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Leases
9 Months Ended
Oct. 31, 2021
Leases [Abstract]  
Leases

7. 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 $66,903 and $203,405 during the three and nine months ended October 31, 2021, respectively, and $69,048 and $206,241 during the three and nine months ended October 31, 2020, respectively. Total variable lease costs were $28,908 and $77,589 during the three and nine months ended October 31, 2021, respectively, and $19,285 and $70,879 during the three and nine months ended October 31, 2020, respectively. Short-term lease costs and sublease income were not material during the three and nine months ended October 31, 2021 and October 31, 2020.

The following is a schedule by year of the maturities of operating lease liabilities with original terms in excess of one year, as of October 31, 2021:

 

 

Operating

 

 

 

Leases

 

Fiscal Year

 

 

 

 

2022 (excluding the nine months ended October 31, 2021)

 

$

91,017

 

2023

 

 

283,850

 

2024

 

 

252,096

 

2025

 

 

214,094

 

2026

 

 

180,827

 

Thereafter

 

 

471,282

 

Total undiscounted future minimum lease payments

 

 

1,493,166

 

Less imputed interest

 

 

(267,066

)

Total discounted future minimum lease payments

 

$

1,226,100

 

 

 

 

 

 

As of October 31, 2021, the Company had commitments of approximately $7,916 not included in the amounts above related to six executed but not yet commenced leases.

In response to the COVID-19 pandemic and mandated store closures, the Company withheld certain minimum lease payments due to landlords. The amounts withheld at October 31, 2021 and 2020 were included in “Current portion of operating lease liabilities” in the Condensed Consolidated Balance Sheets.

During the nine months ended October 31, 2021, the Company received rent concessions for a number of stores and continue to negotiate for additional rent concessions at various other store locations. To the extent the rent concessions do not result in a substantial increase in total payments in the existing lease, the Company has accounted for such rent concessions as negative variable rent. To the extent the rent concessions do result in a substantial increase in total payments in the existing lease, the Company has accounted for such rent concessions as a lease modification. Rent concessions recorded by the Company in fiscal 2022 and 2021 as either negative variable rent or lease modifications have not had a material impact on the Company’s Condensed Consolidated Financial Statements.