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Leases
 3 Months Ended
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.