INCOME TAXES (Tables)

12 Months Ended

Feb. 01, 2025

INCOME TAXES

Summary of Income Before Income Taxes

	YEAR ENDED
	FEBRUARY 1,		FEBRUARY 3,		JANUARY 28,
	2025		2024		2023
	(in thousands)
Domestic	$	59,731	$	143,509	$	418,216
Foreign		17,480		12,313		19,068
Total	$	77,211	$	155,822	$	437,284

Summary of income tax expense (benefit) and effective tax rates

	YEAR ENDED
	FEBRUARY 1,		FEBRUARY 3,		JANUARY 28,
	2025		2024		2023
	(in thousands)
Current
Federal	$	1,015	$	(3,249)	$	(6,773)
State		2,274		6,032		1,013
Foreign		2,943		179		7,012
Total current tax expense		6,232		2,962		1,252
Deferred
Federal		715		22,236		(78,032)
State		(2,761)		(1,339)		(18,639)
Foreign		613		4,402		4,061
Total deferred tax expense (benefit)		(1,433)		25,299		(92,610)
Total income tax expense (benefit)	$	4,799	$	28,261	$	(91,358)

Schedule of Reconciliation of Federal Statutory Tax Rate to Company's Effective Tax Rate

	YEAR ENDED
	FEBRUARY 1,		FEBRUARY 3,		JANUARY 28,
	2025		2024		2023
Provision at federal statutory tax rate	21.0	%	21.0	%	21.0	%
State income taxes—net of federal tax impact	(2.3)		2.1		(2.8)
Stock compensation—excess benefits	(19.2)		(3.4)		(50.0)
Non-deductible stock-based compensation	2.8		1.3		0.9
U.S. impact of foreign operations	2.5		0.8		0.6
Valuation allowance	1.1		0.2		0.5
Federal rehabilitation tax credit	—		(7.3)		(0.9)
Tax impact of convertible senior notes repurchase	—		0.1		9.4
Tax rate adjustments and other	(0.6)		1.0		—
Other permanent items	0.9		2.3		0.4
Effective tax rate	6.2	%	18.1	%	(20.9)	%

Components of Deferred Tax Assets and Liabilities

	FEBRUARY 1,		FEBRUARY 3,
	2025		2024
	(in thousands)
Non-current deferred tax assets (liabilities)
Lease liabilities	$	363,753	$	341,767
Interest expense carryforwards		70,952		72,765
Net operating loss carryforwards		35,205		60,143
Accrued expenses		22,927		25,906
Stock-based compensation		22,265		19,090
Merchandise inventories		21,174		13,881
Deferred revenue		2,961		3,847
Non-current deferred tax assets		539,237		537,399
Valuation allowance		(3,791)		(4,442)
Non-current deferred tax assets—net	$	535,446	$	532,957
Property and equipment	$	(176,239)	$	(182,580)
Lease right-of-use assets		(165,966)		(165,423)
Prepaid expense and other current assets		(35,453)		(29,927)
Tradename, trademarks and other intangible assets		(11,679)		(11,379)
State benefit		(8,780)		(8,104)
Non-current deferred tax liabilities		(398,117)		(397,413)
Total non-current deferred tax assets—net	$	137,329	$	135,544

Schedule of Reconciliation of Valuation Allowance

	YEAR ENDED
	FEBRUARY 1,		FEBRUARY 3,		JANUARY 28,
	2025		2024		2023
	(in thousands)
Balance at beginning of fiscal year	$	4,442	$	4,202	$	1,959
Net changes in deferred tax assets and liabilities		(651)		240		2,243
Balance at end of fiscal year	$	3,791	$	4,442	$	4,202

Schedule of reconciliation of the exposures related to unrecognized tax benefits

	YEAR ENDED
	FEBRUARY 1,		FEBRUARY 3,		JANUARY 28,
	2025		2024		2023
	(in thousands)
Balance at beginning of fiscal year	$	8,604	$	8,151	$	8,604
Gross decreases—prior period tax positions		(5,438)		—		—
Gross increases—current period tax positions		431		515		—
Reductions based on the lapse of the applicable statutes of limitations		(213)		(62)		(453)
Balance at end of fiscal year	$	3,384	$	8,604	$	8,151