0001140361-22-022350 | 10-Q | XBRL Viewer | Ollies Bargain Outlet Holdings INC

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Apr. 30, 2022	Jun. 03, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2022
Current Fiscal Year End Date	--01-28
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Document Transition Report	false
Entity Registrant Name	Ollie’s Bargain Outlet Holdings, Inc.
Entity Central Index Key	0001639300
Entity Incorporation, State or Country Code	DE
Entity File Number	001-37501
Entity Tax Identification Number	80-0848819
Entity Address, Address Line One	6295 Allentown Boulevard
Entity Address, Address Line Two	Suite 1
Entity Address, City or Town	Harrisburg
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	17112
City Area Code	717
Local Phone Number	657-2300
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	OLLI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		62,494,705

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Condensed Consolidated Statements of Income [Abstract]
Net sales	$ 406,666	$ 452,492
Cost of sales	265,341	269,882
Gross profit	141,325	182,610
Selling, general and administrative expenses	116,273	104,370
Depreciation and amortization expenses	5,247	4,484
Pre-opening expenses	2,660	2,535
Operating income	17,145	71,221
Interest expense (income), net	109	(25)
Income before income taxes	17,036	71,246
Income tax expense	4,513	16,026
Net income	$ 12,523	$ 55,220
Earnings per common share:
Basic (in dollars per share)	$ 0.20	$ 0.84
Diluted (in dollars per share)	$ 0.20	$ 0.84
Weighted average common shares outstanding:
Basic (in shares)	62,869	65,503
Diluted (in shares)	63,011	66,119

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Current assets:
Cash and cash equivalents	$ 205,463	$ 246,977	$ 472,167
Inventories	517,033	467,306	355,193
Accounts receivable	1,054	1,372	363
Prepaid expenses and other assets	7,806	11,173	5,526
Total current assets	731,356	726,828	833,249
Property and equipment, net of accumulated depreciation of $129,244, $104,236 and $122,632, respectively	149,765	147,164	142,354
Operating lease right-of-use assets	431,102	420,568	390,111
Goodwill	444,850	444,850	444,850
Trade name	230,559	230,559	230,559
Other assets	2,198	2,203	2,368
Total assets	1,989,830	1,972,172	2,043,491
Current liabilities:
Current portion of long-term debt	350	332	327
Accounts payable	101,109	106,599	90,378
Income taxes payable	6,769	2,556	26,051
Current portion of operating lease liabilities	78,427	75,535	61,589
Accrued expenses and other	71,499	78,246	76,675
Total current liabilities	258,154	263,268	255,020
Revolving credit facility	0	0	0
Long-term debt	761	719	610
Deferred income taxes	66,390	66,179	65,817
Long-term operating lease liabilities	362,088	354,293	335,398
Other long-term liabilities	2	3	4
Total liabilities	687,395	684,462	656,849
Stockholders' equity:
Preferred stock - 50,000 shares authorized at $0.001 par value; no shares issued	0	0	0
Common stock - 500,000 shares authorized at $0.001 par value; 66,558, 66,349 and 66,516 shares issued, respectively	67	67	66
Additional paid-in capital	666,495	664,293	655,069
Retained earnings	896,245	883,722	781,487
Treasury - common stock, at cost; 3,816, 813 and 3,816 shares,	(260,372)	(260,372)	(49,980)
Total stockholders' equity	1,302,435	1,287,710	1,386,642
Total liabilities and stockholders' equity	$ 1,989,830	$ 1,972,172	$ 2,043,491

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Assets
Property and equipment, accumulated depreciation	$ 129,244	$ 122,632	$ 104,236
Stockholders' equity:
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000	50,000,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)	0	0	0
Common stock, shares authorized (in shares)	500,000,000	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Common stock, shares issued (in shares)	66,558,000	66,516,000	66,349,000
Treasury - common stock (in shares)	3,816,000	3,816,000	813,000

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance at Jan. 30, 2021	$ 66	$ (40,401)	$ 648,949	$ 726,267	$ 1,334,881
Beginning balance (in shares) at Jan. 30, 2021	66,165
Beginning balance (in shares) at Jan. 30, 2021		(702)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	$ 0	2,020	0	2,020
Proceeds from stock options exercised	$ 0	$ 0	5,258	0	5,258
Proceeds from stock options exercised (in shares)	144	0
Vesting of restricted stock	$ 0	$ 0	0	0	0
Vesting of restricted stock (in shares)	53	0
Common shares withheld for taxes	$ 0	$ 0	(1,158)	0	(1,158)
Common shares withheld for taxes (in shares)	(13)	0
Shares repurchased	$ 0	$ (9,579)	0	0	(9,579)
Shares repurchased (in shares)	0	(111)
Net income	$ 0	$ 0	0	55,220	55,220
Ending balance at May. 01, 2021	$ 66	$ (49,980)	655,069	781,487	1,386,642
Ending balance (in shares) at May. 01, 2021	66,349
Ending balance (in shares) at May. 01, 2021		(813)
Beginning balance at Jan. 29, 2022	$ 67	$ (260,372)	664,293	883,722	1,287,710
Beginning balance (in shares) at Jan. 29, 2022	66,516
Beginning balance (in shares) at Jan. 29, 2022		(3,816)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	$ 0	2,388	0	2,388
Proceeds from stock options exercised	$ 0	$ 0	298	0	298
Proceeds from stock options exercised (in shares)	10	0
Vesting of restricted stock	$ 0	$ 0	0	0	0
Vesting of restricted stock (in shares)	43	0
Common shares withheld for taxes	$ 0	$ 0	(484)	0	(484)
Common shares withheld for taxes (in shares)	(11)	0
Shares repurchased	$ 0	$ 0	0	0	0
Shares repurchased (in shares)	0	0
Net income	$ 0	$ 0	0	12,523	12,523
Ending balance at Apr. 30, 2022	$ 67	$ (260,372)	$ 666,495	$ 896,245	$ 1,302,435
Ending balance (in shares) at Apr. 30, 2022	66,558
Ending balance (in shares) at Apr. 30, 2022		(3,816)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Cash flows from operating activities:
Net income	$ 12,523	$ 55,220
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	6,660	5,859
Amortization of debt issuance costs	64	64
Gain on sale of assets	(30)	(27)
Deferred income tax provision	211	753
Stock-based compensation expense	2,388	2,020
Changes in operating assets and liabilities:
Inventories	(49,727)	(1,489)
Accounts receivable	318	258
Prepaid expenses and other assets	3,308	1,779
Accounts payable	(5,310)	(27,311)
Income taxes payable	4,213	15,091
Accrued expenses and other liabilities	(6,134)	(12,094)
Net cash (used in) provided by operating activities	(31,516)	40,123
Cash flows from investing activities:
Purchases of property and equipment	(9,668)	(9,463)
Proceeds from sale of property and equipment	51	51
Net cash used in investing activities	(9,617)	(9,412)
Cash flows from financing activities:
Repayments on finance leases	(195)	(191)
Proceeds from stock option exercises	298	5,258
Common shares withheld for taxes	(484)	(1,158)
Payment for shares repurchased	0	(9,579)
Net cash used in financing activities	(381)	(5,670)
Net (decrease) increase in cash and cash equivalents	(41,514)	25,041
Cash and cash equivalents at the beginning of the period	246,977	447,126
Cash and cash equivalents at the end of the period	205,463	472,167
Cash paid during the period for:
Interest	100	82
Income taxes	89	182
Non-cash investing activities:
Accrued purchases of property and equipment	$ 2,548	$ 2,554

