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LEASES | 12 Months Ended
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Jan. 28, 2024
Disclosure Text Block [Abstract] |
Lessee, Operating Leases [Text Block] | NOTE 12 – LEASES In fiscal 2020, we adopted Accounting Standards Codification Topic 842 Leases. See “Leases” under Note 1 for a discussion of our accounting policies and elections under Topic 842. We have a sub-lease at one of our warehouses and we recognized sub-lease income of $146,000, $445,000, and $890,000 in fiscal 2024, fiscal 2023, and fiscal 2022, respectively. The components of lease cost and supplemental cash flow information for leases in fiscal 2024, 2023 and 2022 were:
|  | Fifty-two Weeks Ended |
|  | January 28, 2024 |  |  | January 29, 2023 |  |  | January 30, 2022 |
Operating lease cost |  | $ | 10,912 |  |  | $ | 9,908 |  |  | $ | 8,144 |
Variable lease cost |  |  | 248 |  |  |  | 234 |  |  |  | 208 |
Short-term lease cost |  |  | 399 |  |  |  | 327 |  |  |  | 117 |
Total operating lease cost |  | $ | 11,559 |  |  | $ | 10,469 |  |  | $ | 8,469 |
Operating cash outflows |  | $ | 10,537 |  |  | $ | 10,527 |  |  | $ | 7,730 |
During the fiscal 2024 second quarter, we reduced our footprint by 200,000 square feet in the Georgia warehouse. During the third quarter, we entered into an agreement to further reduce our footprint by 200,000 square feet by early calendar 2024. These modifications resulted in an approximate $13 million decrease in the lease right-of-use assets and liabilities. The right-of-use assets and lease liabilities recorded on our Consolidated Balance Sheets as of January 28, 2024 and January 29, 2023 were:
|  | January 28, 2024 |  |  | January 29, 2023 |
Real estate |  | $ | 49,968 |  |  | $ | 68,212 |
Property and equipment |  |  | 833 |  |  |  | 737 |
Total operating leases right-of-use assets |  | $ | 50,801 |  |  | $ | 68,949 |
Current portion of operating lease liabilities |  | $ | 6,964 |  |  | $ | 7,316 |
Long term operating lease liabilities |  |  | 46,414 |  |  |  | 63,762 |
Total operating lease liabilities |  | $ | 53,378 |  |  | $ | 71,078 |
The weighted-average discount rate is 5.15%. The weighted-average remaining lease term is 7.0 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 28, 2024:
Fiscal Year |  | Undiscounted Future Operating Lease Payments |
2025 |  | $ | 9,530 |
2026 |  |  | 9,589 |
2027 |  |  | 9,428 |
2028 |  |  | 7,803 |
2029 |  |  | 7,275 |
2030 and thereafter |  |  | 20,982 |
Total lease payments |  | $ | 64,607 |
Less: impact of discounting |  |  | (11,229 | )
Present value of lease payments |  | $ | 53,378 |

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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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