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v3.26.1

Income Taxes (Tables) | 12 Months Ended
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Jan. 31, 2026
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | The income tax provision consists of the following (amounts in thousands):
|  | Fiscal Year Ended
|  | January 31, 2026 |  | February 1, 2025 |  | February 3, 2024
| Current expense: |  |  |  |  |
| Federal | $ | 10,680 |  |  | $ | 62,162 |  |  | $ | 125,325 |
| State | 9,369 |  |  | 19,717 |  |  | 22,869 |
| Foreign | 431 |  |  | 64 |  |  | 19 |
| Total current expense (a) | 20,480 |  |  | 81,943 |  |  | 148,213 |
| Deferred expense (benefit): |  |  |  |  |
| Federal | 83,590 |  |  | 36,750 |  |  | (3,395) |
| State | 5,219 |  |  | 1,085 |  |  | (817) |
| Foreign | — |  |  | — |  |  | (35) |
| Total deferred expense (benefit) (a) | 88,809 |  |  | 37,835 |  |  | (4,247) |
| Income tax expense | $ | 109,289 |  |  | $ | 119,778 |  |  | $ | 143,966 |
(a) | The Company purchased $47.7 million of energy credits under the Inflation Reduction Act related to the tax year ending January 31, 2026 for a total purchase price of $44.1 million, resulting in a net tax benefit of $3.6 million during fiscal year 2025. During fiscal year 2024, the Company purchased $38.1 million of energy credits under the Inflation Reduction Act related to tax years ending February 3, 2024 and February 1, 2025 for a total purchase price of $35.8 million, resulting in a net tax benefit of $2.3 million.
Schedule of Income before Income Tax, Domestic and Foreign | Income before income taxes includes the following components (amounts in thousands):
| Fiscal Year Ended
| January 31, 2026 |  | February 1, 2025 |  | February 3, 2024
United States | $ | 483,419 |  |  | $ | 537,444 |  |  | $ | 662,980 |
Non-U.S. | 2,638 |  |  | 781 |  |  | 176 |
Total income before income taxes | $ | 486,057 |  |  | $ | 538,225 |  |  | $ | 663,156 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory U.S. federal income tax rate to our effective income tax rate is as follows (dollar amounts in thousands):
| Fiscal Year Ended
| January 31, 2026 |  | February 1, 2025 |  | February 3, 2024
U.S. federal statutory tax rate | $ | 102,072 |  |  | 21.0 | % |  | $ | 113,027 |  |  | 21.0 | % |  | $ | 139,263 |  |  | 21.0 | %
State and local income taxes, net of federal income tax rate (a) | 11,683 |  |  | 2.4 |  |  | 16,936 |  |  | 3.1 |  |  | 17,511 |  |  | 2.5 |
Foreign tax effects |  |  |  |  |  |  |  |  |  |  |
Other | 735 |  |  | 0.1 |  |  | 1,751 |  |  | 0.3 |  |  | (17) |  |  | — |
Effect of cross border tax laws | (4,100) |  |  | (0.8) |  |  | (233) |  |  | — |  |  | — |  |  | — |
Tax credits |  |  |  |  |  |  |  |  |  |  |
Research and development tax credits | (2,025) |  |  | (0.4) |  |  | (3,958) |  |  | (0.7) |  |  | (2,543) |  |  | (0.4) |
Other | (4,764) |  |  | (1.0) |  |  | (3,218) |  |  | (0.6) |  |  | (739) |  |  | (0.1) |
Nontaxable or nondeductible items |  |  |  |  |  |  |  |  |  |  |
Share-based payment awards | 353 |  |  | 0.1 |  |  | (1,946) |  |  | (0.4) |  |  | (7,697) |  |  | (1.1) |
Other | 5,335 |  |  | 1.1 |  |  | (2,581) |  |  | (0.4) |  |  | (1,812) |  |  | (0.2) |
Effective income tax rate | $ | 109,289 |  |  | 22.5 | % |  | $ | 119,778 |  |  | 22.3 | % |  | $ | 143,966 |  |  | 21.7 | %
(a) State taxes in Texas, Louisiana, Georgia, and Tennessee made up the majority (greater than 50 percent) of the tax effect in this category.
Schedule of Deferred Tax Assets and Liabilities | Components of deferred tax assets and liabilities consist of the following (amounts in thousands):
| January 31, 2026 |  | February 1, 2025
Deferred tax assets: |  |  |
Accounts receivable | $ | 417 |  |  | $ | 643 |
Accrued liabilities and reserves | 24,666 |  |  | 19,824 |
Lease liabilities | 327,724 |  |  | — |
Equity compensation | 8,350 |  |  | 9,934 |
Other | 2,146 |  |  | 1,389 |
Total deferred tax assets | 363,303 |  |  | 31,790 |
Deferred tax liabilities: |  |  |
Inventory | (6,068) |  |  | (21,199) |
Prepaid items | (17,318) |  |  | (15,551) |
Property and equipment | (49,865) |  |  | (2,048) |
Right-of-use assets | (287,144) |  |  | — |
Intangible assets | (303,615) |  |  | (249,804) |
Other | 53 |  |  | (3) |
Total deferred tax liabilities | (663,957) |  |  | (288,605) |
Net deferred tax liability | $ | (300,654) |  |  | $ | (256,815) |
Schedule of Cash Flow, Supplemental Disclosures | Cash paid for income taxes, net of refunds, consists of the following (amounts in thousands):
|  | Fiscal Year Ended
|  | January 31, 2026 |  | February 1, 2025 |  | February 3, 2024
| U.S. federal | $ | 21,633 |  |  | $ | 69,000 |  |  | $ | 110,328 |
| U.S. state and local: |  |  |  |  |
| Texas | 3,928 |  |  | 3,775 |  |  | 3,838 |
| Tennessee | 3,143 |  |  | 2,315 |  |  | 2,131 |
| Other | 9,099 |  |  | 13,300 |  |  | 15,820 |
| Total U.S. state and local | $ | 16,170 |  |  | $ | 19,390 |  |  | $ | 21,789 |
| Non-U.S. | 18 |  |  | 11 |  |  | 9 |
| Total cash paid for income taxes (net of refunds) | $ | 37,821 |  |  | $ | 88,401 |  |  | $ | 132,126 |

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