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Leases
6 Months Ended
Aug. 03, 2024
Leases [Abstract]  
Leases

Note 8 – Leases

We lease all of our physical stores, our Evansville distribution center, which has a current lease term expiring in 2034, and other warehousing and office space. We also enter into leases of equipment, copiers and billboards. Substantially all of our leases are operating leases; however, as a result of the acquisition of Rogan’s, we also acquired certain assets subject to finance leases. The finance lease assets and related current liabilities and noncurrent liabilities were recorded in Other Noncurrent Assets, Accrued and Other Liabilities and Other long-term liabilities, respectively. Leases with terms of twelve months or less are immaterial and are expensed as incurred, and we did not have any leases with related parties as of August 3, 2024.

Lease costs, including other related occupancy costs, reported in our Condensed Consolidated Statements of Income were as follows for the thirteen and twenty-six weeks ended August 3, 2024 and July 29, 2023:

 

(In thousands)

 

Thirteen
Weeks Ended
August 3, 2024

 

 

Thirteen
Weeks Ended
July 29, 2023

 

 

Twenty-six
Weeks Ended
August 3, 2024

 

 

Twenty-six
Weeks Ended
July 29, 2023

 

Operating lease cost

 

$

17,311

 

 

$

15,952

 

 

$

34,486

 

 

$

31,824

 

Variable lease cost

 

 

 

 

 

 

 

 

 

 

 

 

Occupancy costs

 

 

5,742

 

 

 

5,370

 

 

$

11,502

 

 

$

10,722

 

Percentage rent and other variable lease costs

 

 

308

 

 

 

381

 

 

$

273

 

 

$

624

 

Finance lease cost

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of leased assets

 

 

8

 

 

 

0

 

 

 

15

 

 

 

0

 

Interest on lease liabilities

 

 

3

 

 

 

0

 

 

 

5

 

 

 

0

 

Total

 

$

23,372

 

 

$

21,703

 

 

$

46,281

 

 

$

43,170