10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 28, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number 001-36107

 

https://cdn.kscope.io/f6df30bbc964e1c0f1962ee79cb0b674-img210880036_0.jpg 

BURLINGTON STORES, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

80-0895227

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

2006 Route 130 North

Burlington, New Jersey

 

08016

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (609) 387-7800

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common stock

 

BURL

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-Accelerated filer

Smaller reporting company

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

The registrant had 64,525,262 shares of common stock outstanding as of October 28, 2023.

 


 

BURLINGTON STORES, INC.

INDEX

 

 

 

Page

Part I—Financial Information

 

3

 

 

 

Item 1. Financial Statements (unaudited)

 

3

 

 

 

Condensed Consolidated Statements of Income - Three and Nine Months Ended October 28, 2023 and October 29, 2022

 

3

 

 

 

Condensed Consolidated Statements of Comprehensive Income – Three and Nine Months Ended October 28, 2023 and October 29, 2022

 

4

 

 

 

Condensed Consolidated Balance Sheets – October 28, 2023, January 28, 2023 and October 29, 2022

 

5

 

 

 

Condensed Consolidated Statements of Cash Flows – Nine Months Ended October 28, 2023 and October 29, 2022

 

6

 

 

 

Notes to Condensed Consolidated Financial Statements

 

6

 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

21

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

37

 

 

 

Item 4. Controls and Procedures

 

38

 

 

 

Part II—Other Information

 

38

 

 

 

Item 1. Legal Proceedings

 

38

 

 

 

Item 1A. Risk Factors

 

38

 

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

38

 

 

 

Item 3. Defaults Upon Senior Securities

 

39

 

 

 

Item 4. Mine Safety Disclosures

 

39

 

 

 

Item 5. Other Information

 

39

 

 

 

Item 6. Exhibits

 

40

 

 

 

SIGNATURES

 

41

 

 

 

 

2


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

BURLINGTON STORES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(All amounts in thousands, except per share data)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

October 28,

 

 

October 29,

 

 

October 28,

 

 

October 29,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

REVENUES:

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

2,284,673

 

 

$

2,035,927

 

 

$

6,587,912

 

 

$

5,945,459

 

Other revenue

 

 

4,673

 

 

 

4,760

 

 

 

13,197

 

 

 

12,862

 

Total revenue

 

 

2,289,346

 

 

 

2,040,687

 

 

 

6,601,109

 

 

 

5,958,321

 

COSTS AND EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

1,297,805

 

 

 

1,198,126

 

 

 

3,795,661

 

 

 

3,546,340

 

Selling, general and administrative expenses

 

 

826,822

 

 

 

726,926

 

 

 

2,357,736

 

 

 

2,092,756

 

Costs related to debt amendments

 

 

 

 

 

 

 

 

97

 

 

 

 

Depreciation and amortization

 

 

76,087

 

 

 

67,634

 

 

 

219,749

 

 

 

201,908

 

Impairment charges - long-lived assets

 

 

814

 

 

 

10,599

 

 

 

6,367

 

 

 

17,556

 

Other income - net

 

 

(12,384

)

 

 

(2,828

)

 

 

(27,549

)

 

 

(18,833

)

Loss on extinguishment of debt

 

 

13,630

 

 

 

 

 

 

38,274

 

 

 

14,657

 

Interest expense

 

 

19,680

 

 

 

17,412

 

 

 

58,570

 

 

 

47,454

 

Total costs and expenses

 

 

2,222,454

 

 

 

2,017,869

 

 

 

6,448,905

 

 

 

5,901,838

 

Income before income tax expense

 

 

66,892

 

 

 

22,818

 

 

 

152,204

 

 

 

56,483

 

Income tax expense

 

 

18,341

 

 

 

6,035

 

 

 

40,013

 

 

 

11,560

 

Net income

 

$

48,551

 

 

$

16,783

 

 

$

112,191

 

 

$

44,923

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Common stock - basic

 

$

0.75

 

 

$

0.26

 

 

$

1.73

 

 

$

0.68

 

Common stock - diluted

 

$

0.75

 

 

$

0.26

 

 

$

1.73

 

 

$

0.68

 

Weighted average number of common shares:

 

 

 

 

 

 

 

 

 

 

 

 

Common stock - basic

 

 

64,707

 

 

 

65,362

 

 

 

64,852

 

 

 

65,815

 

Common stock - diluted

 

 

64,802

 

 

 

65,504

 

 

 

65,024

 

 

 

66,058

 

 

See Notes to Condensed Consolidated Financial Statements.

