LEASES

6 Months Ended

Aug. 02, 2025

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				Twenty-six Weeks Ended
	August 2, 2025		August 3, 2024		August 2, 2025		August 3, 2024
	(in thousands)
Fixed operating lease cost	$	21,343	$	23,139	$	42,542	$	45,641
Variable operating lease cost	4,322		6,098		10,081		13,944
Total operating lease cost	$	25,665	$	29,237	$	52,623	$	59,585

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:


	Twenty-six Weeks Ended
	August 2, 2025	August 3, 2024
Weighted-average remaining lease term (years)	4.4	4.3
Weighted average discount rate (%)	8.6%	7.8%
Cash paid for amounts included in the measurement of operating lease liabilities ($, in millions)	35.7	39.8
ROU assets obtained in exchange for new operating lease liabilities ($, in millions)	27.3	34.8

The maturities of operating lease liabilities were as follows:


	August 2, 2025
	(in thousands)
Remainder of 2025	$	42,870
2026	56,592
2027	29,880
2028	20,172
2029	13,968
Thereafter	39,507
Total operating lease payments	202,989
Less: imputed interest	(38,461)
Present value of operating lease liabilities	$	164,528