0001140361-24-048926 | 10-Q | XBRL Viewer | Ollies Bargain Outlet Holdings INC

Net Sales (Details) - USD ($) $ in Thousands	9 Months Ended
Net Sales (Details) - USD ($) $ in Thousands	Nov. 02, 2024	Oct. 28, 2023
Net Sales [Abstract]
Maximum redemption period for discount awards	45 days
Ollie's Army Loyalty Program Liability [Abstract]
Beginning balance	$ 10,159	$ 8,130
Revenue deferred	13,957	11,171
Revenue recognized	(12,480)	(9,865)
Ending balance	11,636	9,436
Gift Card Liability [Abstract]
Beginning balance	2,650	2,527
Gift card issuances	4,295	3,097
Gift card redemption and breakage	(4,478)	(3,271)
Ending balance	$ 2,467	$ 2,353

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Earnings per Common Share [Abstract]
Net income	$ 35,884	$ 31,803	$ 131,208	$ 104,964
Weighted average number of common shares outstanding - Basic (in shares)	61,330,000	61,682,000	61,341,000	61,807,000
Incremental shares from the assumed exercise of outstanding stock options and vesting of restricted stock units (in shares)	434,000	386,000	401,000	303,000
Weighted average number of common shares outstanding - Diluted (in shares)	61,764,000	62,068,000	61,742,000	62,110,000
Earnings per common share - Basic (in dollars per share)	$ 0.59	$ 0.52	$ 2.14	$ 1.7
Earnings per common share - Diluted (in dollars per share)	$ 0.58	$ 0.51	$ 2.13	$ 1.69
Stock Options [Member]
Earnings per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	150,597	491,766	322,857	616,304
Non-vested Restricted Stock Units [Member]
Earnings per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,023	570	1,505	15,569

Income Taxes (Details)	3 Months Ended		9 Months Ended
Income Taxes (Details)	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Income Taxes [Abstract]
Effective income tax rate	26.10%	26.10%	24.60%	25.10%

Net Sales (Policies)	9 Months Ended
Net Sales (Policies)	Nov. 02, 2024
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. 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. 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.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Common Stock, Common Stock (Details)	9 Months Ended
Common Stock, Common Stock (Details)	Nov. 02, 2024 Vote / shares $ / shares shares	Feb. 03, 2024 $ / shares shares	Oct. 28, 2023 $ / 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

Leases

9 Months Ended

Nov. 02, 2024

Leases [Abstract]

Leases

(4)

Leases

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 November 2, 2024:

	November 2,
	2024
	(in thousands)
Remainder of 2024	$	22,708
2025		111,907
2026		109,564
2027		97,793
2028		81,764
Thereafter		232,718
Total undiscounted lease payments⁽¹⁾		656,454
Less: Imputed interest		(100,568	)
Total lease obligations		555,886
Less: Current obligations under leases		(93,199	)
Long-term lease obligations	$	462,687

⁽¹⁾	Lease obligations exclude $21.0 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:

	Thirty-nine weeks ended
	November 2,			October 28,
	2024			2023
	(dollars in thousands)
Cash paid for operating leases	$	86,796		$	77,630
Operating lease cost		84,716			77,100
Variable lease cost		13,310			9,182
Non-cash right-of-use assets obtained in exchange for lease obligations		89,914			52,108
Weighted-average remaining lease term	7.3 years			6.6 years
Weighted-average discount rate		4.2	%		3.8	%

Equity Incentive Plans, Stock Option Activity (Details) - Stock Options [Member] - $ / shares	9 Months Ended
	Nov. 02, 2024
Number of Options [Roll Forward]
Outstanding at beginning of period (in shares)	1,119,484
Granted (in shares)	126,683
Forfeited (in shares)	(6,974)
Exercised (in shares)	(326,202)
Outstanding at end of period (in shares)	912,991
Exercisable at end of period (in shares)	487,311
Weighted Average Exercise Price [Abstract]
Outstanding at beginning of period (in dollars per share)	$ 56.71
Granted (in dollars per share)	75.37
Forfeited (in dollars per share)	66.42
Exercised (in dollars per share)	53.56
Outstanding at end of period (in dollars per share)	60.35
Exercisable at end of period (in dollars per share)	$ 58.96
Weighted Average Remaining Contractual Term [Abstract]
Outstanding at end of period	6 years 7 months 6 days
Exercisable at end of period	5 years 2 months 12 days

Accrued Expenses and Other Current Liabilities

9 Months Ended

Nov. 02, 2024

Accrued Expenses and Other Current Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

(6)	Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consists of the following:

	November 2,		February 3,		October 28,
	2024		2024		2023
	(in thousands)
Compensation and benefits	$	23,116	$	20,535	$	18,359
Deferred revenue		14,103		12,809		11,789
Sales and use taxes		12,770		10,234		10,833
Insurance		9,349		9,671		11,316
Advertising		5,092		1,780		6,959
Real estate		4,719		4,680		6,025
Freight		3,208		4,359		2,885
Other		19,415		18,827		19,452
	$	91,772	$	82,895	$	87,618

Equity Incentive Plans, Weighted Average Assumptions (Details) - $ / shares	9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023
Equity Incentive Plans [Abstract]
Weighted average grant date fair value per option granted (in dollars per share)	$ 39.27	$ 29.07
Risk-free interest rate	4.27%	3.36%
Expected dividend yield	0.00%	0.00%
Expected life	6 years 3 months	6 years 3 months
Expected volatility	47.63%	47.16%

