0001628280-22-031077 | 10-Q | XBRL Viewer

LEASES

9 Months Ended

Oct. 29, 2022

The Company has operating leases for retail stores, corporate offices, distribution facilities, and certain equipment. The Company’s leases have remaining lease terms ranging from less than one year up to ten years, some of which include options to extend the leases for up to five years, and some of which include options to terminate the lease early. The Company records all occupancy costs in Cost of sales, except costs for administrative office buildings, which are recorded in Selling, general, and administrative expenses. As of the periods presented, the Company’s finance leases were not material to the Consolidated Balance Sheets, Consolidated Statements of Operations, or Consolidated Statements of Cash Flows.

The following components of operating lease expense were recognized in the Company’s Consolidated Statements of Operations:


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	October 29, 2022		October 30, 2021		October 29, 2022		October 30, 2021
	(in thousands)
Fixed operating lease cost	$	26,437	$	28,378	$	73,477	$	78,408
Variable operating lease cost (1)	12,477		15,459		40,168		29,680
Total operating lease cost	$	38,914	$	43,837	$	113,645	$	108,088

____________________________________________

(1)Includes short term leases with lease periods of less than 12 months as well as lease abatements accounted for as reductions to variable lease costs under the COVID-19 expedient of $0.1 million and $0.7 million during the Third Quarter 2022 and Third Quarter 2021, respectively, and $1.0 million and $11.0 million during Year-To-Date 2022 and Year-To-Date 2021, respectively.

As of October 29, 2022, the weighted-average remaining operating lease term was 3.9 years, and the weighted-average discount rate for operating leases was 5.0%. Cash paid for amounts included in the measurement of operating lease liabilities during Year-To-Date 2022 was $75.8 million. ROU assets obtained in exchange for new operating lease liabilities were $38.8 million during Year-To-Date 2022.

As of October 29, 2022, the maturities of operating lease liabilities were as follows:


	October 29, 2022
	(in thousands)
Remainder of 2022	$	29,891
2023	71,349
2024	33,130
2025	18,374
2026	15,188
Thereafter	30,621
Total operating lease payments	198,553
Less: imputed interest	(17,410)
Present value of operating lease liabilities	$	181,143

LEASES - Narrative (Details) $ in Millions	9 Months Ended
LEASES - Narrative (Details) $ in Millions	Oct. 29, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Option to extend lease	5 years
Operating lease, weighted average remaining lease term	3 years 10 months 24 days
Operating lease, weighted average discount rate	5.00%
Operating lease, payments	$ 75.8
Right-of-use asset obtained in exchange for operating lease liability	$ 38.8
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	10 years

BASIS OF PRESENTATION (Details)	9 Months Ended
BASIS OF PRESENTATION (Details)	Oct. 29, 2022 segment
Accounting Policies [Abstract]
Number of reportable segments	2

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Income Statement [Abstract]
Net sales	$ 509,120	$ 558,225	$ 1,252,355	$ 1,407,561
Cost of sales (exclusive of depreciation and amortization)	332,189	313,394	817,915	806,663
Gross profit	176,931	244,831	434,440	600,898
Selling, general, and administrative expenses	106,631	115,563	330,480	337,921
Depreciation and amortization	12,463	14,204	39,320	44,157
Asset impairment charges	0	1,254	1,379	1,254
Operating income	57,837	113,810	63,261	217,566
Interest expense	(3,810)	(3,963)	(8,123)	(13,077)
Interest income	24	4	43	11
Income before provision for income taxes	54,051	109,851	55,181	204,500
Provision for income taxes	11,196	30,983	5,794	56,332
Net income	$ 42,855	$ 78,868	$ 49,387	$ 148,168
Earnings per common share
Basic (in usd per share)	$ 3.28	$ 5.38	$ 3.72	$ 10.08
Diluted (in usd per share)	$ 3.26	$ 5.30	$ 3.68	$ 9.89
Weighted average common shares outstanding
Basic (in shares)	13,064	14,668	13,277	14,706
Diluted (in shares)	13,162	14,873	13,409	14,979

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Property, Plant and Equipment [Abstract]
Asset impairment charges	$ 0	$ 1,254	$ 1,379	$ 1,254

Cover Page - shares	9 Months Ended
Cover Page - shares	Oct. 29, 2022	Nov. 25, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 29, 2022
Document Transition Report	false
Entity File Number	0-23071
Entity Registrant Name	THE CHILDREN’S PLACE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	31-1241495
Entity Address, Address Line One	500 Plaza Drive
Entity Address, City or Town	Secaucus
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07094
City Area Code	201
Local Phone Number	558-2400
Title of 12(b) Security	Common Stock, $0.10 par value
Trading Symbol	PLCE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,227,788
Entity Central Index Key	0001041859
Current Fiscal Year End Date	--01-28
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Filer Category	Large Accelerated Filer

SEGMENT INFORMATION - Narrative (Details) - store	Oct. 29, 2022	Oct. 30, 2021
The Children’s Place U.S.
Segment Reporting Information [Line Items]
Number of stores	577	611
The Children’s Place International
Segment Reporting Information [Line Items]
Number of stores	81	92

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Oct. 29, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Company’s Stock-Based Compensation Expense

The following table summarizes the Company’s stock-based compensation expense:


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	October 29, 2022		October 30, 2021		October 29, 2022		October 30, 2021
	(in thousands)
Deferred Awards	$	1,885	$	2,956	$	7,481	$	9,722
Performance Awards	3,336		3,638		11,574		15,314
Total stock-based compensation expense (1)	$	5,221	$	6,594	$	19,055	$	25,036

____________________________________________

(1)Stock-based compensation expense recorded within Cost of sales (exclusive of depreciation and amortization) amounted to $0.3 million and $0.8 million in the Third Quarter 2022 and Third Quarter 2021, respectively, and $1.2 million and $2.5 million in Year-To-Date 2022 and Year-To-Date 2021, respectively. All other stock-based compensation expense is included in Selling, general, and administrative expenses.

REVENUES - Disaggregation by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 509,120	$ 558,225	$ 1,252,355	$ 1,407,561
South
Disaggregation of Revenue [Line Items]
Total net sales	183,536	194,081	466,276	524,449
Northeast
Disaggregation of Revenue [Line Items]
Total net sales	108,404	129,308	255,913	309,284
West
Disaggregation of Revenue [Line Items]
Total net sales	61,101	80,103	163,644	202,180
Midwest
Disaggregation of Revenue [Line Items]
Total net sales	62,337	71,482	145,168	180,375
International and other (1)
Disaggregation of Revenue [Line Items]
Total net sales	$ 93,742	$ 83,251	$ 221,354	$ 191,273

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Oct. 29, 2022

Stockholders' Equity Note [Abstract]

Schedule of Shares Repurchases

The following table summarizes the Company’s share repurchases:


	Thirty-nine Weeks Ended
	October 29, 2022			October 30, 2021
	Shares	Amount		Shares	Amount
	(in thousands)
Share repurchases related to:
Share repurchase program	1,581	$	78,913	518	$	45,187
Shares acquired and held in treasury	4	$	218	3	$	208

PROPERTY AND EQUIPMENT, NET (Tables)

9 Months Ended

Oct. 29, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property and equipment consisted of the following:


	October 29, 2022		January 29, 2022		October 30, 2021
	(in thousands)
Property and equipment:
Land and land improvements	$	3,403	$	3,403	$	3,403
Building and improvements	36,187		36,045		36,045
Material handling equipment	69,897		64,989		61,717
Leasehold improvements	196,189		197,436		211,420
Store fixtures and equipment	205,406		212,613		221,104
Capitalized software	336,557		320,716		316,440
Construction in progress	24,676		8,170		8,822
	872,315		843,372		858,951
Less accumulated depreciation and amortization	(717,340)		(688,366)		(699,708)
Property and equipment, net	$	154,975	$	155,006	$	159,243

INTANGIBLE ASSETS

9 Months Ended

Oct. 29, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

The Company’s intangible assets were as follows:


		October 29, 2022
	Useful Life	Gross Amount		Accumulated Amortization		Net Amount
		(in thousands)
Gymboree tradename (1)	Indefinite	$	69,953	$	—	$	69,953
Crazy 8 tradename (1)	5 years	4,000		(2,862)		1,138
Customer databases (2)	3 years	3,000		(3,000)		—
Total intangibles		$	76,953	$	(5,862)	$	71,091


		January 29, 2022
	Useful Life	Gross Amount		Accumulated Amortization		Net Amount
		(in thousands)
Gymboree tradename (1)	Indefinite	$	69,953	$	—	$	69,953
Crazy 8 tradename (1)	5 years	4,000		(2,261)		1,739
Customer databases (2)	3 years	3,000		(2,827)		173
Total intangibles		$	76,953	$	(5,088)	$	71,865


		October 30, 2021
	Useful Life	Gross Amount		Accumulated Amortization		Net Amount
		(in thousands)
Gymboree tradename (1)	Indefinite	$	69,953	$	—	$	69,953
Crazy 8 tradename (1)	5 years	4,000		(2,061)		1,939
Customer databases (2)	3 years	3,000		(2,578)		422
Total intangibles		$	76,953	$	(4,639)	$	72,314

____________________________________________

(1)Included within Tradenames, net on the Consolidated Balance Sheets.

(2)Included within Other assets on the Consolidated Balance Sheets.

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Deferred Compensation	Retained Earnings (Deficit)	Accumulated Other Comprehensive Loss	Treasury Stock
Beginning balance (in shares) at Jan. 30, 2021		14,641
Beginning balance at Jan. 30, 2021	$ 93,377	$ 1,464	$ 148,519	$ 3,165	$ (42,790)	$ (13,816)	$ (3,165)
Treasury stock, beginning balance (in shares) at Jan. 30, 2021							(57)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock awards (in shares)		345
Vesting of stock awards	0	$ 35	(35)
Stock-based compensation expense	25,036		25,036
Purchase and retirement of common stock (in shares)		(518)
Purchase and retirement of common stock	(45,187)	$ (52)	(9,510)		(35,625)
Other comprehensive (loss) income	854					854
Deferral of common stock into deferred compensation plan	0			208			$ (208)
Deferral of common stock into deferred compensation plan (in shares)							(3)
Net income	$ 148,168				148,168
Ending balance (in shares) at Oct. 30, 2021	14,408	14,468
Ending balance at Oct. 30, 2021	$ 222,248	$ 1,447	164,010	3,373	69,753	(12,962)	$ (3,373)
Treasury stock, ending balance (in shares) at Oct. 30, 2021	(60)						(60)
Beginning balance (in shares) at Jul. 31, 2021		14,831
Beginning balance at Jul. 31, 2021	$ 168,185	$ 1,483	164,290	3,304	15,697	(13,285)	$ (3,304)
Treasury stock, beginning balance (in shares) at Jul. 31, 2021							(59)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock awards (in shares)		9
Vesting of stock awards	0	$ 1	(1)
Stock-based compensation expense	6,594		6,594
Purchase and retirement of common stock (in shares)		(372)
Purchase and retirement of common stock	(31,722)	$ (37)	(6,873)		(24,812)
Other comprehensive (loss) income	323					323
Deferral of common stock into deferred compensation plan	0			69			$ (69)
Deferral of common stock into deferred compensation plan (in shares)							(1)
Net income	$ 78,868				78,868
Ending balance (in shares) at Oct. 30, 2021	14,408	14,468
Ending balance at Oct. 30, 2021	$ 222,248	$ 1,447	164,010	3,373	69,753	(12,962)	$ (3,373)
Treasury stock, ending balance (in shares) at Oct. 30, 2021	(60)						(60)
Beginning balance (in shares) at Jan. 29, 2022	13,903	13,964
Beginning balance at Jan. 29, 2022	$ 225,472	$ 1,396	160,348	3,443	77,914	(14,186)	$ (3,443)
Treasury stock, beginning balance (in shares) at Jan. 29, 2022	(61)						(61)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock awards (in shares)		279
Vesting of stock awards	$ 0	$ 28	(28)
Stock-based compensation expense	19,055		19,055
Purchase and retirement of common stock (in shares)		(1,581)
Purchase and retirement of common stock	(78,913)	$ (158)	(30,829)		(47,926)
Other comprehensive (loss) income	(2,825)					(2,825)
Deferral of common stock into deferred compensation plan	0			218			$ (218)
Deferral of common stock into deferred compensation plan (in shares)							(4)
Net income	$ 49,387				49,387
Ending balance (in shares) at Oct. 29, 2022	12,597	12,662
Ending balance at Oct. 29, 2022	$ 212,176	$ 1,266	148,546	3,661	79,375	(17,011)	$ (3,661)
Treasury stock, ending balance (in shares) at Oct. 29, 2022	(65)						(65)
Beginning balance (in shares) at Jul. 30, 2022		13,087
Beginning balance at Jul. 30, 2022	$ 184,181	$ 1,309	151,954	3,587	45,532	(14,614)	$ (3,587)
Treasury stock, beginning balance (in shares) at Jul. 30, 2022							(64)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock awards (in shares)		9
Vesting of stock awards	0	$ 1	(1)
Stock-based compensation expense	5,221		5,221
Purchase and retirement of common stock (in shares)		(434)
Purchase and retirement of common stock	(17,684)	$ (44)	(8,628)		(9,012)
Other comprehensive (loss) income	(2,397)					(2,397)
Deferral of common stock into deferred compensation plan	0			74			$ (74)
Deferral of common stock into deferred compensation plan (in shares)							(1)
Net income	$ 42,855				42,855
Ending balance (in shares) at Oct. 29, 2022	12,597	12,662
Ending balance at Oct. 29, 2022	$ 212,176	$ 1,266	$ 148,546	$ 3,661	$ 79,375	$ (17,011)	$ (3,661)
Treasury stock, ending balance (in shares) at Oct. 29, 2022	(65)						(65)

SEGMENT INFORMATION - Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Segment Reporting Information [Line Items]
Net sales	$ 509,120	$ 558,225	$ 1,252,355	$ 1,407,561
Operating income:	$ 57,837	$ 113,810	$ 63,261	$ 217,566
Operating income as a percentage of net sales:	11.40%	20.40%	5.10%	15.50%
Depreciation and amortization:	$ 12,463	$ 14,204	$ 39,320	$ 44,157
Capital expenditures:	12,428	8,504	31,193	22,000
Operating Segments \| The Children’s Place U.S. \| U.S.
Segment Reporting Information [Line Items]
Net sales	457,508	498,836	1,126,692	1,269,196
Operating income:	$ 51,460	$ 100,456	$ 54,385	$ 196,262
Operating income as a percentage of net sales:	11.20%	20.10%	4.80%	15.50%
Depreciation and amortization:	$ 11,592	$ 13,153	$ 36,441	$ 40,767
Capital expenditures:	12,342	8,432	30,311	21,304
Operating Segments \| The Children’s Place International \| International
Segment Reporting Information [Line Items]
Net sales	51,612	59,389	125,663	138,365
Operating income:	$ 6,377	$ 13,354	$ 8,876	$ 21,304
Operating income as a percentage of net sales:	12.40%	22.50%	7.10%	15.40%
Depreciation and amortization:	$ 871	$ 1,051	$ 2,879	$ 3,390
Capital expenditures:	$ 86	$ 72	$ 882	$ 696

STOCK-BASED COMPENSATION - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 5,221	$ 6,594	$ 19,055	$ 25,036
Cost of Sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	300	800	1,200	2,500
Deferred Awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,885	2,956	7,481	9,722
Performance Awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 3,336	$ 3,638	$ 11,574	$ 15,314

REVENUES

9 Months Ended

Oct. 29, 2022

Revenue from Contract with Customer [Abstract]

REVENUES

Revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.

