Annual report pursuant to Section 13 and 15(d)

Summary of significant accounting policies (Tables)

v3.23.1
Summary of significant accounting policies (Tables)
12 Months Ended
Jan. 28, 2023
Summary of significant accounting policies  
Schedule of cash and cash equivalents

January 28,

January 29,

(In thousands)

2023

    

2022

Cash

$

651,367

$

165,122

Short-term investments

199,939

Receivables from third-party financial institutions for credit card and debit card transactions

86,510

66,499

Cash and cash equivalents

$

737,877

$

431,560

Schedule of receivables

January 28,

January 29,

(In thousands)

2023

    

2022

Vendor allowances

$

109,899

$

114,853

Gift card

42,065

34,655

Royalties and other credit card

19,738

11,898

Employee retention credit (1)

3,760

56,426

Other

25,036

16,855

Allowance for doubtful accounts

(1,076)

(1,005)

Receivables, net

$

199,422

$

233,682

(1) The Company qualified for various relief measures resulting from the Coronavirus Aid, Relief and Economic Security (CARES) Act, including the ERC which allowed for a refundable tax credit against certain employment taxes on qualified wages. During the fiscal year ended January 29, 2022, there was $4,021 related to the ERC recognized as a reduction of the associated costs within selling, general and administrative expenses on the consolidated statements of income.
Schedule of advertising costs

Fiscal year ended

January 28,

January 29,

January 30,

(In thousands)

2023

    

2022

    

2021

Advertising expense, net

$

374,730

$

387,794

$

281,573

Advertising expense, net as a percentage of net sales

3.7%

4.5%

4.6%