Equity Incentive Plans, Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Stock-Based Compensation Expense [Abstract]
Total unrecognized compensation cost related to non-vested stock-based compensation arrangements	$ 28.7		$ 28.7
Weighted average period to recognize stock-based compensation expense			2 years 7 months 6 days
Selling, General and Administrative Expenses [Member]
Stock-Based Compensation Expense [Abstract]
Compensation expense	$ 3.6	$ 3.0	$ 10.4	$ 9.0

Commitments and Contingencies

9 Months Ended

Nov. 02, 2024

Commitments and Contingencies [Abstract]

Commitments and Contingencies

(5)	Commitments and Contingencies

Contingencies

Legal Matters

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.

Earnings per Common Share (Tables)

9 Months Ended

Nov. 02, 2024

Earnings per Common Share [Abstract]

Earnings per Common Share

The following table summarizes those effects for the diluted earnings per common share calculation:

	Thirteen weeks ended				Thirty-nine weeks ended
	November 2,		October 28,		November 2,		October 28,
	2024		2023		2024		2023
	(in thousands, except per share amounts)
Net income	$	35,884	$	31,803	$	131,208	$	104,964
Weighted average number of common shares outstanding - Basic		61,330		61,682		61,341		61,807
Incremental shares from the assumed exercise of outstanding stock options and vesting of restricted stock units		434		386		401		303
Weighted average number of common shares outstanding - Diluted		61,764		62,068		61,742		62,110
Earnings per common share - Basic	$	0.59	$	0.52	$	2.14	$	1.70
Earnings per common share - Diluted	$	0.58	$	0.51	$	2.13	$	1.69

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023
Assets
Property and equipment, accumulated depreciation	$ 214,307	$ 184,201	$ 174,569
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)	67,333,000	66,927,000	66,896,000
Treasury - common stock (in shares)	6,060,000	5,473,000	5,299,000

Earnings per Common Share

9 Months Ended

Nov. 02, 2024

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:

	Thirteen weeks ended				Thirty-nine weeks ended
	November 2,		October 28,		November 2,		October 28,
	2024		2023		2024		2023
	(in thousands, except per share amounts)
Net income	$	35,884	$	31,803	$	131,208	$	104,964
Weighted average number of common shares outstanding - Basic		61,330		61,682		61,341		61,807
Incremental shares from the assumed exercise of outstanding stock options and vesting of restricted stock units		434		386		401		303
Weighted average number of common shares outstanding - Diluted		61,764		62,068		61,742		62,110
Earnings per common share - Basic	$	0.59	$	0.52	$	2.14	$	1.70
Earnings per common share - Diluted	$	0.58	$	0.51	$	2.13	$	1.69

The effect of the weighted average assumed exercise of stock options outstanding totaling 150,597 and 491,766 for the thirteen weeks ended November 2, 2024 and October 28, 2023, respectively, and 322,857 and 616,304 for the thirty-nine weeks ended November 2, 2024 and October 28, 2023, 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 4,023 and 570 for the thirteen weeks ended November 2, 2024 and October 28, 2023, respectively, and 1,505 and 15,569 for the thirty-nine weeks ended November 2, 2024 and October 28, 2023, respectively, were excluded from the calculation of diluted weighted average common shares outstanding because the effect would have been antidilutive.

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Nov. 02, 2024	Dec. 06, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Nov. 02, 2024
Current Fiscal Year End Date	--02-01
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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		61,276,879

Transactions with Affiliated and Related Parties

9 Months Ended

Nov. 02, 2024

Transactions with Affiliated and Related Parties [Abstract]

Transactions with Affiliated and Related Parties

(11)	Transactions with Affiliated and Related Parties

During the thirty-nine weeks ended November 2, 2024 and October 28, 2023, respectively, the Company purchased inventory of $0.5 million and $1.2 million, respectively, from a subsidiary of Hillman Solutions, Inc. where John Swygert, Chief Executive Officer of Ollie’s, is a member of its Board of Directors.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023
Cash Flows from Operating Activities:
Net income	$ 131,208	$ 104,964
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	31,407	25,272
Amortization of debt issuance costs	39	207
Gain on sale of assets	(27)	(304)
Deferred income tax benefit	1,196	267
Stock-based compensation expense	10,407	9,008
Other	(694)	0
Changes in operating assets and liabilities:
Inventories	(101,541)	(61,836)
Accounts receivable	(35)	478
Prepaid expenses and other assets	(24)	3,289
Accounts payable	5,289	18,942
Income taxes payable	(14,744)	(2,464)
Accrued expenses and other liabilities	17,213	13,038
Net cash provided by operating activities	79,694	110,861
Cash Flows from Investing Activities:
Capital expenditures	(96,170)	(81,375)
Proceeds from sale of property and equipment	276	386
Purchases of short-term investments	(351,263)	(206,828)
Maturities of short-term investments	263,711	162,516
Net cash used in investing activities	(183,446)	(125,301)
Cash Flows from Financing Activities:
Repayments on finance leases	(841)	(857)
Proceeds from stock option exercises	17,363	5,524
Common shares withheld for taxes	(3,087)	(1,461)
Payment for shares repurchased	(47,260)	(39,807)
Net cash used in financing activities	(33,825)	(36,601)
Net decrease in cash and cash equivalents	(137,577)	(51,041)
Cash and cash equivalents, beginning of the period	266,262	210,596
Cash and cash equivalents, end of the period	128,685	159,555
Cash paid during the period for:
Interest	336	321
Income taxes	60,696	37,452
Non-cash investing activities:
Accrued purchases of property and equipment	7,236	5,073
Non-cash financing activities
Receivable from exercise of stock options	$ 109	$ 77

