XML 26 R13.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 6 Months Ended
--- | ---
Aug. 03, 2024
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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | AUGUST 3, |  | FEBRUARY 3,
​ | ​ | 2024 | ​ | 2024
​ | ​ | (in thousands)
Accounts payable | ​ | $ | 293,810 | ​ | $ | 192,345
Accrued compensation | ​ |  | 50,875 | ​ |  | 43,840
Accrued occupancy | ​ |  | 29,212 | ​ |  | 29,144
Accrued sales and use tax | ​ |  | 28,917 | ​ |  | 26,823
Accrued freight and duty | ​ |  | 18,650 | ​ |  | 14,333
Accrued legal settlements(1) | ​ | ​ | 16,645 | ​ | ​ | 16,704
Excise tax payable on share repurchases | ​ | ​ | 11,988 | ​ | ​ | 11,988
Accrued professional fees | ​ |  | 8,905 | ​ |  | 5,754
Accrued legal contingencies(1) | ​ | ​ | 2,237 | ​ | ​ | 2,795
Other accrued expenses | ​ |  | 34,722 | ​ |  | 22,859
Total accounts payable and accrued expenses | ​ | $ | 495,961 | ​ | $ | 366,585
(1) | Refer to Note 16 ¾ Commitments and Contingencies.
Reorganization We implemented a restructuring on March 24, 2023 that included workforce and expense reductions in order to improve and simplify our organizational structure, streamline certain aspects of our business operations and better position us for further growth. The workforce reduction associated with the initiative included the elimination of numerous leadership and other positions throughout the organization, which affected approximately 440 roles. The reorganization was completed during the first quarter of fiscal 2023. During the six months ended July 29, 2023, we incurred total charges relating to the reorganization of $7.6 million consisting primarily of severance costs and related taxes. As of February 3, 2024, we had an immaterial amount accrued within accounts payable and accrued expenses on the condensed consolidated balance sheets related to the reorganization, all of which was paid during the first quarter of fiscal 2024. Other current liabilities consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | AUGUST 3, |  | FEBRUARY 3,
​ | ​ | 2024 | ​ | 2024
​ | ​ | (in thousands)
Current portion of term loans | ​ | $ | 25,000 | ​ | $ | 25,000
Allowance for sales returns | ​ | ​ | 21,906 | ​ | ​ | 19,588
Unredeemed gift card and merchandise credit liability | ​ | ​ | 17,992 | ​ | ​ | 24,720
Finance lease liabilities | ​ | ​ | 15,755 | ​ | ​ | 14,668
Other current liabilities | ​ |  | 3,418 | ​ |  | 12,137
Total other current liabilities | ​ | $ | 84,071 | ​ | $ | 96,113
​ 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 August 3, 2024 will be recognized within the next six months as the performance obligations are satisfied. 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 August 3, 2024 and July 29, 2023, we recognized $4.3 million and $5.3 million, respectively, of revenue related to previous deferrals related to our gift cards. During the six months ended August 3, 2024 and July 29, 2023, we recognized $10 million and $11 million, respectively, of revenue related to previous deferrals related to our gift cards. We expect that approximately 75 percent of the remaining gift card liabilities will be recognized when the gift cards are redeemed by customers. Supplier Finance Program We facilitate a voluntary supply chain financing program (the “Financing Program”) with a third-party financial institution (the “Bank”) to provide participating suppliers with the opportunity to receive early payment on invoices, net of a discount charged to the supplier by the Bank. As of August 3, 2024 and February 3, 2024, supplier invoices that have been confirmed as valid under the Financing Program included in accounts payable and accrued expenses on the condensed consolidated balance sheets were $49 million and $28 million, respectively.

X
- Definition The entire disclosure for accounts payable, accrued expenses, and other liabilities that are classified as current at the end of the reporting period. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 720 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483384/720-30-45-1 + Details
Name: | us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_PayablesAndAccrualsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration