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Leases
 3 Months Ended
May 01, 2022
Disclosure Text Block [Abstract]  
Lessee, Operating Leases [Text Block]

10.       Leases

 

We recognized sublease income of $348,000 and $146,000 in the first quarters of fiscal 2023 and 2022, respectively.

 

The components of lease cost and supplemental cash flow information for leases in the first quarters of fiscal 2023 and 2022 were:

 

   

Thirteen Weeks Ended

  
   

May 1, 2022

    

May 2, 2021

  

Operating lease cost

   $ 2,527     $ 2,013  

Variable lease cost

     55       44  

Short-term lease cost

     80       19  

Total operating lease cost

   $ 2,662     $ 2,076  
                 
                 

Operating cash outflows

   $ 2,829     $ 1,992  

 

The right-of-use assets and lease liabilities recorded on our condensed consolidated balance sheets as of May 1, 2022 and January 30, 2022 were as follows:

 

   

May 1, 2022

    

January 30, 2022

  

Real estate

   $ 51,682     $ 50,749  

Property and equipment

     1,018       1,105  

Total operating leases right-of-use assets

   $ 52,700     $ 51,854  
                 
                 

Current portion of operating lease liabilities

   $ 7,447     $ 7,471  

Long term operating lease liabilities

     47,271       46,570  

Total operating lease liabilities

   $ 54,718     $ 54,041  

 

The weighted-average remaining lease term is 8.0 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 condensed consolidated balance sheets on May 1, 2022:

 

   

Undiscounted Future

Operating Lease Payments

  

Remainder of 2023

   $ 6,457  

2024

     7,792  

2025

     7,793  

2026

     7,737  

2027

     7,390  

2028 and thereafter

     21,941  

Total lease payments

   $ 59,110  

Less: impact of discounting

     (4,392

)

Present value of lease payments

   $ 54,718  

 

As of May 1, 2022, the Company had an additional lease for a showroom in High Point, North Carolina. This lease is expected to commence in the 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.