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Leases | 6 Months Ended
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Aug. 03, 2024
Leases [Abstract] |
Leases | (6) Leases At the inception of the lease, the Company’s operating leases have remaining certain lease terms of up to 15 years, which typically includes multiple options for the Company to extend the lease which are not reasonably certain. The Company determines whether a contract is or contains a lease at contract inception. As the rate implicit in the lease is not readily determinable in most of the Company’s leases, the Company uses its incremental borrowing rate based on the information available at commencement date to determine the present value of lease payments. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The operating lease asset also includes any fixed lease payments made and includes lease incentives and incurred initial direct costs. Operating lease expense for fixed lease payments is recognized on a straight-line basis over the lease term. The Company’s lease terms may include options to extend or terminate the lease. Additionally, the Company’s leases do not contain any material residual guarantees or material restrictive covenants. During the 13 and 26 weeks ended August 3, 2024, the Company recorded non-cash increases of $5,629 and $12,681, respectively, to the right of use assets and operating lease liabilities resulting from lease remeasurements from the exercise of lease extension options, acquired leases, and new leases added. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. In accordance with ASC 842, total lease expense was comprised of the following for the periods presented:
|  | Thirteen Weeks Ended |  |  | Twenty-Six Weeks Ended |
|  | August 3, |  |  | July 29, |  |  | August 3, |  |  | July 29, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating lease expense |  | $ | 17,123 |  |  | $ | 16,129 |  |  | $ | 34,159 |  |  | $ | 31,717 |
Variable lease expense |  |  | 6,129 |  |  |  | 5,735 |  |  |  | 12,357 |  |  |  | 11,228 |
Short-term lease expense |  |  | 100 |  |  |  | 348 |  |  |  | 234 |  |  |  | 609 |
Total lease expense |  | $ | 23,352 |  |  | $ | 22,212 |  |  | $ | 46,750 |  |  | $ | 43,554 |
In accordance with ASC 842, other information related to leases was as follows for the periods presented:
|  | Twenty-Six Weeks Ended |
|  | August 3, |  |  | July 29, |
|  | 2024 |  |  | 2023 |
Operating cash flows from operating leases |  | $ | 37,226 |  |  | $ | 33,984 |
|  | As of August 3, |  |  | As of July 29, |
|  | 2024 |  |  | 2023 |
Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities |  | $ | 12,681 |  |  | $ | 46,081 |
Terminated right-of-use assets and liabilities |  |  | — |  |  |  | — |
Weighted-average remaining lease term - operating leases |  |  | 6.00 |  |  |  | 5.83 |
Weighted-average discount rate - operating leases |  |  | 7.63 | % |  |  | 7.78 | %
In accordance with ASC 842, maturities of operating lease liabilities as of August 3, 2024 were as follows:
|  | Operating |
Fiscal Year Ending: |  | Leases |
2024 (remainder) |  | $ | 37,406 |
2025 |  |  | 72,726 |
2026 |  |  | 70,213 |
2027 |  |  | 63,604 |
2028 |  |  | 56,593 |
Thereafter |  |  | 180,120 |
Undiscounted cash flows |  | $ | 480,662 |
Reconciliation of lease liabilities: |  |  |
Present values |  | $ | 368,151 |
Lease liabilities - current |  |  | 49,129 |
Lease liabilities - noncurrent |  |  | 319,022 |
Lease liabilities - total |  | $ | 368,151 |
Difference between undiscounted and discounted cash flows |  | $ | 112,511 |
The Company has excluded in the table above approximately $7.9 million for a lease (undiscounted basis) that was entered into as of August 30, 2024. This lease will commence in 2025 with a lease term of 12 years.

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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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