XML 19 R9.htm IDEA: XBRL DOCUMENT
v3.23.2

Leases | 6 Months Ended
--- | ---
Jul. 30, 2023
Leases [Abstract] |
Leases | ‎ 2. LEASES Based on the criteria set forth in ASC Topic 842, Leases (“ASC 842”), the Company recognizes right-of-use (ROU) assets and lease liabilities related to leases on the Company’s consolidated balance sheets. The Company determines if an arrangement is, or contains, a lease at inception. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities reflect the obligation to make lease payments arising from the lease. At any given time during the lease term, the lease liability represents the present value of the remaining lease payments and the ROU asset is measured at the amount of the lease liability, adjusted for pre-paid rent, unamortized initial direct costs and the remaining balance of lease incentives received. Both the lease ROU asset and liability are reduced to zero at the end of the lease. The Company leases retail space under non-cancelable lease agreements, which expire on various dates through 2036. Substantially all of these arrangements are store leases. Store leases generally have initial lease terms ranging from five years to fifteen years with renewal options and rent escalation provisions. At the commencement of a lease, the Company includes only the initial lease term as the option to extend is not reasonably certain. The Company does not record leases with a lease term of 12 months or less on the Company’s consolidated balance sheets. When calculating the lease liability on a discounted basis, the Company applies its estimated discount. The Company bases this discount on a collateralized interest rate as well as publicly available data for instruments with similar characteristics. In addition to rent payments, leases for retail space contain payments for real estate taxes, insurance costs, common area maintenance, and utilities that are not fixed. The Company accounts for these costs as variable payments and does not include such costs as a lease component. The expense components of the Company’s leases reflected on the Company’s consolidated statement of operations were as follows:
|  | Consolidated Statement |  | Three Months Ended |  | Six Months Ended
|  | of Operations |  | July 30, 2023 |  | July 31, 2022 |  | July 30, 2023 |  | July 31, 2022
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance lease expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use ‎assets |  | Selling, general and ‎administrative expenses |  | $ | 840 |  | $ | 840 |  | $ | 1,680 |  | $ | 1,680
Interest on lease liabilities |  | Interest expense |  |  | 431 |  |  | 459 |  |  | 869 |  |  | 925
Total finance lease expense |  |  |  | $ | 1,271 |  | $ | 1,299 |  | $ | 2,549 |  | $ | 2,605
Operating lease expense |  | Selling, general and ‎administrative expenses |  | $ | 5,051 |  | $ | 4,717 |  | $ | 10,101 |  | $ | 9,106
Amortization of build-to-suit ‎leases capital contribution |  | Selling, general and ‎administrative expenses |  |  | 321 |  |  | 321 |  |  | 642 |  |  | 642
Variable lease expense |  | Selling, general and ‎administrative expenses |  |  | 2,559 |  |  | 2,473 |  |  | 5,473 |  |  | 4,445
Total lease expense |  |  |  | $ | 9,202 |  | $ | 8,810 |  | $ | 18,765 |  | $ | 16,798
‎ Other information related to leases were as follows:
|  | Six Months Ended
|  | July 30, 2023 |  | July 31, 2022
(in thousands) |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Financing cash flows from finance leases |  | $ | 1,397 |  | $ | 1,336
Operating cash flows from finance leases |  | $ | 869 |  | $ | 925
Operating cash flows from operating leases |  | $ | 10,340 |  | $ | 9,166
Right-of-use assets obtained in exchange for lease liabilities: |  |  |  |  |  |
Operating leases |  |  | 1,737 |  |  | —
Weighted-average remaining lease term (in years): |  |  |  |  |  |
Finance leases |  |  | 11 |  |  | 12
Operating leases |  |  | 8 |  |  | 8
Weighted-average discount rate: |  |  |  |  |  |
Finance leases |  |  | 4.4% |  |  | 4.4%
Operating leases |  |  | 4.1% |  |  | 4.1%
Future minimum lease payments under the non-cancellable leases are as follows as of July 30, 2023:
Fiscal year |  | Finance |  | Operating
(in thousands) |  |  |  |  |  |
2023 (remainder of fiscal year) |  | $ | 2,285 |  | $ | 10,504
2024 |  |  | 4,736 |  |  | 20,612
2025 |  |  | 5,099 |  |  | 19,888
2026 |  |  | 3,993 |  |  | 19,034
2027 |  |  | 3,993 |  |  | 17,785
Thereafter |  |  | 29,231 |  |  | 61,200
Total future minimum lease payments |  | $ | 49,337 |  | $ | 149,023
Less – Discount |  |  | (10,467) |  |  | (22,031)
Lease liability |  | $ | 38,870 |  | $ | 126,992

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration