (3)	(819)
Share-based compensation	2,815		2,815
Ending Balance (in shares) at May. 01, 2021		122,566		(41,297)
Ending Balance at May. 01, 2021	158,282	$ 1,226	500,453	$ (494,395)	150,968	30
Beginning Balance (in shares) at Jan. 29, 2022		122,526		(41,297)
Beginning Balance at Jan. 29, 2022	221,504	$ 1,225	508,654	$ (494,395)	206,020	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	34,932				34,932
Unrealized losses on marketable securities, net of taxes	0
Issuance of common stock (in shares)		4,197
Issuance of common stock	143	$ 42	101
Dividends on common stock	(7)				(7)
Repurchase of common stock & tax withholdings related to share-based awards (in shares)		(1,562)
Repurchase of common stock & tax withholdings related to share-based awards	(7,657)	$ (16)	(7,641)
Share-based compensation	3,863		3,863
Ending Balance (in shares) at Apr. 30, 2022		125,161		(41,297)
Ending Balance at Apr. 30, 2022	$ 252,778	$ 1,251	$ 504,977	$ (494,395)	$ 240,945	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Cash Flows from Operating Activities:
Net income (loss)	$ 34,932	$ (8,929)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	11,590	13,432
Non-cash lease expense	44,131	47,737
Loss on disposal and impairment of property and equipment, net	1,968	31
Deferred tax benefit	(430)	10
Share-based compensation expense	3,863	2,815
Changes in assets and liabilities:
Inventories	(2,176)	(5,685)
Prepaid expenses and other assets	(6,449)	(37)
Income tax receivable	961	627
Accounts payable	(19,483)	11,900
Accrued and other liabilities	(1,182)	(4,190)
Lease liability	(67,908)	(62,111)
Net cash used in operating activities	(183)	(4,400)
Cash Flows from Investing Activities:
Purchases of marketable securities	0	(139)
Proceeds from sale of marketable securities	0	140
Purchases of property and equipment	(2,571)	(1,697)
Net cash used in investing activities	(2,571)	(1,696)
Cash Flows from Financing Activities:
Payments of debt issuance costs	(706)	0
Proceeds from issuance of common stock	143	1
Payments of tax withholdings related to share-based awards	(7,657)	(822)
Net cash used in financing activities	(8,220)	(821)
Net decrease in cash and cash equivalents	(10,974)	(6,917)
Cash and Cash Equivalents, Beginning of period	115,105	90,791
Cash and Cash Equivalents, End of period	104,131	83,874
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	1,480	1,529
Cash received for income taxes, net	$ (6)	$ (873)

Basis of Presentation and Summa

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 The accompanying unaudited condensed consolidated financial statements of Chico's FAS, Inc., a Florida corporation, and its wholly-owned subsidiaries (the "Company") have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by accounting principles generally accepted in the U.S. for complete financial statements. In the opinion of management, such interim financial statements reflect all normal, recurring adjustments considered necessary to present fairly the condensed consolidated financial position, the results of operations and cash flows for the interim periods presented. All significant intercompany balances and transactions have been eliminated in consolidation. The fiscal year ended January 29, 2022 balance sheet data was derived from audited consolidated financial statements. For further information, refer to the consolidated financial statements and notes thereto for the fiscal year ended January 29, 2022, included in the Company's Annual Report on Form 10-K for the fiscal year ended January 29, 2022 filed with the Securities and Exchange Commission ("SEC") on March 15, 2022 ("2021 Annual Report on Form 10-K"). As used in this report, all references to "we," "us," "our", "the Company" and "Chico's FAS," refer to Chico's FAS, Inc. and all of its wholly-owned subsidiaries. Our fiscal years end on the Saturday closest to January 31 and are designated by the calendar year in which the fiscal year commences. Operating results for the thirteen weeks ended April 30, 2022 are not necessarily indicative of the results that may be expected for the entire year. COVID-19 Pandemic Update The novel strain of coronavirus (‘‘COVID-19’’) pandemic (the ‘‘COVID-19 pandemic’’ or the ‘‘pandemic’’) resulted in significant challenges across our business since March 2020 and is expected to continue to disrupt our business operations for fiscal 2022 to varying degrees. In response to the pandemic, many of our markets imposed limitations, varying by market and in frequency, on the access to the Company’s store fleet, including temporary store closures and/or a reduction in hours, staffing and capacity. We continue to focus on evolving consumer demand emerging from the pandemic and have accelerated our transformation to a digital-first company, fast-tracking numerous innovation and technology investments across all three of our brands. Even as governmental restrictions have relaxed and markets are primarily open, we expect continued uncertainty and volatility on our business operations, operating results and operating cash flows as the ongoing economic impacts and health concerns associated with the pandemic continue to affect consumer behavior, spending levels and shopping preferences and cause disruptions to the supply chain and increase our raw materials and freight costs. Due to the uncertainty over the duration and severity of the economic and operational impacts of the pandemic, the material adverse impact of the pandemic may continue throughout our fiscal year 2022. Reclassifications Certain reclassifications have been made to the prior period's financial statements to enhance the comparability with the current year's financial statements. As a result, certain line items have been amended in the unaudited condensed consolidated balance sheets to conform to the current period's presentation. Adoption of New Accounting Pronouncements There were no new accounting pronouncements adopted by the Company during the thirteen weeks ended April 30, 2022.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	3 Months Ended
	Apr. 30, 2022
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS    The Company currently has no material recent accounting pronouncements yet to be adopted.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Apr. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	REVENUE RECOGNITION Disaggregated Revenue The following table disaggregates our operating segment revenue by brand, which we believe provides a meaningful depiction of the nature of our revenue. Amounts shown include licensing and wholesale revenue, which is not a significant component of total revenue, and is aggregated within the respective brands in the table below. Thirteen Weeks Ended April 30, 2022 May 1, 2021 Chico's $ 264,466 48.9 % $ 177,021 45.6 % WHBM 169,029 31.2 104,047 26.8 Soma 107,420 19.9 106,893 27.6 Total Net Sales $ 540,915 100.0 % $ 387,961 100.0 % Contract Liability Contract liabilities in the unaudited condensed consolidated balance sheets are comprised of obligations associated with our gift card and customer loyalty programs. As of April 30, 2022, January 29, 2022 and May 1, 2021, contract liabilities primarily consisted of gift cards of $36.7 million, $43.5 million and $35.3 million, respectively. For the thirteen weeks ended April 30, 2022, the Company recognized $11.5 million of revenue that was previously included in the gift card contract liability as of January 29, 2022. For the thirteen weeks ended May 1, 2021, the Company recognized $10.0 million of revenue that was previously included in the gift card contract liability as of January 30, 2021. The contract liability for our loyalty program was not material as of April 30, 2022, January 29, 2022 or May 1, 2021. Performance Obligation