Net Sales (Tables)

9 Months Ended

Nov. 02, 2024

Net Sales [Abstract]

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

The following table is a reconciliation of the liability related to this program:

	Thirty-nine weeks ended
	November 2,			October 28,
	2024			2023
	(in thousands)
Beginning balance	$	10,159		$	8,130
Revenue deferred		13,957			11,171
Revenue recognized		(12,480	)		(9,865	)
Ending balance	$	11,636		$	9,436

The following table is a reconciliation of the gift card liability:

	Thirty-nine weeks ended
	November 2,			October 28,
	2024			2023
	(in thousands)
Beginning balance	$	2,650		$	2,527
Gift card issuances		4,295			3,097
Gift card redemption and breakage		(4,478	)		(3,271	)
Ending balance	$	2,467		$	2,353

Leases (Details)
$ in Thousands

9 Months Ended

Nov. 02, 2024

USD ($)

Option

Oct. 28, 2023

USD ($)

Feb. 03, 2024

USD ($)

Leases [Abstract]

Renewal term of leases

5 years

Maturity of Operating Lease Liabilities [Abstract]

$ 22,708

111,907

109,564

97,793

81,764

232,718

Total undiscounted lease payments

^[1]

656,454

Less: Imputed interest

(100,568)

Total lease obligations

555,886

Less: Current obligations under leases

(93,199)

$ (94,899)

$ (89,176)

Long-term lease obligations

462,687

393,027

$ 397,912

Minimum lease payments for leases signed, but not commenced

21,000

Other Information Related to Operating Leases [Abstract]

Cash paid for operating leases

86,796

77,630

Operating lease cost

84,716

77,100

Variable lease cost

13,310

9,182

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

$ 89,914

$ 52,108

Weighted-average remaining lease term

7 years 3 months 18 days

6 years 7 months 6 days

Weighted-average discount rate

4.20%

3.80%

Minimum [Member]

Leases [Abstract]

Number of options to renew operating leases | Option

Maximum [Member]

Leases [Abstract]

Number of options to renew operating leases | Option

[1]	Lease obligations exclude $21.0 million of minimum lease payments for leases signed, but not commenced.

Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Nov. 02, 2024

Basis of Presentation and Summary of Significant Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

(1)	Basis of Presentation 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 546 retail locations in 31 states as of November 2, 2024. Ollie’s Bargain Outlet retail locations are located in Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, 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, Wisconsin, and West Virginia.

(b)

Fiscal Year

Ollie’s follows a 52/53-week fiscal year, which ends on the Saturday nearer to January 31^st of the following calendar year. References to the thirteen weeks ended November 2, 2024 and October 28, 2023 refer to the thirteen weeks from August 4, 2024 to November 2, 2024 and from July 30, 2023 to October 28, 2023, respectively. References to the year-to-date periods ended November 2, 2024 and October 28, 2023 refer to the thirty-nine weeks from February 4, 2024 to November 2, 2024 and from January 29, 2023 to October 28, 2023, respectively. References to “2023” refer to the fiscal year ended February 3, 2024 and references to “2024” refer to the fiscal year ending February 1, 2025. Fiscal year 2023 consists of 53 weeks, and fiscal year 2024 consists 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 November 2, 2024 and October 28, 2023, and the condensed consolidated statements of income and stockholders’ equity for the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023, and the condensed consolidated statements of cash flows for the thirty-nine weeks ended November 2, 2024 and October 28, 2023 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 2024 or any other period. All intercompany accounts, transactions, and balances have been eliminated in consolidation.

The Company’s balance sheet as of February 3, 2024, 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 27, 2024 (“Annual Report”), but does not include all disclosures required by GAAP. These financial statements should be read in conjunction with the financial statements for 2023 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 that are observable or can be corroborated by observable market data.

•

Level 3 inputs are unobservable, developed using the Company’s estimates and assumptions, which reflect those that market participants would use.

The Company’s financial instruments consist of cash and cash equivalents, investment securities, accounts receivable, accounts payable and the Company’s credit facilities. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable are representative of their respective fair value because of their short-term nature. 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. Under the fair value hierarchy, the fair market values of cash equivalents and the investments in treasury bonds and corporate bonds are Level 1 while the investments in municipal bonds are Level 2. Since quoted prices in active markets for identical assets are not available, these prices are determined by the third-party pricing service using observable market information such as quotes from less active markets and quoted prices of similar securities.

