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Leases | 12 Months Ended
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Feb. 01, 2025
Leases [Abstract] |
Leases | 11. 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): ` Fiscal Year Ended February 1, 2025 February 3, 2024 January 28, 2023 Operating lease cost (a) $ 67,174 $ 70,363 $ 71,513 Variable lease cost (b) $ 2,275 $ 2,646 $ 3,127 (a) Includes right-of-use asset amortization of ($ 0.8 ) million, ($ 1.3 ) million, and ($ 1.7 ) million for the twelve months ended February 1, 2025, February 3, 2024, and January 28, 2023 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: Fiscal Year Ended February 1, 2025 February 3, 2024 January 28, 2023 Cash paid for amounts included in the measurement of lease liabilities $ 60,717 $ 65,872 $ 67,194 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations, net of rent violations $ 53,419 $ 44,284 $ 57,628 Weighted-average remaining lease term and discount rate for the Company’s operating leases are as follows: ` As of February 1, 2025 February 3, 2024 Weighted-average remaining lease term 2.3 years 2.3 years Weighted-average discount rate 4.83% 4.58% Maturities of lease liabilities by fiscal year for the Company’s operating leases are as follows (in thousands): Fiscal Year 2025 $ 64,565 2026 43,208 2027 28,057 2028 16,596 2029 7,931 Thereafter 1,280 Total lease payments 161,637 Less: Imputed interest 15,741 Present value of lease liabilities $ 145,896

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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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