Leases

Leases	3 Months Ended
	Apr. 30, 2022
Leases [Abstract]
Leases	LEASES We lease retail stores, a limited amount of office space and certain equipment under operating leases expiring in various years through the fiscal year ending 2032. All of our leases have been classified as operating leases and are recognized and measured as such. Certain operating leases provide for renewal options that are at a pre-determined period and rental value. Furthermore, certain leases provide that we may cancel the lease if our retail sales at that location fall below an established level. Within the first few years of the initial lease term, a majority of our store operating leases contain cancellation clauses that allow the leases to be terminated at our discretion, if certain minimum sales levels are not met. In the normal course of business, operating leases are typically renewed or replaced by other leases. Escalation of operating lease payments of certain leases depend on an existing index or rate, such as the consumer price index or the market interest rate. These are considered variable lease payments and are included in lease payments when the escalation is known. In April 2020, the FASB granted a practical expedient permitting an entity to choose to forgo the evaluation of the enforceable rights and obligations of the original lease contract, specifically in situations where rent concessions have been agreed to with landlords as a result of the pandemic. Instead, the entity may account for pandemic-related rent concessions, whatever their form (e.g. rent deferral, abatement or other) either: a) as if they were part of the enforceable rights and obligations of the parties under the existing lease contract; or b) as lease modifications. During the thirteen weeks ended May 1, 2021, we received concessions from certain landlords in the form of rent deferrals, rent abatements and other lease or rent modifications as a result of the ongoing impact of the pandemic. In accordance with the practical expedient allowed by the FASB, the Company elected to treat all pandemic-related rent concessions and related amendments, including pandemic-related lease amendments that extended the lease term, as lease modifications under ASC 842, Leases. In addition, the Company continued recording lease expense during deferral periods, as applicable, in accordance with its existing policies. Operating lease expense was as follows: Thirteen Weeks Ended April 30, 2022 May 1, 2021 Operating lease cost (1) $ 53,415 $ 55,406 (1) Includes approximately $9.5 million and $9.8 million in variable lease costs for the thirteen weeks ended April 30, 2022 and May 1, 2021, respectively. Supplemental balance sheet information related to operating leases was as follows: April 30, 2022 January 29, 2022 May 1, 2021 Right of use assets $ 439,896 $ 463,077 $ 554,795 Current lease liabilities $ 150,476 $ 172,506 $ 184,296 Long-term lease liabilities 355,851 381,081 480,537 Total operating lease liabilities $ 506,327 $ 553,587 $ 664,833 Weighted Average Remaining Lease Term (years) 3.9 4.0 4.3 Weighted Average Discount Rate (1) 4.4 % 4.5 % 4.8 % (1) The incremental borrowing rate used by the Company is based on the rate at which the Company could borrow funds using its credit rating for a collateralized loan of similar term to the lease. The weighted average discount rate represents a weighted average of the incremental borrowing rate for each lease weighted based on the remaining fixed lease obligations. Supplemental cash flow information related to operating leases was as follows: Thirteen Weeks Ended April 30, 2022 May 1, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows $ 67,908 $ 62,111 Right of use assets obtained in exchange for lease obligations, non-cash 14,786 8,522 Maturities of operating lease liabilities as of April 30, 2022 were as follows: Fiscal Year Ending: January 28, 2023 $ 128,276 February 4, 2024 156,454 February 1, 2025 112,490 January 31, 2026 72,465 January 30, 2027 45,256 Thereafter 43,071 Total future minimum lease payments $ 558,012 Less imputed interest (51,685) Total $ 506,327