As of November 2, 2024, February 3, 2024, and October 28, 2023, the Company’s investment securities are classified as held-to-maturity since the Company has the intent and ability to hold the investments to maturity. Such securities are carried at amortized cost plus accrued interest and consist of the following:

	As of November 2, 2024
	Amortized Cost		Gross Unrealized Gains			Gross Unrealized Losses				Fair Market Value
	(in thousands)
Short-term:
Treasury bonds	$	121,186		$	105		$	-			$	121,291
Municipal bonds		12,572			-			(225	)			12,347
Corporate bonds		41,468			332			(26	)			41,774
Total	$	175,226		$	437		$	(251	)		$	175,412

	As of February 3, 2024
	Amortized Cost		Gross Unrealized Gains			Gross Unrealized Losses				Fair Market Value
	(in thousands)
Short-term:
Treasury bonds	$	49,765		$	16		$	-			$	49,781
Municipal bonds		10,136			-			(139	)			9,997
Corporate bonds		27,079			22			-				27,101
Total	$	86,980		$	38		$	(139	)		$	86,879

	As of October 28, 2023
	Amortized Cost		Gross Unrealized Gains			Gross Unrealized Losses				Fair Market Value
	(in thousands)
Short-term:
Treasury bonds	$	69,497		$	-		$	(833	)		$	68,664
Municipal bonds		34,980			-			(422	)			34,558
Total	$	104,477		$	-		$	(1,255	)		$	103,222

Short-term investment securities as of November 2, 2024, February 3, 2024, and October 28, 2023 all mature in one year or less.

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Nov. 02, 2024

Basis of Presentation and Summary of Significant Accounting Policies [Abstract]

Held-to-Maturity Investment Securities

	As of November 2, 2024
	Amortized Cost		Gross Unrealized Gains			Gross Unrealized Losses				Fair Market Value
	(in thousands)
Short-term:
Treasury bonds	$	121,186		$	105		$	-			$	121,291
Municipal bonds		12,572			-			(225	)			12,347
Corporate bonds		41,468			332			(26	)			41,774
Total	$	175,226		$	437		$	(251	)		$	175,412

	As of February 3, 2024
	Amortized Cost		Gross Unrealized Gains			Gross Unrealized Losses				Fair Market Value
	(in thousands)
Short-term:
Treasury bonds	$	49,765		$	16		$	-			$	49,781
Municipal bonds		10,136			-			(139	)			9,997
Corporate bonds		27,079			22			-				27,101
Total	$	86,980		$	38		$	(139	)		$	86,879

	As of October 28, 2023
	Amortized Cost		Gross Unrealized Gains			Gross Unrealized Losses				Fair Market Value
	(in thousands)
Short-term:
Treasury bonds	$	69,497		$	-		$	(833	)		$	68,664
Municipal bonds		34,980			-			(422	)			34,558
Total	$	104,477		$	-		$	(1,255	)		$	103,222

- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

+ Details

Equity Incentive Plans

9 Months Ended

Nov. 02, 2024

Equity Incentive Plans [Abstract]

Equity Incentive Plans

(9)	Equity Incentive Plans

During fiscal 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 November 2, 2024, there were 1,678,136 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 thirty-nine weeks ended November 2, 2024 follows:

						Weighted
				Weighted		average
				average		remaining
	Number			exercise		contractual
	of options			price		term (years)
	(in thousands, except share and per share amounts)
Outstanding at February 3, 2024		1,119,484		$	56.71
Granted		126,683			75.37
Forfeited		(6,974	)		66.42
Exercised		(326,202	)		53.56
Outstanding at November 2, 2024		912,991			60.35		6.6
Exercisable at November 2, 2024		487,311			58.96		5.2

The weighted average grant date fair value per option for options granted during the thirty-nine weeks ended November 2, 2024 and October 28, 2023 was $39.27 and $29.07, 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:

	Thirty-nine weeks ended
	November 2,			October 28,
	2024			2023
Risk-free interest rate		4.27	%		3.36	%
Expected dividend yield		-			-
Expected life (years)	6.25 years			6.25 years
Expected volatility		47.63	%		47.16	%

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 the closing price of the Company’s common stock on the date of 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 thirty-nine weeks ended November 2, 2024 is as follows:

				Weighted
				average
	Number			grant date
	of shares			fair value
Non-vested balance at February 3, 2024		350,804		$	53.94
Granted		173,158			74.88
Forfeited		(13,420	)		60.66
Vested		(119,195	)		54.13
Non-vested balance at November 2, 2024		391,347			62.91

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 $3.6 million and $3.0 million for the thirteen weeks ended November 2, 2024 and October 28, 2023, respectively, and $10.4 million and $9.0 million for the thirty-nine weeks ended November 2, 2024 and October 28, 2023, respectively.

As of November 2, 2024, there was $28.7 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 2.6 years. Compensation costs related to awards are recognized using the straight-line method.

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023
Accrued Expenses and Other Current Liabilities [Abstract]
Compensation and benefits	$ 23,116	$ 20,535	$ 18,359
Deferred revenue	14,103	12,809	11,789
Sales and use taxes	12,770	10,234	10,833
Insurance	9,349	9,671	11,316
Advertising	5,092	1,780	6,959
Real estate	4,719	4,680	6,025
Freight	3,208	4,359	2,885
Other	19,415	18,827	19,452
Total accrued expenses and other current liabilities	$ 91,772	$ 82,895	$ 87,618

