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Leases
 9 Months Ended
Nov. 02, 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 November 2, 2024, the Company committed to 38 new store leases with average terms of approximately 10 years that have future minimum lease payments of approximately $15.5 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 November 2, 2024 and October 28, 2023, the weighted average remaining lease term for the Company's operating leases was 7.5 years and 7.5 years, respectively, and the weighted average discount rate was 5.3% and 5.2%, respectively.
The following table is a summary of the Company's components for net lease costs (in thousands):
Thirteen Weeks EndedThirty-Nine Weeks Ended
Lease CostNovember 2, 2024October 28, 2023November 2, 2024October 28, 2023
Operating lease cost$79,990 $69,298 $230,001 $196,725 
Variable lease cost23,129 19,435 68,102 56,181 
Net lease cost*$103,119 $88,733 $298,103 $252,906 

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


The following table summarizes the maturity of lease liabilities under operating leases as of November 2, 2024 (in thousands):
Maturity of Lease LiabilitiesOperating Leases
2024$58,209 
2025353,580 
2026346,167 
2027325,343 
2028300,393 
After 2028982,836 
Total lease payments2,366,528 
Less: imputed interest398,502 
Present value of lease liabilities$1,968,026 

The following table summarizes the supplemental cash flow disclosures related to leases (in thousands):
Thirty-Nine Weeks Ended
November 2, 2024October 28, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments arising from operating lease liabilities (1)
$180,885 $170,156 
Supplemental non-cash information:
Operating lease liabilities arising from obtaining right-of-use assets$330,139 $282,147 
(1) Included within operating activities in the Company's Consolidated Statements of Cash Flows.