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LEASES

3 Months Ended

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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- References

No definition available.

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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

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