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v3.25.1

Property and Leases | 3 Months Ended
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May 03, 2025
Property, Plant and Equipment [Abstract] |
PROPERTY AND LEASES | PROPERTY AND LEASES During the three months ended May 3, 2025, we commenced operations of a new distribution center, which resulted in an additional operating lease of $22.4 million and additional finance leases for equipment of $31.8 million. PROPERTY AND EQUIPMENT Property and equipment, net, consisted of the following:
(dollars in thousands) | Useful Life (years) |  | May 3, 2025 |  | February 1, 2025 |  | May 4, 2024
Land | Indefinite |  | $ | 1,110 |  |  | $ | 1,110 |  |  | $ | 1,110 |
Buildings | 39 |  | 12,485 |  |  | 12,485 |  |  | 12,485 |
Building and leasehold improvements | 3-10 or the lease term if shorter |  | 463,456 |  |  | 457,795 |  |  | 451,358 |
Furniture, fixtures and equipment | 3-15 |  | 465,541 |  |  | 463,120 |  |  | 457,866 |
Software | 3-5 |  | 206,160 |  |  | 203,415 |  |  | 233,674 |
Finance leased equipment | 3-10 or the lease term if shorter |  | 31,782 |  |  | — |  |  | — |
Construction-in-progress |  |  | 6,442 |  |  | 11,222 |  |  | 16,085 |
Total property and equipment |  |  | 1,186,976 |  |  | 1,149,147 |  |  | 1,172,578 |
Accumulated depreciation and amortization |  |  | (956,417) |  |  | (940,948) |  |  | (949,373) |
|  |  | $ | 230,559 |  |  | $ | 208,199 |  |  | $ | 223,205 |
LEASES The following table presents the classification and amounts for operating and finance leases on the condensed consolidated balance sheets:
(in thousands) | Classification |  | May 3, 2025 |  | February 1, 2025 |  | May 4, 2024
Assets: |  |  |  |  |  |  |
Operating lease assets | Operating lease assets |  | $ | 719,749 |  |  | $ | 701,621 |  |  | $ | 728,346 |
Finance lease assets | Property and equipment, net |  | $ | 31,182 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |
Operating lease liabilities | Current operating lease liabilities |  | $ | 158,171 |  |  | $ | 159,924 |  |  | $ | 161,050 |
Finance lease liabilities | Accrued expenses |  | $ | 2,923 |  |  | $ | — |  |  | $ | — |
Non-current: |  |  |  |  |  |  |
Operating lease liabilities | Non-current operating lease liabilities |  | $ | 650,438 |  |  | $ | 635,076 |  |  | $ | 657,625 |
Finance lease liabilities | Other non-current liabilities |  | $ | 28,859 |  |  | $ | — |  |  | $ | — |
The following table presents supplemental cash flow information related to leases:
| Three months ended
(in thousands) |  | May 3, 2025 |  | May 4, 2024
Cash paid for leases liabilities- |  |  |  |
Operating cash flows for operating leases |  | $ | 54,856 |  |  | $ | 49,953 |
Non-cash activities: |  |  |  |
Operating lease liabilities arising from lease asset additions |  | $ | 24,665 |  |  | $ | 8,525 |
Finance lease liabilities arising from lease asset additions |  | $ | 31,782 |  |  | $ | — |
Net increase to operating lease assets and lease liabilities for modifications |  | $ | 30,247 |  |  | $ | 30,327 |
PROPERTY AND LEASES | PROPERTY AND LEASES During the three months ended May 3, 2025, we commenced operations of a new distribution center, which resulted in an additional operating lease of $22.4 million and additional finance leases for equipment of $31.8 million. PROPERTY AND EQUIPMENT Property and equipment, net, consisted of the following:
(dollars in thousands) | Useful Life (years) |  | May 3, 2025 |  | February 1, 2025 |  | May 4, 2024
Land | Indefinite |  | $ | 1,110 |  |  | $ | 1,110 |  |  | $ | 1,110 |
Buildings | 39 |  | 12,485 |  |  | 12,485 |  |  | 12,485 |
Building and leasehold improvements | 3-10 or the lease term if shorter |  | 463,456 |  |  | 457,795 |  |  | 451,358 |
Furniture, fixtures and equipment | 3-15 |  | 465,541 |  |  | 463,120 |  |  | 457,866 |
Software | 3-5 |  | 206,160 |  |  | 203,415 |  |  | 233,674 |
Finance leased equipment | 3-10 or the lease term if shorter |  | 31,782 |  |  | — |  |  | — |
Construction-in-progress |  |  | 6,442 |  |  | 11,222 |  |  | 16,085 |
Total property and equipment |  |  | 1,186,976 |  |  | 1,149,147 |  |  | 1,172,578 |
Accumulated depreciation and amortization |  |  | (956,417) |  |  | (940,948) |  |  | (949,373) |
|  |  | $ | 230,559 |  |  | $ | 208,199 |  |  | $ | 223,205 |
LEASES The following table presents the classification and amounts for operating and finance leases on the condensed consolidated balance sheets:
(in thousands) | Classification |  | May 3, 2025 |  | February 1, 2025 |  | May 4, 2024
Assets: |  |  |  |  |  |  |
Operating lease assets | Operating lease assets |  | $ | 719,749 |  |  | $ | 701,621 |  |  | $ | 728,346 |
Finance lease assets | Property and equipment, net |  | $ | 31,182 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |
Operating lease liabilities | Current operating lease liabilities |  | $ | 158,171 |  |  | $ | 159,924 |  |  | $ | 161,050 |
Finance lease liabilities | Accrued expenses |  | $ | 2,923 |  |  | $ | — |  |  | $ | — |
Non-current: |  |  |  |  |  |  |
Operating lease liabilities | Non-current operating lease liabilities |  | $ | 650,438 |  |  | $ | 635,076 |  |  | $ | 657,625 |
Finance lease liabilities | Other non-current liabilities |  | $ | 28,859 |  |  | $ | — |  |  | $ | — |
The following table presents supplemental cash flow information related to leases:
| Three months ended
(in thousands) |  | May 3, 2025 |  | May 4, 2024
Cash paid for leases liabilities- |  |  |  |
Operating cash flows for operating leases |  | $ | 54,856 |  |  | $ | 49,953 |
Non-cash activities: |  |  |  |
Operating lease liabilities arising from lease asset additions |  | $ | 24,665 |  |  | $ | 8,525 |
Finance lease liabilities arising from lease asset additions |  | $ | 31,782 |  |  | $ | — |
Net increase to operating lease assets and lease liabilities for modifications |  | $ | 30,247 |  |  | $ | 30,327 |
PROPERTY AND LEASES | PROPERTY AND LEASES During the three months ended May 3, 2025, we commenced operations of a new distribution center, which resulted in an additional operating lease of $22.4 million and additional finance leases for equipment of $31.8 million. PROPERTY AND EQUIPMENT Property and equipment, net, consisted of the following:
(dollars in thousands) | Useful Life (years) |  | May 3, 2025 |  | February 1, 2025 |  | May 4, 2024
Land | Indefinite |  | $ | 1,110 |  |  | $ | 1,110 |  |  | $ | 1,110 |
Buildings | 39 |  | 12,485 |  |  | 12,485 |  |  | 12,485 |
Building and leasehold improvements | 3-10 or the lease term if shorter |  | 463,456 |  |  | 457,795 |  |  | 451,358 |
Furniture, fixtures and equipment | 3-15 |  | 465,541 |  |  | 463,120 |  |  | 457,866 |
Software | 3-5 |  | 206,160 |  |  | 203,415 |  |  | 233,674 |
Finance leased equipment | 3-10 or the lease term if shorter |  | 31,782 |  |  | — |  |  | — |
Construction-in-progress |  |  | 6,442 |  |  | 11,222 |  |  | 16,085 |
Total property and equipment |  |  | 1,186,976 |  |  | 1,149,147 |  |  | 1,172,578 |
Accumulated depreciation and amortization |  |  | (956,417) |  |  | (940,948) |  |  | (949,373) |
|  |  | $ | 230,559 |  |  | $ | 208,199 |  |  | $ | 223,205 |
LEASES The following table presents the classification and amounts for operating and finance leases on the condensed consolidated balance sheets:
(in thousands) | Classification |  | May 3, 2025 |  | February 1, 2025 |  | May 4, 2024
Assets: |  |  |  |  |  |  |
Operating lease assets | Operating lease assets |  | $ | 719,749 |  |  | $ | 701,621 |  |  | $ | 728,346 |
Finance lease assets | Property and equipment, net |  | $ | 31,182 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |
Operating lease liabilities | Current operating lease liabilities |  | $ | 158,171 |  |  | $ | 159,924 |  |  | $ | 161,050 |
Finance lease liabilities | Accrued expenses |  | $ | 2,923 |  |  | $ | — |  |  | $ | — |
Non-current: |  |  |  |  |  |  |
Operating lease liabilities | Non-current operating lease liabilities |  | $ | 650,438 |  |  | $ | 635,076 |  |  | $ | 657,625 |
Finance lease liabilities | Other non-current liabilities |  | $ | 28,859 |  |  | $ | — |  |  | $ | — |
The following table presents supplemental cash flow information related to leases:
| Three months ended
(in thousands) |  | May 3, 2025 |  | May 4, 2024
Cash paid for leases liabilities- |  |  |  |
Operating cash flows for operating leases |  | $ | 54,856 |  |  | $ | 49,953 |
Non-cash activities: |  |  |  |
Operating lease liabilities arising from lease asset additions |  | $ | 24,665 |  |  | $ | 8,525 |
Finance lease liabilities arising from lease asset additions |  | $ | 31,782 |  |  | $ | — |
Net increase to operating lease assets and lease liabilities for modifications |  | $ | 30,247 |  |  | $ | 30,327 |

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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