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023
Current assets:
Cash and cash equivalents	$ 128,685	$ 266,262	$ 159,555
Short-term investments	175,226	86,980	104,477
Inventories	607,331	505,790	532,370
Accounts receivable	2,367	2,223	1,973
Prepaid expenses and other current assets	10,178	10,173	7,184
Total current assets	923,787	871,428	805,559
Property and equipment, net of accumulated depreciation of $214,307, $184,201 and $174,569, respectively	322,214	270,063	230,203
Operating lease right-of-use assets	547,284	475,526	481,124
Goodwill	444,850	444,850	444,850
Trade name	230,559	230,559	230,559
Other assets	2,148	2,168	2,065
Total assets	2,470,842	2,294,594	2,194,360
Current liabilities:
Current portion of long-term debt	621	639	554
Accounts payable	131,515	128,097	105,440
Income taxes payable	0	14,744	592
Current portion of operating lease liabilities	93,199	89,176	94,899
Accrued expenses and other current liabilities	91,772	82,895	87,618
Total current liabilities	317,107	315,551	289,103
Revolving credit facility	0	0	0
Long-term debt	1,003	1,022	957
Deferred income taxes	73,073	71,877	70,899
Long-term portion of operating lease liabilities	462,687	397,912	393,027
Total liabilities	853,870	786,362	753,986
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; 67,333, 66,927 and 66,896 shares issued, respectively	67	67	67
Additional paid-in capital	719,751	694,959	690,842
Retained earnings	1,299,159	1,167,951	1,091,476
Treasury - common stock, at cost; 6,060, 5,473 and 5,299 shares, respectively	(402,005)	(354,745)	(342,011)
Total stockholders' equity	1,616,972	1,508,232	1,440,374
Total liabilities and stockholders' equity	$ 2,470,842	$ 2,294,594	$ 2,194,360

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Condensed Consolidated Statements of Income [Abstract]
Net sales	$ 517,428	$ 480,050	$ 1,604,621	$ 1,453,713
Cost of sales	302,969	285,939	961,773	884,347
Gross profit	214,459	194,111	642,848	569,366
Selling, general, and administrative expenses	154,467	141,684	442,559	406,575
Depreciation and amortization expenses	8,296	7,065	24,016	20,203
Pre-opening expenses	7,174	6,293	14,495	12,443
Operating income	44,522	39,069	161,778	130,145
Interest income, net	(4,028)	(3,977)	(12,257)	(10,054)
Income before income taxes	48,550	43,046	174,035	140,199
Income tax expense	12,666	11,243	42,827	35,235
Net income	$ 35,884	$ 31,803	$ 131,208	$ 104,964
Earnings per common share:
Basic (in dollars per share)	$ 0.59	$ 0.52	$ 2.14	$ 1.7
Diluted (in dollars per share)	$ 0.58	$ 0.51	$ 2.13	$ 1.69
Weighted average common shares outstanding:
Basic (in shares)	61,330	61,682	61,341	61,807
Diluted (in shares)	61,764	62,068	61,742	62,110

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Nov. 02, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Thousands	9 Months Ended
	Nov. 02, 2024 USD ($) Location State Segment	Feb. 03, 2024 USD ($)	Oct. 28, 2023 USD ($)
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Number of retail locations \| Location	546
Number of states in which retail locations are located \| State	31
Number of operating segments \| Segment	1
Held-to-Maturity Investment Securities [Abstract]
Amortized cost	$ 175,226	$ 86,980	$ 104,477
Gross unrealized gains	437	38	0
Gross unrealized losses	(251)	(139)	(1,255)
Fair market value	175,412	86,879	103,222
Treasury Bonds [Member]
Held-to-Maturity Investment Securities [Abstract]
Amortized cost	121,186	49,765	69,497
Gross unrealized gains	105	16	0
Gross unrealized losses	0	0	(833)
Fair market value	121,291	49,781	68,664
Municipal Bonds [Member]
Held-to-Maturity Investment Securities [Abstract]
Amortized cost	12,572	10,136	34,980
Gross unrealized gains	0	0	0
Gross unrealized losses	(225)	(139)	(422)
Fair market value	12,347	9,997	$ 34,558
Corporate Bonds [Member]
Held-to-Maturity Investment Securities [Abstract]
Amortized cost	41,468	27,079
Gross unrealized gains	332	22
Gross unrealized losses	(26)	0
Fair market value	$ 41,774	$ 27,101

Transactions with Affiliated and Related Parties (Details) - USD ($) $ in Millions	9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023
Related Party [Member] \| Subsidiary of Hillman Solutions, Inc. [Member] \| Purchase of Inventory [Member]
Transactions with Related Parties [Abstract]
Payments to related parties	$ 0.5	$ 1.2

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Nov. 02, 2024

Accrued Expenses and Other Current Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consists of the following:

	November 2,		February 3,		October 28,
	2024		2024		2023
	(in thousands)
Compensation and benefits	$	23,116	$	20,535	$	18,359
Deferred revenue		14,103		12,809		11,789
Sales and use taxes		12,770		10,234		10,833
Insurance		9,349		9,671		11,316
Advertising		5,092		1,780		6,959
Real estate		4,719		4,680		6,025
Freight		3,208		4,359		2,885
Other		19,415		18,827		19,452
	$	91,772	$	82,895	$	87,618

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

9 Months Ended

Nov. 02, 2024

Basis of Presentation 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 unobservable, developed using the Company’s estimates and assumptions, which reflect those that market participants would use.

