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Note 4 - Leases | 12 Months Ended
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Feb. 03, 2024
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 |
|  | February 3, 2024 |  |  | January 28, 2023 |
Operating lease costs |  | $ | 36,849 |  |  | $ | 34,738 |
Variable lease costs (1) |  |  | 10,782 |  |  |  | 10,081 |
Short term lease costs |  |  | 110 |  |  |  | 47 |
Total Operating Lease costs |  | $ | 47,741 |  |  | $ | 44,866 |
(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 |
|  | February 3, 2024 |  |  | January 28, 2023 |
Operating cash flows for operating leases |  | $ | 39,598 |  |  | $ | 37,285 |
Operating cash flows for operating leases for fiscal 2023 increased from the operating cash flows for operating leases for the same periods in fiscal 2022, primarily due to increased corporately-managed store count and overall increases in market rent. As of February 3, 2024, the weighted-average remaining operating lease term was 4.3 years and the weighted-average discount rate was 6.7% for operating leases recognized on the consolidated balance sheet. The Company recorded immaterial impairment charges during fiscal 2023 and 2022 against its right-of-use operating lease assets in the Company's DTC segment. 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 |  |  |  |
2024 |  |  | 29,604 |
2025 |  |  | 24,102 |
2026 |  |  | 15,223 |
2027 |  |  | 10,172 |
2028 |  |  | 5,652 |
Thereafter |  |  | 13,141 |
Total minimum lease payments |  |  | 97,894 |
Less: amount of lease payments representing interest |  |  | (14,324 | )
Present value of future minimum lease payments |  |  | 83,570 |
Less: current obligations under leases |  |  | (25,961 | )
Long-term lease obligations |  | $ | 57,609 |
As of February 3, 2024, the Company had additional executed leases that had not yet commenced with operating lease liabilities totaling $6.3 million. These leases are expected to commence in the first quarter of fiscal 2024 with lease terms of seven to 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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