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Leases
 3 Months Ended
May 04, 2024
Leases [Abstract]  
Leases Leases
The Company determines if an arrangement contains a lease at the inception of a contract. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease.
During the thirteen weeks ended May 4, 2024, the Company committed to 66 new store leases with average terms of approximately 10 years that have future minimum lease payments of approximately $139.2 million.
All of the Company's leases are classified as operating leases and the associated assets and liabilities are presented as separate captions in the consolidated balance sheets. As of May 4, 2024 and April 29, 2023, the weighted average remaining lease term for the Company's operating leases was 7.6 years and 7.3 years, respectively, and the weighted average discount rate was 5.3% and 5.3%, respectively.
The following table is a summary of the Company's components for net lease costs (in thousands):
Thirteen Weeks Ended
Lease CostMay 4, 2024April 29, 2023
Operating lease cost$73,618 $62,346 
Variable lease cost21,731 18,210 
Net lease cost*$95,349 $80,556 

* Excludes short-term lease cost, which is immaterial.


The following table summarizes the maturity of lease liabilities under operating leases as of May 4, 2024 (in thousands):
Maturity of Lease LiabilitiesOperating Leases
2024$242,575 
2025321,534 
2026309,529 
2027289,527 
2028264,444 
After 2028810,643 
Total lease payments2,238,252 
Less: imputed interest400,047 
Present value of lease liabilities$1,838,205 
The following table summarizes the supplemental cash flow disclosures related to leases (in thousands):
Thirteen Weeks Ended
May 4, 2024April 29, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments arising from operating lease liabilities (1)
$51,163 $58,764 
Supplemental non-cash information:
Operating lease liabilities arising from obtaining right-of-use assets$125,916 $57,182 
(1) Included within operating activities in the Company's Consolidated Statements of Cash Flows.