Organization and Summary of Significant Accounting Policies

3 Months Ended

Apr. 30, 2022

Organization and Summary of Significant Accounting Policies [Abstract]

Organization and Summary of Significant Accounting Policies

(1)	Organization and Summary of Significant Accounting Policies

(a)

Description of Business

Ollie’s Bargain Outlet Holdings, Inc. and subsidiaries (collectively referred to as the “Company” or “Ollie’s”) principally buys overproduced, overstocked, and closeout merchandise from manufacturers, wholesalers and other retailers. In addition, the Company augments its name-brand closeout deals with directly sourced private label products featuring names exclusive to Ollie’s in order to provide consistently value-priced goods in select key merchandise categories.

Since its first store opened in 1982, the Company has grown to 439 retail locations in 29 states as of April 30, 2022. Ollie’s Bargain Outlet retail locations are located in Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virginia and West Virginia.

(b)

Fiscal Year

Ollie’s follows a 52/53-week fiscal year, which ends on the Saturday nearer to January 31 of the following calendar year. References to the thirteen weeks ended April 30, 2022 and May 1, 2021 refer to the thirteen weeks from January 30, 2022 to April 30, 2022 and from January 31, 2021 to May 1, 2021, respectively. References to “2021” refer to the fiscal year ended January 29, 2022 and references to “2022” refer to the fiscal year ending January 28, 2023. Both periods consist of 52 weeks.

(c)

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the Company’s results of operations, financial condition, and cash flows for all periods presented. The condensed consolidated balance sheets as of April 30, 2022 and May 1, 2021, and the condensed consolidated statements of income, stockholders’ equity and cash flows for the thirteen weeks ended April 30, 2022 and May 1, 2021 have been prepared by the Company and are unaudited. The Company’s business is seasonal in nature and results of operations for the interim periods presented are not necessarily indicative of operating results for 2022 or any other period. All intercompany accounts, transactions, and balances have been eliminated in consolidation.

The Company’s balance sheet as of January 29, 2022, presented herein, has been derived from the audited balance sheet included in the Company’s Annual Report on Form 10-K filed with the SEC on March 25, 2022 (“Annual Report”), but does not include all disclosures required by GAAP. These financial statements should be read in conjunction with the financial statements for 2021 and footnotes thereto included in the Annual Report.

For purposes of the disclosure requirements for segments of a business enterprise, it has been determined that the Company is comprised of one operating segment.

(d)

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(e)

Fair Value Disclosures

Fair value is defined as the price which the Company would receive to sell an asset or pay to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. In determining fair value, GAAP establishes a three-level hierarchy used in measuring fair value, as follows:

●

Level 1 inputs are quoted prices available for identical assets and liabilities in active markets.

●

Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets or other inputs which are observable or can be corroborated by observable market data.

●

Level 3 inputs are less observable and reflect the Company’s assumptions.

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, and its credit facilities. The carrying amount of cash and cash equivalents, accounts receivable and accounts payable approximates fair value because of their short maturities. The carrying amount of the Company’s credit facilities approximates its fair value because the interest rates are adjusted regularly based on current market conditions.

(f)

Impact of the Novel Coronavirus (“COVID-19”)

The outbreak of the novel coronavirus COVID-19, which was declared a global pandemic by the World Health Organization on March 11, 2020, has led to adverse impacts on the U.S. and global economies. The outbreak of COVID-19 and related measures to quell the outbreak have impacted the Company’s inventory supply chain, operations and customer demand. The Company is continuing to experience labor pressures in its stores and distribution centers as well as supply chain disruptions due to the ongoing impacts of COVID-19 and related measures. The COVID-19 pandemic could further affect the Company’s operations and the operations of its suppliers and vendors as a result of continuing or renewed restrictions and limitations on travel, limitations on store or facility operations up to and including closures, and other governmental, business or consumer actions. The extent to which the COVID-19 pandemic will impact the Company’s operations, liquidity or financial results in subsequent periods is uncertain, but such impact could be material.

Net Sales

3 Months Ended

Apr. 30, 2022

Net Sales [Abstract]

Net Sales

(2)

Net Sales

Ollie’s recognizes retail sales in its stores when merchandise is sold and the customer takes possession of merchandise. Also included in net sales is revenue allocated to certain redeemed discounts earned via the Ollie’s Army loyalty program and gift card breakage. Net sales are presented net of returns and sales tax. The Company provides an allowance for estimated retail merchandise returns based on prior experience.

