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Leases
12 Months Ended
Jan. 31, 2020
Leases [Abstract]  
Leases

9. Leases

The Company has operating leases for stores, distribution and fulfillment centers, corporate offices and equipment. The Company subleases certain properties to third parties.

Total operating lease costs were $272,430 during fiscal 2020. Total variable lease costs were $126,492 during fiscal 2020. Short-term lease costs and sublease income were not material during fiscal 2020.

Other information related to leases was as follows:

Other information

 

Fiscal Year Ended January 31, 2020

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

Operating cash flows from operating leases

 

$

295,658

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

$

106,131

 

Weighted-average remaining lease term - operating leases

 

7.4 years

 

Weighted-average discount rate - operating leases

 

 

6.3

%

The following is a schedule by year of the maturities of operating lease liabilities with original terms in excess of one year, as of January 31, 2020:

Fiscal Year

 

Operating Leases

 

2021

 

$

306,706

 

2022

 

 

275,257

 

2023

 

 

241,393

 

2024

 

 

207,707

 

2025

 

 

170,948

 

Thereafter

 

 

588,788

 

Total undiscounted future minimum lease payments

 

 

1,790,799

 

Less imputed interest

 

 

(431,711

)

Total discounted future minimum lease payments

 

$

1,359,088

 

As of January 31, 2020, the Company had commitments of approximately $52,219 not included in the amounts above related to seven executed but not yet commenced store leases.

Prior to Adoption of ASU 2016-02, “Leases (Topic 842)”

The following is a schedule by year of the future minimum lease payments for operating leases with original terms in excess of one year, as of January 31, 2019:

Fiscal Year

 

Operating Leases

 

2020

 

$

294,527

 

2021

 

 

263,209

 

2022

 

 

228,596

 

2023

 

 

200,776

 

2024

 

 

167,130

 

Thereafter

 

 

558,655

 

Total minimum lease payments

 

$

1,712,893

 

Amounts noted above include commitments for 11 executed leases for stores and fulfillment centers not opened as of January 31, 2019. The majority of our leases allow for renewal options between five and ten years upon expiration of the initial lease term. The store leases generally provide for payment of direct operating costs including real estate taxes. Certain store leases provide for contingent rentals when sales exceed specified breakpoint levels, in lieu of a fixed minimum rent, that are not reflected in the above table. Additionally, the Company has entered into store leases that require a percentage of total sales to be paid to landlords in lieu of minimum rent.

Rent expense consisted of the following:

 

 

Fiscal Year Ended January 31,

 

 

 

2019

 

 

2018

 

Minimum and percentage rentals

 

$

277,358

 

 

$

269,107

 

Contingent rentals

 

 

651

 

 

 

694

 

Total

 

$

278,009

 

 

$

269,801