The following table presents the Company’s revenues disaggregated by geography:


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	October 29, 2022		October 30, 2021		October 29, 2022		October 30, 2021
	(in thousands)
Net sales:
South	$	183,536	$	194,081	$	466,276	$	524,449
Northeast	108,404		129,308		255,913		309,284
West	61,101		80,103		163,644		202,180
Midwest	62,337		71,482		145,168		180,375
International and other (1)	93,742		83,251		221,354		191,273
Total net sales	$	509,120	$	558,225	$	1,252,355	$	1,407,561

____________________________________________

(1)Includes retail and e-commerce sales in Canada and Puerto Rico, wholesale and franchisee sales, and certain amounts earned under the Company’s private label credit card program.

The Company recognizes revenue, including shipping and handling fees billed to customers, upon purchase at the Company’s retail stores or when received by the customer if the product was purchased via e-commerce, net of coupon redemptions and anticipated sales returns. The Company deferred sales of $8.9 million, $3.6 million, and $8.8 million within Accrued expenses and other current liabilities as of October 29, 2022, January 29, 2022, and October 30, 2021, respectively, based upon estimated time of delivery, at which point control passes to the customer. Sales tax collected from customers is excluded from revenue.

For the sale of goods with a right of return, the Company recognizes revenue for the consideration it expects to be entitled to and calculates an allowance for estimated sales returns based upon the Company’s sales return experience. Adjustments to the allowance for estimated sales returns in subsequent periods have not been material based on historical data, thereby reducing the uncertainty inherent in such estimates. The allowance for estimated sales returns, which is recorded in Accrued expenses and other current liabilities, was $2.2 million, $1.0 million, and $2.9 million as of October 29, 2022, January 29, 2022, and October 30, 2021, respectively.

The Company’s private label credit card is issued to customers for use exclusively at The Children’s Place stores and online at www.childrensplace.com, www.gymboree.com, www.sugarandjade.com, and www.pjplace.com, and credit is extended to such customers by a third-party financial institution on a non-recourse basis to the Company. The private label credit card includes multiple performance obligations for the Company, including marketing and promoting the program on behalf of the bank and the operation of the loyalty rewards program. Included in the agreement with the third-party financial institution was an upfront bonus paid to the Company. The upfront bonus is recognized as revenue and allocated between brand and reward obligations. As the license of the Company’s brand is the predominant item in the performance obligation, the amount allocated to the brand obligation is recognized on a straight-line basis over the initial term. The amount allocated to the reward obligation is recognized on a point-in-time basis as redemptions under the loyalty program occur.

In measuring revenue and determining the consideration the Company is entitled to as part of a contract with a customer, the Company takes into account the related elements of variable consideration, such as additional bonuses, including profit-sharing, over the life of the private label credit card program. Similar to the upfront bonus, the usage-based royalties and bonuses are recognized as revenue and allocated between the brand and reward obligations. The amount allocated to the brand obligation is recognized on a straight-line basis over the initial term. The amount allocated to the reward obligation is recognized on a point-in-time basis as redemptions under the loyalty program occur. In addition, the annual profit-sharing amount is estimated and recognized quarterly within an annual period when earned. The additional bonuses are amortized over the contract term based on anticipated progress against future targets and level of risk associated with achieving the targets.

The Company has a points-based customer loyalty program in which customers earn points based on purchases and other promotional activities. These points can be redeemed for coupons to discount future purchases. A contract liability is estimated based on the standalone selling price of benefits earned by customers through the program and the related redemption experience under the program. The value of each point earned is recorded as deferred revenue and is included within Accrued expenses and other current liabilities. The total contract liabilities related to this program were $2.0 million, $5.0 million, and $6.0 million as of October 29, 2022, January 29, 2022, and October 30, 2021, respectively.

The Company’s policy with respect to gift cards is to record revenue as and when the gift cards are redeemed for merchandise. The Company recognizes gift card breakage income in proportion to the pattern of rights exercised by the customer when the Company expects to be entitled to breakage and the Company determines that it does not have a legal obligation to remit the value of the unredeemed gift card to the relevant jurisdiction as unclaimed or abandoned property. Gift card breakage is recorded within Net sales. Prior to their redemption, gift cards are recorded as a liability within Accrued expenses and other current liabilities. The liability is estimated based on expected breakage that considers historical patterns of redemption. The gift card liability balance as of October 29, 2022, January 29, 2022, and October 30, 2021 was $11.2 million, $12.1 million, and $12.4 million, respectively. During Year-To-Date 2022, the Company recognized Net sales of $4.5 million related to the gift card liability balance that existed at January 29, 2022.

The Company has an international program of territorial agreements with franchisees. The Company generates revenues from the franchisees from the sale of product and, in certain cases, sales royalties. The Company records net sales and cost of goods sold on the sale of product to franchisees when the franchisee takes ownership of the product. The Company records net sales for royalties when the applicable franchisee sells the product to their customers. Under certain agreements, the Company receives a fee from each franchisee for exclusive territorial rights and based on the opening of new stores. The Company records these territorial fees as deferred revenue and amortizes the fee into net sales over the life of the territorial agreement.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

INTANGIBLE ASSETS (Tables)

9 Months Ended

Oct. 29, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

The Company’s intangible assets were as follows:


		October 29, 2022
	Useful Life	Gross Amount		Accumulated Amortization		Net Amount
		(in thousands)
Gymboree tradename (1)	Indefinite	$	69,953	$	—	$	69,953
Crazy 8 tradename (1)	5 years	4,000		(2,862)		1,138
Customer databases (2)	3 years	3,000		(3,000)		—
Total intangibles		$	76,953	$	(5,862)	$	71,091


		January 29, 2022
	Useful Life	Gross Amount		Accumulated Amortization		Net Amount
		(in thousands)
Gymboree tradename (1)	Indefinite	$	69,953	$	—	$	69,953
Crazy 8 tradename (1)	5 years	4,000		(2,261)		1,739
Customer databases (2)	3 years	3,000		(2,827)		173
Total intangibles		$	76,953	$	(5,088)	$	71,865


		October 30, 2021
	Useful Life	Gross Amount		Accumulated Amortization		Net Amount
		(in thousands)
Gymboree tradename (1)	Indefinite	$	69,953	$	—	$	69,953
Crazy 8 tradename (1)	5 years	4,000		(2,061)		1,939
Customer databases (2)	3 years	3,000		(2,578)		422
Total intangibles		$	76,953	$	(4,639)	$	72,314

____________________________________________

(1)Included within Tradenames, net on the Consolidated Balance Sheets.

(2)Included within Other assets on the Consolidated Balance Sheets.

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
LEASES - Lease Cost (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Leases [Abstract]
Fixed operating lease cost	$ 26,437	$ 28,378	$ 73,477	$ 78,408
Variable operating lease cost	12,477	15,459	40,168	29,680
Total operating lease cost	38,914	43,837	113,645	108,088
Reduction of lease cost, lease abatement	$ 100	$ 700	$ 1,000	$ 11,000

BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Oct. 29, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited consolidated financial statements and accompanying notes to consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information and the rules and regulations of the SEC. Accordingly, certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated. As of October 29, 2022, January 29, 2022, and October 30, 2021, the Company did not have any investments in unconsolidated affiliates. FASB ASC 810—Consolidation is considered when determining whether an entity is subject to consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the consolidated financial position of the Company as of October 29, 2022 and October 30, 2021, the results of its consolidated operations, consolidated comprehensive income, and consolidated changes in stockholders’ equity for the thirteen and thirty-nine weeks ended October 29, 2022 and October 30, 2021, and consolidated cash flows for the thirty-nine weeks ended October 29, 2022 and October 30, 2021. The consolidated balance sheet as of January 29, 2022 was derived from audited financial statements. Due to the seasonal nature of the Company’s business, the results of operations for the thirteen and thirty-nine weeks ended October 29, 2022 and October 30, 2021 are not necessarily indicative of operating results for a full fiscal year. These consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2022.
Fiscal Year	Fiscal YearThe Company’s fiscal year is a fifty-two week or fifty-three week period ending on the Saturday on or nearest to January 31.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and amounts of revenues and expenses reported during the period. Actual results could differ from the assumptions used and estimates made by management, which could have a material impact on the Company’s financial position or results of operations. Critical accounting estimates inherent in the preparation of the consolidated financial statements include impairment of long-lived assets, income taxes, stock-based compensation, and inventory valuation.
Recent Accounting Standards Updates	Recent Accounting Standards Updates There are no pending accounting standards updates that are currently expected to have a material impact on the Company.