Revenue Recognition

Revenue is deferred for the Ollie’s Army loyalty program where members accumulate points that can be redeemed for discounts on future purchases. The Company has determined it has an additional performance obligation to Ollie’s Army members at the time of the initial transaction. The Company allocates the transaction price to the initial transaction and the discount awards based upon its relative standalone selling price, which considers historical redemption patterns for the award. Revenue is recognized as those discount awards are redeemed. Discount awards issued upon the achievement of specified point levels are subject to expiration. Unless temporarily extended, the maximum redemption period is 45 days. At the end of each fiscal period, unredeemed discount awards and accumulated points to earn a future discount award are reflected as a liability. Discount awards are combined in one homogeneous pool and are not separately identifiable. Therefore, the revenue recognized consists of discount awards redeemed that were included in the deferred revenue balance at the beginning of the period as well as discount awards issued during the current period. The following table is a reconciliation of the liability related to this program (in thousands):

	Thirteen weeks ended
	April 30, 2022			May 1, 2021
Beginning balance	$	7,782		$	8,113
Revenue deferred		3,248			4,073
Revenue recognized		(3,037	)		(3,659	)
Ending balance	$	7,993		$	8,527

Gift card breakage for gift card liabilities not subject to escheatment is recognized as revenue in proportion to the redemption of gift cards. Gift cards do not expire. The rate applied to redemptions is based upon a historical breakage rate. Gift cards are combined in one homogenous pool and are not separately identifiable. Therefore, the revenue recognized consists of gift cards that were included in the liability at the beginning of the period as well as gift cards that were issued during the period. The following table is a reconciliation of the gift card liability (in thousands):

	Thirteen weeks ended
	April 30, 2022			May 1, 2021
Beginning balance	$	2,291		$	1,902
Gift card issuances		1,064			1,130
Gift card redemption and breakage		(1,232	)		(1,214	)
Ending balance	$	2,123		$	1,818

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Earnings per Common Share

3 Months Ended

Apr. 30, 2022

Earnings per Common Share [Abstract]

Earnings per Common Share

(3)	Earnings per Common Share

Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding after giving effect to the potential dilution, if applicable, from the assumed exercise of stock options into shares of common stock as if those stock options were exercised and the assumed lapse of restrictions on restricted stock units.

The following table summarizes those effects for the diluted earnings per common share calculation (in thousands, except per share amounts):

	Thirteen weeks ended
	April 30, 2022		May 1, 2021

Net income	$	12,523	$	55,220
Weighted average number of common shares outstanding – Basic		62,869		65,503
Incremental shares from the assumed exercise of outstanding stock options and vesting of restricted stock units		142		616
Weighted average number of common shares outstanding – Diluted		63,011		66,119
Earnings per common share – Basic	$	0.20	$	0.84
Earnings per common share – Diluted	$	0.20	$	0.84

The effect of the weighted average assumed exercise of stock options outstanding totaling 1,012,070 and 295,100 for the thirteen weeks ended April 30, 2022 and May 1, 2021, respectively, were excluded from the calculation of diluted weighted average common shares outstanding because the effect would have been antidilutive.

The effect of weighted average non-vested restricted stock units outstanding totaling 57,079 and 0 for the thirteen weeks ended April 30, 2022 and May 1, 2021, respectively, were excluded from the calculation of diluted weighted average common shares outstanding because the effect would have been antidilutive.

Commitments and Contingencies

3 Months Ended

Apr. 30, 2022

Commitments and Contingencies [Abstract]

Commitments and Contingencies

(4)	Commitments and Contingencies

Commitments

Effective February 3, 2019, the Company accounts for its leases under ASC 842, Leases (Topic 842). Under this guidance, arrangements meeting the definition of a lease are classified as operating or financing leases and are recorded on the balance sheet as both a right-of-use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease, if available. The Company’s lessors do not provide an implicit rate, nor is one readily available, therefore the Company uses its incremental borrowing rate based on the portfolio approach, which applies one rate to leases within a given period. Lease liabilities are increased by interest and reduced by payments each period, and the right-of-use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right-of-use asset result in straight-line rent expense over the lease term. Variable lease expenses, if any, are recorded when incurred.

In calculating the right-of-use asset and lease liability, the Company elects to combine lease and non-lease components. The Company excludes short-term leases having initial terms of 12 months or less from the guidance as an accounting policy election and recognizes rent expense on a straight-line basis over the lease term. The Company does not act as a lessor.

Ollie’s generally leases its stores, offices and distribution facilities under operating leases that expire at various dates through 2035. These leases generally provide for fixed annual rentals; however, several provide for minimum annual rentals plus contingent rentals based on a percentage of annual sales. A majority of the Company’s leases also require a payment for all or a portion of common-area maintenance, insurance, real estate taxes, water and sewer costs and repairs, on a fixed or variable payment basis, the cost of which, for leases existing as of the adoption of ASC 842, is charged to the related expense category rather than being accounted for as rent expense. For leases entered into after the adoption of ASC 842, the Company accounts for lease components together with non-lease components as a single component for all classes of underlying assets. Most of the leases contain options to renew for three to five successive five-year periods. The Company is generally not reasonably certain to exercise renewal options; therefore, the options are not considered in determining the lease term, and associated potential option payments are excluded from the lease payments. Ollie’s lease agreements generally do not contain any material residual value guarantees or material restrictive covenants.

Store and office lease costs are classified in selling, general and administrative expenses and distribution center lease costs are classified in cost of sales on the condensed consolidated statements of income.

The following table summarizes the maturity of the Company’s operating lease liabilities by fiscal year as of April 30, 2022 (in thousands):

2022	$	60,858
2023		98,320
2024		79,948
2025		63,798
2026		55,901
Thereafter		132,120
Total undiscounted lease payments⁽¹⁾		490,945
Less: Imputed interest		(50,430	)
Total lease obligations		440,515
Less: Current obligations under leases		(78,427	)
Long-term lease obligations	$	362,088

⁽¹⁾

Lease obligations exclude $58.1 million of minimum lease payments for leases signed, but not commenced.

