Fair Value Measurements (Tables)

12 Months Ended

Jan. 31, 2026

Fair Value Measurements [Abstract]

Carrying Value And Fair Value Of Long Term Debt, Disclosure

The following table provides a summary of the principal value and estimated fair value of outstanding debt as of January 31, 2026 and February 1, 2025:

	January 31, 2026		February 1, 2025
	(in millions)
Principal Value	$	983	$	987
Fair Value, Estimated (a)	971		940

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(a)The estimated fair value of the Company’s publicly traded debt is based on reported transaction prices which are considered Level 2 inputs in accordance with ASC 820, Fair Value Measurement. The estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

Fair Value, Liabilities Measured on Recurring Basis

The following table provides a summary of the Company’s contingent consideration recognized at fair value related to the Adore Me acquisition as of January 31, 2026, February 1, 2025 and February 3, 2024 (in millions):

Balance Sheet Location	Measurement Level	January 31, 2026		February 1, 2025		February 3, 2024
Accrued Expenses and Other	Level 3	$	—	$	—	$	74
Other Long-term Liabilities	Level 3	—		—		18

The estimated fair value of the contingent consideration related to the Adore Me acquisition was valued using a Scenario-Based method and a Monte Carlo simulation prior to the final amounts being paid. This method utilized inputs including discount rates, estimated probability of achievement of certain milestones, forecasted revenues, forecasted EBITDA and volatility rates. These are considered Level 3 inputs in accordance with ASC 820, Fair Value Measurement. Changes in the fair value of the contingent consideration were recorded within General, Administrative and Store Operating Expenses on the Consolidated Statements of Income. For additional information regarding the contingent consideration, see