Investments

12 Months Ended

Feb. 01, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

Investments in debt securities

Investments in debt securities are held by certain insurance subsidiaries and are reported at fair value as other assets in the accompanying consolidated balance sheets. All investments are classified as available-for-sale and include the following as of February 1, 2025 and February 3, 2024:

	February 1, 2025						February 3, 2024
(in millions)	Cost		Unrealized Gain (Loss)		Fair Value		Cost		Unrealized Gain (Loss)		Fair Value
US Treasury securities	$	5.4	$	(0.2)	$	5.2	$	5.5	$	(0.2)	$	5.3
US government agency securities	—		—		—		0.5		—		0.5
Corporate bonds and notes	—		—		—		2.0		—		2.0
Total investments	$	5.4	$	(0.2)	$	5.2	$	8.0	$	(0.2)	$	7.8

Realized gains and losses on investments are determined on a specific identification basis. There were no material net realized gains or losses during Fiscal 2025, Fiscal 2024 or Fiscal 2023. Investments with a carrying value of $3.8 million and $3.6 million were on deposit with various state insurance departments at February 1, 2025 and February 3, 2024, respectively, as required by law.

Investments in debt securities outstanding as of February 1, 2025 mature as follows:

(in millions)	Cost		Fair Value
Less than one year	$	—	$	—
Year two through year five	4.7		4.6
Year six through year ten	0.7		0.6
Total investment in debt securities	$	5.4	$	5.2

Investment in Sasmat

During Fiscal 2023, the Company acquired a 25% interest in Sasmat Retail, S.L. (“Sasmat”) for $17.1 million in cash. Sasmat is a Spanish jewelry retailer that operates through both online and brick and mortar retail operations. Under the terms of the agreement, the Company has the option to acquire the remaining 75% of Sasmat exercisable at the earlier of June 2026 or upon Sasmat reaching certain revenue targets as defined in the agreement. The Company is applying the equity method of accounting to the Sasmat investment. During Fiscal 2025, the Company provided loans totaling $8.4 million to Sasmat with maturities up to 2030, or earlier, should the Company exercise its option noted above. The Sasmat investment and loans are recorded within other non-current assets in the consolidated balance sheets. The Sasmat investment and loans did not have a material impact on the Company’s consolidated statements of operations during the periods presented.