Leases

9 Months Ended

Nov. 01, 2025

4. Leases

At November 1, 2025, we had operating leases for our retail stores, certain distribution and fulfillment facilities, vehicles and equipment. Our remaining lease terms vary from under one month to ten years, with varying renewal and termination options.

The following table presents components of lease expense (in thousands):


	Three Months Ended				Nine Months Ended
	November 1, 2025		November 2, 2024		November 1, 2025		November 2, 2024
Operating lease expense	$	19,162	$	18,537	$	54,945	$	55,349
Variable lease expense		2,123		2,571		8,118		7,204
Total lease expense (1)	$	21,285	$	21,108	$	63,063	$	62,553

(1)

Total lease expense includes short-term lease expense and sublease income which is immaterial to the Company. Total lease expense does not include right-of-use asset impairment charges, common area maintenance charges and other non-lease components.

Supplemental cash flow information related to leases is as follows (in thousands):


	Nine Months Ended
	November 1, 2025			November 2, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(52,492	)	$	(55,565	)
Right-of-use assets obtained in exchange for new operating lease liabilities		49,587			42,802

Weighted-average remaining lease term and discount rate were as follows:


	November 1, 2025			November 2, 2024
Weighted-average remaining lease term		4.8			4.7
Weighted-average discount rate		4.9	%		4.5	%

At November 1, 2025, the maturities of our operating leases liabilities are as follows (in thousands):


Fiscal 2025	$	13,802
Fiscal 2026		64,958
Fiscal 2027		52,155
Fiscal 2028		32,571
Fiscal 2029		23,024
Fiscal 2030		18,233
Thereafter		30,571
Total minimum lease payments		235,314
Less: interest		(26,258	)
Present value of lease obligations		209,056
Less: current portion		(54,369	)
Long-term lease obligations (1)	$	154,687

(1)

Amounts in the table do not include contingent rent, common area maintenance charges and other non-lease components.

At November 1, 2025, we have excluded from the table above $0.1 million of operating leases that were contractually executed, but had not yet commenced. These operating leases are expected to commence by the beginning of fiscal 2026.