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Note 4 - Leases | 12 Months Ended
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Jan. 28, 2023
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] |
(4) | Leases
The table below presents information related to the lease costs for operating leases for the periods presented (in thousands).
|  | For the Year Ended |
|  | January 28, 2023 |  |  | January 29, 2022 |
Operating lease costs |  | $ | 34,738 |  |  | $ | 34,183 |
Variable lease costs(1) |  |  | 10,081 |  |  |  | 6,718 |
Short term lease costs |  |  | 47 |  |  |  | 56 |
Total Operating Lease costs |  | $ | 44,866 |  |  | $ | 40,957 |
(1) Variable lease costs consist of leases with variable rent structures, which are intended to increase flexibility in an environment with expected high sales volatility and provide a natural hedge against potential sales declines. Other information The table below presents supplemental cash flow information related to leases for the periods presented (in thousands).
|  | For the Year Ended |
|  | January 28, 2023 |  |  | January 29, 2022 |
Operating cash flows for operating leases |  | $ | 37,285 |  |  | $ | 43,627 |
Operating cash flows for operating leases for fiscal 2022 decreased from the operating cash flows for operating leases for the same periods in fiscal 2021, as the Company made payments related to lease deferrals in fiscal 2021 that were negotiated in fiscal 2020 during the pandemic. As of January 28, 2023, the weighted-average remaining operating lease term was 4.1 years and the weighted-average discount rate was 6.2% for operating leases recognized on the consolidated balance sheet. The Company recorded immaterial impairment charges during fiscal 2022 against its right-of-use operating lease assets in the Company's DTC segment. The Company recorded no impairment charges for fiscal 2021 on its right-of-use lease assets. Undiscounted cash flows The table below reconciles the undiscounted cash flows for each of the first five years and total remaining years to the operating lease liabilities recorded on the balance sheet (in thousands).
Operating Leases |  |  |  |
2023 |  |  | 31,743 |
2024 |  |  | 25,218 |
2025 |  |  | 16,418 |
2026 |  |  | 9,581 |
2027 |  |  | 6,156 |
Thereafter |  |  | 8,969 |
Total minimum lease payments |  |  | 98,085 |
Less: amount of lease payments representing interest |  |  | (11,569 | )
Present value of future minimum lease payments |  |  | 86,516 |
Less: current obligations under leases |  |  | (27,436 | )
Long-term lease obligations |  | $ | 59,080 |
As of January 28, 2023, the Company had an additional executed lease that had not yet commenced for one retail location with operating lease liabilities totaling $3.6 million that will commence in the first quarter of fiscal 2023 with a lease term of ten years.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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