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Apr. 30, 2022
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	SHARE-BASED COMPENSATION For the thirteen weeks ended April 30, 2022 and May 1, 2021, share-based compensation expense was $3.9 million and $2.8 million, respectively. As of April 30, 2022, approximately 6.6 million shares remain available for future grants of equity awards under our 2020 Omnibus Stock and Incentive Plan. Restricted Stock Awards Restricted stock awards vest in equal annual installments over a three-year period from the date of grant, except for a restricted stock award granted to our then Chief Executive Officer in fiscal 2019, which vests over a four-year period from the date of grant, and restricted stock awards granted in March 2021, which vest 50% one year from the date of grant, 30% two years from the date of grant and 20% three years from the date of grant. Restricted stock award activity for the thirteen weeks ended April 30, 2022 was as follows: Number of Weighted Unvested, beginning of period 5,140,240 $ 3.18 Granted 2,344,218 4.74 Vested (2,078,875) 3.04 Forfeited (133,428) 3.47 Unvested, end of period 5,272,155 3.92 Restricted Stock Units Restricted stock units vest 100% one year from the date of grant with certain rights to defer settlement in shares of our common stock, except for restricted stock units granted in March 2021, which vest 50% one year from the date of grant, 30% two years from the date of grant and 20% three years from the date of grant, and restricted stock units granted in March 2022, which vest in equal annual installments over a three-year period from the date of grant. Restricted stock unit activity for the thirteen weeks ended April 30, 2022 was as follows: Number of Weighted Unvested, beginning of period 647,350 $ 2.38 Granted 47,468 4.74 Vested (250,000) 2.56 Unvested, end of period 444,818 2.54 Performance-based Restricted Stock Units During the thirteen weeks ended April 30, 2022, we granted performance-based restricted stock units ("PSUs") contingent upon the achievement of Company-specific performance goals during the three fiscal years 2022 through 2024. Any units earned as a result of the achievement of the performance goals of the PSUs will vest three years from the date of grant and will be settled in shares of our common stock. PSU activity for the thirteen weeks ended April 30, 2022 was as follows: Number of Units/ Weighted Unvested, beginning of period 3,734,207 $ 2.24 Granted 1,082,050 3.85 Vested (1,697,130) 1.16 Forfeited (389,687) 2.83 Unvested, end of period 2,729,440 3.46

Income Taxes

Income Taxes	3 Months Ended
	Apr. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The provision for income taxes is based on a current estimate of the annual effective tax rate and is adjusted as necessary for quarterly events. Our effective income tax rate may fluctuate from quarter to quarter as a result of a variety of factors, including changes in our assessment of certain tax contingencies, valuation allowances, changes in tax law, outcomes of administrative audits, the impact of discrete items and the mix of earnings across jurisdictions. For the thirteen weeks ended April 30, 2022 and May 1, 2021, the Company's effective tax rate was 21.4% and 3.3%, respectively. The effective tax rate of 21.4% for the thirteen weeks ended April 30, 2022 primarily reflects a favorable share-based compensation benefit and reduction in future reversing deferred tax liabilities. The 3.3% effective tax rate for the thirteen weeks ended May 1, 2021 primarily reflects a change in the valuation allowance and favorable state audit settlements, offset by share-based compensation expense and a provision for state income and foreign withholding taxes.

