ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

3 Months Ended

May 02, 2026

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

NOTE 6—ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accounts payable and accrued expenses consisted of the following:


		MAY 2,			JANUARY 31,
		2026			2026

		(in thousands)
Accounts payable		$	202,977		$	197,740
Accrued compensation			64,960			54,933
Accrued sales, use and other indirect tax			35,646			35,254
Accrued occupancy			26,440			27,264
Accrued freight and duty			23,684			22,877
Accrued professional fees			11,684			7,811
Accrued legal contingencies⁽¹⁾			2,938			2,914
Other accrued expenses			43,225			37,943
Total accounts payable and accrued expenses		$	411,554		$	386,736

(1)	Refer to Note 13—Commitments and Contingencies.

Other current liabilities consisted of the following:


		MAY 2,			JANUARY 31,
		2026			2026

		(in thousands)
Current portion of term loans		$	25,000		$	25,000
Allowance for sales returns			24,336			24,821
Finance lease liabilities			21,943			21,249
Unredeemed gift card and merchandise credit liability			15,422			18,138
Foreign tax payable			2,552			2,902
Other current liabilities			3,374			2,976
Total other current liabilities		$	92,627		$	95,086

Supplier Finance Program

We facilitate a voluntary supply chain financing program (the “Financing Program”) with a third-party financial institution (the “Bank”) to provide participating suppliers with the opportunity to receive early payment on invoices, net of a discount charged to the supplier by the Bank. As of May 2, 2026 and January 31, 2026, we had $37 million and $31 million, respectively, of payment obligations outstanding under the Financing Program included in accounts payable and accrued expenses on the condensed consolidated balance sheets.

Contract Liabilities

We defer revenue associated with merchandise delivered via the home-delivery channel. We expect that substantially all of the deferred revenue and customer deposits as of May 2, 2026 will be recognized within the next six months as the performance obligations are satisfied. In addition, we defer revenue when cash payments are received in advance of performance for unsatisfied obligations related to our gift cards. During the three months ended May 2, 2026 and May 3, 2025, we recognized $5.7 million and $6.5 million, respectively, of revenue related to previous deferrals related to our gift cards. We expect that approximately 75 percent of the remaining gift card liabilities will be recognized when the gift cards are redeemed by customers.