ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Feb. 01, 2025

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

NOTE 8—ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accounts payable and accrued expenses consisted of the following:

	FEBRUARY 1,		FEBRUARY 3,
	2025		2024
	(in thousands)
Accounts payable	$	245,260	$	192,345
Accrued compensation		50,689		43,840
Accrued sales and use tax		27,685		26,823
Accrued occupancy		24,992		29,144
Accrued freight and duty		18,030		14,333
Accrued professional fees		5,281		5,754
Accrued legal contingencies(1)		3,029		2,795
Accrued legal settlements(1)		—		16,704
Excise tax payable on share repurchases		—		11,988
Other accrued expenses		38,440		22,859
Total accounts payable and accrued expenses	$	413,406	$	366,585

(1) Refer to Note 19¾Commitments and Contingencies.

Reorganizations

We implemented and completed restructurings in the fourth quarter of fiscal 2024 and in the first quarter of fiscal 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.

During fiscal 2024 and fiscal 2023, we incurred total charges relating to the reorganizations of $4.4 million and $7.6 million, respectively, consisting primarily of severance costs and related taxes. As of February 1, 2025, we had accruals of $3.4 million included within accounts payable and accrued expenses on the consolidated balance sheets related to the fiscal 2024 reorganization. As of February 3, 2024, we had an immaterial amount accrued within accounts payable and accrued expenses on the consolidated balance sheets related to the fiscal 2023 reorganization, all of which was paid during fiscal 2024.

Other current liabilities consisted of the following:

	FEBRUARY 1,		FEBRUARY 3,
	2025		2024
	(in thousands)
Current portion of term loans	$	25,000	$	25,000
Allowance for sales returns		23,512		19,588
Finance lease liabilities		21,135		14,668
Unredeemed gift card and merchandise credit liability		19,546		24,720
Federal tax payable		3,242		5,561
Foreign tax payable		1,980		249
Other current liabilities		4,546		6,327
Total other current liabilities	$	98,961	$	96,113