XML 31 R20.htm IDEA: XBRL DOCUMENT v3.23.2
Leases
 6 Months Ended
Jul. 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 up
 
to
10
 
years based on
 
the estimated likelihood
 
of renewal. Some
 
include options to
 
extend the lease
 
term for
up to
five years
, and some 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
July 29, 2023
July 30, 2022
Operating lease cost (a)
$
17,597
$
17,847
Variable
 
lease cost (b)
$
504
$
578
(a) Includes right-of-use asset amortization of ($
0.3
) million and ($
0.5
) million for the three months ended July 29, 2023 and July 30,
2022, respectively.
(b) Primarily related to monthly percentage rent for stores not presented on the condensed consolidated balance sheets.
Six Months Ended
July 29, 2023
July 30, 2022
Operating lease cost (a)
$
35,675
$
35,602
Variable
 
lease cost (b)
$
1,098
$
1,346
(a) Includes right-of-use asset amortization of ($
0.6
) million and ($
0.9
) million for the six months ended July 29, 2023 and July 30,
2022, respectively.
(b) Primarily related to monthly percentage rent for stores not presented on the condensed consolidated balance sheets.
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
July 29, 2023
July 30, 2022
Cash paid for amounts included in the measurement of lease liabilities
$
16,679
$
17,038
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations
$
999
$
2,534
Six Months Ended
July 29, 2023
July 30, 2022
Cash paid for amounts included in the measurement of lease liabilities
$
34,024
$
33,874
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations
$
2,903
$
6,049
Weighted-average
 
remaining
 
lease
 
term
 
and
 
discount
 
rate
 
for
 
the
 
Company’s
 
operating
 
leases
 
are
 
as
follows:
As of
July 29, 2023
July 30, 2022
Weighted-average remaining lease term
2.0
 
years
2.2
 
years
Weighted-average discount rate
3.26%
2.89%
Maturities
 
of
 
lease
 
liabilities
 
by
 
fiscal
 
year
 
for
 
the
 
Company’s
 
operating
 
leases
 
are
 
as
 
follows
 
(in
thousands):
Fiscal Year
2023 (a)
$
33,897
2024
49,250
2025
32,219
2026
19,094
2027
8,991
Thereafter
1,748
Total lease payments
145,199
Less: Imputed interest
7,378
Present value of lease liabilities
$
137,821
(a) Excluding the six months ended July 29, 2023