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Accounts Payable, Accrued Expenses and Other Current Liabilities | 3 Months Ended
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Apr. 30, 2022
Accounts Payable, Accrued Expenses and Other Current Liabilities |
Accounts Payable, Accrued Expenses and Other Current Liabilities | NOTE 6—ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accounts payable and accrued expenses consist of the following:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | APRIL 30, |  | JANUARY 29,
​ | ​ | 2022 | ​ | 2022
​ | ​ | (in thousands)
Accounts payable | ​ | $ | 254,537 | ​ | $ | 242,035
Accrued compensation | ​ |  | 54,471 | ​ |  | 96,859
Accrued freight and duty | ​ |  | 27,339 | ​ |  | 21,888
Accrued sales taxes | ​ |  | 26,732 | ​ |  | 24,811
Accrued occupancy | ​ |  | 26,208 | ​ |  | 28,088
Accrued professional fees | ​ |  | 17,134 | ​ |  | 5,892
Accrued catalog costs | ​ |  | 7,946 | ​ |  | 4,127
Other accrued expenses | ​ |  | 14,582 | ​ |  | 18,679
Total accounts payable and accrued expenses | ​ | $ | 428,949 | ​ | $ | 442,379
​ Other current liabilities consist of the following:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | APRIL 30, |  | JANUARY 29,
​ | ​ | 2022 | ​ | 2022
​ | ​ | (in thousands)
Unredeemed gift card and merchandise credit liability | ​ | $ | 25,237 | ​ | $ | 22,712
Allowance for sales returns | ​ | ​ | 24,709 | ​ | ​ | 25,256
Current portion of term loan | ​ | ​ | 20,000 | ​ | ​ | 20,000
Finance lease liabilities | ​ | ​ | 15,982 | ​ | ​ | 15,511
Current portion of equipment promissory notes | ​ | ​ | 3,875 | ​ | ​ | 13,625
Federal and state tax payable(1) | ​ | ​ | — | ​ | ​ | 31,364
Other current liabilities | ​ |  | 17,998 | ​ |  | 18,155
Total other current liabilities | ​ | $ | 107,801 | ​ | $ | 146,623
(1) | Refer to Note 12—Income Taxes.
Contract Liabilities We defer revenue associated with merchandise delivered via the home-delivery channel. We expect that substantially all of the deferred revenue and customer deposits as of April 30, 2022 will be recognized within the next six months as the performance obligations are satisfied. Deferred revenue also includes the unrecognized portion of the annual RH Members Program fee. New membership fees are recorded as deferred revenue when collected from customers and recognized as revenue based on expected product revenues over the annual membership period, based on historical trends of sales to members. Membership renewal fees are recorded as deferred revenue when collected from customers and are recognized as revenue on a straight-line basis over the membership period, or one year. In addition, we defer revenue when cash payments are received in advance of performance for unsatisfied obligations related to our gift cards. During the three months ended April 30, 2022 and May 1, 2021, we recognized $4.7 million and $4.9 million, respectively, of revenue related to previous deferrals related to our gift cards. We recognize breakage associated with gift cards proportional to actual gift card redemptions. Breakage of $0.7 million and $0.4 million was recorded in net revenues in the three months ended April 30, 2022 and May 1, 2021, respectively. We expect that approximately 75% of the remaining gift card liabilities will be recognized when the gift cards are redeemed by customers.

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