 

 

3


 

BURLINGTON STORES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(All amounts in thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

October 28,

 

 

October 29,

 

 

October 28,

 

 

October 29,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

48,551

 

 

$

16,783

 

 

$

112,191

 

 

$

44,923

 

Other comprehensive income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate derivative contracts:

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gain arising during the period

 

 

7,618

 

 

 

22,402

 

 

 

17,029

 

 

 

35,693

 

Net reclassification into earnings during the period

 

 

(1,386

)

 

 

851

 

 

 

(3,391

)

 

 

5,772

 

Other comprehensive income, net of tax

 

 

6,232

 

 

 

23,253

 

 

 

13,638

 

 

 

41,465

 

Total comprehensive income

 

$

54,783

 

 

$

40,036

 

 

$

125,829

 

 

$

86,388

 

 

See Notes to Condensed Consolidated Financial Statements.

 

4


 

BURLINGTON STORES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(All amounts in thousands, except share and per share data)

 

 

 

 

October 28,

 

 

January 28,

 

 

October 29,

 

 

 

2023

 

 

2023

 

 

2022

 

ASSETS

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

615,863

 

 

$

872,623

 

 

$

428,583

 

Restricted cash and cash equivalents

 

 

 

 

 

6,582

 

 

 

6,582

 

Accounts receivable—net

 

 

91,579

 

 

 

71,091

 

 

 

80,641

 

Merchandise inventories

 

 

1,329,129

 

 

 

1,181,982

 

 

 

1,445,087

 

Assets held for disposal

 

 

23,299

 

 

 

19,823

 

 

 

7,054

 

Prepaid and other current assets

 

 

154,962

 

 

 

131,691

 

 

 

131,834

 

Total current assets

 

 

2,214,832

 

 

 

2,283,792

 

 

 

2,099,781

 

Property and equipment—net

 

 

1,767,626

 

 

 

1,668,005

 

 

 

1,666,523

 

Operating lease assets

 

 

3,130,574

 

 

 

2,945,932

 

 

 

2,951,614

 

Tradenames

 

 

238,000

 

 

 

238,000

 

 

 

238,000

 

Goodwill

 

 

47,064

 

 

 

47,064

 

 

 

47,064

 

Deferred tax assets

 

 

2,870

 

 

 

3,205

 

 

 

3,643

 

Other assets

 

 

92,734

 

 

 

83,599

 

 

 

94,885

 

Total assets

 

$

7,493,700

 

 

$

7,269,597

 

 

$

7,101,510

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

939,658

 

 

$

955,793

 

 

$

953,680

 

Current operating lease liabilities

 

 

412,303

 

 

 

401,111

 

 

 

391,056

 

Other current liabilities

 

 

588,645

 

 

 

541,413

 

 

 

520,145

 

Current maturities of long term debt

 

 

13,970

 

 

 

13,634

 

 

 

13,528

 

Total current liabilities

 

 

1,954,576

 

 

 

1,911,951

 

 

 

1,878,409

 

Long term debt

 

 

1,397,618

 

 

 

1,462,072

 

 

 

1,464,563

 

Long term operating lease liabilities

 

 

2,982,549

 

 

 

2,825,292

 

 

 

2,828,574

 

Other liabilities

 

 

70,572

 

 

 

69,386

 

 

 

68,687

 

Deferred tax liabilities

 

 

237,909

 

 

 

205,991

 

 

 

222,549

 

Commitments and contingencies (Note 11)

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value: authorized: 50,000,000 
   shares;
no shares issued and outstanding

