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Immaterial Correction of 2024 Interim Period Condensed Consolidated Financial Statements
 3 Months Ended
May 04, 2025
Accounting Changes and Error Corrections [Abstract]  
Immaterial Correction of 2024 Interim Period Condensed Consolidated Financial Statements IMMATERIAL CORRECTION OF 2024 INTERIM PERIOD CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
In connection with our fiscal 2024 year-end close process, we identified that we did not timely record shrink losses for certain inventories not ultimately received, which also impacted our bonus accrual, in the first three quarters of fiscal 2024. Therefore, our previously issued interim financial statements for the first three quarters of fiscal 2024 did not reflect these adjustments. We properly accounted for this matter in our fiscal 2024 annual Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended February 2, 2025.
Management evaluated the materiality of the above items based on an analysis of quantitative and qualitative factors and concluded they were not material to the interim periods of fiscal 2024, individually or in aggregate. The following tables reflect the effects of the correction on all affected line items of our previously reported Condensed Consolidated Financial Statements for the thirteen weeks ended April 28, 2024.

Condensed Consolidated Statement of Earnings (unaudited)
 For the Thirteen Weeks Ended April 28, 2024
(In thousands, except per share amounts)As Previously ReportedAdjustmentsAs
Corrected
Cost of goods sold$857,833 $7,347 $865,180 
Gross profit802,515 (7,347)795,168 
Selling, general and administrative expenses478,687 (631)478,056 
Operating income
323,828 (6,716)317,112 
Earnings before income taxes339,881 (6,716)333,165 
Income taxes74,215 (1,466)72,749 
Net earnings$265,666 $(5,250)$260,416 
Basic earnings per share$2.07 $(0.04)$2.03 
Diluted earnings per share$2.03 $(0.04)$1.99 

Condensed Consolidated Statement of Comprehensive Income (unaudited)
 
 For the Thirteen Weeks Ended April 28, 2024
(In thousands)As Previously ReportedAdjustmentsAs
Corrected
Net earnings$265,666 $(5,250)$260,416 
Comprehensive income$264,325 $(5,250)$259,075 
Condensed Consolidated Balance Sheet (unaudited)
As of April 28, 2024
(In thousands)As Previously ReportedAdjustmentsAs
Corrected
Merchandise inventories, net$1,218,438 $(7,347)$1,211,091 
Total current assets2,673,978 (7,347)2,666,631 
Total assets5,159,979 (7,347)5,152,632 
Accrued expenses154,093 (631)153,462 
Income taxes payable148,826 (1,466)147,360 
Total current liabilities1,720,957 (2,097)1,718,860 
Total liabilities2,950,421 (2,097)2,948,324 
Retained earnings1,704,409 (5,250)1,699,159 
Total stockholders’ equity2,209,558 (5,250)2,204,308 
Total liabilities and stockholders’ equity$5,159,979 $(7,347)$5,152,632 

Condensed Consolidated Statement of Stockholders' Equity (unaudited)
Retained
Earnings
Total
Stockholders’
Equity
(In thousands)
As Previously Reported
Balance at January 28, 2024
$1,555,595 $2,127,861 
Net earnings265,666 265,666 
Balance at April 28, 2024
1,704,409 2,209,558 
Adjustments
Net earnings(5,250)(5,250)
Balance at April 28, 2024
(5,250)(5,250)
As Corrected
Balance at January 28, 2024
1,555,595 2,127,861 
Net earnings260,416 260,416 
Balance at April 28, 2024
$1,699,159 $2,204,308 

Condensed Consolidated Statement of Cash Flows (unaudited)
 
For the Thirteen Weeks Ended April 28, 2024
(In thousands)As Previously ReportedAdjustmentsAs
Corrected
Cash flows from operating activities:
Net earnings$265,666 $(5,250)$260,416 
Changes in:
Merchandise inventories27,621 7,347 34,968 
Accrued expenses and other liabilities(114,258)(631)(114,889)
Income taxes payable52,273 (1,466)50,807 
Net cash provided by operating activities$226,788 $— $226,788