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Leases

9 Months Ended

Oct. 27, 2024

9. Leases

We have operating leases for warehouses, showrooms, manufacturing facilities, offices and equipment. We recognized sub-lease income of $36,000 and $107,000 for the third quarter and nine-month period of fiscal 2025, respectively. We recognized sub-lease income of $27,000 and $101,000 for the third quarter and nine-month period of fiscal 2024, respectively.

The components of lease cost and supplemental cash flow information for leases for the three-months and nine-months ended October 27, 2024 and October 29, 2023 were:

	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	October 27, 2024		October 29, 2023		October 27, 2024		October 29, 2023
Operating lease cost	$	2,550	$	2,715	$	7,610	$	8,414
Variable lease cost		73		50		262		202
Short-term lease cost		68		119		270		282
Total operating lease cost	$	2,691	$	2,884	$	8,142	$	8,898

Operating cash outflows	$	2,590	$	2,668	$	7,756	$	8,033

The right-of-use assets and lease liabilities recorded on our condensed consolidated balance sheets as of October 27, 2024 and January 28, 2024 were as follows:

	October 27, 2024		January 28, 2024
Real estate	$	46,427	$	49,968
Property and equipment		1,008		833
Total operating leases right-of-use assets	$	47,435	$	50,801


Current portion of operating lease liabilities	$	7,612	$	6,964
Long term operating lease liabilities		42,785		46,414
Total operating lease liabilities	$	50,397	$	53,378

The weighted-average discount rate is 5.44%. The weighted-average remaining lease term is 6.4 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 27, 2024:

	Undiscounted Future Operating Lease Payments
Remainder of fiscal 2025	$	2,531
2026		10,204
2027		10,068
2028		8,309
2029		7,605
2030 and thereafter		21,725
Total lease payments	$	60,442
Less: impact of discounting		(10,045	)
Present value of lease payments	$	50,397