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Debt
 6 Months Ended
Aug. 02, 2026
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes the components of the Company’s debt (in millions):
As of
August 2, 2026February 1, 2026
Term Loan Credit Facility$600.0 $— 
Less: unamortized debt issuance costs8.3 — 
Total debt, net of discount and issuance costs591.7 — 
Less: current portion of long-term debt(3.0)— 
Long-term debt, net$588.7 $— 

Term Loan Credit Facility

On June 23, 2026, the Company entered into a seven-year senior secured term loan credit facility (the “Term Loan Credit Facility”), which matures on June 23, 2033, and provides term loans in an aggregate principal amount of $600 million. The proceeds of the Term Loan Credit Facility, together with cash on hand, can be used to pay fees, premiums, costs and expenses related to the incurrence of the facility and the related transactions and, to the extent not so applied, for general corporate purposes or working capital requirements.

Borrowings under the Term Loan Credit Agreement bear interest at a rate per annum equal to an applicable margin plus, at the Company’s option, either a base rate or a Term SOFR rate. The applicable margin is 1.75% for Term SOFR loans and 0.75% for base rate loans. As of August 2, 2026, the weighted-average interest rate and effective interest rate on the Term Loan Credit Facility were 5.41% and 5.66%, respectively. The Term Loan Credit Facility will amortize in equal quarterly installments in an aggregate annual amount equal to 1% of the original principal amount of such term loan facility, commencing with the third full quarter ending after June 23, 2026 with the remaining balance payable on June 23, 2033. The Term Loan Credit Facility contains customary affirmative and negative covenants, all of which the Company is in compliance with. As of August 2, 2026, the Company did not make any principal payments for the Term Loan Credit Facility.

As of August 2, 2026, contractual maturities of the Term Loan Credit Facility were as follows (in millions):

Fiscal yearAmount
Remainder of FY26$— 
FY276.0 
FY286.0 
FY296.0 
FY306.0 
FY316.0 
Thereafter570.0 
Total$600.0 

ABL Credit Facility

The Company has a senior secured asset-based credit facility (the “ABL Credit Facility”), which matures on June 23, 2031 following an amendment entered into on June 23, 2026, and provides for non-amortizing revolving loans in an aggregate principal amount of up to $800 million, subject to a borrowing base comprised of, among other things, inventory and sales receivables (subject to certain reserves). The ABL Credit Facility provides the right to request incremental commitments and add incremental asset-based revolving loan facilities in an aggregate principal amount up to the sum of (i) $250 million, (ii) the amount of permanent reductions of commitments thereunder and (iii) if greater than zero, the amount by which the borrowing base as of the date of incurrence exceeds the commitments thereunder, subject to customary conditions.
As of August 2, 2026 and February 1, 2026, the Company did not have any outstanding borrowings under the ABL Credit Facility. Borrowings under the ABL Credit Facility bear interest at a rate per annum equal to either a base rate or a term Secured Overnight Financing Rate (“SOFR”) (with no credit spread adjustment) at the Company’s option, plus a margin determined based on the Company's average excess availability, which is either (i) 0.25%, 0.50%, or 0.75% for borrowings at the base rate, or (ii) 1.25%, 1.50%, or 1.75% for SOFR borrowings. The Company is required to pay a commitment fee of 0.25% per annum with respect to the undrawn portion of the commitments, which is generally based on average daily usage of the facility. The ABL Credit Facility contains customary affirmative and negative covenants, all of which the Company is in compliance with. The Company had outstanding borrowings of $220 million under the ABL Credit Facility for less than forty days during the second quarter 2026 for general corporate purposes. The Company repaid the outstanding borrowings, including $1.1 million in interest and $1.4 million in upfront fees, under the ABL Credit Facility. Based on the Company’s borrowing base as of August 2, 2026, which is reduced by standby letters of credit, the Company had $783.1 million of borrowing capacity under the ABL Credit Facility.