The following table summarizes other information related to the Company’s operating leases as of and for the respective periods (dollars in thousands):

	Thirteen weeks ended
	April 30, 2022			May 1, 2021

Cash paid for operating leases	$	22,919		$	27,478
Operating lease cost		22,832			20,841
Variable lease cost		2,373			1,608
Non-cash right-of-use assets obtained in exchange for lease obligations		18,489			21,508
Weighted-average remaining lease term	6.6 years			6.6 years
Weighted-average discount rate		3.4	%		3.9	%

Contingencies

From time to time the Company may be involved in claims and legal actions that arise in the ordinary course of its business. The Company cannot predict the outcome of any litigation or suit to which it is a party. However, the Company does not believe that an unfavorable decision of any of the current claims or legal actions against it, individually or in the aggregate, will have a material adverse effect on its financial position, results of operations, liquidity or capital resources.

Accrued Expenses and Other

3 Months Ended

Apr. 30, 2022

Accrued Expenses and Other [Abstract]

Accrued Expenses and Other

(5)	Accrued Expenses and Other

Accrued expenses and other consists of the following (in thousands):

	April 30, 2022		May 1, 2021		January 29, 2022
Compensation and benefits	$	14,262	$	18,238	$	19,270
Deferred revenue		10,116		10,345		10,073
Insurance		9,680		6,304		9,626
Sales and use taxes		7,492		8,010		5,968
Real estate related		7,167		5,826		7,234
Freight		3,554		5,934		2,073
Advertising		2,944		4,201		8,531
Other		16,284		17,817		15,471
	$	71,499	$	76,675	$	78,246

Debt Obligations and Financing Arrangements

3 Months Ended

Apr. 30, 2022

Debt Obligations and Financing Arrangements [Abstract]

Debt Obligations and Financing Arrangements

(6)	Debt Obligations and Financing Arrangements

Long-term debt consists of finance leases as of April 30, 2022, May 1, 2021 and January 29, 2022.

The Company’s credit facility (the “Credit Facility”) provides for a five-year $100.0 million revolving credit facility, which includes a $45.0 million sub-facility for letters of credit and a $25.0 million sub-facility for swingline loans (the “Revolving Credit Facility”). Loans under the Revolving Credit Facility mature on May 22, 2024. In addition, the Company may at any time add term loan facilities or additional revolving commitments up to $150.0 million pursuant to terms and conditions set out in the Credit Facility.

The interest rates for the Credit Facility are calculated as follows: for Base Rate Loans, the higher of the Prime Rate, the Federal Funds Effective Rate plus 0.50% or the Eurodollar Rate plus 1.0%, plus the Applicable Margin, or, for Eurodollar Loans, the Eurodollar Rate plus the Applicable Margin. The Applicable Margin will vary from 0.00% to 0.50% for a Base Rate Loan and 1.00% to 1.50% for a Eurodollar Loan, based on availability under the Credit Facility. The Eurodollar Rate is subject to a 0% floor.

Under the terms of the Revolving Credit Facility, as of April 30, 2022, the Company could borrow up to 90.0% of the most recent appraised value (valued at cost, discounted for the current net orderly liquidation value) of its eligible inventory, as defined, up to $100.0 million.

As of April 30, 2022, the Company had no outstanding borrowings under the Revolving Credit Facility, with $90.9 million of borrowing availability, outstanding letters of credit commitments of $8.9 million and $0.2 million of rent reserves. The Revolving Credit Facility also contains a variable unused line fee ranging from 0.125% to 0.250% per annum.

The Credit Facility is collateralized by the Company’s assets and equity and contains a financial covenant, as well as certain business covenants, including restrictions on dividend payments, which the Company must comply with during the term of the agreement. The financial covenant is a consolidated fixed charge coverage ratio test of at least 1.0 to 1.0 applicable during a covenant period, based on reference to availability. The Company was in compliance with all terms of the Credit Facility during the thirteen weeks ended April 30, 2022.

The provisions of the Credit Facility restrict all of the net assets of the Company’s consolidated subsidiaries, which constitutes all of the net assets on the Company’s condensed consolidated balance sheet as of April 30, 2022, from being used to pay any dividends or make other restricted payments to the Company without prior written consent from the financial institutions that are a party to the Credit Facility, subject to material exceptions including proforma compliance with the applicable conditions described in the Credit Facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Income Taxes

3 Months Ended

Apr. 30, 2022

Income Taxes [Abstract]

Income Taxes

(7)	Income Taxes

The provision for income taxes is based on the current estimate of the annual effective tax rate and is adjusted as necessary for discrete events occurring in a particular period. The effective tax rates for the thirteen weeks ended April 30, 2022 and May 1, 2021 were 26.5% and 22.5%, respectively. The effective tax rates in the respective periods include the impact of excess tax benefits related to stock-based compensation. These discrete tax items totaled an expense of $(0.2) million and a benefit of $2.1 million in the thirteen weeks ended April 30, 2022 and May 1, 2021, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Equity Incentive Plans

3 Months Ended

Apr. 30, 2022

Equity Incentive Plans [Abstract]

Equity Incentive Plans

(8)	Equity Incentive Plans

During 2012, Ollie’s established an equity incentive plan (the “2012 Plan”), under which stock options were granted to executive officers and key employees as deemed appropriate under the provisions of the 2012 Plan, with an exercise price at the fair value of the underlying stock on the date of grant. The vesting period for options granted under the 2012 Plan is five years (20% ratably per year). Options granted under the 2012 Plan are subject to employment for vesting, expire 10 years from the date of grant and are not transferable other than upon death. As of July 15, 2015, the date of the pricing of the Company’s initial public offering, no additional equity grants will be made under the 2012 Plan.

In connection with its initial public offering, the Company adopted the 2015 equity incentive plan (the “2015 Plan”) pursuant to which the Company’s Board of Directors may grant stock options, restricted shares or other awards to employees, directors and consultants. The 2015 Plan allows for the issuance of up to 5,250,000 shares. Awards will be made pursuant to agreements and may be subject to vesting and other restrictions as determined by the Board of Directors or the Compensation Committee of the Board. The Company uses authorized and unissued shares to satisfy share award exercises. As of April 30, 2022, there were 2,358,584 shares available for grant under the 2015 Plan.

