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Leases
12 Months Ended
Jan. 31, 2025
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 $271,284, $264,091 and $255,682 during fiscal 2025, 2024 and 2023, respectively. Total variable lease costs were $147,104, $139,275 and $136,201 during fiscal 2025, 2024 and 2023, respectively. Short-term lease costs and sublease income were not material during fiscal 2025, 2024 and 2023.

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:

 

2025

 

 

2024

 

 

2023

 

Operating cash flows from operating leases

 

$

297,938

 

 

$

299,351

 

 

$

296,619

 

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

 

$

281,803

 

 

$

206,397

 

 

$

189,744

 

Weighted-average remaining lease term - operating leases

 

6.5 years

 

 

6.4 years

 

 

6.3 years

 

Weighted-average discount rate - operating leases

 

 

6.1

%

 

 

6.0

%

 

 

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, 2025:

 

Fiscal Year

 

Operating Leases

 

2026

 

$

293,744

 

2027

 

 

242,509

 

2028

 

 

203,045

 

2029

 

 

166,870

 

2030

 

 

122,174

 

Thereafter

 

 

341,513

 

Total undiscounted future minimum lease payments

 

 

1,369,855

 

Less imputed interest

 

 

(271,497

)

Total discounted future minimum lease payments

 

$

1,098,358

 

 

As of January 31, 2025, the Company had commitments of approximately $67,463 not included in the amounts above related to 21 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 82 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 82 locations was approximately $12,999 for fiscal 2025.

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 was expensed in the first quarter of fiscal 2025.