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Fair Value Measurements (Tables)

12 Months Ended

Feb. 01, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands):

						Fair Value Measurements
						Feb 1, 2025																								Feb 3, 2024
Recurring Fair Value Measures						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Assets:
Foreign exchange currency contracts						$	—					$	10,467					$	—					$	10,467					$	—					$	2,278					$	—					$	2,278
2028 Bond Hedge						—						—						11,252						11,252						—						—						85,918						85,918
Interest rate swap						—						—						—						—						—						797						—						797
Total						$	—					$	10,467					$	11,252					$	21,719					$	—					$	3,075					$	85,918					$	88,993
Liabilities:
Foreign exchange currency contracts						$	—					$	8					$	—					$	8					$	—					$	1,702					$	—					$	1,702
Embedded derivative						—						—						2,460						2,460						—						—						16,390						16,390
Deferred compensation obligations						—						18,978						—						18,978						—						17,164						—						17,164
Total						$	—					$	18,986					$	2,460					$	21,446					$	—					$	18,866					$	16,390					$	35,256

Schedule of Measurement Input Assumptions

The following assumptions were used within the model:

Valuation Assumptions						Feb 1, 2025						Feb 3, 2024
Expected volatility						30		%				30		%
Risk-free interest rate						4.3		%				4.1		%
Credit spread						3.2		%				4.3		%
Dividend yield						9.1		%				5.2		%
Term to maturity						3.2 years						4.2 years
Stock price						$	12.91					$	22.86

Schedule of Reconciliation of Level 3 Assets and Liabilities

The following presents a reconciliation of the Company’s financial assets and liabilities measured at fair value as of February 1, 2025 and February 3, 2024, using significant unobservable inputs (Level 3), and the

change in fair value recorded in other income (expense), net in the consolidated statements of income (in thousands):

			Embedded Derivative						2028 Bond Hedge
Balance as of January 28, 2023			$	—					$	—
Initial bifurcation of embedded derivative			(16,155)						—
Purchase of Additional 2028 Bond Hedge			—						16,155
Reclassification of Initial 2028 Bond Hedge			—						68,530
Gain (loss) on fair value remeasurement			(235)						1,233
Balance as of February 3, 2024			$	(16,390)					$	85,918
Initial bifurcation of embedded derivative			(6,538)						—
Purchase of Additional 2028 Bond Hedge			—						6,538
Gain (loss) on fair value remeasurement			20,468						(81,204)
Balance as of February 1, 2025			$	(2,460)					$	11,252

Schedule of Impairments

Impairments of retail locations to property and equipment and operating lease ROU assets are summarized as (in thousands):

			Fair Value as of Remeasurement Date						Asset Impairment Charges
			Year Ended February 1, 2025
Operating lease ROU assets			$	46,570					$	1,138
Property and equipment			$	438					$	5,486
			Year Ended February 3, 2024
Operating lease ROU assets			$	42,267					$	494
Property and equipment			$	784					$	6,393
			Year Ended January 28, 2023
Operating lease ROU assets			$	35,254					$	70
Property and equipment			$	33					$	9,474

X

- Definition

Tabular disclosure for impairment of long-lived assets held and used by an entity which includes a description of the impaired long-lived asset and facts and circumstances leading to the impairment, aggregate amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired long-lived asset is reported.

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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