Stock Options

The exercise price for stock options is determined at the fair value of the underlying stock on the date of grant. The vesting period for awards granted under the 2015 Plan is generally set at four years (25% ratably per year). Awards are subject to employment for vesting, expire 10 years from the date of grant, and are not transferable other than upon death.

A summary of the Company’s stock option activity and related information for the thirteen weeks ended April 30, 2022 follows:

	Number of options			Weighted average exercise price		Weighted average remaining contractual term (years)
Outstanding at January 29, 2022		1,109,315		$	55.30
Granted		305,834			43.27
Forfeited		(18,835	)		63.05
Exercised		(10,110	)		29.44
Outstanding at April 30, 2022		1,386,204			52.73		7.7
Exercisable at April 30, 2022		616,264			48.28		6.2

The weighted average grant date fair value per option for options granted during the thirteen weeks ended April 30, 2022 and May 1, 2021 was $20.17 and $34.00, respectively. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model that used the weighted average assumptions in the following table:

	Thirteen weeks ended
	April 30, 2022			May 1, 2021
Risk-free interest rate		2.54	%		1.34	%
Expected dividend yield		—			—
Expected life (years)	6.25 years			6.25 years
Expected volatility		44.32	%		38.38	%

The expected life of stock options is estimated using the “simplified method,” as the Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. For expected volatility, the Company uses its historical information over the expected life of the option granted to calculate the fair value of option grants. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the option.

Restricted Stock Units

Restricted stock units (“RSUs”) are issued at a value not less than the fair value of the common stock on the date of the grant. RSUs outstanding vest ratably over four years or cliff vest in one or four years. Awards are subject to employment for vesting and are not transferable other than upon death.

A summary of the Company’s RSU activity and related information for the thirteen weeks ended April 30, 2022 is as follows:

	Number of shares			Weighted average grant date fair value
Non-vested balance at January 29, 2022		125,483		$	69.15
Granted		212,553			43.24
Forfeited		(4,157	)		58.50
Vested		(42,940	)		67.40
Non-vested balance at April 30, 2022		290,939			50.63

Stock-Based Compensation Expense

The compensation cost for stock options and RSUs which have been recorded within selling, general and administrative expenses related to the Company’s equity incentive plans was $2.4 million and $2.0 million for the thirteen weeks ended April 30, 2022 and May 1, 2021, respectively.

As of April 30, 2022, there was $29.4 million of total unrecognized compensation cost related to non-vested stock-based compensation arrangements. That cost is expected to be recognized over a weighted average period of 3.1 years. Compensation costs related to awards are recognized using the straight-line method.

Common Stock

3 Months Ended

Apr. 30, 2022

Common Stock [Abstract]

Common Stock

(9)	Common Stock

Common Stock

The Company’s capital structure consists of a single class of common stock with one vote per share. The Company has authorized 500,000,000 shares at $0.001 par value per share. Additionally, the Company has authorized 50,000,000 shares of preferred stock at $0.001 per value per share; to date, however, no preferred shares have been issued. Treasury stock, which consists of the Company’s common stock, is accounted for using the cost method.

Share Repurchase Program

On December 15, 2020, the Board of Directors of the Company authorized the repurchase of up to $100.0 million of shares of the Company’s common stock. On March 16, 2021, the Board of Directors of the Company authorized an increase of $100.0 million in the Company’s share repurchase program. Both of these authorizations are authorized to be executed through January 2023. On November 30, 2021, the Board authorized an additional $200.0 million to repurchase stock pursuant to the Company’s share repurchase program, expiring on December 15, 2023. The shares to be repurchased may be purchased from time to time in open market transactions (including blocks), privately negotiated transactions, accelerated share repurchase programs or other derivative transactions, issuer self-tender offers or any combination of the foregoing. The timing of repurchases and the actual amount purchased will depend on a variety of factors, including the market price of the Company’s shares, general market and economic conditions, and other corporate considerations. In addition, the authorizations are subject to extension or earlier termination by the Board of Directors at any time.

During the thirteen weeks ended April 30, 2022, the Company has not repurchased any shares of its common stock. As of April 30, 2022, the Company had $180.0 million remaining under its share repurchase authorization. There can be no assurance that any additional repurchases will be completed, or as to the timing or amount of any repurchases. The share repurchase program may be discontinued at any time.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Transactions with Affiliated and Related Parties

3 Months Ended

Apr. 30, 2022

Transactions with Affiliated and Related Parties [Abstract]

Transactions with Affiliated and Related Parties

(10)	Transactions with Affiliated and Related Parties

The Company has entered into five non-cancelable operating leases with related parties for office and store locations that expire at various dates through 2033. During the thirteen weeks ended April 30, 2022, one of the aforementioned leased locations was sold to an unrelated landlord and no longer classified as a related party lease. Ollie’s made $0.4 million in rent payments to such related parties during each of the thirteen weeks ended April 30, 2022 and May 1, 2021. The lease payments are included in the operating lease disclosures stated above.

During the thirteen weeks ended April 30, 2022, the Company sold damaged pallets totaling $0.1 million to a company affiliated with a member of its Board of Directors.

Subsequent Event

3 Months Ended

Apr. 30, 2022

Subsequent Event [Abstract]

Subsequent Event

(11)	Subsequent Event

In May 2022, the Company repurchased 238,485 shares of its common stock for $10.0 million, inclusive of transaction costs, pursuant to its share repurchase program resulting in $170.0 million remaining under its share repurchase authorization. See Note 9 for additional information on the Company’s share repurchase program.

Organization and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Apr. 30, 2022

Organization and Summary of Significant Accounting Policies [Abstract]

Fiscal Year

(b)

Fiscal Year

Basis of Presentation

(c)

Basis of Presentation

Segment Reporting

For purposes of the disclosure requirements for segments of a business enterprise, it has been determined that the Company is comprised of one operating segment.

