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Leases

12 Months Ended

Feb. 02, 2024

NOTE 4. LEASES

The following table summarizes the Company’s components of lease expense, primarily related to Company Operated stores, which is included in Selling and administrative expense in the Consolidated Statements of Operations:


(in thousands)	Fiscal 2023		Fiscal 2022		Fiscal 2021
Operating lease expense	$	6,340	$	7,466	$	8,273
Variable lease expense		2,572		2,714		2,312
Total lease expense	$	8,912	$	10,180	$	10,585

Short-term lease cost was not material for Fiscal 2023, Fiscal 2022 or Fiscal 2021.

Supplemental balance sheet information related to operating leases are as follows:


(in thousands)	Fiscal 2023			Fiscal 2022
Operating lease right-of-use asset	$	23,438		$	30,325
Lease liability – current		6,024			5,414
Lease liability – long-term		22,952			31,095
Weighted average remaining lease term in years		5.7			6.6
Weighted average discount rate		6.62	%		6.36	%

Supplemental cash flow information related to operating leases are as follows:


(in thousands)	Fiscal 2023			Fiscal 2022		Fiscal 2021
Operating cash outflows from operating leases	$	8,060		$	9,154	$	10,509
Operating lease right-of-use-assets (reversal) obtained in exchange for lease liabilities		(2,236	)		4,440		1,409

Maturities of operating lease liabilities as of February 2, 2024 are as follows:


(in thousands)
2024	$	7,682
2025		5,671
2026		5,372
2027		5,212
2028		4,462
Thereafter		6,552
Total operating lease payments	$	34,951
Less imputed interest		5,975
Present value of lease liabilities	$	28,976