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Share Repurchase Program
 12 Months Ended
Feb. 01, 2025
Equity [Abstract]  
Share Repurchase Program Share Repurchase Program
During fiscal 2022, the Company’s Board of Directors authorized a program (the “2021 Share Repurchase Program”) to repurchase, from time-to-time and as market and business conditions warrant, up to $200 million of the Company’s common stock. During fiscal 2023, the Board of Directors expanded the repurchase authorization by $100 million, leaving an available capacity of $249.0 million at that time. In January 2024, the Board of Directors expanded the repurchase authorization by approximately $1.4 million to cover the repurchases associated with the issuance of the Additional 2028 Notes. As of February 3, 2024, the Company had no remaining authority under the 2021 Share Repurchase Program to purchase its common stock. In March 2024, the Board of Directors authorized a new $200 million share repurchase program (the “2024 Share Repurchase Program”). Repurchases under the 2024 Share Repurchase Program may be made on the open market or in privately negotiated transactions, pursuant to Rule 10b5-1 trading plans or other available means. There is no minimum or maximum number of shares to be repurchased under the program and the program may be discontinued at any time without prior notice. As of February 1, 2025, the Company had remaining authority under the 2024 Share Repurchase Program to purchase $139.8 million of its common stock.
During fiscal 2025, the Company repurchased 2,600,569 shares under the 2024 Share Repurchase Program at an aggregate cost of $60.8 million, including excise tax. During fiscal 2024, the Company repurchased 3,153,339 shares under the 2021 Share Repurchase Program at an aggregate cost of $64.1 million, including excise tax. During fiscal 2023, the Company repurchased 8,985,603 shares under the 2021 Share Repurchase Program at an aggregate cost of $186.7 million, which is inclusive of the shares repurchased under the March 18, 2022 accelerated share repurchase (“ASR”) agreement (“2022 ASR Contract”).
In March 2022, pursuant to existing share repurchase authorizations, the Company entered into an ASR Contract with a financial institution to repurchase an aggregate of $175.0 million of the Company’s common stock. Under the 2022 ASR Contract, the Company received approximately 8.5 million shares of common stock in the first half of fiscal 2023.