Income (Loss) Per Share

Income (Loss) Per Share	3 Months Ended
	Apr. 30, 2022
Earnings Per Share [Abstract]
Income (Loss) Per Share	INCOME (LOSS) PER SHARE In accordance with relevant accounting guidance, unvested share-based payment awards that include non-forfeitable rights to dividends, whether paid or unpaid, are considered participating securities. As a result, such awards are required to be included in the calculation of income (loss) per common share pursuant to the "two-class" method. For the Company, participating securities are comprised entirely of unvested restricted stock awards granted prior to fiscal 2020. Net income (loss) per share is determined using the two-class method when it is more dilutive than the treasury stock method. Basic net income (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted-average number of common shares outstanding during the period, including participating securities. Diluted net income (loss) per share reflects the dilutive effect of potential common shares from non-participating securities such as restricted stock awards granted after fiscal 2019, stock options, PSUs and restricted stock units. The following table sets forth the computation of net income (loss) per basic and diluted share shown on the face of the accompanying condensed consolidated statements of income (loss): Thirteen Weeks Ended April 30, 2022 May 1, 2021 Numerator Net income (loss) $ 34,932 $ (8,929) Net income and dividends declared allocated to participating securities (178) — Net income (loss) available to common shareholders $ 34,754 $ (8,929) Denominator Weighted average common shares outstanding – basic 118,993,187 116,689,409 Dilutive effect of non-participating securities 4,318,246 — Weighted average common and common equivalent shares outstanding – diluted 123,311,433 116,689,409 Net income (loss) per common share: Basic $ 0.29 $ (0.08) Diluted $ 0.28 $ (0.08) For the thirteen weeks ended April 30, 2022 and May 1, 2021, 0.1 million and 1.2 million potential shares of common stock, respectively, were excluded from the diluted income (loss) per common share calculation relating to non-participating securities, because the effect of including these potential shares was antidilutive.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Apr. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Our financial instruments generally consist of cash, money market accounts, marketable securities, assets held in our non-qualified deferred compensation plan, accounts receivable and payable, and debt. Cash, accounts receivable and accounts payable are carried at cost, less reserves for credit losses as applicable, which approximates their fair value due to the short-term nature of the instruments. Marketable securities are classified as available-for-sale and has historically consisted of corporate bonds, commercial paper, U.S. government agencies and municipal securities. We did not have marketable securities as of April 30, 2022. We consider all marketable securities available-for-sale, including those with maturity dates beyond 12 months, and therefore classify these securities within current assets on the unaudited condensed consolidated balance sheets, as applicable, as they were available to support current operational liquidity needs. Marketable securities are carried at fair value, with the unrealized holding gains and losses, net of income taxes, reflected in accumulated other comprehensive gain until realized, and any credit risk related losses recognized in net income (loss) during the period incurred. For the purposes of computing realized and unrealized gains and losses, cost is determined on a specific identification basis. Fair value is defined as the price that would be received to sell an a set or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. Entities are required to use a three-level hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels are defined as follows: Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities Level 2 — Unadjusted quoted prices in active markets for similar assets or liabilities; or Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or Inputs other than quoted prices that are observable for the asset or liability Level 3 — Unobservable inputs for the asset or liability Assets Measured on a Recurring Basis We measure certain financial assets at fair value on a recurring basis, including our marketable securities, as applicable, which are classified as available-for-sale securities, certain cash equivalents, specifically our money market accounts and assets held in our non-qualified deferred compensation plan, as applicable. The money market accounts are valued based on quoted market prices in active markets. Our marketable securities are generally valued based on other observable inputs for those securities (including market corroborated pricing or other models that utilize observable inputs such as interest rates and yield curves) based on information provided by independent third-party pricing entities, except for U.S. government securities which are valued based on quoted market prices in active markets. The investments in our non-qualified deferred compensation plan are valued using quoted market prices and are included in other assets on our unaudited condensed consolidated balance sheets. Assets Measured on a Nonrecurring Basis From time to time, we measure certain assets at fair value on a nonrecurring basis when carrying value exceeds fair value. This includes the evaluation of long-lived assets, goodwill and other intangible assets for impairment using Company-specific assumptions which would fall within Level 3 of the fair value hierarchy. Assets that are measured at fair value on a nonrecurring basis are remeasured when carrying value exceeds fair value. Carrying value after impairment approximates fair value. We assess the carrying amount of long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company uses market participant rents and a market participant discount rate to calculate the fair value of ROU assets. The Company uses discounted future cash flows of the asset or asset group using a discount rate that approximates the cost of capital of a market participant to quantify fair value for other long-lived assets within the asset group, which are primarily leasehold improvements. The asset group is defined as the lowest level for which identifiable cash flows are available and largely independent of the cash flows of other groups of assets, which for our retail stores, is primarily at the store level. To assess the fair value of goodwill, we have historically utilized both an income approach and a market approach. Inputs used to calculate the fair value based on the income approach primarily include estimated future cash flows, discounted at a rate that approximates the cost of capital of a market participant. Inputs used to calculate the fair value based on the market approach include identifying sales and EBITDA multiples based on guidelines for similar publicly traded companies and recent transactions. To assess the fair value of trademarks, we utilize a relief from royalty approach. Inputs used to calculate the fair value of the trademarks primarily include future sales projections, discounted at a rate that approximates the cost of capital of a market participant and an estimated royalty rate. As of April 30, 2022, January 29, 2022 and May 1, 2021, our revolving loan and letter of credit facility approximates fair value as this instrument has a variable interest rate which approximates current market rates (Level 2 criteria). Fair value calculations contain significant judgments and estimates, which may differ from actual results due to, among other things, economic conditions, changes to the business model or changes in operating performance. The most sensitive assumptions in our estimates include short and long-term revenue recoverability rates as a result of the pandemic, which could impact future impairment charges. We conduct reviews on a quarterly basis to verify pricing, assess liquidity and determine if significant inputs have changed that would impact the fair value hierarchy disclosure. In accordance with the provisions of the guidance, we categorized our financial assets and liabilities which are valued on a recurring and nonrecurring basis, based on the priority of the inputs to the valuation technique for the instruments, as follows: Fair Value Measurements at the End of the Reporting Date Using Balance as of April 30, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Recurring fair value measurements: Current Assets Cash equivalents: Money market accounts $ 25,403 $ 25,403 $ — $ — Total recurring fair value measurements $ 25,403 $ 25,403 $ — $ — Fair Value Measurements at the End of the Reporting Date Using Balance as of January 29, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Recurring fair value measurements: Current Assets Cash equivalents: Money market accounts $ 25,396 $ 25,396 $ — $ — Noncurrent Assets Deferred compensation plan 6,233 6,233 — — Total recurring fair value measurements $ 31,629 $ 31,629 $ — $ — Fair Value Measurements at the End of the Reporting Date Using Balance as of May 1, 2021 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Recurring fair value measurements: Current Assets Cash equivalents: Money market accounts $ 6,864 $ 6,864 $ — $ — Marketable securities: Corporate bonds 18,511 — 18,511 — Noncurrent Assets Deferred compensation plan 6,023 6,023 — — Total recurring fair value measurements $ 31,398 $ 12,887 $ 18,511 $ — Impairment charges for assets evaluated for impairment on a nonrecurring basis were not material during the thirteen weeks ended April 30, 2022 and May 1, 2021 and for the fifty-two weeks ended January 29, 2022.