INCOME TAXES	9 Months Ended
INCOME TAXES	Oct. 29, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company computes income taxes using the liability method. This method requires recognition of deferred tax assets and liabilities, measured by enacted rates, attributable to temporary differences between the financial statement and income tax basis of assets and liabilities. The Company’s deferred tax assets and liabilities are comprised largely of differences relating to depreciation and amortization, rent expense, inventory, stock-based compensation, net operating loss carryforwards, tax credits, and various accruals and reserves. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act allows net operating losses (“NOLs”) incurred in taxable years 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to offset 100% of taxable income and to generate a refund of previously paid income taxes. Pursuant to the CARES Act, the Company carried back the taxable year 2020 tax loss of approximately $150.0 million to prior years. During the First Quarter 2022, the Company received $22.0 million of the related income tax refund and the remaining balance of $19.1 million as of October 29, 2022, is included within Prepaid expenses and other current assets on the Consolidated Balance Sheets. The Company’s effective income tax rate was a provision of 20.7%, or $11.2 million for the Third Quarter 2022, compared to 28.2%, or $31.0 million, for the Third Quarter 2021 and a provision of 10.5%, or $5.8 million for Year-To-Date 2022, compared to 27.5%, or $56.3 million, for Year-To-Date 2021. The decrease in the effective income tax rate for the Third Quarter 2022, compared to the Third Quarter 2021 and Year-To-Date 2022, compared to Year-To-Date 2021 reflected a decrease in the forecasted effective income tax rate resulting from a favorable mix of income on forecasted earnings compared to the prior year. The effective income tax rate for Year-To-Date 2022 also reflected the release of a reserve of $6.4 million for unrecognized tax benefits as a result of a settlement with a taxing authority in the First Quarter 2022. The Company accrues interest and penalties related to unrecognized tax benefits as part of the provision for income taxes. The amount of unrecognized tax benefits was $2.3 million, $8.7 million, and $8.0 million as of October 29, 2022, January 29, 2022, and October 30, 2021, respectively, and is included within long-term liabilities. Additional interest expense recognized during Year-To-Date 2022 and Year-To-Date 2021 related to unrecognized tax benefits was not significant. The Company is subject to tax in the United States and foreign jurisdictions, including Canada and Hong Kong. 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, state and local or foreign tax authorities for tax years 2016 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 taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

SEGMENT INFORMATION

9 Months Ended

Oct. 29, 2022

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATIONIn accordance with FASB ASC 280—Segment Reporting, the Company reports segment data based on geography: The Children’s Place U.S. and The Children’s Place International. Each segment includes an e-commerce business located at www.childrensplace.com, www.gymboree.com, www.sugarandjade.com, and www.pjplace.com. Included in The Children’s Place U.S. segment are the Company’s U.S. and Puerto Rico-based stores and revenue from the Company’s U.S.-based wholesale business. Included in The Children’s Place International segment are the Company’s Canadian-based stores, revenue from the Company’s Canadian-based wholesale business, and revenue from international franchisees. The Company measures its segment profitability based on operating income, defined as income before interest and taxes. Net sales and direct costs are recorded by each segment. Certain inventory procurement functions, such as production and design, as well as corporate overhead, including executive management, finance, real estate, human resources, legal, and information technology services, are managed by The Children’s Place U.S. segment. Expenses related to these functions, including depreciation and amortization, are allocated to The Children’s Place International segment based primarily on net sales. The assets related to these functions are not allocated. The Company periodically reviews these allocations and adjusts them based upon changes in business circumstances. Net sales to external customers are derived from merchandise sales, and the Company has no customers that individually account for more than 10% of its net sales. As of October 29, 2022, The Children’s Place U.S. had 577 stores and The Children’s Place International had 81 stores. As of October 30, 2021, The Children’s Place U.S. had 611 stores and The Children’s Place International had 92 stores.

The following tables provide segment level financial information:


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	October 29, 2022		October 30, 2021		October 29, 2022		October 30, 2021
	(in thousands)
Net sales:
The Children’s Place U.S.	$	457,508	$	498,836	$	1,126,692	$	1,269,196
The Children’s Place International (1)	51,612		59,389		125,663		138,365
Total net sales	$	509,120	$	558,225	$	1,252,355	$	1,407,561








Operating income:
The Children’s Place U.S.	$	51,460	$	100,456	$	54,385	$	196,262
The Children’s Place International	6,377		13,354		8,876		21,304
Total operating income	$	57,837	$	113,810	$	63,261	$	217,566
Operating income as a percentage of net sales:
The Children’s Place U.S.	11.2%		20.1%		4.8%		15.5%
The Children’s Place International	12.4%		22.5%		7.1%		15.4%
Total operating income as a percentage of net sales	11.4%		20.4%		5.1%		15.5%
Depreciation and amortization:
The Children’s Place U.S.	$	11,592	$	13,153	$	36,441	$	40,767
The Children’s Place International	871		1,051		2,879		3,390
Total depreciation and amortization	$	12,463	$	14,204	$	39,320	$	44,157
Capital expenditures:
The Children’s Place U.S.	$	12,342	$	8,432	$	30,311	$	21,304
The Children’s Place International	86		72		882		696
Total capital expenditures	$	12,428	$	8,504	$	31,193	$	22,000

____________________________________________

(1)Net sales from The Children’s Place International are primarily derived from Canadian operations. The Company’s foreign subsidiaries, primarily in Canada, have operating results based in foreign currencies and are thus subject to the fluctuations of the corresponding translation rates into U.S. dollars.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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+ Details

LEASES - Lease Liability Maturity (Details) $ in Thousands	Oct. 29, 2022 USD ($)
Leases [Abstract]
Remainder of 2022	$ 29,891
2023	71,349
2024	33,130
2025	18,374
2026	15,188
Thereafter	30,621
Total operating lease payments	198,553
Less: imputed interest	(17,410)
Present value of operating lease liabilities	$ 181,143

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income	$ 42,855	$ 78,868	$ 49,387	$ 148,168
Other comprehensive income (loss):
Foreign currency translation adjustment	(2,397)	323	(2,825)	854
Total comprehensive income	$ 40,458	$ 79,191	$ 46,562	$ 149,022

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

STOCK-BASED COMPENSATION

9 Months Ended

Oct. 29, 2022

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

The Company generally grants time-vesting stock awards (“Deferred Awards”) and performance-based stock awards (“Performance Awards”) to employees at management levels. The Company also grants Deferred Awards to its non-employee directors.

The following table summarizes the Company’s stock-based compensation expense:


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	October 29, 2022		October 30, 2021		October 29, 2022		October 30, 2021
	(in thousands)
Deferred Awards	$	1,885	$	2,956	$	7,481	$	9,722
Performance Awards	3,336		3,638		11,574		15,314
Total stock-based compensation expense (1)	$	5,221	$	6,594	$	19,055	$	25,036

____________________________________________

STOCKHOLDERS' EQUITY

9 Months Ended

Oct. 29, 2022

Stockholders' Equity Note [Abstract]

STOCKHOLDERS’ EQUITY

Share Repurchase Programs

In March 2018, the Board of Directors authorized a $250.0 million share repurchase program (the “2018 Share Repurchase Program”). In November 2021, the Board of Directors approved another $250.0 million share repurchase program (the “2021 Share Repurchase Program”), which added to the then remaining availability under the 2018 Share Repurchase Program. Under these programs, the Company may repurchase shares on the open market at current market prices at the time of purchase or in privately negotiated transactions. The timing and actual number of shares repurchased under a program will depend on a variety of factors, including price, corporate and regulatory requirements, and other market and business conditions. The Company may suspend or discontinue the programs at any time and may thereafter reinstitute purchases, all without prior announcement. As of October 29, 2022, there was $178.4 million remaining under the 2021 Share Repurchase Program. From March 2020 through July 2021, the Company suspended share repurchases, other than to satisfy withholding tax requirements of equity award recipients, due to the COVID-19 pandemic.

