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Leases | 6 Months Ended
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Aug. 02, 2025
Leases [Abstract] |
Leases | 4. Leases The Company leases all of its store locations and its corporate headquarters, which also includes its distribution center, under operating leases. The store leases typically have initial terms of 5 years to 10 years, with options that usually permit renewal for additional five-year periods. In the second quarter of fiscal 2025, the Company extended the term of its corporate lease from February 1, 2026 to January 31, 2033, with the opportunity to extend for three additional consecutive periods of five years. In connection with the lease amendment to extend the term of the lease, the landlord provided the Company with an improvement allowance in an amount up to $4.7 million, which has been included as an offset to the ROU asset and will be amortized as a reduction to rent expense over the lease term. The Company also leases certain equipment and other assets under operating leases, typically with initial terms of 3 to 5 years. The Company is generally obligated for the cost of property taxes, insurance and common area maintenance fees relating to its leases, which are considered variable lease costs and are expensed as incurred. ASC 842 requires the assessment of any lease modification to determine if the modification should be treated as a separate lease and if not, modification accounting would be applied. Lease modification accounting requires the recalculation of the ROU asset, lease liability and lease expense over the respective lease term. As of August 2, 2025, the Company’s operating leases liabilities represent the present value of the remaining future minimum lease payments updated based on concessions and lease modifications. Lease costs related to store locations are included in cost of goods sold, including occupancy costs on the Consolidated Statements of Operations, and expenses and lease costs related to the corporate headquarters and equipment leases are included in selling, general and administrative expenses on the Consolidated Statements of Operations. The following table is a summary of the Company’s components of net lease cost for the three and six months ended August 2, 2025 and August 3, 2024, respectively:
|  | For the three months ended |  |  | For the six months ended |
|  | August 2, 2025 |  |  | August 3, 2024 |  |  | August 2, 2025 |  |  | August 3, 2024 |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 13,277 |  |  | $ | 12,222 |  |  | $ | 26,258 |  |  | $ | 23,699 |
Variable lease costs(1) |  |  | 3,878 |  |  |  | 3,151 |  |  |  | 7,503 |  |  |  | 6,544 |
Total lease costs |  | $ | 17,155 |  |  | $ | 15,373 |  |  | $ | 33,761 |  |  | $ | 30,243 |
(1) Variable lease costs include the cost of property taxes, insurance and common area maintenance fees related to leases. Supplemental cash flow and balance sheet information related to leases as of and for the first six months ended August 2, 2025 and August 3, 2024 was as follows:
(dollars in thousands) |  | For the six months ended |
Cash paid for amounts included in the measurement of lease liabilities: |  | August 2, 2025 |  |  | August 3, 2024 |
Operating cash flows for operating leases (1) |  | $ | 27,747 |  |  | $ | 25,750 |
Non-cash operating activities: |  |  |  |  |  |
Right-of-use assets obtained in exchange for operating lease liabilities |  | $ | 53,413 |  |  | $ | 43,087 |
|  | As of |
|  | August 2, 2025 |  |  | August 3, 2024 |
Weighted average remaining lease term |  | 5.9 yrs. |  |  | 5.4 yrs. |
Weighted average discount rate |  |  | 6.50 | % |  |  | 6.38 | %
(1) The cash paid for the first six months of fiscal 2025 and fiscal 2024 included prepaid rent of $4.6 million and $4.3 million, respectively. The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the Consolidated Balance Sheet as of August 2, 2025:
(in thousands) |  |  |
2025 (remaining) |  | $ | 15,561 |
2026 |  |  | 54,810 |
2027 |  |  | 49,374 |
2028 |  |  | 41,089 |
2029 |  |  | 33,499 |
Thereafter |  |  | 73,929 |
Total minimum lease payments |  | $ | 268,262 |
Less: amount of lease payments representing interest |  |  | 49,128 |
Present value of future minimum lease payments |  | $ | 219,134 |
Less: current obligations under leases |  |  | 33,192 |
Long-term lease obligations |  | $ | 185,942 |

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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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