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Leases
 12 Months Ended
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