Pursuant to the Company’s practice, including due to restrictions imposed by the Company’s insider trading policy during black-out periods, the Company withholds and repurchases shares of vesting stock awards and makes payments to taxing authorities as required by law to satisfy the withholding tax requirements of all equity award recipients. The Company’s payment of the withholding taxes in exchange for the surrendered shares constitutes a repurchase of its common stock. The Company also acquires shares of its common stock in conjunction with liabilities owed under the Company’s deferred compensation plan, which are held in treasury.

The following table summarizes the Company’s share repurchases:


	Thirty-nine Weeks Ended
	October 29, 2022			October 30, 2021
	Shares	Amount		Shares	Amount
	(in thousands)
Share repurchases related to:
Share repurchase program	1,581	$	78,913	518	$	45,187
Shares acquired and held in treasury	4	$	218	3	$	208

In accordance with the FASB ASC 505—Equity, the par value of the shares retired is charged against Common stock and the remaining purchase price is allocated between Additional paid-in capital and Retained earnings. The portion charged against Additional paid-in capital is determined using a pro-rata allocation based on total shares outstanding. For all shares retired during Year-To-Date 2022 and Year-To-Date 2021, $47.9 million and $35.6 million was charged to Retained earnings, respectively.

Dividends

In March 2020, the Company announced it had temporarily suspended its dividend payments due to the COVID-19 pandemic.

Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Company’s Board of Directors based on a number of factors, including business and market conditions, the Company’s financial performance, and other investment priorities.

- Definition

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

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+ Details

DEBT - Components (Details) - USD ($)	3 Months Ended	9 Months Ended
DEBT - Components (Details) - USD ($)	Apr. 30, 2022	Oct. 29, 2022	Oct. 30, 2021	Jan. 29, 2022
Line of Credit Facility [Line Items]
Average end of day loan balance during the period	$ 187,000,000.0	$ 273,100,000	$ 195,000,000.0
Highest end of day loan balance during the period	$ 269,700,000	$ 297,600,000	$ 269,700,000
Average interest rate	3.60%	3.00%	3.80%
ABL Credit Facility and Previous ABL Credit Facility
Line of Credit Facility [Line Items]
Borrowing base		$ 350,000,000.0	$ 360,000,000.0	$ 279,700,000
Outstanding borrowings		265,000,000.0	174,400,000	175,300,000
Utilization of credit facility at end of period		272,400,000	181,800,000	182,700,000
Availability		$ 77,600,000	$ 178,200,000	$ 97,000,000.0
Interest rate at end of period		4.80%	3.80%	1.60%
Revolving credit facility \| ABL Credit Facility and Previous ABL Credit Facility
Line of Credit Facility [Line Items]
Credit facility maximum		$ 350,000,000.0	$ 360,000,000.0	$ 350,000,000.0
Standby \| ABL Credit Facility and Previous ABL Credit Facility
Line of Credit Facility [Line Items]
Letters of credit outstanding—standby		7,400,000	7,400,000	7,400,000
Sublimit Letter Of Credit \| ABL Credit Facility
Line of Credit Facility [Line Items]
Availability		$ 42,600,000	$ 42,600,000	$ 42,600,000

EARNINGS PER COMMON SHARE

9 Months Ended

Oct. 29, 2022

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

The following table reconciles net income and share amounts utilized to calculate basic and diluted earnings per common share:


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	October 29, 2022		October 30, 2021		October 29, 2022		October 30, 2021


	(in thousands)
Net income	$	42,855	$	78,868	$	49,387	$	148,168

Basic weighted average common shares outstanding	13,064		14,668		13,277		14,706
Dilutive effect of stock awards	98		205		132		273
Diluted weighted average common shares outstanding	13,162		14,873		13,409		14,979

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021	Nov. 30, 2021	Mar. 31, 2018
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period, value	$ 17,684,000	$ 31,722,000	$ 78,913,000	$ 45,187,000
Retained Earnings
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period, value	9,012,000	$ 24,812,000	47,926,000	$ 35,625,000
2018 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount					$ 250,000,000	$ 250,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 178,400,000		$ 178,400,000

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Apr. 29, 2017 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loss contingency, estimate of possible loss	$ 5.0

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Oct. 29, 2022
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Description of Business The Children’s Place, Inc. and subsidiaries (collectively, the “Company”) is the largest pure-play children’s specialty apparel retailer in North America. The Company provides apparel, footwear, accessories, and other items for children and ‘tweens.’ The Company designs, contracts to manufacture, sells at retail and wholesale, and licenses to sell trend right, high-quality merchandise predominantly at value prices, primarily under the Company’s proprietary “The Children’s Place”, “Place”, “Baby Place”, “Gymboree”, “Sugar & Jade”, and “PJ Place” brand names. The Company classifies its business into two segments: The Children’s Place U.S. and The Children’s Place International. Included in The Children’s Place U.S. segment are the Company’s U.S. and Puerto Rico-based stores and revenue from its U.S.-based wholesale business. Included in The Children’s Place International segment are its Canadian-based stores, revenue from the Company’s Canadian-based wholesale business, as well as revenue from international franchisees. Each segment includes an e-commerce business located at www.childrensplace.com, www.gymboree.com, www.sugarandjade.com, and www.pjplace.com. Terms that are commonly used in the notes to the Company’s consolidated financial statements are defined as follows: •Third Quarter 2022 — The thirteen weeks ended October 29, 2022 •Third Quarter 2021 — The thirteen weeks ended October 30, 2021 •First Quarter 2022 — The thirteen weeks ended April 30, 2022 •Year-To-Date 2022 — The thirty-nine weeks ended October 29, 2022 •Year-To-Date 2021 — The thirty-nine weeks ended October 30, 2021 •Fiscal 2022 – The fifty-two weeks ending January 28, 2023 •Fiscal 2021 – The fifty-two weeks ended January 29, 2022 •SEC — U.S. Securities and Exchange Commission •U.S. GAAP — Generally Accepted Accounting Principles in the United States •FASB — Financial Accounting Standards Board •FASB ASC — FASB Accounting Standards Codification, which serves as the source for authoritative U.S. GAAP, except that rules and interpretive releases by the SEC are also sources of authoritative U.S. GAAP for SEC registrants Basis of Presentation The unaudited consolidated financial statements and accompanying notes to consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information and the rules and regulations of the SEC. Accordingly, certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated. As of October 29, 2022, January 29, 2022, and October 30, 2021, the Company did not have any investments in unconsolidated affiliates. FASB ASC 810—Consolidation is considered when determining whether an entity is subject to consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the consolidated financial position of the Company as of October 29, 2022 and October 30, 2021, the results of its consolidated operations, consolidated comprehensive income, and consolidated changes in stockholders’ equity for the thirteen and thirty-nine weeks ended October 29, 2022 and October 30, 2021, and consolidated cash flows for the thirty-nine weeks ended October 29, 2022 and October 30, 2021. The consolidated balance sheet as of January 29, 2022 was derived from audited financial statements. Due to the seasonal nature of the Company’s business, the results of operations for the thirteen and thirty-nine weeks ended October 29, 2022 and October 30, 2021 are not necessarily indicative of operating results for a full fiscal year. These consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2022. Fiscal Year The Company’s fiscal year is a fifty-two week or fifty-three week period ending on the Saturday on or nearest to January 31. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and amounts of revenues and expenses reported during the period. Actual results could differ from the assumptions used and estimates made by management, which could have a material impact on the Company’s financial position or results of operations. Critical accounting estimates inherent in the preparation of the consolidated financial statements include impairment of long-lived assets, income taxes, stock-based compensation, and inventory valuation. Recent Accounting Standards Updates There are no pending accounting standards updates that are currently expected to have a material impact on the Company.

