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Leases | 3 Months Ended
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Apr. 30, 2023
Disclosure Text Block [Abstract] |
Lessee, Operating Leases [Text Block] | 9. Leases We recognized sublease income of $29,000 and $348,000 in the first quarters of fiscal 2024 and 2023, respectively. The components of lease cost and supplemental cash flow information for leases in the first quarters of fiscal 2024 and 2023 were:
|  | Thirteen Weeks Ended |
|  | April 30, 2023 |  |  | May 1, 2022 |
Operating lease cost |  | $ | 2,838 |  |  | $ | 2,527 |
Variable lease cost |  |  | 82 |  |  |  | 55 |
Short-term lease cost |  |  | 79 |  |  |  | 80 |
Total operating lease cost |  | $ | 2,999 |  |  | $ | 2,662 |
Operating cash outflows |  | $ | 2,694 |  |  | $ | 2,829 |
The right-of-use assets and lease liabilities recorded on our condensed consolidated balance sheets as of April 30, 2023 and January 29, 2023 were as follows:
|  | April 30, 2023 |  |  | January 29, 2023 |
Real estate |  | $ | 66,173 |  |  | $ | 68,212 |
Property and equipment |  |  | 633 |  |  |  | 737 |
Total operating leases right-of-use assets |  | $ | 66,806 |  |  | $ | 68,949 |
Current portion of operating lease liabilities |  | $ | 7,363 |  |  | $ | 7,316 |
Long term operating lease liabilities |  |  | 61,877 |  |  |  | 63,762 |
Total operating lease liabilities |  | $ | 69,240 |  |  | $ | 71,078 |
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 (described in Note 10 below), 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 4.01%. The weighted-average remaining lease term is 7.8 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 April 30, 2023:
|  | Undiscounted Future Operating Lease Payments |
Remainder of fiscal 2024 |  | $ | 7,463 |
2025 |  |  | 10,102 |
2026 |  |  | 10,182 |
2027 |  |  | 10,267 |
2028 |  |  | 8,931 |
2029 and thereafter |  |  | 35,130 |
Total lease payments |  | $ | 82,075 |
Less: impact of discounting |  |  | (12,835 | )
Present value of lease payments |  | $ | 69,240 |
As of April 30, 2023, the Company had an additional lease for a showroom in Atlanta, Georgia. This lease commenced 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 had not yet commenced at quarter end, the undiscounted amounts are not included in the table above. Subsequent to the fiscal 2024 first quarter, we entered into an agreement to reduce our footprint in the Georgia warehouse. This amendment results in an approximate $6 million decrease in rental payments over the remaining lease term. Since the agreement had not yet commenced, the modification is not reflected 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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