 

 

 

 

 

 

 

 

 

Common stock, $0.0001 par value:

 

 

 

 

 

 

 

 

 

   Authorized: 500,000,000 shares

 

 

 

 

 

 

 

 

 

   Issued: 82,354,291 shares, 82,037,994 shares and 81,933,895 shares, respectively

 

 

 

 

 

 

 

 

 

   Outstanding: 64,525,262 shares, 65,019,713 shares and 65,191,267 shares, respectively

 

 

8

 

 

 

8

 

 

 

7

 

Additional paid-in-capital

 

 

2,086,798

 

 

 

2,015,625

 

 

 

1,984,821

 

Accumulated earnings

 

 

756,606

 

 

 

644,415

 

 

 

459,215

 

Accumulated other comprehensive income

 

 

42,386

 

 

 

28,748

 

 

 

37,024

 

Treasury stock, at cost

 

 

(2,035,322

)

 

 

(1,893,891

)

 

 

(1,842,339

)

Total stockholders' equity

 

 

850,476

 

 

 

794,905

 

 

 

638,728

 

Total liabilities and stockholders' equity

 

$

7,493,700

 

 

$

7,269,597

 

 

$

7,101,510

 

 

See Notes to Condensed Consolidated Financial Statements.

 

5


 

BURLINGTON STORES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(All amounts in thousands)

 

 

Nine Months Ended

 

 

 

October 28,

 

 

October 29,

 

 

 

2023

 

 

2022

 

OPERATING ACTIVITIES

 

 

 

 

 

Net income

 

$

112,191

 

 

$

44,923

 

Adjustments to reconcile net income to net cash provided by operating activities

 

 

 

 

 

Depreciation and amortization

 

 

219,749

 

 

 

201,908

 

Impairment chargeslong-lived assets

 

 

6,367

 

 

 

17,556

 

Amortization of deferred financing costs

 

 

2,380

 

 

 

2,731

 

Accretion of long term debt instruments

 

 

706

 

 

 

713

 

Deferred income taxes

 

 

27,254

 

 

 

(12,339

)

Loss on extinguishment of debt

 

 

38,274

 

 

 

14,657

 

Non-cash stock compensation expense

 

 

57,792

 

 

 

51,195

 

Non-cash lease expense

 

 

(4,068

)

 

 

674

 

Cash received from landlord allowances

 

 

7,739

 

 

 

9,799

 

Changes in assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(20,611

)

 

 

(26,801

)

Merchandise inventories

 

 

(147,146

)

 

 

(424,078

)

Prepaid and other current assets

 

 

(23,271

)

 

 

238,680

 

Accounts payable

 

 

(20,249

)

 

 

(133,305

)

Other current liabilities

 

 

17,197

 

 

 

20,163

 

Other long term assets and long term liabilities

 

 

1,113

 

 

 

(1,135

)

Other operating activities

 

 

(5,221

)

 

 

4,236

 

Net cash provided by operating activities

 

 

270,196

 

 

 

9,577

 

INVESTING ACTIVITIES

 

 

 

 

 

Cash paid for property and equipment

 

 

(304,442

)

 

 

(338,979

)

Lease acquisition costs

 

 

(20,481

)

 

 

(3,515

)

Proceeds from sale of property and equipment and assets held for sale

 

 

13,639

 

 

 

23,383

 

Net cash used in investing activities

 

 

(311,284

)

 

 

(319,111

)

FINANCING ACTIVITIES

 

 

 

 

 

 

Principal payments on long term debt—Term B-6 Loans

 

 

(7,211

)

 

 

(7,211

)

Proceeds from long term debt— 2027 Convertible Notes

 

 

297,069

 

 

 

 

Principal payment on long term debt— 2025 Convertible Notes

 

 

(386,519

)

 

 

(78,236

)

Purchase of treasury shares

 

 

(140,482

)

 

 

(265,344

)

Proceeds from stock option exercises

 

 

13,380

 

 

 

6,073

 

Other financing activities

 

 

1,509

 

 

 

(8,256

)

