Stock Repurchase Program

6 Months Ended

Jul. 29, 2023

Our Board of Directors (the "Board") has authorized a stock repurchase program (the "Repurchase Program") since August 2004; replacing, amending, renewing and extending the Repurchase Program periodically. In the most recent amendment in May 2021, the Board authorized an expansion of the Repurchase Program by $500.0 million to a total of $800.0 million to repurchase our common stock through February 1, 2025.

The Repurchase Program authorizes repurchases of our common stock in open market or negotiated transactions, with the amount and timing of repurchases dependent on market conditions and at the discretion of our management. In addition to the Repurchase Program, we also acquire shares of our common stock from holders of restricted stock unit awards to satisfy withholding tax requirements due at vesting. Neither excise taxes nor the cost of shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements reduces the authorized amount of repurchases under the Repurchase Program.

The number of shares repurchased under the Repurchase Program and acquired from holders of restricted stock unit awards to satisfy tax withholding requirements were as follows (dollars in thousands):


	13-Weeks Ended				26-Weeks Ended
	July 29, 2023		July 30, 2022		July 29, 2023		July 30, 2022
Common stock repurchased under the Repurchase Program	294,917		145,178		454,509		636,396
Aggregate cost of repurchases under the Repurchase Program	$	11,013	$	7,009	$	21,212	$	29,409
Shares acquired from holders of restricted stock unit awards to satisfy tax withholding requirements	—		—		47,177		45,993
Tax withholding requirement from holders of restricted stock unit awards	$	—	$	—	$	2,833	$	2,069
Excise tax on stock repurchases	$	103	$	—	$	115	$	—

As of July 29, 2023, we had approximately $308.9 million remaining under the Repurchase Program for stock repurchases.