	As of November 2, 2024
	Amortized Cost		Gross Unrealized Gains			Gross Unrealized Losses				Fair Market Value
	(in thousands)
Short-term:
Treasury bonds	$	121,186		$	105		$	-			$	121,291
Municipal bonds		12,572			-			(225	)			12,347
Corporate bonds		41,468			332			(26	)			41,774
Total	$	175,226		$	437		$	(251	)		$	175,412

	As of February 3, 2024
	Amortized Cost		Gross Unrealized Gains			Gross Unrealized Losses				Fair Market Value
	(in thousands)
Short-term:
Treasury bonds	$	49,765		$	16		$	-			$	49,781
Municipal bonds		10,136			-			(139	)			9,997
Corporate bonds		27,079			22			-				27,101
Total	$	86,980		$	38		$	(139	)		$	86,879

	As of October 28, 2023
	Amortized Cost		Gross Unrealized Gains			Gross Unrealized Losses				Fair Market Value
	(in thousands)
Short-term:
Treasury bonds	$	69,497		$	-		$	(833	)		$	68,664
Municipal bonds		34,980			-			(422	)			34,558
Total	$	104,477		$	-		$	(1,255	)		$	103,222

Short-term investment securities as of November 2, 2024, February 3, 2024, and October 28, 2023 all mature in one year or less.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 36
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-36

Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-Subparagraph (b)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 29
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

+ Details

Equity Incentive Plans (Tables)

9 Months Ended

Nov. 02, 2024

Equity Incentive Plans [Abstract]

Stock Option Activity

A summary of the Company’s stock option activity and related information for the thirty-nine weeks ended November 2, 2024 follows:

						Weighted
				Weighted		average
				average		remaining
	Number			exercise		contractual
	of options			price		term (years)
	(in thousands, except share and per share amounts)
Outstanding at February 3, 2024		1,119,484		$	56.71
Granted		126,683			75.37
Forfeited		(6,974	)		66.42
Exercised		(326,202	)		53.56
Outstanding at November 2, 2024		912,991			60.35		6.6
Exercisable at November 2, 2024		487,311			58.96		5.2

Weighted Average Assumptions

	Thirty-nine weeks ended
	November 2,			October 28,
	2024			2023
Risk-free interest rate		4.27	%		3.36	%
Expected dividend yield		-			-
Expected life (years)	6.25 years			6.25 years
Expected volatility		47.63	%		47.16	%

RSU Activity

A summary of the Company’s RSU activity and related information for the thirty-nine weeks ended November 2, 2024 is as follows:

				Weighted
				average
	Number			grant date
	of shares			fair value
Non-vested balance at February 3, 2024		350,804		$	53.94
Granted		173,158			74.88
Forfeited		(13,420	)		60.66
Vested		(119,195	)		54.13
Non-vested balance at November 2, 2024		391,347			62.91

Debt Obligations and Financing Arrangements (Details) $ in Millions	9 Months Ended
	Nov. 02, 2024 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
Credit Facility [Member] \| Federal Funds Effective Rate [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	0.50%
Credit Facility [Member] \| SOFR [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	1.00%
Term of variable rate	1 month
Interest rate floor	0.00%
Credit Facility [Member] \| SOFR [Member] \| Minimum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	1.00%
Credit Facility [Member] \| SOFR [Member] \| Maximum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	1.50%
Credit Facility [Member] \| ABR Rate [Member] \| Minimum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	0.00%
Credit Facility [Member] \| ABR 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
Term of extension	5 years
Maturity date	Jan. 09, 2029
Outstanding borrowings	$ 0.0
Borrowing availability	92.1
Outstanding letters of credit commitments	7.7
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%
Revolving Credit Facility [Member] \| SOFR [Member]
Debt Obligations and Financing Arrangements [Abstract]
Interest rate floor	0.00%
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