Net cash used in financing activities

 

 

(222,254

)

 

 

(352,974

)

Decrease in cash, cash equivalents, restricted cash and restricted cash equivalents

 

 

(263,342

)

 

 

(662,508

)

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period

 

 

879,205

 

 

 

1,097,673

 

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period

 

$

615,863

 

 

$

435,165

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

Interest paid

 

$

62,083

 

 

$

36,944

 

Income tax payments (refund) - net

 

$

70,232

 

 

$

(228,107

)

Non-cash investing and financing activities:

 

 

 

 

 

 

Finance lease modification

 

$

 

 

$

(6,042

)

Accrued purchases of property and equipment

 

$

98,642

 

 

$

75,746

 

See Notes to Condensed Consolidated Financial Statements.

BURLINGTON STORES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

October 28, 2023

(Unaudited)

1. Summary of Significant Accounting Policies

Basis of Presentation

As of October 28, 2023, Burlington Stores, Inc., a Delaware corporation (collectively with its subsidiaries, the Company), through its indirect subsidiary Burlington Coat Factory Warehouse Corporation (BCFWC), operated 977 retail stores.

 

6


 

These unaudited Condensed Consolidated Financial Statements include the accounts of Burlington Stores, Inc. and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. The Condensed Consolidated Financial Statements are unaudited, but in the opinion of management reflect all adjustments (which are of a normal and recurring nature) necessary for the fair presentation of the results of operations for the interim periods presented. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 28, 2023 (Fiscal 2022 10-K). The balance sheet at January 28, 2023 presented herein has been derived from the audited Consolidated Financial Statements contained in the Fiscal 2022 10-K. Because the Company’s business is seasonal in nature, the operating results for the three and nine month periods ended October 28, 2023 are not necessarily indicative of results for the fiscal year.

Accounting policies followed by the Company are described in Note 1, “Summary of Significant Accounting Policies,” included in Part II, Item 8 of the Fiscal 2022 10-K.

Fiscal Year

The Company defines its fiscal year as the 52- or 53-week period ending on the Saturday closest to January 31. Fiscal 2023 is defined as the 53-week year ending February 3, 2024 and Fiscal 2022 is defined as the 52-week year ended January 28, 2023. The first, second and third quarters of Fiscal 2023 and Fiscal 2022 each consist of 13 weeks.

Recently Adopted Accounting Standards

There were no new accounting standards that had a material impact on the Company’s Condensed Consolidated Financial Statements and notes thereto during the three and nine month periods ended October 28, 2023, and there were no new accounting

 

7


 

standards or pronouncements that were issued but not yet effective as of October 28, 2023 that the Company expects to have a material impact on its financial position or results of operations upon becoming effective.

2. Stockholders’ Equity

Activity for the three and nine month periods ended October 28, 2023 and October 29, 2022 in the Company’s stockholders’ equity is summarized below:

 

 

(in thousands, except share data)

 

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Accumulated

 

 

Accumulated
Other
Comprehensive

 

 

Treasury Stock

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

(Loss) Income

 

 

Shares

 

 

Amount

 

 

Total

 

Balance at January 28, 2023

 

 

82,037,994

 

 

$

8

 

 

$

2,015,625

 

 

$

644,415

 

 

$

28,748

 

 

 

(17,018,281

)

 

$

(1,893,891

)

 

$

794,905

 

Net income

 

 

 

 

 

 

 

 

 

 

 

32,748

 

 

 

 

 

 

 

 

 

 

 

 

32,748

 

Stock options exercised

 

 

90,971

 

 

 

 

 

 

10,764

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,764

 

Shares used for tax withholding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,457

)

 

 

(1,962

)

 

 

(1,962

)

Shares purchased as part of publicly announced program, inclusive of $0.4 million related to excise tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(245,414

)

 

 

(51,823

)

 

 

(51,823

)

Vesting of restricted shares

 

 

28,536

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock based compensation

 

 

 

 

 

 

 

 

16,722

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,722

 

Unrealized gains on interest rate derivative contracts, net of related taxes of $0.3 million

