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LEASES | 12 Months Ended
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Jan. 30, 2022
Disclosure Text Block [Abstract] |
Lessee, Operating Leases [Text Block] | NOTE 10 – 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 sub-lease income of $890,000, $576,000 and $405,000 in fiscal 2022, fiscal 2021 and fiscal 2020, respectively. The components of lease cost and supplemental cash flow information for leases in fiscal 2022, 2021 and 2020 were:
|  | Fifty-two Weeks Ended |
|  | January 30, 2022 |  |  | January 31, 2021 |  |  | February 2, 2020 |
Operating lease cost |  | $ | 8,144 |  |  | $ | 8,367 |  |  | $ | 8,408 |
Variable lease cost |  |  | 208 |  |  |  | 146 |  |  |  | 153 |
Short-term lease cost |  |  | 117 |  |  |  | 291 |  |  |  | 581 |
Total operating lease cost |  | $ | 8,469 |  |  | $ | 8,804 |  |  | $ | 9,142 |
Operating cash outflows |  | $ | 7,730 |  |  | $ | 7,921 |  |  | $ | 8,725 |
The right-of-use assets and lease liabilities recorded on our Consolidated Balance Sheets as of January 30, 2022 and January 31, 2021 were:
|  | January 30, 2022 |  |  | January 31, 2021 |
Real estate |  | $ | 50,749 |  |  | $ | 33,651 |
Property and equipment |  |  | 1,105 |  |  |  | 962 |
Total operating leases right-of-use assets |  | $ | 51,854 |  |  | $ | 34,613 |
Current portion of operating lease liabilities |  | $ | 7,471 |  |  | $ | 6,650 |
Long term operating lease liabilities |  |  | 46,570 |  |  |  | 29,441 |
Total operating lease liabilities |  | $ | 54,041 |  |  | $ | 36,091 |
The increase in right-of-use assets and lease liabilities is primarily due to the commencement of the operating lease at our new warehouse facility in Georgia during the fiscal 2022 third quarter. Weighted-average remaining lease term is 8.3 years. We used our incremental borrowing rate which is LIBOR plus 1.5% at the adoption date. The weighted-average discount rate is 1.91%. 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 30, 2022:
Fiscal Year |  | Undiscounted Future Operating Lease Payments |
2023 |  | $ | 8,414 |
2024 |  |  | 7,098 |
2025 |  |  | 7,140 |
2026 |  |  | 7,213 |
2027 |  |  | 6,850 |
2028 and thereafter |  |  | 21,805 |
Total lease payments |  | $ | 58,520 |
Less: impact of discounting |  |  | (4,479 | )
Present value of lease payments |  | $ | 54,041 |
As of January 30, 2022, the Company had an additional lease for a showroom in High Point, North Carolina. This lease is expected to commence in Fall of calendar 2022 with an initial lease term of 10 years and estimated future minimum rental commitments of approximately $23.7 million. Since the lease has not yet commenced, the undiscounted amounts are not included in the table above.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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