Use of Estimates

(d)

Use of Estimates

Fair Value Disclosures

(e)

Fair Value Disclosures

●

Level 1 inputs are quoted prices available for identical assets and liabilities in active markets.

●

Level 3 inputs are less observable and reflect the Company’s assumptions.

Net Sales (Policies)	3 Months Ended
Net Sales (Policies)	Apr. 30, 2022
Net Sales [Abstract]
Net Sales	Ollie’s recognizes retail sales in its stores when merchandise is sold and the customer takes possession of merchandise. Also included in net sales is revenue allocated to certain redeemed discounts earned via the Ollie’s Army loyalty program and gift card breakage. Net sales are presented net of returns and sales tax. The Company provides an allowance for estimated retail merchandise returns based on prior experience.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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+ Details

Net Sales (Tables)

3 Months Ended

Apr. 30, 2022

Net Sales [Abstract]

Reconciliation of Liabilities for Ollie's Army Loyalty Program and Gift Cards

	Thirteen weeks ended
	April 30, 2022			May 1, 2021
Beginning balance	$	7,782		$	8,113
Revenue deferred		3,248			4,073
Revenue recognized		(3,037	)		(3,659	)
Ending balance	$	7,993		$	8,527

	Thirteen weeks ended
	April 30, 2022			May 1, 2021
Beginning balance	$	2,291		$	1,902
Gift card issuances		1,064			1,130
Gift card redemption and breakage		(1,232	)		(1,214	)
Ending balance	$	2,123		$	1,818

Earnings per Common Share (Tables)

3 Months Ended

Apr. 30, 2022

Earnings per Common Share [Abstract]

Earnings per Common Share

The following table summarizes those effects for the diluted earnings per common share calculation (in thousands, except per share amounts):

	Thirteen weeks ended
	April 30, 2022		May 1, 2021

Net income	$	12,523	$	55,220
Weighted average number of common shares outstanding – Basic		62,869		65,503
Incremental shares from the assumed exercise of outstanding stock options and vesting of restricted stock units		142		616
Weighted average number of common shares outstanding – Diluted		63,011		66,119
Earnings per common share – Basic	$	0.20	$	0.84
Earnings per common share – Diluted	$	0.20	$	0.84

Commitments and Contingencies (Tables)

3 Months Ended

Apr. 30, 2022

Commitments and Contingencies [Abstract]

Maturity of Operating Lease Liabilities

The following table summarizes the maturity of the Company’s operating lease liabilities by fiscal year as of April 30, 2022 (in thousands):

2022	$	60,858
2023		98,320
2024		79,948
2025		63,798
2026		55,901
Thereafter		132,120
Total undiscounted lease payments⁽¹⁾		490,945
Less: Imputed interest		(50,430	)
Total lease obligations		440,515
Less: Current obligations under leases		(78,427	)
Long-term lease obligations	$	362,088

⁽¹⁾

Lease obligations exclude $58.1 million of minimum lease payments for leases signed, but not commenced.

Other Information Related to Operating Leases

The following table summarizes other information related to the Company’s operating leases as of and for the respective periods (dollars in thousands):

	Thirteen weeks ended
	April 30, 2022			May 1, 2021

Cash paid for operating leases	$	22,919		$	27,478
Operating lease cost		22,832			20,841
Variable lease cost		2,373			1,608
Non-cash right-of-use assets obtained in exchange for lease obligations		18,489			21,508
Weighted-average remaining lease term	6.6 years			6.6 years
Weighted-average discount rate		3.4	%		3.9	%

Accrued Expenses and Other (Tables)

3 Months Ended

Apr. 30, 2022

Accrued Expenses and Other [Abstract]

Accrued Expenses and Other

Accrued expenses and other consists of the following (in thousands):

	April 30, 2022		May 1, 2021		January 29, 2022
Compensation and benefits	$	14,262	$	18,238	$	19,270
Deferred revenue		10,116		10,345		10,073
Insurance		9,680		6,304		9,626
Sales and use taxes		7,492		8,010		5,968
Real estate related		7,167		5,826		7,234
Freight		3,554		5,934		2,073
Advertising		2,944		4,201		8,531
Other		16,284		17,817		15,471
	$	71,499	$	76,675	$	78,246

Equity Incentive Plans (Tables)

3 Months Ended

Apr. 30, 2022

Equity Incentive Plans [Abstract]

Stock Option Activity

A summary of the Company’s stock option activity and related information for the thirteen weeks ended April 30, 2022 follows:

	Number of options			Weighted average exercise price		Weighted average remaining contractual term (years)
Outstanding at January 29, 2022		1,109,315		$	55.30
Granted		305,834			43.27
Forfeited		(18,835	)		63.05
Exercised		(10,110	)		29.44
Outstanding at April 30, 2022		1,386,204			52.73		7.7
Exercisable at April 30, 2022		616,264			48.28		6.2

Weighted Average Assumptions

	Thirteen weeks ended
	April 30, 2022			May 1, 2021
Risk-free interest rate		2.54	%		1.34	%
Expected dividend yield		—			—
Expected life (years)	6.25 years			6.25 years
Expected volatility		44.32	%		38.38	%

RSU Activity

A summary of the Company’s RSU activity and related information for the thirteen weeks ended April 30, 2022 is as follows:

	Number of shares			Weighted average grant date fair value
Non-vested balance at January 29, 2022		125,483		$	69.15
Granted		212,553			43.24
Forfeited		(4,157	)		58.50
Vested		(42,940	)		67.40
Non-vested balance at April 30, 2022		290,939			50.63

Organization and Summary of Significant Accounting Policies (Details)	3 Months Ended
	Apr. 30, 2022 Location State Segment
Organization and Summary of Significant Accounting Policies [Abstract]
Number of retail locations \| Location	439
Number of states in which retail locations are located \| State	29
Number of operating segments \| Segment	1