 

 

 

 

 

 

 

 

 

 

 

 

 

 

947

 

 

 

 

 

 

 

 

 

947

 

Amount reclassified from accumulated other comprehensive income into earnings, net of related taxes of $0.3 million

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(827

)

 

 

 

 

 

 

 

 

(827

)

Balance at April 29, 2023

 

 

82,157,501

 

 

$

8

 

 

$

2,043,111

 

 

$

677,163

 

 

$

28,868

 

 

 

(17,273,152

)

 

$

(1,947,676

)

 

$

801,474

 

Net income

 

 

 

 

 

 

 

 

 

 

 

30,892

 

 

 

 

 

 

 

 

 

 

 

 

30,892

 

Stock options exercised

 

 

15,236

 

 

 

 

 

 

1,512

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,512

 

Shares used for tax withholding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(48,938

)

 

 

(8,626

)

 

 

(8,626

)

Shares purchased as part of publicly announced program, inclusive of $0.1 million related to excise tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(154,358

)

 

 

(26,104

)

 

 

(26,104

)

Vesting of restricted shares

 

 

153,739

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock based compensation

 

 

 

 

 

 

 

 

19,425

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,425

 

Unrealized gains on interest rate derivative contracts, net of related taxes of $3.1 million

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,465

 

 

 

 

 

 

 

 

 

8,465

 

Amount reclassified from accumulated other comprehensive income into earnings, net of related taxes of $0.4 million

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,179

)

 

 

 

 

 

 

 

 

(1,179

)

Balance at July 29, 2023

 

 

82,326,476

 

 

$

8

 

 

$

2,064,048

 

 

$

708,055

 

 

$

36,154

 

 

 

(17,476,448

)

 

$

(1,982,406

)

 

$

825,859

 

Net income

 

 

 

 

 

 

 

 

 

 

 

48,551

 

 

 

 

 

 

 

 

 

 

 

 

48,551

 

Stock options exercised

 

 

8,101

 

 

 

 

 

 

1,105

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,105

 

Shares used for tax withholding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,633

)

 

 

(537

)

 

 

(537

)

Shares purchased as part of publicly announced program, inclusive of $0.5 million related to excise tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(348,948

)

 

 

(52,379

)

 

 

(52,379

)

Vesting of restricted shares

 

 

19,714

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock based compensation

 

 

 

 

 

 

 

 

21,645

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,645

 

Unrealized gains on interest rate derivative contracts, net of related taxes of $2.8 million

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,618

 

 

 

 

 

 

 

 

 

7,618

 

Amount reclassified from accumulated other comprehensive income into earnings, net of related taxes of $0.5 million

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,386

)

 

 

 

 

 

 

 

 

(1,386

)

Balance at October 28, 2023

 

 

82,354,291

 

 

$

8

 

 

$

2,086,798

 

 

$

756,606

 

 

$

42,386

 

 

 

(17,829,029

)

 

$

(2,035,322

)

 

$

850,476

 

 

 

 

8


 

 

 

(in thousands, except share data)

 

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Accumulated (Deficit)

 

 

Accumulated
Other
Comprehensive

 

 

Treasury Stock

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Shares

 

 

Amount

 

 

Total

 

Balance at January 29, 2022

 

 

81,677,315

 

 

$

7

 

 

$

1,927,554

 

 

$

414,292

 

 

$

(4,441

)

 

 

(15,185,760

)

 

$

(1,576,995

)

 

$

760,417

 

Net income

 

 

 

 

 

 

 

 

 

 

 

16,174

 

 

 

 

 

 

 

 

 

 

 

 

16,174

 

Stock options exercised

 

 

41,673

 

 

 

 

 

 

4,721

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,721

 

Shares used for tax withholding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30,090

)

 

 

(5,673

)

 

 

(5,673

)

Shares purchased as part of publicly announced program

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(512,905

)

 

 

(99,090

)

 

 

(99,090

)

Vesting of restricted shares, net of forfeitures of 199 restricted shares

 

 

81,832