LEASES (Tables)

9 Months Ended

Oct. 29, 2022

Leases [Abstract]

Schedule of Lease, Cost

The following components of operating lease expense were recognized in the Company’s Consolidated Statements of Operations:


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	October 29, 2022		October 30, 2021		October 29, 2022		October 30, 2021
	(in thousands)
Fixed operating lease cost	$	26,437	$	28,378	$	73,477	$	78,408
Variable operating lease cost (1)	12,477		15,459		40,168		29,680
Total operating lease cost	$	38,914	$	43,837	$	113,645	$	108,088

____________________________________________

Schedule of Lessee, Operating Lease, Liability, Maturity

As of October 29, 2022, the maturities of operating lease liabilities were as follows:


	October 29, 2022
	(in thousands)
Remainder of 2022	$	29,891
2023	71,349
2024	33,130
2025	18,374
2026	15,188
Thereafter	30,621
Total operating lease payments	198,553
Less: imputed interest	(17,410)
Present value of operating lease liabilities	$	181,143

STOCKHOLDERS' EQUITY - (Share Repurchases) (Details) - USD ($) shares in Thousands, $ in Thousands	9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021
Stockholders' Equity Note [Abstract]
Share repurchase program (in shares)	1,581	518
Shares acquired and held in treasury (in shares)	4	3
Share repurchase program	$ 78,913	$ 45,187
Shares acquired and held in treasury	$ 218	$ 208

SEGMENT INFORMATION (Tables)

9 Months Ended

Oct. 29, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting

The following tables provide segment level financial information:


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	October 29, 2022		October 30, 2021		October 29, 2022		October 30, 2021
	(in thousands)
Net sales:
The Children’s Place U.S.	$	457,508	$	498,836	$	1,126,692	$	1,269,196
The Children’s Place International (1)	51,612		59,389		125,663		138,365
Total net sales	$	509,120	$	558,225	$	1,252,355	$	1,407,561








Operating income:
The Children’s Place U.S.	$	51,460	$	100,456	$	54,385	$	196,262
The Children’s Place International	6,377		13,354		8,876		21,304
Total operating income	$	57,837	$	113,810	$	63,261	$	217,566
Operating income as a percentage of net sales:
The Children’s Place U.S.	11.2%		20.1%		4.8%		15.5%
The Children’s Place International	12.4%		22.5%		7.1%		15.4%
Total operating income as a percentage of net sales	11.4%		20.4%		5.1%		15.5%
Depreciation and amortization:
The Children’s Place U.S.	$	11,592	$	13,153	$	36,441	$	40,767
The Children’s Place International	871		1,051		2,879		3,390
Total depreciation and amortization	$	12,463	$	14,204	$	39,320	$	44,157
Capital expenditures:
The Children’s Place U.S.	$	12,342	$	8,432	$	30,311	$	21,304
The Children’s Place International	86		72		882		696
Total capital expenditures	$	12,428	$	8,504	$	31,193	$	22,000

____________________________________________

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	6 Months Ended	9 Months Ended
INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Jul. 30, 2022	Oct. 29, 2022	Oct. 30, 2021	Jan. 29, 2022
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization		$ (5,862)	$ (4,639)	$ (5,088)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total intangibles, net, Gross amount		76,953	76,953	76,953
Total intangibles, net, Accumulated amortization		(5,862)	(4,639)	(5,088)
Total intangibles		71,091	72,314	71,865
Tradename
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets		$ 69,953	$ 69,953	69,953
Tradename
Finite-Lived Intangible Assets [Line Items]
Useful Life	5 years	5 years	5 years
Gross Amount		$ 4,000	$ 4,000	4,000
Accumulated Amortization		(2,862)	(2,061)	(2,261)
Net Amount		1,138	1,939	1,739
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total intangibles, net, Accumulated amortization		$ (2,862)	$ (2,061)	(2,261)
Customer databases
Finite-Lived Intangible Assets [Line Items]
Useful Life	3 years	3 years	3 years
Gross Amount		$ 3,000	$ 3,000	3,000
Accumulated Amortization		(3,000)	(2,578)	(2,827)
Net Amount		0	422	173
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total intangibles, net, Accumulated amortization		$ (3,000)	$ (2,578)	$ (2,827)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Apr. 30, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021	Jan. 30, 2021	Jan. 29, 2022
Income Tax Disclosure [Abstract]
Estimated tax loss						$ 150,000
Proceeds from tax refunds		$ 22,000
Income taxes receivable	$ 19,100			$ 19,100
Effective income tax rate reconciliation, provision (benefit), percent	20.70%		28.20%	10.50%	27.50%
Provision for income taxes	$ 11,196		$ 30,983	$ 5,794	$ 56,332
Reserves for unrecognized tax benefits		$ 6,400
Unrecognized tax benefits	$ 2,300		$ 8,000	$ 2,300	$ 8,000		$ 8,700

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

EARNINGS PER COMMON SHARE (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Earnings Per Share [Abstract]
Net income	$ 42,855	$ 78,868	$ 49,387	$ 148,168
Basic weighted average common shares outstanding (in shares)	13,064	14,668	13,277	14,706
Dilutive effect of stock awards (in shares)	98	205	132	273
Diluted weighted average common shares outstanding (in shares)	13,162	14,873	13,409	14,979

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

DEBT

9 Months Ended

Oct. 29, 2022

Debt Disclosure [Abstract]

DEBT

DEBTOn November 16, 2021, the Company completed the refinancing of its previous $360.0 million asset-based revolving credit facility (the “Previous ABL Credit Facility”) and previous $80.0 million term loan (the “Previous Term Loan”) with a new lending group led by an affiliate of Wells Fargo Bank, National Association (“Wells Fargo”) by entering into a fourth amendment to its Credit Agreement, dated as of May 9, 2019, with the lenders party thereto. The new debt consists of a revolving credit facility with $350.0 million of availability (the “ABL Credit Facility”) and a $50.0 million term loan (the “Term Loan”).

ABL Credit Facility and Term Loan

The Company and certain of its subsidiaries maintain the $350.0 million ABL Credit Facility and the $50.0 million Term Loan with Wells Fargo, Truist Bank, Bank of America, N.A., HSBC Business Credit (USA) Inc., and JPMorgan Chase Bank, N.A., as lenders (collectively, the “Lenders”) and Wells Fargo, as Administrative Agent, Collateral Agent, Swing Line Lender and Term Agent. Both the ABL Credit Facility and the Term Loan mature in November 2026, and both of these debt facilities have lower interest rates, reduced reporting requirements, and increased flexibility under the covenants compared to the Previous ABL Credit Facility and Previous Term Loan.

The ABL Credit Facility includes a $25.0 million Canadian sublimit and a $50.0 million sublimit for standby and documentary letters of credit.

Borrowings outstanding under the ABL Credit Facility bear interest, at the Company’s option, at:

(i)the prime rate, plus a margin of 0.375% or 0.625% based on the amount of the Company’s average excess availability under the facility; or

(ii)the London InterBank Offered Rate, or “LIBOR”, for an interest period of one, three, or six months, as selected by the Company, plus a margin of 1.125% or 1.375% based on the amount of the Company’s average excess availability under the facility.

The Company is charged a fee of 0.20% on the unused portion of the commitments. Letter of credit fees range from 0.563% to 0.683% for commercial letters of credit and from 0.625% to 0.875% for standby letters of credit. Letter of credit fees are determined based on the amount of the Company’s average excess availability under the facility. The amount available for loans and letters of credit under the ABL Credit Facility is determined by a borrowing base consisting of certain credit card receivables, certain trade receivables, certain inventory, and the fair market value of certain real estate, subject to certain reserves.

The outstanding obligations under the ABL Credit Facility may be accelerated upon the occurrence of certain events, including, among others, non-payment, breach of covenants, the institution of insolvency proceedings, defaults under other material indebtedness, and a change of control, subject, in the case of certain defaults, to the expiration of applicable grace periods. The Company is not subject to any early termination fees.

The ABL Credit Facility contains covenants, which include conditions on stock buybacks and the payment of cash dividends or similar payments. These covenants also limit the ability of the Company and its subsidiaries to incur certain liens, to incur certain indebtedness, to make certain investments, acquisitions, or dispositions or to change the nature of its business.

