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Leases | 6 Months Ended
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Aug. 02, 2025
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 August 2, 2025 August 3, 2024 Operating lease cost $ 16,496 $ 16,808 Variable lease cost (a) $ 420 $ 463 (a) Primarily related to monthly percentage rent for stores not presented on the balance sheet. Six Months Ended August 2, 2025 August 3, 2024 Operating lease cost $ 33,084 $ 33,810 Variable lease cost (a) $ 858 $ 960 (a) Primarily related to monthly percentage rent for stores not presented on the balance sheet. NOTE 12 – LEASES (CONTINUED: 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 August 2, 2025 August 3, 2024 Cash paid for amounts included in the measurement of lease liabilities $ 14,829 $ 15,481 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations, net of rent violations $ 12,224 $ 913 Six Months Ended August 2, 2025 August 3, 2024 Cash paid for amounts included in the measurement of lease liabilities $ 29,363 $ 31,088 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations, net of rent violations $ 13,430 $ 1,357 Weighted-average remaining lease term and discount rate for the Company’s operating leases are as follows: As of August 2, 2025 August 3, 2024 Weighted-average remaining lease term 2.1 years 1.8 years Weighted-average discount rate 5.92% 4.74% As of August 2, 2025, the maturities of lease liabilities by fiscal year for the Company’s operating leases are as follows (in thousands): Fiscal Year 2025 (a) $ 31,303 2026 48,424 2027 32,528 2028 20,105 2029 10,482 Thereafter 3,017 Total lease payments 145,859 Less: Imputed interest 15,964 Present value of lease liabilities $ 129,895 (a) Excluding the six months ended August 2, 2025

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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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