Net Sales (Details) - USD ($) $ in Thousands	3 Months Ended
Net Sales (Details) - USD ($) $ in Thousands	Apr. 30, 2022	May 01, 2021
Net Sales [Abstract]
Maximum redemption period for discount awards	45 days
Ollie's Army Loyalty Program Liability [Abstract]
Beginning balance	$ 7,782	$ 8,113
Revenue deferred	3,248	4,073
Revenue recognized	(3,037)	(3,659)
Ending balance	7,993	8,527
Gift Card Liability [Abstract]
Beginning balance	2,291	1,902
Gift card issuances	1,064	1,130
Gift card redemption and breakage	(1,232)	(1,214)
Ending balance	$ 2,123	$ 1,818

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Earnings per Common Share [Abstract]
Net income	$ 12,523	$ 55,220
Weighted average number of common shares outstanding - Basic (in shares)	62,869,000	65,503,000
Incremental shares from the assumed exercise of outstanding stock options and vesting of restricted stock units (in shares)	142,000	616,000
Weighted average number of common shares outstanding - Diluted (in shares)	63,011,000	66,119,000
Earnings per common share - Basic (in dollars per share)	$ 0.20	$ 0.84
Earnings per common share - Diluted (in dollars per share)	$ 0.20	$ 0.84
Stock Options [Member]
Earnings per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,012,070	295,100
Non-vested Restricted Stock Units [Member]
Earnings per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	57,079	0

Commitments and Contingencies (Details)
$ in Thousands

3 Months Ended

Apr. 30, 2022

USD ($)

Option

May 01, 2021

USD ($)

Jan. 29, 2022

USD ($)

Commitments [Abstract]

Renewal term of leases

5 years

Maturity of Operating Lease Liabilities [Abstract]

$ 60,858

98,320

79,948

63,798

55,901

132,120

Total undiscounted lease payments

^[1]

490,945

Less: Imputed interest

(50,430)

Total lease obligations

440,515

Less: Current obligations under leases

(78,427)

$ (61,589)

$ (75,535)

Long-term lease obligations

362,088

335,398

$ 354,293

Minimum lease payments for leases signed, but not commenced

58,100

Other Information Related to Operating Leases [Abstract]

Cash paid for operating leases

22,919

27,478

Operating lease cost

22,832

20,841

Variable lease cost

2,373

1,608

Non-cash right-of-use assets obtained in exchange for lease obligations

$ 18,489

$ 21,508

Weighted-average remaining lease term

6 years 7 months 6 days

Weighted-average discount rate

3.40%

3.90%

Minimum [Member]

Commitments [Abstract]

Number of options to renew operating leases | Option

Maximum [Member]

Commitments [Abstract]

Number of options to renew operating leases | Option

[1]	Lease obligations exclude $58.1 million of minimum lease payments for leases signed, but not commenced.

Accrued Expenses and Other (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021
Accrued Expenses and Other [Abstract]
Compensation and benefits	$ 14,262	$ 19,270	$ 18,238
Deferred revenue	10,116	10,073	10,345
Insurance	9,680	9,626	6,304
Sales and use taxes	7,492	5,968	8,010
Real estate related	7,167	7,234	5,826
Freight	3,554	2,073	5,934
Advertising	2,944	8,531	4,201
Other	16,284	15,471	17,817
Total accrued expenses and other	$ 71,499	$ 78,246	$ 76,675

Debt Obligations and Financing Arrangements (Details) $ in Millions	3 Months Ended
	Apr. 30, 2022 USD ($)
Credit Facility [Member]
Debt Obligations and Financing Arrangements [Abstract]
Maximum borrowing capacity	$ 150.0
Credit Facility [Member] \| Minimum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Consolidated fixed charge coverage ratio	1.0
Credit Facility [Member] \| Federal Funds Effective Rate [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	0.50%
Credit Facility [Member] \| Eurodollar Rate [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	1.00%
Interest rate floor	0.00%
Credit Facility [Member] \| Eurodollar Rate [Member] \| Minimum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	1.00%
Credit Facility [Member] \| Eurodollar Rate [Member] \| Maximum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	1.50%
Credit Facility [Member] \| Base Rate [Member] \| Minimum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	0.00%
Credit Facility [Member] \| Base Rate [Member] \| Maximum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	0.50%
Revolving Credit Facility [Member]
Debt Obligations and Financing Arrangements [Abstract]
Term of facility	5 years
Maximum borrowing capacity	$ 100.0
Maturity date	May 22, 2024
Outstanding borrowings	$ 0.0
Borrowing availability	90.9
Outstanding letters of credit commitments	8.9
Rent reserves	$ 0.2
Revolving Credit Facility [Member] \| Minimum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Variable unused line fee percentage	0.125%
Revolving Credit Facility [Member] \| Maximum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Percentage of most recent appraised value of eligible inventory	90.00%
Variable unused line fee percentage	0.25%
Sub-Facility for Letters of Credit [Member]
Debt Obligations and Financing Arrangements [Abstract]
Maximum borrowing capacity	$ 45.0
Sub-Facility for Swingline Loans [Member]
Debt Obligations and Financing Arrangements [Abstract]
Maximum borrowing capacity	$ 25.0

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Apr. 30, 2022	May 01, 2021
Income Taxes [Abstract]
Effective income tax rate	26.50%	22.50%
Excess tax expense (benefit) related to stock-based compensation	$ 0.2	$ (2.1)

