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LEASES | 12 Months Ended
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Jan. 31, 2021
ASU 2016-02 Transition [Abstract] |
Lessee, Operating Lease, Disclosure [Table Text Block] | NOTE 11 – LEASES In fiscal 2020, we adopted Accounting Standards Codification Topic 842 Leases. We have a sub-lease at one of our warehouses and we recognized $576,000 sub-lease income in fiscal 2021. The components of lease cost and supplemental cash flow information for leases in fiscal 2021 were:
|  | Fifty-two Weeks Ended |
|  | January 31, 2021 |  |  | February 2, 2020 |
Operating lease cost |  | $ | 8,367 |  |  | $ | 8,408 |
Variable lease cost |  |  | 146 |  |  |  | 153 |
Short-term lease cost |  |  | 291 |  |  |  | 581 |
Total operating lease cost |  | $ | 8,804 |  |  | $ | 9,142 |
Operating cash outflows |  | $ | 7,921 |  |  | $ | 8,725 |
The right-of-use assets and lease liabilities recorded on our Consolidated Balance Sheets as of January 31, 2021 and February 2, 2020 were:
|  | January 31, 2021 |  |  | February 2, 2020 |
Real estate |  | $ | 33,651 |  |  | $ | 38,175 |
Property and equipment |  |  | 962 |  |  |  | 1,337 |
Total operating leases right-of-use assets |  | $ | 34,613 |  |  | $ | 39,512 |
Current portion of operating lease liabilities |  | $ | 6,650 |  |  | $ | 6,307 |
Long term operating lease liabilities |  |  | 29,441 |  |  |  | 33,794 |
Total operating lease liabilities |  | $ | 36,091 |  |  | $ | 40,101 |
Weighted-average remaining lease term is 6.7 years. We used our incremental borrowing rate which is LIBOR plus 1.5% at the adoption date. The weighted-average discount rate is 2.25%. Due to the COVID-19 pandemic, we received concessions on several of our leases, including changes in lease terms and deferred rent payments. We accounted for the concessions as lease modifications and used current LIBOR plus 1.5% for those leases. The weighted-average discount rate decreased due to a decrease in LIBOR. The following table reconciles the undiscounted future lease payments for operating leases to the operating lease liabilities recorded in the consolidated balance sheet at January 31, 2021:
|  | Undiscounted Future Operating Lease Payments |
2022 |  | $ | 7,364 |
2023 |  |  | 5,591 |
2024 |  |  | 5,663 |
2025 |  |  | 5,280 |
2026 |  |  | 5,336 |
2027 and thereafter |  |  | 9,808 |
Total lease payments |  | $ | 39,042 |
Less: impact of discounting |  |  | (2,951 | )
Present value of lease payments |  | $ | 36,091 |
As of January 31, 2021, the Company had an additional lease for a warehouse in Georgia that had not yet commenced with estimated future minimum rental commitments of approximately $28 million. This lease is expected to commence in Fall of 2021 with a lease term of up to 10 years. Since the lease has not commenced, the undiscounted amounts are not included in the table above.

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- Definition Tabular disclosure for lessee's operating leases. Includes, but is not limited to, description of lessee's operating lease, existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 1,3) -URI http://asc.fasb.org/extlink&oid=121580752&loc=d3e38371-112697 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41499-112717 Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121555522&loc=d3e12069-110248 Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41502-112717 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121549808&loc=d3e36991-112694 + Details
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