Leases

12 Months Ended

Feb. 01, 2025

(5) 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.

In the fiscal year ended February 1, 2025, the Company recorded a non-cash increase of $15,511, to ROU assets and operating lease liabilities resulting from lease remeasurements from the exercise of lease extension options, acquired leases, and new leases added.

The Company has certain retail locations at which the leases provide for variable payments for common area maintenance, property taxes, insurance and rental payments based on future sales volumes at the leased location, which are not measurable at the inception of the lease. The Company recognizes variable lease expense for these leases in the period incurred.

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:


	Fiscal Year Ended
	February 1,		February 3,		January 28,
	2025		2024		2023
Operating lease expense	$	68,543	$	66,213	$	58,562
Variable lease expense		24,420		22,632		18,740
Short-term lease expense		423		1,194		1,200
Total lease expense	$	93,386	$	90,039	$	78,502

In accordance with ASC 842, other information related to leases was as follows:


	Fiscal Year Ended
	February 1,			February 3,			January 28,
	2025			2024			2023
Operating cash flows from operating leases	$	(74,559	)	$	(69,972	)	$	(63,783	)
Cash paid for lease liabilities - operating leases		(74,559	)		(69,972	)		(63,783	)

	As of February 1,			As of February 3,			As of January 28,
	2025			2024			2023
Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities	$	15,511		$	58,000		$	54,243
Terminated right-of-use assets and liabilities		—			—			—
Weighted-average remaining lease term - operating leases		5.83			5.85			5.75
Weighted-average discount rate - operating leases		7.56	%		7.72	%		7.96	%

In accordance with ASC 842, maturities of operating lease liabilities as of February 1, 2025 were as follows:


	Operating
Fiscal Year Ending:	Leases
2025	$	73,385
2026		71,226
2027		64,919
2028		58,814
2029		48,953
Thereafter		143,460
Undiscounted cash flows	$	460,757
Reconciliation of lease liabilities:
Present values	$	356,550
Lease liabilities - current		49,128
Lease liabilities - noncurrent		307,422
Lease liabilities - total	$	356,550
Difference between undiscounted and discounted cash flows	$	104,207

The Company has excluded in the table above approximately $7.9 million for a lease (undiscounted basis) that was entered into as of April 2, 2025. This lease will commence in 2025 with lease terms of 12 years.