Equity Incentive Plans, Equity Incentive Plans (Details)	3 Months Ended
	Apr. 30, 2022 shares
2012 Plan [Member] \| Stock Options [Member]
Equity Incentive Plans [Abstract]
Vesting period	5 years
Expiration period	10 years
2012 Plan [Member] \| Stock Options [Member] \| Year 1 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	20.00%
2012 Plan [Member] \| Stock Options [Member] \| Year 2 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	20.00%
2012 Plan [Member] \| Stock Options [Member] \| Year 3 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	20.00%
2012 Plan [Member] \| Stock Options [Member] \| Year 4 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	20.00%
2012 Plan [Member] \| Stock Options [Member] \| Year 5 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	20.00%
2015 Plan [Member]
Equity Incentive Plans [Abstract]
Number of shares authorized for issuance (in shares)	5,250,000
Number of shares available for grant (in shares)	2,358,584
2015 Plan [Member] \| Stock Options [Member]
Equity Incentive Plans [Abstract]
Vesting period	4 years
Expiration period	10 years
2015 Plan [Member] \| Stock Options [Member] \| Year 1 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	25.00%
2015 Plan [Member] \| Stock Options [Member] \| Year 2 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	25.00%
2015 Plan [Member] \| Stock Options [Member] \| Year 3 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	25.00%
2015 Plan [Member] \| Stock Options [Member] \| Year 4 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	25.00%

Equity Incentive Plans, Stock Option Activity (Details) - Stock Options [Member]	3 Months Ended
	Apr. 30, 2022 $ / shares shares
Number of Options [Roll Forward]
Outstanding at beginning of period (in shares) \| shares	1,109,315
Granted (in shares) \| shares	305,834
Forfeited (in shares) \| shares	(18,835)
Exercised (in shares) \| shares	(10,110)
Outstanding at end of period (in shares) \| shares	1,386,204
Exercisable at end of period (in shares) \| shares	616,264
Weighted Average Exercise Price [Abstract]
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 55.30
Granted (in dollars per share) \| $ / shares	43.27
Forfeited (in dollars per share) \| $ / shares	63.05
Exercised (in dollars per share) \| $ / shares	29.44
Outstanding at end of period (in dollars per share) \| $ / shares	52.73
Exercisable at end of period (in dollars per share) \| $ / shares	$ 48.28
Weighted Average Remaining Contractual Term [Abstract]
Outstanding at end of period	7 years 8 months 12 days
Exercisable at end of period	6 years 2 months 12 days

Equity Incentive Plans, Weighted Average Assumptions (Details) - $ / shares	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Equity Incentive Plans [Abstract]
Weighted average grant date fair value per option granted (in dollars per share)	$ 20.17	$ 34.00
Risk-free interest rate	2.54%	1.34%
Expected dividend yield	0.00%	0.00%
Expected life	6 years 3 months	6 years 3 months
Expected volatility	44.32%	38.38%

Equity Incentive Plans, RSU Activity (Details) - Restricted Stock Units [Member]	3 Months Ended
	Apr. 30, 2022 $ / shares shares
Equity Incentive Plans [Abstract]
Vesting period	4 years
Number of Shares [Roll Forward]
Non-vested at beginning of period (in shares) \| shares	125,483
Granted (in shares) \| shares	212,553
Forfeited (in shares) \| shares	(4,157)
Vested (in shares) \| shares	(42,940)
Non-vested at end of period (in shares) \| shares	290,939
Weighted Average Grant Date Fair Value [Abstract]
Non-vested at beginning of period (in dollars per share) \| $ / shares	$ 69.15
Granted (in dollars per share) \| $ / shares	43.24
Forfeited (in dollars per share) \| $ / shares	58.50
Vested (in dollars per share) \| $ / shares	67.40
Non-vested at end of period (in dollars per share) \| $ / shares	$ 50.63
Minimum [Member]
Equity Incentive Plans [Abstract]
Cliff vesting period	1 year
Maximum [Member]
Equity Incentive Plans [Abstract]
Cliff vesting period	4 years

Equity Incentive Plans, Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Stock-Based Compensation Expense [Abstract]
Total unrecognized compensation cost related to non-vested stock-based compensation arrangements	$ 29.4
Weighted average period to recognize stock-based compensation expense	3 years 1 month 6 days
Selling, General and Administrative Expenses [Member]
Stock-Based Compensation Expense [Abstract]
Compensation expense	$ 2.4	$ 2.0

Common Stock, Common Stock (Details)	3 Months Ended
Common Stock, Common Stock (Details)	Apr. 30, 2022 Vote / shares $ / shares shares	Jan. 29, 2022 $ / shares shares	May 01, 2021 $ / shares shares
Common Stock [Abstract]
Common stock, number of votes per share \| Vote / shares	1
Common stock, shares authorized (in shares)	500,000,000	500,000,000	500,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000	50,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)	0	0	0

Common Stock, Share Repurchase Program (Details) - Share Repurchase Program [Member] - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2022	Nov. 30, 2021	Mar. 16, 2021	Dec. 15, 2020
Share Repurchase Program [Abstract]
Authorized repurchase of common stock				$ 100.0
Increase in authorized repurchase of common stock		$ 200.0	$ 100.0
Number of shares repurchased (in shares)	0
Remaining authorized repurchase of common stock	$ 180.0

Transactions with Affiliated and Related Parties (Details) $ in Millions	3 Months Ended
	Apr. 30, 2022 USD ($) Lease	May 01, 2021 USD ($)
Operating Leases for Office and Store Locations with Related Parties [Member]
Transactions with Related Parties [Abstract]
Number of non-cancelable operating leases with related parties \| Lease	5
Payments to related parties	$ 0.4	$ 0.4
Company Affiliated with a Member of the Board of Directors [Member]
Transactions with Affiliated Parties [Abstract]
Sales to affiliated party	$ 0.1

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07.1(c))
-URI http://asc.fasb.org/extlink&oid=120401555&loc=SL114874292-224272

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1(e))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details

Subsequent Event (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
Subsequent Event (Details) - USD ($) $ in Thousands	May 31, 2022	Apr. 30, 2022	May 01, 2021
Share Repurchase Program [Abstract]
Amount of shares repurchased		$ 0	$ 9,579
Share Repurchase Program [Member]
Share Repurchase Program [Abstract]
Number of shares repurchased (in shares)		0
Remaining authorized repurchase of common stock		$ 180,000
Subsequent Event [Member] \| Share Repurchase Program [Member]
Share Repurchase Program [Abstract]
Number of shares repurchased (in shares)	238,485
Amount of shares repurchased	$ 10,000
Remaining authorized repurchase of common stock	$ 170,000