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LEASES | 3 Months Ended
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May 03, 2025
Leases [Abstract] |
LEASES | LEASES The Company has operating leases for retail stores, corporate offices, distribution facilities, and certain equipment. The Company’s leases have remaining lease terms ranging from less than one year up to twelve years, some of which include options to extend the leases for up to five years, and some of which include options to terminate the lease early. The Company records all occupancy costs in Cost of sales, except costs for administrative office buildings, which are recorded in Selling, general, and administrative expenses. As of the periods presented, the Company’s finance leases were not material to the Consolidated Balance Sheets, Consolidated Statements of Operations, or Consolidated Statements of Cash Flows. The following components of operating lease expense were recognized in the Company’s Consolidated Statements of Operations:
| Thirteen Weeks Ended |  |
| May 3, 2025 |  | May 4, 2024 |  |  |  |
| (in thousands)
Fixed operating lease cost | $ | 21,199 |  |  | $ | 22,502 |  |  |  |  |
Variable operating lease cost | 5,759 |  |  | 7,846 |  |  |  |  |
Total operating lease cost | $ | 26,958 |  |  | $ | 30,348 |  |  |  |  |
The following table provides the weighted-average remaining lease term of the Company’s operating leases, the weighted-average discount rate used to calculate the Company’s operating liabilities, cash paid for amounts included in the measurement of the Company’s operating lease liabilities, and right-of-use (“ROU”) assets obtained in exchange for the Company’s new operating lease liabilities:
| Thirteen Weeks Ended
| May 3, 2025 |  | May 4, 2024
Weighted-average remaining lease term (years) | 4.4 |  | 4.4
Weighted average discount rate (%) | 8.6% |  | 7.6%
Cash paid for amounts included in the measurement of operating lease liabilities ($, in millions) | 17.4 |  | 19.7
ROU assets obtained in exchange for new operating lease liabilities ($, in millions) | 23.1 |  | 22.1
As of May 3, 2025, the maturities of operating lease liabilities were as follows:
| May 3, 2025
| (in thousands)
Remainder of 2025 | $ | 64,047 |
2026 | 55,614 |
2027 | 28,633 |
2028 | 19,393 |
2029 | 13,402 |
Thereafter | 39,146 |
Total operating lease payments | 220,235 |
Less: imputed interest | (41,046) |
Present value of operating lease liabilities | $ | 179,189 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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