Debt

Debt	3 Months Ended
	Apr. 30, 2022
Debt Disclosure [Abstract]
Debt	DEBTOn February 2, 2022, the Company and certain material domestic subsidiaries entered into Amendment No. 2 (the "Amendment") to its credit agreement (as amended, the "Credit Agreement") originally entered into on August 2, 2018 and amended October 30, 2020, by and among the Company, certain material domestic subsidiaries as co-borrowers and guarantors, Wells Fargo Bank, National Association ("Wells Fargo Bank"), as Agent, letter of credit issuer and swing line lender, and certain lenders party thereto. Our obligations under the Credit Agreement are guaranteed by the guarantors and are secured by a first priority lien on certain assets of the Company and certain material domestic subsidiaries, including inventory, accounts receivable, cash deposits, certain insurance proceeds, real estate, fixtures and certain intellectual property. The Credit Agreement provides for a five-year asset-based senior secured revolving loan ("ABL") and letter of credit facility of up to $285.0 million, maturing February 2, 2027. The interest rate applicable to Term Secured Overnight Financing Rate ("SOFR") Loans drawn under the ABL is equal to Term SOFR plus 1.60% (subject to a further decrease to Term SOFR plus 1.35% or an increase to Term SOFR plus 1.85% based upon average quarterly excess availability under the ABL). The Credit Agreement also provides for a $15.0 million first-in last-out ("FILO") loan. The interest rate applicable to the FILO is equal to Term SOFR plus 3.60% (subject to a further decrease to Term SOFR plus 3.35% or an increase to Term SOFR plus 3.85% based on average quarterly excess availability under the FILO). However, for any ABL or FILO with a SOFR interest rate period of six months, the interest rate applicable to the ABL and FILO is increased by 30 basis points. The Credit Agreement contains customary representations, warranties, and affirmative covenants, as well as customary negative covenants, that, among other things restrict, subject to certain exceptions, the ability of the Company and certain of its domestic subsidiaries to: (i) incur liens, (ii) make investments, (iii) issue or incur additional indebtedness, (iv) undergo significant corporate changes, including mergers and acquisitions, (v) make dispositions, (vi) make restricted payments, (vii) prepay other indebtedness and (viii) enter into certain other restrictive agreements. The Company may pay cash dividends and repurchase shares under its share buyback program, subject to certain thresholds of available borrowings based upon the lesser of the aggregate amount of commitments under the Credit Agreement and the borrowing base, determined after giving effect to any such transaction or payment, on a pro forma basis. In addition, the Company must pay a commitment fee per annum on the unused portion of the commitments under the Credit Agreement. As of April 30, 2022, $99.0 million in net borrowings were outstanding under the Credit Agreement. Availability under the Credit Agreement is determined based upon a monthly borrowing base calculation which includes eligible credit card receivables, real estate and inventory, less outstanding borrowings, letters of credit and certain designated reserves. As of April 30, 2022, the available additional borrowing capacity under the Credit Agreement was approximately $187.0 million, inclusive of the current loan cap of $30.0 million. As of April 30, 2022, deferred financing costs of $4.0 million was outstanding related to the Credit Agreement and is presented in other current assets in the accompanying unaudited condensed consolidated balance sheet.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES In February 2021, the Company was named as a defendant in Mercedes Haldy, et al. v. White House Black Market, Inc. (‘‘WHBM’’), et al., a putative class action filed in the Superior Court of California, Orange County, and subsequently removed to the United States District Court, Central District of California (‘‘Haldy’’). The Haldy complaint alleges numerous violations of California law related to payment of wages and other compensation, meal periods, rest periods, and wage statements, among other things. Plaintiff seeks to represent a class of current and former nonexempt employees of WHBM and Chico’s stores in California. In August 2021, the Company was named as a defendant in Margarita Hernandez v. Chico’s FAS, Inc., et al., a putative class action filed in the Superior Court of California, Orange County seeking to represent a class of current and former nonexempt employees of Chico’s, WHBM and Soma stores in California (‘‘Hernandez’’). The Hernandez complaint alleges many of the same wage and labor violations as the Haldy complaint and seeks the same relief. During a mediation in September 2021, the Company reached an agreement in principle to settle the above cases. A Memorandum of Understanding was entered into by all parties as of October 18, 2021 and a full settlement agreement was executed by all parties as of January 10, 2022. On May 19, 2022, the Superior Court of California entered an Order granting the parties' unopposed motion for preliminary approval of the class settlement, and set October 14, 2022 as the hearing date for final approval of the settlement. Based on the foregoing, the Company does not expect that the resolution of these cases will have a material adverse effect on its business, results of operations or consolidated financial statements, but if the settlement agreement is not approved by the respective courts, the ultimate resolution of these cases could have a material adverse effect on the Company’s results of operations or consolidated financial statements. Other than as noted above, we are not currently a party to any material legal proceedings other than claims and lawsuits arising in the normal course of our business. All such matters are subject to uncertainties, and outcomes may not be predictable. Consequently, the ultimate aggregate amounts of monetary liability or financial impact with respect to other matters as of April 30, 2022 are not estimable. However, while such matters could affect our consolidated operating results when resolved in future periods, management believes that upon final disposition, any monetary liability or financial impact to us would not be material to our annual consolidated financial statements.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Apr. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements of Chico's FAS, Inc., a Florida corporation, and its wholly-owned subsidiaries (the "Company") have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by accounting principles generally accepted in the U.S. for complete financial statements. In the opinion of management, such interim financial statements reflect all normal, recurring adjustments considered necessary to present fairly the condensed consolidated financial position, the results of operations and cash flows for the interim periods presented. All significant intercompany balances and transactions have been eliminated in consolidation.
Reclassifications	Reclassifications Certain reclassifications have been made to the prior period's financial statements to enhance the comparability with the current year's financial statements. As a result, certain line items have been amended in the unaudited condensed consolidated balance sheets to conform to the current period's presentation.
Adoption of New Accounting Pronouncements	Adoption of New Accounting Pronouncements There were no new accounting pronouncements adopted by the Company during the thirteen weeks ended April 30, 2022.
Fair Value Measurements	FAIR VALUE MEASUREMENTS Our financial instruments generally consist of cash, money market accounts, marketable securities, assets held in our non-qualified deferred compensation plan, accounts receivable and payable, and debt. Cash, accounts receivable and accounts payable are carried at cost, less reserves for credit losses as applicable, which approximates their fair value due to the short-term nature of the instruments. Marketable securities are classified as available-for-sale and has historically consisted of corporate bonds, commercial paper, U.S. government agencies and municipal securities. We did not have marketable securities as of April 30, 2022. We consider all marketable securities available-for-sale, including those with maturity dates beyond 12 months, and therefore classify these securities within current assets on the unaudited condensed consolidated balance sheets, as applicable, as they were available to support current operational liquidity needs. Marketable securities are carried at fair value, with the unrealized holding gains and losses, net of income taxes, reflected in accumulated other comprehensive gain until realized, and any credit risk related losses recognized in net income (loss) during the period incurred. For the purposes of computing realized and unrealized gains and losses, cost is determined on a specific identification basis. Fair value is defined as the price that would be received to sell an a set or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. Entities are required to use a three-level hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels are defined as follows: Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities Level 2 — Unadjusted quoted prices in active markets for similar assets or liabilities; or Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or Inputs other than quoted prices that are observable for the asset or liability Level 3 — Unobservable inputs for the asset or liability Assets Measured on a Recurring Basis We measure certain financial assets at fair value on a recurring basis, including our marketable securities, as applicable, which are classified as available-for-sale securities, certain cash equivalents, specifically our money market accounts and assets held in our non-qualified deferred compensation plan, as applicable. The money market accounts are valued based on quoted market prices in active markets. Our marketable securities are generally valued based on other observable inputs for those securities (including market corroborated pricing or other models that utilize observable inputs such as interest rates and yield curves) based on information provided by independent third-party pricing entities, except for U.S. government securities which are valued based on quoted market prices in active markets. The investments in our non-qualified deferred compensation plan are valued using quoted market prices and are included in other assets on our unaudited condensed consolidated balance sheets. Assets Measured on a Nonrecurring Basis From time to time, we measure certain assets at fair value on a nonrecurring basis when carrying value exceeds fair value. This includes the evaluation of long-lived assets, goodwill and other intangible assets for impairment using Company-specific assumptions which would fall within Level 3 of the fair value hierarchy. Assets that are measured at fair value on a nonrecurring basis are remeasured when carrying value exceeds fair value. Carrying value after impairment approximates fair value. We assess the carrying amount of long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company uses market participant rents and a market participant discount rate to calculate the fair value of ROU assets. The Company uses discounted future cash flows of the asset or asset group using a discount rate that approximates the cost of capital of a market participant to quantify fair value for other long-lived assets within the asset group, which are primarily leasehold improvements. The asset group is defined as the lowest level for which identifiable cash flows are available and largely independent of the cash flows of other groups of assets, which for our retail stores, is primarily at the store level. To assess the fair value of goodwill, we have historically utilized both an income approach and a market approach. Inputs used to calculate the fair value based on the income approach primarily include estimated future cash flows, discounted at a rate that approximates the cost of capital of a market participant. Inputs used to calculate the fair value based on the market approach include identifying sales and EBITDA multiples based on guidelines for similar publicly traded companies and recent transactions. To assess the fair value of trademarks, we utilize a relief from royalty approach. Inputs used to calculate the fair value of the trademarks primarily include future sales projections, discounted at a rate that approximates the cost of capital of a market participant and an estimated royalty rate.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Apr. 30, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates our operating segment revenue by brand, which we believe provides a meaningful depiction of the nature of our revenue. Amounts shown include licensing and wholesale revenue, which is not a significant component of total revenue, and is aggregated within the respective brands in the table below. Thirteen Weeks Ended April 30, 2022 May 1, 2021 Chico's $ 264,466 48.9 % $ 177,021 45.6 % WHBM 169,029 31.2 104,047 26.8 Soma 107,420 19.9 106,893 27.6 Total Net Sales $ 540,915 100.0 % $ 387,961 100.0 %