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. 28, 2023	$ 67	$ (302,204)	$ 677,694	$ 986,512	$ 1,362,069
Beginning balance (in shares) at Jan. 28, 2023	66,672
Beginning balance (in shares) at Jan. 28, 2023		(4,664)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	$ 0	9,008	0	9,008
Proceeds from stock options exercised	$ 0	$ 0	5,601	0	5,601
Proceeds from stock options exercised (in shares)	153	0
Vesting of restricted stock	$ 0	$ 0	0	0	0
Vesting of restricted stock (in shares)	96	0
Common shares withheld for taxes	$ 0	$ 0	(1,461)	0	(1,461)
Common shares withheld for taxes (in shares)	(25)	0
Shares repurchased	$ 0	$ (39,807)	0	0	(39,807)
Shares repurchased (in shares)	0	(635)
Net income	$ 0	$ 0	0	104,964	104,964
Ending balance at Oct. 28, 2023	$ 67	$ (342,011)	690,842	1,091,476	$ 1,440,374
Ending balance (in shares) at Oct. 28, 2023	66,896
Ending balance (in shares) at Oct. 28, 2023		(5,299)			(5,299)
Beginning balance at Jul. 29, 2023	$ 67	$ (331,198)	686,438	1,059,673	$ 1,414,980
Beginning balance (in shares) at Jul. 29, 2023	66,858
Beginning balance (in shares) at Jul. 29, 2023		(5,156)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	$ 0	3,004	0	3,004
Proceeds from stock options exercised	$ 0	$ 0	1,464	0	1,464
Proceeds from stock options exercised (in shares)	36	0
Vesting of restricted stock	$ 0	$ 0	0	0	0
Vesting of restricted stock (in shares)	3	0
Common shares withheld for taxes	$ 0	$ 0	(64)	0	(64)
Common shares withheld for taxes (in shares)	(1)	0
Shares repurchased	$ 0	$ (10,813)	0	0	(10,813)
Shares repurchased (in shares)	0	(143)
Net income	$ 0	$ 0	0	31,803	31,803
Ending balance at Oct. 28, 2023	$ 67	$ (342,011)	690,842	1,091,476	$ 1,440,374
Ending balance (in shares) at Oct. 28, 2023	66,896
Ending balance (in shares) at Oct. 28, 2023		(5,299)			(5,299)
Beginning balance at Feb. 03, 2024	$ 67	$ (354,745)	694,959	1,167,951	$ 1,508,232
Beginning balance (in shares) at Feb. 03, 2024	66,927
Beginning balance (in shares) at Feb. 03, 2024		(5,473)			(5,473)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	$ 0	10,407	0	$ 10,407
Proceeds from stock options exercised	$ 0	$ 0	17,472	0	17,472
Proceeds from stock options exercised (in shares)	326	0
Vesting of restricted stock	$ 0	$ 0	0	0	0
Vesting of restricted stock (in shares)	119	0
Common shares withheld for taxes	$ 0	$ 0	(3,087)	0	(3,087)
Common shares withheld for taxes (in shares)	(39)	0
Shares repurchased	$ 0	$ (47,260)	0	0	(47,260)
Shares repurchased (in shares)	0	(587)
Net income	$ 0	$ 0	0	131,208	131,208
Ending balance at Nov. 02, 2024	$ 67	$ (402,005)	719,751	1,299,159	$ 1,616,972
Ending balance (in shares) at Nov. 02, 2024	67,333
Ending balance (in shares) at Nov. 02, 2024		(6,060)			(6,060)
Beginning balance at Aug. 03, 2024	$ 67	$ (386,180)	713,509	1,263,275	$ 1,590,671
Beginning balance (in shares) at Aug. 03, 2024	67,282
Beginning balance (in shares) at Aug. 03, 2024		(5,891)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	$ 0	3,606	0	3,606
Proceeds from stock options exercised	$ 0	$ 0	2,752	0	2,752
Proceeds from stock options exercised (in shares)	49	0
Vesting of restricted stock	$ 0	$ 0	0	0	0
Vesting of restricted stock (in shares)	3	0
Common shares withheld for taxes	$ 0	$ 0	(116)	0	(116)
Common shares withheld for taxes (in shares)	(1)	0
Shares repurchased	$ 0	$ (15,825)	0	0	(15,825)
Shares repurchased (in shares)	0	(169)
Net income	$ 0	$ 0	0	35,884	35,884
Ending balance at Nov. 02, 2024	$ 67	$ (402,005)	$ 719,751	$ 1,299,159	$ 1,616,972
Ending balance (in shares) at Nov. 02, 2024	67,333
Ending balance (in shares) at Nov. 02, 2024		(6,060)			(6,060)

Common Stock, Share Repurchase Program (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023	Nov. 30, 2021	Mar. 16, 2021	Dec. 15, 2020
Share Repurchase Program [Abstract]
Shares repurchased	$ 15,825	$ 10,813	$ 47,260	$ 39,807
Share Repurchase Program [Member]
Share Repurchase Program [Abstract]
Authorized repurchase of common stock							$ 100,000
Increase in authorized repurchase of common stock					$ 200,000	$ 100,000
Shares repurchased (in shares)			587,633
Shares repurchased			$ 47,300
Remaining authorized repurchase of common stock	$ 38,400		$ 38,400

Equity Incentive Plans, Equity Incentive Plans (Details)	9 Months Ended
	Nov. 02, 2024 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)	1,678,136
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%

Debt Obligations and Financing Arrangements

9 Months Ended

Nov. 02, 2024

Debt Obligations and Financing Arrangements [Abstract]

Debt Obligations and Financing Arrangements

(7)	Debt Obligations and Financing Arrangements

Long-term debt consists of finance leases.

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”). 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. On January 9, 2024, the Company refinanced its credit facility (the “Credit Facility”), pursuant to which the maturity date for any loans under the revolving credit facility was extended for a period of five years from the effective date of January 9, 2024 and a zero percent (0.0%) interest rate floor was added to the option for the SOFR Loan Rate (as defined in the Amendment). Loans under the Revolving Credit Facility mature on January 9, 2029.

As a result of the anticipated discontinuation of LIBOR in 2023, on January 24, 2023, the Company amended its Credit Facility to replace the LIBOR-based interest rates included therein with SOFR-based interest rates and to modify the provisions for determining an alternative rate of interest upon the occurrence of certain events relating to the availability of interest rate benchmarks. The interest rates for the Credit Facility are calculated as follows: for ABR Loans, the highest of the Prime Rate, the Federal Funds Effective Rate plus 0.50% and Term SOFR with a term of one-month in effect on such day plus the SOFR Spread Adjustment plus 1.0%, plus the Applicable Margin, or, for SOFR Loans, the SOFR Loan Rate plus the Applicable Margin plus the SOFR Spread Adjustment. The Applicable Margin will vary from 0.00% to 0.50% for an ABR Loan and 1.00% to 1.50% for a SOFR Loan, based on availability under the Credit Facility. The SOFR Loan Rate is subject to a 0% floor.