Credit extended under the ABL Credit Facility is secured by a first priority security interest in substantially all of the Company’s U.S. and Canadian assets other than intellectual property, certain furniture, fixtures, equipment, and pledges of subsidiary capital stock, and a second priority security interest in the Company’s intellectual property, certain furniture, fixtures, equipment, and pledges of subsidiary capital stock.

The table below presents the components of the Company’s ABL Credit Facility and Previous ABL Credit Facility:


	October 29, 2022		January 29, 2022		October 30, 2021
	(in millions)
Credit facility maximum	$	350.0	$	350.0	$	360.0
Borrowing base (1)	350.0		279.7		360.0

Outstanding borrowings	265.0		175.3		174.4

Letters of credit outstanding—standby	7.4		7.4		7.4
Utilization of credit facility at end of period	272.4		182.7		181.8

Availability (2)	$	77.6	$	97.0	$	178.2

Interest rate at end of period	4.8%		1.6%		3.8%


	Year-To-Date 2022		Fiscal 2021		Year-To-Date 2021
	(in millions)
Average end of day loan balance during the period	$	273.1	$	187.0	$	195.0
Highest end of day loan balance during the period	$	297.6	$	269.7	$	269.7

Average interest rate	3.0%		3.6%		3.8%

____________________________________________

(1)Lower of the credit facility maximum or the total borrowing base collateral.

(2)The sub-limit availability for letters of credit was $42.6 million at October 29, 2022, January 29, 2022, and October 30, 2021.

The Term Loan bears interest, payable monthly, at (a) the LIBOR Rate plus 2.50% for any portion that is a LIBOR loan, or (b) the base rate plus 1.75% for any portion that is a base rate loan. The Term Loan is pre-payable at any time without penalty, and does not require amortization. For the Third Quarter 2022 and Year-To-Date 2022, the Company recognized $0.6 million and $1.5 million, respectively, in interest expense related to the Term Loan.

The Term Loan is secured by a first priority security interest in the Company’s intellectual property, certain furniture, fixtures, equipment, and pledges of subsidiary capital stock, and a second priority security interest in the collateral securing the ABL Credit Facility on a first-priority basis. The Term Loan is guaranteed by each of the Company’s subsidiaries that guarantees the ABL Credit Facility and contains substantially the same covenants as provided in the ABL Credit Facility.

Both the ABL Credit Facility and the Term Loan contain customary events of default, which include (subject in certain cases to customary grace and cure periods), nonpayment of principal or interest, breach of covenants, failure to pay certain other indebtedness, and certain events of bankruptcy, insolvency or reorganization.

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1I
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-Paragraph 1C
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1E
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

REVENUES - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
REVENUES - Narrative (Details) - USD ($) $ in Millions	Oct. 29, 2022	Jan. 29, 2022	Oct. 30, 2021
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 2.2	$ 1.0	$ 2.9
Contract liability	2.0	5.0	6.0
Accrued Expenses and Other Current Liabilities
Disaggregation of Revenue [Line Items]
Deferred revenue, current	8.9	3.6	8.8
Gift Cards
Disaggregation of Revenue [Line Items]
Gift card liability	11.2	$ 12.1	$ 12.4
Net sales	$ 4.5

DEBT - Narrative (Details) - USD ($)		3 Months Ended	9 Months Ended
DEBT - Narrative (Details) - USD ($)	Nov. 16, 2021	Oct. 29, 2022	Oct. 29, 2022	Nov. 26, 2021
Secured Debt
Line of Credit Facility [Line Items]
Interest expense		$ 600,000	$ 1,500,000
Secured Debt \| Term Loan
Line of Credit Facility [Line Items]
Credit facility maximum	$ 80,000,000
Secured Debt \| New Term Loan
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 50,000,000
Secured Debt \| New Term Loan \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.50%
Secured Debt \| New Term Loan \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.75%
Revolving credit facility \| ABL Credit Facility
Line of Credit Facility [Line Items]
Credit facility maximum	$ 350,000,000
Revolving credit facility \| Line of Credit \| Asset-Based Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facility maximum	$ 360,000,000
Revolving credit facility \| Line of Credit \| ABL Credit Facility
Line of Credit Facility [Line Items]
Unused line fee percentage	0.20%
Revolving credit facility \| Line of Credit \| ABL Credit Facility \| Minimum \| Prime Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.375%
Revolving credit facility \| Line of Credit \| ABL Credit Facility \| Minimum \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.125%
Revolving credit facility \| Line of Credit \| ABL Credit Facility \| Maximum \| Prime Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.625%
Revolving credit facility \| Line of Credit \| ABL Credit Facility \| Maximum \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.375%
Canadian Credit Facility \| Line of Credit \| ABL Credit Facility
Line of Credit Facility [Line Items]
Credit facility maximum				$ 25,000,000
Standby and Documentary Letters of Credit \| Line of Credit \| ABL Credit Facility
Line of Credit Facility [Line Items]
Credit facility maximum				$ 50,000,000
Commercial Letter Of Credit \| Line of Credit \| ABL Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Unused line fee percentage	0.563%
Commercial Letter Of Credit \| Line of Credit \| ABL Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Unused line fee percentage	0.683%
Standby \| Line of Credit \| ABL Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Unused line fee percentage	0.625%
Standby \| Line of Credit \| ABL Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Unused line fee percentage	0.875%

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Oct. 29, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company is a defendant in Rael v. The Children’s Place, Inc., a purported class action, pending in the U.S. District Court, Southern District of California. In the initial complaint filed in February 2016, the plaintiff alleged that the Company falsely advertised discount prices in violation of California’s Unfair Competition Law, False Advertising Law, and Consumer Legal Remedies Act. The plaintiff filed an amended complaint in April 2016, adding allegations of violations of other state consumer protection laws. In August 2016, the plaintiff filed a second amended complaint, adding an additional plaintiff and removing the other state law claims. The plaintiffs’ second amended complaint sought to represent a class of California purchasers and sought, among other items, injunctive relief, damages, and attorneys’ fees and costs. The Company engaged in mediation proceedings with the plaintiffs in December 2016 and April 2017. The parties reached an agreement in principle in April 2017, and signed a definitive settlement agreement in November 2017, to settle the matter on a class basis with all individuals in the U.S. who made a qualifying purchase at The Children’s Place from February 11, 2012 through January 28, 2020, the date of preliminary approval by the court of the settlement. The Company submitted its memorandum in support of final approval of the class settlement on March 2, 2021. On March 29, 2021, the court granted final approval of the class settlement and denied plaintiff’s motion for attorney’s fees, with the amount of attorney’s fees to be decided after the class recovery amount has been determined. The settlement provides merchandise vouchers for qualified class members who submit valid claims, as well as payment of legal fees and expenses and claims administration expenses. Vouchers were distributed to class members on November 15, 2021 and they will be eligible for redemption in multiple rounds through November 2023. In connection with the settlement, the Company recorded a reserve for $5.0 million in its consolidated financial statements in the first quarter of 2017. The Company is also involved in various legal proceedings arising in the normal course of business. In the opinion of management, any ultimate liability arising out of these proceedings will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 49,387	$ 148,168
Reconciliation of net income to net cash provided by (used in) operating activities:
Non-cash portion of operating lease expense	65,046	76,418
Depreciation and amortization	39,320	44,157
Non-cash stock-based compensation expense	19,055	25,036
Deferred income tax provision	2,186	17,974
Asset impairment charges	1,379	1,254
Other non-cash items, net	58	1,101
Changes in operating assets and liabilities:
Inventories	(123,012)	(55,183)
Accounts receivable and other assets	(28,427)	(2,121)
Prepaid expenses and other current assets	1,680	(4,995)
Income taxes payable, net of prepayments	18,896	6,437
Accounts payable and other current liabilities	11,764	(47,980)
Lease liabilities	(75,767)	(142,574)
Other long-term liabilities	1,470	(244)
Net cash provided by (used in) operating activities	(16,965)	67,448
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(31,193)	(22,000)
Change in deferred compensation plan	(421)	48
Net cash used in investing activities	(31,614)	(21,952)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facility	555,383	557,034
Repayments under revolving credit facility	(465,701)	(552,429)
Repayment of term loan	0	(1,000)
Purchase and retirement of common stock, including shares surrendered for tax withholdings and transaction costs	(75,672)	(45,187)
Payment of debt issuance costs	0	(366)
Net cash provided by (used in) financing activities	14,010	(41,948)
Effect of exchange rate changes on cash and cash equivalents	(974)	(34)
Net increase (decrease) in cash and cash equivalents	(35,543)	3,514
Cash and cash equivalents, beginning of period	54,787	63,548
Cash and cash equivalents, end of period	19,244	67,062
OTHER CASH FLOW INFORMATION:
Net cash paid (received) for income taxes	(15,680)	31,718
Cash paid for interest	7,545	11,870
Increase (decrease) in accrued capital expenditures	$ 7,795	$ (135)

