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Leases
 3 Months Ended
May 03, 2025
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 3, 2025, the Company committed to 34 new store leases with average terms of approximately 10 years that have future minimum lease payments of approximately $65.7 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 3, 2025 and May 4, 2024, the weighted average remaining lease term for the Company's operating leases was 7.2 years and 7.6 years, respectively, and the weighted average discount rate was 6.1% 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 3, 2025May 4, 2024
Operating lease cost$83,568 $73,618 
Variable lease cost25,846 21,731 
Net lease cost*$109,414 $95,349 
* Excludes short-term lease cost, which is immaterial.


The following table summarizes the maturity of lease liabilities under operating leases as of May 3, 2025 (in thousands):
Maturity of Lease LiabilitiesOperating Leases
2025$279,689 
2026361,832 
2027341,701 
2028319,030 
2029285,879 
After 2029799,223 
Total lease payments2,387,354 
Less: imputed interest412,236 
Present value of lease liabilities$1,975,118 
The following table summarizes the supplemental cash flow disclosures related to leases (in thousands):
Thirteen Weeks Ended
May 3, 2025May 4, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments arising from operating lease liabilities (1)
$69,608 $51,163 
Supplemental non-cash information:
Operating lease liabilities arising from obtaining right-of-use assets$41,475 $125,916 
(1) Included within operating activities in the Company's Consolidated Statements of Cash Flows.