Under the terms of the Revolving Credit Facility, as of November 2, 2024, 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 November 2, 2024, the Company had no outstanding borrowings under the Revolving Credit Facility, with $92.1 million of borrowing availability, outstanding letters of credit commitments of $7.7 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 thirty-nine weeks ended November 2, 2024.

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 consolidated balance sheet as of November 2, 2024, 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 pro forma 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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+ Details

Common Stock

9 Months Ended

Nov. 02, 2024

Common Stock [Abstract]

Common Stock

(10)	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 were authorized to be executed through January 2023. On November 30, 2021, the Board of Directors of the Company authorized an additional $200.0 million to repurchase stock pursuant to the Company’s share repurchase program, expiring on December 15, 2023. On November 30, 2023, the Board of Directors of the Company authorized an extension to the existing share repurchase program set to expire on December 15, 2023, until March 31, 2026.

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, economic and business conditions, and other corporate considerations. Repurchases may be made pursuant to plans intended to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, which could allow the Company to purchase its shares during periods when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. Repurchases are expected to be funded from cash on hand or through the utilization of the Company’s Revolving Credit Facility. The repurchase authorization does not require the purchase of a specific number of shares and is subject to suspension or termination by the Company’s Board of Directors at any time. During the thirty-nine weeks ended November 2, 2024, the Company repurchased 587,633 shares of its common stock for $47.3 million, inclusive of transaction costs, pursuant to its share repurchase program. These expenditures were funded by cash on hand. As of November 2, 2024, the Company had $38.4 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 equity.

+ References

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+ Details

Income Taxes

9 Months Ended

Nov. 02, 2024

Income Taxes [Abstract]

Income Taxes

(8)	Income Taxes

The effective tax rates for each of the thirteen weeks ended November 2, 2024 and October 28, 2023 were 26.1%, respectively.

The effective tax rates for the thirty-nine weeks ended November 2, 2024 and October 28, 2023 were 24.6% and 25.1%, respectively.

The Company is subject to tax in the United States. The Company files a consolidated U.S. income tax return for federal income tax purposes. The Company is no longer subject to income tax examinations by U.S. federal, or state and local tax authorities for tax years 2018 and prior.

Management believes that an adequate provision has been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If any issues arise as a result of a tax audit, and are resolved in a manner not consistent with management’s expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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+ Details

Equity Incentive Plans, RSU Activity (Details) - Restricted Stock Units [Member]	9 Months Ended
	Nov. 02, 2024 $ / shares shares
Equity Incentive Plans [Abstract]
Vesting period	4 years
Number of Shares [Roll Forward]
Non-vested at beginning of period (in shares) \| shares	350,804
Granted (in shares) \| shares	173,158
Forfeited (in shares) \| shares	(13,420)
Vested (in shares) \| shares	(119,195)
Non-vested at end of period (in shares) \| shares	391,347
Weighted Average Grant Date Fair Value [Abstract]
Non-vested at beginning of period (in dollars per share) \| $ / shares	$ 53.94
Granted (in dollars per share) \| $ / shares	74.88
Forfeited (in dollars per share) \| $ / shares	60.66
Vested (in dollars per share) \| $ / shares	54.13
Non-vested at end of period (in dollars per share) \| $ / shares	$ 62.91
Minimum [Member]
Equity Incentive Plans [Abstract]
Cliff vesting period	1 year
Maximum [Member]
Equity Incentive Plans [Abstract]
Cliff vesting period	4 years

Leases (Tables)

9 Months Ended

Nov. 02, 2024

Leases [Abstract]

Maturity of Operating Lease Liabilities

The following table summarizes the maturity of the Company’s operating lease liabilities by fiscal year as of November 2, 2024:

	November 2,
	2024
	(in thousands)
Remainder of 2024	$	22,708
2025		111,907
2026		109,564
2027		97,793
2028		81,764
Thereafter		232,718
Total undiscounted lease payments⁽¹⁾		656,454
Less: Imputed interest		(100,568	)
Total lease obligations		555,886
Less: Current obligations under leases		(93,199	)
Long-term lease obligations	$	462,687

⁽¹⁾	Lease obligations exclude $21.0 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:

	Thirty-nine weeks ended
	November 2,			October 28,
	2024			2023
	(dollars in thousands)
Cash paid for operating leases	$	86,796		$	77,630
Operating lease cost		84,716			77,100
Variable lease cost		13,310			9,182
Non-cash right-of-use assets obtained in exchange for lease obligations		89,914			52,108
Weighted-average remaining lease term	7.3 years			6.6 years
Weighted-average discount rate		4.2	%		3.8	%

Net Sales

9 Months Ended

Nov. 02, 2024

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:

	Thirty-nine weeks ended
	November 2,			October 28,
	2024			2023
	(in thousands)
Beginning balance	$	10,159		$	8,130
Revenue deferred		13,957			11,171
Revenue recognized		(12,480	)		(9,865	)
Ending balance	$	11,636		$	9,436

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:

	Thirty-nine weeks ended
	November 2,			October 28,
	2024			2023
	(in thousands)
Beginning balance	$	2,650		$	2,527
Gift card issuances		4,295			3,097
Gift card redemption and breakage		(4,478	)		(3,271	)
Ending balance	$	2,467		$	2,353

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details