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Stock Repurchase Programs

6 Months Ended

Aug. 03, 2024

Schedule of Share Repurchase Program Activity [Abstract]

Stock Repurchase Programs

Note 8. Stock Repurchase Programs

In February 2022, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $500 million of its Class A Common Stock (“February 2022 Stock Plan”). In May 2023, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $500 million of its Class A Common Stock (“May 2023 Stock Plan”). The May 2023 Stock Plan permits the Company

to repurchase its Class A Common Stock in the open market, pursuant to preset trading plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or through privately negotiated transactions. The May 2023 Stock Plan has no expiration date.

The following is a summary of share repurchase activity for the periods indicated (in thousands, except per share data):


		Three Months Ended						Six Months Ended
		August 3,			July 29,			August 3,			July 29,
		2024			2023			2024			2023
Cost of shares repurchased		$	—		$	103,444		$	—		$	217,254
Number of shares repurchased			—			358			—			715
Average price per share		$	—		$	289.32		$	—		$	303.98

All repurchases of the Company’s Class A Common Stock above were made at the market price at the trade date, and all amounts paid to reacquire these shares were allocated to treasury stock. As of August 3, 2024, the Company had completed the authorized purchases under the February 2022 Stock Plan, and $394.0 million of authorization remained under the May 2023 Stock Plan.