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Leases
12 Months Ended
Jan. 31, 2024
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 $264,091, $255,682 and $268,863 during fiscal 2024, 2023 and 2022, respectively. Total variable lease costs were $139,275, $136,201 and $109,525 during fiscal 2024, 2023 and 2022, respectively. Short-term lease costs and sublease income were not material during fiscal 2024, 2023 and 2022.

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:

 

2024

 

 

2023

 

 

2022

 

Operating cash flows from operating leases

 

$

299,351

 

 

$

296,619

 

 

$

303,577

 

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

 

$

206,397

 

 

$

189,744

 

 

$

112,572

 

Weighted-average remaining lease term - operating leases

 

6.4 years

 

 

6.3 years

 

 

6.0 years

 

Weighted-average discount rate - operating leases

 

 

6.0

%

 

 

5.8

%

 

 

5.8

%

 

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, 2024:

 

Fiscal Year

 

Operating Leases

 

2025

 

$

284,199

 

2026

 

 

248,442

 

2027

 

 

195,617

 

2028

 

 

156,531

 

2029

 

 

120,965

 

Thereafter

 

 

313,538

 

Total undiscounted future minimum lease payments

 

 

1,319,292

 

Less imputed interest

 

 

(240,794

)

Total discounted future minimum lease payments

 

$

1,078,498

 

 

As of January 31, 2024, the Company had commitments of approximately $84,659 not included in the amounts above related to 15 executed but not yet commenced store leases.

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 86 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 86 locations was approximately $13,609 for fiscal 2024.

During fiscal 2024, the Company committed to cease operations for two store locations but the lease has not been terminated, resulting in the right-of-use assets to be abandoned. When a lease right-of-use asset has been abandoned, the estimated useful life of the asset is updated to reflect the cease use date, and the remaining carrying value of the asset is amortized ratably over the period between the commitment date and the cease use date. During fiscal 2024, the Company recorded lease abandonment charges for two retail locations, totaling $8,231, with a remaining carrying value of $3,786 related to the right-of-use asset for one store location which will be expensed in the first quarter of fiscal 2025.