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LEASES | 12 Months Ended
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Jan. 29, 2023
Disclosure Text Block [Abstract] |
Lessee, Operating Leases [Text Block] | NOTE 12 – 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 $445,000, $890,000, and $576,000 in fiscal 2023, fiscal 2022, and fiscal 2021, respectively. The components of lease cost and supplemental cash flow information for leases in fiscal 2023, 2022 and 2021 were:
|  | Fifty-two Weeks Ended |
|  | January 29, 2023 |  |  | January 30, 2022 |  |  | January 31, 2021 |
Operating lease cost |  | $ | 9,908 |  |  | $ | 8,144 |  |  | $ | 8,367 |
Variable lease cost |  |  | 234 |  |  |  | 208 |  |  |  | 146 |
Short-term lease cost |  |  | 327 |  |  |  | 117 |  |  |  | 291 |
Total operating lease cost |  | $ | 10,469 |  |  | $ | 8,469 |  |  | $ | 8,804 |
Operating cash outflows |  | $ | 10,527 |  |  | $ | 7,730 |  |  | $ | 7,921 |
The right-of-use assets and lease liabilities recorded on our Consolidated Balance Sheets as of January 29, 2023 and January 30, 2022 were:
Current portion of operating lease liabilities |  | $ | 7,316 |  |  | $ | 7,471 |
Long term operating lease liabilities |  |  | 63,762 |  |  |  | 46,570 |
Total operating lease liabilities |  | $ | 71,078 |  |  | $ | 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 4.00%. 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 consolidated balance sheet at January 29, 2023:
Fiscal Year |  | Undiscounted Future Operating Lease Payments |
2024 |  | $ | 9,995 |
2025 |  |  | 10,102 |
2026 |  |  | 10,182 |
2027 |  |  | 10,267 |
2028 |  |  | 8,931 |
2029 and thereafter |  |  | 35,131 |
Total lease payments |  | $ | 84,608 |
Less: impact of discounting |  |  | (13,530 | )
Present value of lease payments |  | $ | 71,078 |
As of January 29, 2023, the Company had an additional lease for a showroom in Atlanta, Georgia. This lease is expected to commence in May of calendar 2023 with an initial lease term of 3 years and estimated future minimum rental commitments of approximately $1.0 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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