REVENUES (Tables)

9 Months Ended

Oct. 29, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table presents the Company’s revenues disaggregated by geography:


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	October 29, 2022		October 30, 2021		October 29, 2022		October 30, 2021
	(in thousands)
Net sales:
South	$	183,536	$	194,081	$	466,276	$	524,449
Northeast	108,404		129,308		255,913		309,284
West	61,101		80,103		163,644		202,180
Midwest	62,337		71,482		145,168		180,375
International and other (1)	93,742		83,251		221,354		191,273
Total net sales	$	509,120	$	558,225	$	1,252,355	$	1,407,561

____________________________________________

(1)Includes retail and e-commerce sales in Canada and Puerto Rico, wholesale and franchisee sales, and certain amounts earned under the Company’s private label credit card program.

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Jan. 29, 2022	Oct. 30, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 872,315	$ 843,372	$ 858,951
Less accumulated depreciation and amortization	(717,340)	(688,366)	(699,708)
Property and equipment, net	154,975	155,006	159,243
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	3,403	3,403	3,403
Building and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	36,187	36,045	36,045
Material handling equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	69,897	64,989	61,717
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	196,189	197,436	211,420
Store fixtures and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	205,406	212,613	221,104
Capitalized software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	336,557	320,716	316,440
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 24,676	$ 8,170	$ 8,822

PROPERTY AND EQUIPMENT, NET

9 Months Ended

Oct. 29, 2022

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

Property and equipment consisted of the following:


	October 29, 2022		January 29, 2022		October 30, 2021
	(in thousands)
Property and equipment:
Land and land improvements	$	3,403	$	3,403	$	3,403
Building and improvements	36,187		36,045		36,045
Material handling equipment	69,897		64,989		61,717
Leasehold improvements	196,189		197,436		211,420
Store fixtures and equipment	205,406		212,613		221,104
Capitalized software	336,557		320,716		316,440
Construction in progress	24,676		8,170		8,822
	872,315		843,372		858,951
Less accumulated depreciation and amortization	(717,340)		(688,366)		(699,708)
Property and equipment, net	$	154,975	$	155,006	$	159,243

At October 29, 2022, January 29, 2022, and October 30, 2021, the Company reviewed its store related long-lived assets for indicators of impairment, and performed a recoverability test if indicators were identified. Based on the results of the analyses performed, no impairment charge was recorded in the Third Quarter 2022. The Company recorded asset impairment charges during Year-To-Date 2022 of $1.4 million, inclusive of right-of-use (“ROU”) assets. The Company recorded asset impairment charges of $1.3 million, inclusive of ROU assets, in the Third Quarter 2021 and Year-To-Date 2021.

DEBT (Tables)

9 Months Ended

Oct. 29, 2022

Debt Disclosure [Abstract]

Schedule of Line of Credit Facilities

The table below presents the components of the Company’s ABL Credit Facility and Previous ABL Credit Facility:


	October 29, 2022		January 29, 2022		October 30, 2021
	(in millions)
Credit facility maximum	$	350.0	$	350.0	$	360.0
Borrowing base (1)	350.0		279.7		360.0

Outstanding borrowings	265.0		175.3		174.4

Letters of credit outstanding—standby	7.4		7.4		7.4
Utilization of credit facility at end of period	272.4		182.7		181.8

Availability (2)	$	77.6	$	97.0	$	178.2

Interest rate at end of period	4.8%		1.6%		3.8%


	Year-To-Date 2022		Fiscal 2021		Year-To-Date 2021
	(in millions)
Average end of day loan balance during the period	$	273.1	$	187.0	$	195.0
Highest end of day loan balance during the period	$	297.6	$	269.7	$	269.7

Average interest rate	3.0%		3.6%		3.8%

____________________________________________

(1)Lower of the credit facility maximum or the total borrowing base collateral.

(2)The sub-limit availability for letters of credit was $42.6 million at October 29, 2022, January 29, 2022, and October 30, 2021.

EARNINGS PER COMMON SHARE (Tables)

9 Months Ended

Oct. 29, 2022

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Common Share

The following table reconciles net income and share amounts utilized to calculate basic and diluted earnings per common share:


	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	October 29, 2022		October 30, 2021		October 29, 2022		October 30, 2021


	(in thousands)
Net income	$	42,855	$	78,868	$	49,387	$	148,168

Basic weighted average common shares outstanding	13,064		14,668		13,277		14,706
Dilutive effect of stock awards	98		205		132		273
Diluted weighted average common shares outstanding	13,162		14,873		13,409		14,979

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 29, 2022	Jan. 29, 2022	Oct. 30, 2021
Current assets:
Cash and cash equivalents	$ 19,244	$ 54,787	$ 67,062
Accounts receivable	48,820	21,863	38,758
Inventories	548,719	428,813	441,817
Prepaid expenses and other current assets	48,012	76,075	59,628
Total current assets	664,795	581,538	607,265
Long-term assets:
Property and equipment, net	154,975	155,006	159,243
Right-of-use assets	160,041	194,653	209,430
Tradenames, net	71,091	71,692	71,892
Deferred income taxes	20,916	23,109	27,801
Other assets	12,799	11,462	12,735
Total assets	1,084,617	1,037,460	1,088,366
Current liabilities:
Revolving loan	265,000	175,318	174,384
Current portion of long-term debt	0	0	28,270
Accounts payable	221,432	183,758	173,055
Current portion of operating lease liabilities	77,070	91,097	94,122
Income taxes payable	506	10,984	10,701
Accrued expenses and other current liabilities	119,660	130,669	143,866
Total current liabilities	683,668	591,826	624,398
Long-term liabilities:
Long-term debt	49,735	49,685	48,892
Long-term portion of operating lease liabilities	104,073	134,761	154,325
Income taxes payable	18,925	14,939	14,939
Other tax liabilities	2,347	8,689	6,285
Other long-term liabilities	13,693	12,088	17,279
Total liabilities	872,441	811,988	866,118
Commitments and contingencies (see Note 7)
Stockholders' equity:
Preferred stock, $1.00 par value, 1,000 shares authorized, 0 shares issued and outstanding	0	0	0
Common stock, $0.10 par value, 100,000 shares authorized; 12,662, 13,964, and 14,468 issued; 12,597, 13,903, and 14,408 outstanding	1,266	1,396	1,447
Additional paid-in capital	148,546	160,348	164,010
Treasury stock, at cost (65, 61, and 60 shares)	(3,661)	(3,443)	(3,373)
Deferred compensation	3,661	3,443	3,373
Accumulated other comprehensive loss	(17,011)	(14,186)	(12,962)
Retained earnings	79,375	77,914	69,753
Total stockholders’ equity	212,176	225,472	222,248
Total liabilities and stockholders’ equity	$ 1,084,617	$ 1,037,460	$ 1,088,366

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Oct. 29, 2022	Jan. 29, 2022	Oct. 30, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 1.00	$ 1.00	$ 1.00
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0	0
Preferred stock, shares outstanding (in shares)	0	0	0
Common stock, par value (in usd per share)	$ 0.10	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	100,000,000	100,000,000	100,000,000
Common stock, shares issued (in shares)	12,662,000	13,964,000	14,468,000
Common stock, shares outstanding (in shares)	12,597,000	13,903,000	14,408,000
Treasury stock (in shares)	65,000	61,000	60,000