Leases (Tables)

Leases (Tables)	3 Months Ended
	Apr. 30, 2022
Leases [Abstract]
Lease Cost	Operating lease expense was as follows: Thirteen Weeks Ended April 30, 2022 May 1, 2021 Operating lease cost (1) $ 53,415 $ 55,406 (1) Includes approximately $9.5 million and $9.8 million in variable lease costs for the thirteen weeks ended April 30, 2022 and May 1, 2021, respectively. Supplemental cash flow information related to operating leases was as follows: Thirteen Weeks Ended April 30, 2022 May 1, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows $ 67,908 $ 62,111 Right of use assets obtained in exchange for lease obligations, non-cash 14,786 8,522
Supplemental Balance Sheet Information Related to Operating Leases	Supplemental balance sheet information related to operating leases was as follows: April 30, 2022 January 29, 2022 May 1, 2021 Right of use assets $ 439,896 $ 463,077 $ 554,795 Current lease liabilities $ 150,476 $ 172,506 $ 184,296 Long-term lease liabilities 355,851 381,081 480,537 Total operating lease liabilities $ 506,327 $ 553,587 $ 664,833 Weighted Average Remaining Lease Term (years) 3.9 4.0 4.3 Weighted Average Discount Rate (1) 4.4 % 4.5 % 4.8 %
Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities as of April 30, 2022 were as follows: Fiscal Year Ending: January 28, 2023 $ 128,276 February 4, 2024 156,454 February 1, 2025 112,490 January 31, 2026 72,465 January 30, 2027 45,256 Thereafter 43,071 Total future minimum lease payments $ 558,012 Less imputed interest (51,685) Total $ 506,327

