XML 27 R18.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Leases | 9 Months Ended
--- | ---
Oct. 30, 2022
Disclosure Text Block [Abstract] |
Lessee, Operating Leases [Text Block] | 10. Leases We have operating leases for warehouses, showrooms, manufacturing facilities, offices and equipment. We recognized sub-lease income of $34,000 for the three-month period and $415,000 for the nine-month period, both ended October 30, 2022. We recognized sub-lease income of $266,000 for the three-month period and $561,000 for the nine-month period, both ended October 31, 2021. The components of lease cost and supplemental cash flow information for leases for the three-months and nine-months ended October 30, 2022 and October 31, 2021 were:
|  | Thirteen Weeks Ended |  |  | Thirty-Nine Weeks Ended |
|  | October 30, 2022 |  |  | October 31, 2021 |  |  | October 30, 2022 |  |  | October 31, 2021 |
Operating lease cost |  | $ | 2,291 |  |  | $ | 1,794 |  |  | $ | 7,089 |  |  | $ | 5,712 |
Variable lease cost |  |  | 62 |  |  |  | 53 |  |  |  | 172 |  |  |  | 162 |
Short-term lease cost |  |  | 79 |  |  |  | 27 |  |  |  | 246 |  |  |  | 94 |
Total lease cost |  | $ | 2,432 |  |  | $ | 1,874 |  |  | $ | 7,507 |  |  | $ | 5,968 |
Operating lease cash outflows |  | $ | 2,518 |  |  | $ | 1,843 |  |  | $ | 7,745 |  |  | $ | 5,818 |
The right-of-use assets and lease liabilities recorded on our condensed consolidated balance sheets as of October 30, 2022 and January 30, 2022 were as follows:
|  | October 30, 2022 |  |  | January 30, 2022 |
Real estate |  | $ | 51,635 |  |  | $ | 50,749 |
Property and equipment |  |  | 843 |  |  |  | 1,105 |
Total leases right-of-use assets |  | $ | 52,478 |  |  | $ | 51,854 |
Current portion of operating lease liabilities |  | $ | 6,922 |  |  | $ | 7,471 |
Long term operating lease liabilities |  |  | 47,504 |  |  |  | 46,570 |
Total lease liabilities |  | $ | 54,426 |  |  | $ | 54,041 |
For leases that commenced before July 2022, we used our incremental borrowing rate which was LIBOR plus 1.5%. When we entered into the new loan agreement our incremental borrowing rate for unsecured term loan became the current BSBY rate plus 1.40%. We use this rate as discount rate for leases commenced in July 2022 and thereafter. The weighted-average discount rate is 3.17%. The weighted-average remaining lease term is 8.0 years. 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 October 30, 2022:
|  | Undiscounted Future Operating Lease Payments |
Remainder of 2023 |  | $ | 2,152 |
2024 |  |  | 8,523 |
2025 |  |  | 8,549 |
2026 |  |  | 8,516 |
2027 |  |  | 8,167 |
2028 and thereafter |  |  | 26,218 |
Total lease payments |  | $ | 62,125 |
Less: impact of discounting |  |  | (7,699 | )
Present value of lease payments |  | $ | 54,426 |
As of October 30, 2022, the Company had an additional lease for a showroom in High Point, North Carolina. This lease was commenced in November 2022 with an initial lease term of 10 years and estimated future minimum rental commitments of approximately $23.7 million. Since the lease was not commenced as of October 30, 2022, the undiscounted amounts are not included in our financial statements or in the table above.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration