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Leases
12 Months Ended
Jan. 31, 2023
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 $255,682, $268,863 and $275,493 during fiscal 2023, 2022 and 2021, respectively. Total variable lease costs were $136,201, $109,525 and $89,833 during fiscal 2023, 2022 and 2021, respectively. Short-term lease costs and sublease income were not material during fiscal 2023, 2022 and 2021.

Other information related to leases was as follows:

 

Other information

 

Fiscal Year Ended January 31,

 

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

 

2023

 

 

2022

 

 

2021

 

Operating cash flows from operating leases

 

$

296,619

 

 

$

303,577

 

 

$

247,539

 

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

 

$

189,744

 

 

$

112,572

 

 

$

149,586

 

Weighted-average remaining lease term - operating leases

 

6.3 years

 

 

6.0 years

 

 

7.0 years

 

Weighted-average discount rate - operating leases

 

 

5.8

%

 

 

5.8

%

 

 

6.1

%

 

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, 2023:

 

Fiscal Year

 

Operating Leases

 

2024

 

$

292,057

 

2025

 

 

250,109

 

2026

 

 

216,575

 

2027

 

 

162,899

 

2028

 

 

125,594

 

Thereafter

 

 

314,658

 

Total undiscounted future minimum lease payments

 

 

1,361,892

 

Less imputed interest

 

 

(244,524

)

Total discounted future minimum lease payments

 

$

1,117,368

 

 

As of January 31, 2023, the Company had commitments of approximately $26,446 not included in the amounts above related to six executed but not yet commenced store leases. Subsequent to January 31, 2023, the Company signed a lease in the amount of $57,311 for a Nuuly fulfillment center in Raymore, Missouri beginning in fiscal 2024 over a 15-year lease term which is not included in the amounts above.

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, there are 88 locations where a percentage of sales are paid, in lieu of a fixed minimum rent, that are not reflected in the above table. Total rent expense related to these 88 locations was approximately $13,451 for fiscal 2023.

During fiscal 2023, 2022 and 2021, the Company received rent concessions for a number of our 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 during fiscal 2023, 2022 and 2021, as either negative variable rent or lease modifications have not had a material impact on the Company’s Consolidated Financial Statements.