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Apr. 30, 2022
Share-based Payment Arrangement [Abstract]
Summary of Restricted Stock Activity	Restricted stock award activity for the thirteen weeks ended April 30, 2022 was as follows: Number of Weighted Unvested, beginning of period 5,140,240 $ 3.18 Granted 2,344,218 4.74 Vested (2,078,875) 3.04 Forfeited (133,428) 3.47 Unvested, end of period 5,272,155 3.92 Restricted stock unit activity for the thirteen weeks ended April 30, 2022 was as follows: Number of Weighted Unvested, beginning of period 647,350 $ 2.38 Granted 47,468 4.74 Vested (250,000) 2.56 Unvested, end of period 444,818 2.54
Schedule of Performance-Based Restricted Stock Unit Activity	PSU activity for the thirteen weeks ended April 30, 2022 was as follows: Number of Units/ Weighted Unvested, beginning of period 3,734,207 $ 2.24 Granted 1,082,050 3.85 Vested (1,697,130) 1.16 Forfeited (389,687) 2.83 Unvested, end of period 2,729,440 3.46

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	3 Months Ended
	Apr. 30, 2022
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net (Loss) Income Per Share	The following table sets forth the computation of net income (loss) per basic and diluted share shown on the face of the accompanying condensed consolidated statements of income (loss): Thirteen Weeks Ended April 30, 2022 May 1, 2021 Numerator Net income (loss) $ 34,932 $ (8,929) Net income and dividends declared allocated to participating securities (178) — Net income (loss) available to common shareholders $ 34,754 $ (8,929) Denominator Weighted average common shares outstanding – basic 118,993,187 116,689,409 Dilutive effect of non-participating securities 4,318,246 — Weighted average common and common equivalent shares outstanding – diluted 123,311,433 116,689,409 Net income (loss) per common share: Basic $ 0.29 $ (0.08) Diluted $ 0.28 $ (0.08)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Apr. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Assets Valued on a Recurring Basis	In accordance with the provisions of the guidance, we categorized our financial assets and liabilities which are valued on a recurring and nonrecurring basis, based on the priority of the inputs to the valuation technique for the instruments, as follows: Fair Value Measurements at the End of the Reporting Date Using Balance as of April 30, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Recurring fair value measurements: Current Assets Cash equivalents: Money market accounts $ 25,403 $ 25,403 $ — $ — Total recurring fair value measurements $ 25,403 $ 25,403 $ — $ — Fair Value Measurements at the End of the Reporting Date Using Balance as of January 29, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Recurring fair value measurements: Current Assets Cash equivalents: Money market accounts $ 25,396 $ 25,396 $ — $ — Noncurrent Assets Deferred compensation plan 6,233 6,233 — — Total recurring fair value measurements $ 31,629 $ 31,629 $ — $ — Fair Value Measurements at the End of the Reporting Date Using Balance as of May 1, 2021 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Recurring fair value measurements: Current Assets Cash equivalents: Money market accounts $ 6,864 $ 6,864 $ — $ — Marketable securities: Corporate bonds 18,511 — 18,511 — Noncurrent Assets Deferred compensation plan 6,023 6,023 — — Total recurring fair value measurements $ 31,398 $ 12,887 $ 18,511 $ —

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021	Jan. 29, 2022
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 540,915	$ 387,961
Total Net Sales, as a percentage	100.00%	100.00%
Contract liabilities	$ 36,700	$ 35,300	$ 43,500
Contract liability revenue recognized	11,500	10,000
Chico's
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 264,466	$ 177,021
Total Net Sales, as a percentage	48.90%	45.60%
WHBM
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 169,029	$ 104,047
Total Net Sales, as a percentage	31.20%	26.80%
Soma
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 107,420	$ 106,893
Total Net Sales, as a percentage	19.90%	27.60%

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Leases [Abstract]
Operating lease cost	$ 53,415	$ 55,406
Variable lease cost	$ 9,500	$ 9,800

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Leases [Abstract]
Right of use assets	$ 439,896	$ 463,077	$ 554,795
Current lease liabilities	150,476	172,506	184,296
Long-term lease liabilities	355,851	381,081	480,537
Total operating lease liabilities	$ 506,327	$ 553,587	$ 664,833
Weighted Average Remaining Lease Term (years)	3 years 10 months 24 days	4 years	4 years 3 months 18 days
Weighted Average Discount Rate	4.40%	4.50%	4.80%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows	$ 67,908	$ 62,111
Right of use assets obtained in exchange for lease obligations, non-cash	$ 14,786	$ 8,522

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
January 28, 2023	$ 128,276
February 4, 2024	156,454
February 1, 2025	112,490
January 31,2026	72,465
January 30, 2027	45,256
Thereafter	43,071
Total future minimum lease payments	558,012
Less imputed interest	(51,685)
Total	$ 506,327	$ 553,587	$ 664,833

