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LEASES
 12 Months Ended
Feb. 02, 2025
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 $125,000, $146,000 and $445,000 in fiscal 2025, 2024, and 2023, respectively.

 

The components of lease cost and supplemental cash flow information for leases in fiscal 2025, 2024, and 2023 were:

 

   53 Weeks Ended   52 Weeks Ended   52 Weeks Ended 
   February 2, 2025   January 28, 2024   January 29, 2023 
Operating lease cost  $10,190   $10,912   $9,908 
Variable lease cost   354    248    234 
Short-term lease cost   325    399    327 
Total operating lease cost  $10,869   $11,559   $10,469 
                
Operating cash outflows  $10,434   $10,537   $10,527 

 

The right-of-use assets and lease liabilities recorded on our Consolidated Balance Sheets as of February 2, 2025 and January 28, 2024 were:

 

   February 2, 2025   January 28, 2024 
Real estate  $44,640   $49,968 
Property and equipment   935    833 
Total operating leases right-of-use assets  $45,575   $50,801 
           
Current portion of operating lease liabilities  $7,502   $6,964 
Long term operating lease liabilities   41,073    46,414 
Total operating lease liabilities  $48,575   $53,378 

 

The weighted-average discount rate is 5.46%. The weighted-average remaining lease term is 6.2 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 February 2, 2025.

 

Fiscal Year  Undiscounted
Future
Operating
Lease Payments		 
2026  $9,957 
2027   10,089 
2028   8,423 
2029   7,723 
2030   7,336 
2031 and thereafter   14,480 
Total lease payments  $58,008 
Less: impact of discounting   (9,433)
Present value of lease payments  $48,575 

 

In March 2025, the Company announced the decision to exit the Savannah, Georgia distribution center. See Note 22 “Subsequent Events” for additional information. The termination of the Georgia warehouse lease will reduce lease right-of-use assets and liabilities by approximately $11 million and decrease lease payments by $10 million over the next five years, totaling a $14.5 million reduction over the remaining lease term.