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Leases | 12 Months Ended
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Jan. 31, 2026
Leases [Abstract] |
Leases | Leases With the exception of one retail store which we own, we lease all of our retail stores, distribution centers and corporate offices. Our leases primarily relate to building leases, which generally include options to renew at our sole discretion for five years or more. We regularly extend options for our building leases, which constitutes a lease modification and such events require a re-measurement of the lease liability at current discount rates. The useful life of leasehold improvement assets are limited by the expected lease term. Additionally, we have certain agreements for equipment rentals, which are typically 12 months or less in duration. As of January 31, 2026, all of our leases are classified as operating leases. In addition, in certain situations, we may sublease real estate to third parties. Historically, our sublease portfolio consists mainly of former store locations for which we are still under lease and existing store leases in which we have excess or unused space. During 2024, we closed on a sale-leaseback agreement involving a store property. During 2025, we closed on sale-leaseback agreements involving four store properties, three of which were previously classified as assets held for sale on the Consolidated Balance Sheet as of the third quarter of 2025. We determined that the transactions met the accounting criteria for sale-leaseback treatment and we recognized net gains of approximately $7.1 million and $15.4 million in SG&A expenses on the Consolidated Statements of Income for 2024 and 2025, respectively. The components of lease expense and sublease income included in SG&A expenses and Cost of Goods Sold on our Consolidated Statements of Income is as follows (amounts in thousands):
|  | Fiscal Year Ended
|  | January 31, 2026 |  | February 1, 2025 |  | February 3, 2024
Operating lease expense |  | $ | 239,853 |  |  | $ | 222,709 |  |  | $ | 214,672 |
Short-term lease expense |  | — |  |  | — |  |  | — |
Variable lease expense |  | 12,555 |  |  | 10,472 |  |  | 10,405 |
Sublease income |  | (557) |  |  | (498) |  |  | (463) |
Net lease expense |  | $ | 251,851 |  |  | $ | 232,683 |  |  | $ | 224,614 |
Information about our operating leases is as follows (dollar amounts in thousands):
|  | Fiscal Year Ended
|  | January 31, 2026 |  | February 1, 2025 |  | February 3, 2024
Right-of-use assets obtained in exchange for new operating lease liabilities |  | $ | 244,100 |  | $ | 214,747 |  | $ | 134,181 |
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 244,974 |  | $ | 224,942 |  | $ | 213,860 |
|  |  |  | January 31, 2026 |  | February 1, 2025
Weighted-average remaining lease term in years |  |  |  | 9.8 |  | 9.6
Weighted-average incremental borrowing rate |  |  |  | 8.3 | % |  | 8.6 | %
As most of our leases do not provide an implicit rate of interest, we use our incremental borrowing rate, which is based on the market lending rates for companies with comparable credit ratings, to determine the present value of lease payments on lease commencement or remeasurement. The remaining maturities of lease liabilities by fiscal year as of January 31, 2026 are as follows (amounts in thousands):
2026 |  | $ | 255,492 |
2027 |  | 246,058 |
2028 |  | 228,670 |
2029 |  | 211,970 |
2030 |  | 193,471 |
After 2030 |  | 914,873 |
Total lease payments (1) |  | 2,050,534 |
Less: Interest |  | (641,876) |
Present value of lease liabilities |  | $ | 1,408,658 |
(1) Minimum lease payments have not been reduced by sublease rentals of $1.4 million due in the future under non-cancelable subleases. The Company has entered into operating leases related to future store locations for which we have not yet taken possession of the location. As of January 31, 2026, the future minimum lease payments on these leases approximated $317.0 million.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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