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Leases
9 Months Ended
Nov. 02, 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 and other assets. 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 November 2, 2024.

Lease costs, including other related occupancy costs, reported in our Condensed Consolidated Statements of Income were as follows for the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023:

 

(In thousands)

 

Thirteen
Weeks Ended
November 2, 2024

 

 

Thirteen
Weeks Ended
October 28, 2023

 

 

Thirty-nine
Weeks Ended
November 2, 2024

 

 

Thirty-nine
Weeks Ended
October 28, 2023

 

Operating lease cost

 

$

17,889

 

 

$

16,035

 

 

$

52,375

 

 

$

47,860

 

Variable lease cost

 

 

 

 

 

 

 

 

 

 

 

 

Occupancy costs

 

 

5,785

 

 

 

5,299

 

 

 

17,287

 

 

 

16,021

 

Percentage rent and other variable lease costs

 

 

220

 

 

 

395

 

 

 

492

 

 

 

1,019

 

Finance lease cost

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of leased assets

 

 

30

 

 

 

0

 

 

 

45

 

 

 

0

 

Interest on lease liabilities

 

 

2

 

 

 

0

 

 

 

8

 

 

 

0

 

Total

 

$

23,926

 

 

$

21,729

 

 

$

70,207

 

 

$

64,900