Equity-Based Compensation (Tables)

12 Months Ended

Feb. 02, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Outstanding Partnership Interests

A summary of the Partnership Interests is presented below (shares in thousands):

	Number of Shares	Weighted Average Benchmark Price
Outstanding as of January 28, 2024	8,669	$	—
Exchanged	(1,546)	—
Outstanding as of February 2, 2025	7,123	$	—

Schedule of Non-Vested Partnership Interests

	Number of Shares	Weighted Average Benchmark Price
Unvested as of January 28, 2024	387	$	—
Vested	(165)	—
Unvested as of February 2, 2025	222	$	—

Schedule of Stock Appreciation Rights

A summary of the stock appreciation rights is presented below (shares in thousands):

	Number of Shares	Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding as of January 28, 2024	332	$	5.28
Exchanged	(160)	4.46
Outstanding as of February 2, 2025	172	$	6.03	$	9
Exercisable as of February 2, 2025	109	$	4.59	$	6

The estimated fair value of the stock appreciation rights when granted was amortized to expense over the vesting or required service period. The fair value for these stock appreciation rights was estimated by management, after considering a third-party valuation specialist’s assessment, at the date of grant based on the expected life of the unit appreciation rights, using a Black-Scholes pricing model.

Share-Based Payment Arrangement, Restricted Stock Unit, Activity

A summary of the restricted stock units granted under the Omnibus Incentive Plan is presented below (shares in thousands):

	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding and Unvested as of January 28, 2024	359	$	23.10
Granted	123	50.28
Distributed	(162)	23.83
Forfeited	(3)	32.92
Outstanding and Unvested as of February 2, 2025	317	$	33.23

Share-Based Payment Arrangement, Option, Activity

A summary of the stock options granted under the Omnibus Incentive Plan is presented below (shares in thousands):

	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding as of January 28, 2024	1,720	$	21.54
Granted	512	50.32
Exercised	(135)	21.36
Forfeitures	(4)	36.11
Outstanding as of February 2, 2025	2,093	$	28.56	8.0	$	58
Exercisable as of February 2, 2025	698	$	21.32	7.5	$	25

The stock options generally vest over a three-year period and expire after ten years. The estimated grant-date fair value of stock options when granted was amortized to expense over the vesting period. The fair value for these stock options was estimated by management, after considering a third-party valuation specialist’s assessment, at the date of grant based on the expected life of the stock options, using a Black-Scholes pricing model with the following weighted-average assumptions:

	February 2, 2025		January 28, 2024		January 29, 2023
Risk-free interest rate	4.04%		3.87%		1.85%
Dividend yield	1.0%		2.0%		—%
Expected volatility factor	36.5%		40.0%		40.0%
Expected life in years	6.0		6.0		6.0
Weighted-average fair value	$	19.15	$	8.06	$	8.55

The risk free interest rate was determined based on an analysis of U.S. Treasury zero-coupon market yields as of the date of the stock options grant for issues having expiration lives similar to the expected life of the stock options. The expected volatility was based on an analysis of the historical volatility of a peer group over the expected life of the stock options. The expected term in years for each stock option was calculated using a simplified method based on the average of each option’s vesting term of three years and contractual term of ten years.