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022	May 01, 2021
Share-based Payment Arrangement [Abstract]
Compensation expense related to stock-based awards		$ 3,863	$ 2,815
Number of shares available for future grants (in shares)		6.6
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Restricted Stock Awards | CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years	1 year
Vesting percentage		100.00%
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Tranche One | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50.00%
Tranche One | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50.00%
Tranche Two | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		30.00%
Tranche Two | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		30.00%
Tranche Three | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		20.00%
Tranche Three | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		20.00%

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Restricted Stock Awards and Performance-based Restricted Stock Unit Activity (Details)	3 Months Ended
	Apr. 30, 2022$ / sharesshares
Restricted Stock Awards
Number of Units/ Shares
Unvested, beginning of period (in shares) | shares	5,140,240
Granted (in shares) | shares	2,344,218
Vested (in shares) | shares	(2,078,875)
Forfeited (in shares) | shares	(133,428)
Unvested, end of period (in shares) | shares	5,272,155
Weighted Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share) | $ / shares	$ 3.18
Granted (in dollars per share) | $ / shares	4.74
Vested (in dollars per share) | $ / shares	3.04
Forfeited (in dollars per share) | $ / shares	3.47
Unvested, end of period (in dollars per share) | $ / shares	$ 3.92
Restricted Stock Units (RSUs)
Number of Units/ Shares
Unvested, beginning of period (in shares) | shares	647,350
Granted (in shares) | shares	47,468
Vested (in shares) | shares	(250,000)
Unvested, end of period (in shares) | shares	444,818
Weighted Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share) | $ / shares	$ 2.38
Granted (in dollars per share) | $ / shares	4.74
Vested (in dollars per share) | $ / shares	2.56
Unvested, end of period (in dollars per share) | $ / shares	$ 2.54
Performance-Based Restricted Stock Units
Number of Units/ Shares
Unvested, beginning of period (in shares) | shares	3,734,207
Granted (in shares) | shares	1,082,050
Vested (in shares) | shares	(1,697,130)
Forfeited (in shares) | shares	(389,687)
Unvested, end of period (in shares) | shares	2,729,440
Weighted Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share) | $ / shares	$ 2.24
Granted (in dollars per share) | $ / shares	3.85
Vested (in dollars per share) | $ / shares	1.16
Forfeited (in dollars per share) | $ / shares	2.83
Unvested, end of period (in dollars per share) | $ / shares	$ 3.46

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	21.40%	3.30%
Income tax receivable	$ 11.4

Income (Loss) Per Share - Compu

Income (Loss) Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Numerator
Net income (loss)	$ 34,932	$ (8,929)
Net income and dividends declared allocated to participating securities	(178)	0
Net income (loss) available to common shareholders - Basic	$ 34,754	$ (8,929)
Denominator
Weighted average common shares outstanding – basic (in shares)	118,993,187	116,689,409
Dilutive effect of non-participating securities (in shares)	4,318,246	0
Weighted average common and common equivalent shares outstanding – diluted (in shares)	123,311,433	116,689,409
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.29	$ (0.08)
Diluted (in dollars per share)	$ 0.28	$ (0.08)

Income (Loss) Per Share - Addit

Income (Loss) Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Earnings Per Share [Abstract]
Number of antidilutive securities (in shares)	0.1	1.2

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets Valued on a Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Current Assets
Money market accounts	$ 25,403	$ 25,396	$ 6,864
Noncurrent Assets
Deferred compensation plan		6,233	6,023
Total recurring fair value measurements	25,403	31,629	31,398
Quoted Prices in Active Markets for Identical Assets (Level 1)
Current Assets
Money market accounts	25,403	25,396	6,864
Noncurrent Assets
Deferred compensation plan		6,233	6,023
Total recurring fair value measurements	25,403	31,629	12,887
Significant Other Observable Inputs (Level 2)
Current Assets
Money market accounts	0	0	0
Noncurrent Assets
Deferred compensation plan		0	0
Total recurring fair value measurements	0	0	18,511
Significant Unobservable Inputs (Level 3)
Current Assets
Money market accounts	0	0	0
Noncurrent Assets
Deferred compensation plan		0	0
Total recurring fair value measurements	$ 0	$ 0	0
Corporate bonds
Current Assets
Marketable securities			18,511
Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Current Assets
Marketable securities			0
Corporate bonds | Significant Other Observable Inputs (Level 2)
Current Assets
Marketable securities			18,511
Corporate bonds | Significant Unobservable Inputs (Level 3)
Current Assets
Marketable securities			$ 0

Debt - Additional Information (

Debt - Additional Information (Details) - Revolving credit facility - USD ($)	Feb. 02, 2022	Apr. 30, 2022
Line of credit
Debt Instrument [Line Items]
Long-term debt, term	5 years
Borrowing capacity	$ 285,000,000
Long-term debt		$ 99,000,000
Additional borrowing capacity		187,000,000
Excess availability of borrowing		30,000,000
Deferred financing costs		$ 4,000,000
Line of credit | SOFR
Debt Instrument [Line Items]
Interest rate	1.60%
Line of credit | SOFR | Minimum
Debt Instrument [Line Items]
Interest rate	1.35%
Line of credit | SOFR | Maximum
Debt Instrument [Line Items]
Interest rate	1.85%
FILO
Debt Instrument [Line Items]
Borrowing capacity	$ 15,000,000
Basis points	0.30%
FILO | Maximum
Debt Instrument [Line Items]
Interest rate	3.85%
FILO | SOFR
Debt Instrument [Line Items]
Interest rate	3.60%
FILO | SOFR | Minimum
Debt Instrument [Line Items]
Interest rate	3.35%