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Leases | 3 Months Ended
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Apr. 29, 2023
Leases [Abstract] |
Leases | NOTE 12 – LEASES: The Company determines whether an arrangement is a lease at inception. The Company has operating leases for stores, offices, warehouse space and equipment. Its leases have remaining lease terms of one year to 10 years , some of which include options to extend the lease term for up to five years , and some of which include options to terminate the lease within one year . The Company considers these options in determining the lease term used to establish its right-of-use assets and lease liabilities. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. As most of the Company’s leases do not provide an implicit rate, the Company uses its estimated incremental borrowing rate based on the information available at commencement date of the lease in determining the present value of lease payments. The components of lease cost are shown below (in thousands): ` Three Months Ended April 29, 2023 April 30, 2022 Operating lease cost (a) $ 18,078 $ 17,754 Variable lease cost (b) $ 594 $ 768 (a) Includes right-of-use asset amortization of ($ 0.3 ) million and ($ 0.4 ) million for the three months ended April 29, 2023 and April 30, 2022, respectively. (b) Primarily relates to monthly percentage rent for stores not presented on the balance sheet. Supplemental cash flow information and non-cash activity related to the Company’s operating leases are as follows (in thousands): Operating cash flow information: Three Months Ended April 29, 2023 April 30, 2022 Cash paid for amounts included in the measurement of lease liabilities $ 17,345 $ 16,836 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations, net of rent violations $ 1,904 $ 3,515 Weighted-average remaining lease term and discount rate for the Company’s operating leases are as follows: As of April 29, 2023 April 30, 2022 Weighted-average remaining lease term 2.2 Years 2.4 Years Weighted-average discount rate 3.20% 2.92% As of April 29, 2023, the maturities of lease liabilities by fiscal year for the Company’s operating leases are as follows (in thousands): Fiscal Year 2023 (a) $ 52,516 2024 49,829 2025 32,563 2026 18,657 2027 8,648 Thereafter 1,603 Total lease payments 163,816 Less: Imputed interest 8,344 Present value of lease liabilities $ 155,472 (a) Excluding the 3 months ended April 29, 2023.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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