Fair Value Measurements (Tables)
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3 Months Ended |
May 03, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis |
The following presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements | | Fair Value Measurements | | | | at May 3, 2025 | | at Feb 1, 2025 | | Recurring Fair Value Measures | | Level 1 | | Level 2 | | Level 3 | | Total | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets: | | | | | | | | | | | | | | | | | | Foreign exchange currency contracts | | $ | — | | | $ | 15 | | | $ | — | | | $ | 15 | | | $ | — | | | $ | 10,467 | | | $ | — | | | $ | 10,467 | | | 2028 Bond Hedge | | — | | | — | | | 5,809 | | | 5,809 | | | — | | | — | | | 11,252 | | | 11,252 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | $ | — | | | $ | 15 | | | $ | 5,809 | | | $ | 5,824 | | | $ | — | | | $ | 10,467 | | | $ | 11,252 | | | $ | 21,719 | | | Liabilities: | | | | | | | | | | | | | | | | | | Foreign exchange currency contracts | | $ | — | | | $ | 15,258 | | | $ | — | | | $ | 15,258 | | | $ | — | | | $ | 8 | | | $ | — | | | $ | 8 | | | Embedded derivative | | — | | | — | | | 1,270 | | | 1,270 | | | — | | | — | | | 2,460 | | | 2,460 | | | | | | | | | | | | | | | | | | | | Deferred compensation obligations | | — | | | 18,487 | | | — | | | 18,487 | | | — | | | 18,978 | | | — | | | 18,978 | | | Total | | $ | — | | | $ | 33,745 | | | $ | 1,270 | | | $ | 35,015 | | | $ | — | | | $ | 18,986 | | | $ | 2,460 | | | $ | 21,446 | |
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| Schedule of Measurement Input Assumptions |
The following assumptions were used within the model: | | | | | | | | | | | | | | | | Valuation Assumptions | | May 3, 2025 | | Feb 1, 2025 | | Expected volatility | | 30 | % | | 30 | % | | Risk-free interest rate | | 3.8 | % | | 4.3 | % | | Credit spread | | 3.2 | % | | 3.2 | % | | Dividend yield | | 10.6 | % | | 9.1 | % | | Term to maturity | | 3.0 years | | 3.2 years | | Stock price | | $ | 11.36 | | | $ | 12.91 | |
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| Schedule of Reconciliation of Level 3 Assets and Liabilities |
The following presents a reconciliation of the Company’s financial assets and liabilities measured at fair value as of May 3, 2025 and May 4, 2024, using significant unobservable inputs (Level 3), and the change in fair value recorded in other income (expense), net in the consolidated statements of income (loss) (in thousands): | | | | | | | | | | | | | Embedded Derivative | | 2028 Bond Hedge | | Balance as of February 1, 2025 | $ | (2,460) | | | $ | 11,252 | | | | | | | | | | | | | | | Gain (loss) on fair value remeasurement | 1,190 | | | (5,443) | | | Balance as of May 3, 2025 | $ | (1,270) | | | $ | 5,809 | |
| | | | | | | | | | | | | Embedded Derivative | | 2028 Bond Hedge | | Balance as of February 3, 2024 | $ | (16,390) | | | $ | 85,918 | | | Initial bifurcation of embedded derivative | (6,538) | | | — | | | Purchase of Additional 2028 Bond Hedge | — | | | 6,538 | | | | | | | Gain (loss) on fair value remeasurement | (7,302) | | | 45,813 | | | Balance as of May 4, 2024 | $ | (30,230) | | | $ | 138,269 | |
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| Schedule of Impairments |
Impairments of retail locations to property and equipment and operating lease ROU assets are summarized as (in thousands): | | | | | | | | | | | | | Fair Value as of Remeasurement Date | | Asset Impairment Charges | | Three Months Ended May 3, 2025 | | Operating lease ROU assets | $ | 34,447 | | | $ | 422 | | | Property and equipment | $ | 254 | | | $ | 5,667 | | | Three Months Ended May 4, 2024 | | Operating lease ROU assets | $ | 15,376 | | | $ | 201 | | | Property and equipment | $ | 95 | | | $ | 940 | |
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