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Leases | 12 Months Ended
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Feb. 03, 2024
Leases [Abstract] |
Leases | Note 5 — Leases The Company leases retail store facilities, corporate office space, warehouse facilities and certain vehicles and equipment under operating leases with terms generally ranging up to 10 years and expiring at various dates through fiscal 2033. Most of the retail store agreements include an initial term with renewal options and provide for minimum fixed rental payments. The Company does not include lease renewal options in the lease term for calculations of its right-of-use assets and liabilities until it is reasonably certain that the Company plans to renew these leases. A few retail store lease agreements have only variable lease payments based on a percentage of sales, while other store leases contain contingent rentals based on sales performance in excess of specified minimums in addition to minimum fixed rentals. The majority of the Company’s leases have monthly fixed rent with additional costs that are not components of the lease (e.g., real estate taxes and insurance costs) and non-lease components (e.g., common area maintenance) either of which can be variable or fixed. These additional non-lease components are excluded from the calculation of the lease liability and right-of-use asset. The Company’s leases do not provide an implicit rate, so the incremental borrowing rate, based on the information available at commencement or modification date, is used in determining the present value of lease payments. The Company has elected not to recognize leases with an original term of one year or less on the consolidated balance sheets. The Company's classification of lease cost on the Company's consolidated statements of operations is as follows (in thousands):
|  | 53 Week Period Ended (1) |  |  | 52 Week Period Ended (1) |  |  | 52 Week Period Ended (1) |
|  | February 3, 2024 |  |  | January 28, 2023 |  |  | January 29, 2022 |
Cost of sales (2) |  |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 46,066 |  |  | $ | 44,960 |  |  | $ | 37,241 |
Short-term lease cost |  |  | 1,308 |  |  |  | 2,662 |  |  |  | 1,144 |
Variable lease cost |  |  | 1,226 |  |  |  | 1,367 |  |  |  | 2,102 |
Total lease cost in cost of sales |  |  | 48,600 |  |  |  | 48,989 |  |  |  | 40,487 |
Other operating expenses |  |  |  |  |  |  |  |  |
Operating lease cost |  |  | 1,651 |  |  |  | 1,657 |  |  |  | 1,701 |
Short-term lease cost |  |  | 66 |  |  |  | 67 |  |  |  | 53 |
Total lease cost in other operating expenses |  |  | 1,717 |  |  |  | 1,724 |  |  |  | 1,754 |
Total lease cost |  | $ | 50,317 |  |  | $ | 50,713 |  |  | $ | 42,241 |
(1) Total lease cost excludes expense for non-lease components including common area maintenance and excludes costs that are not a component of the lease including real estate taxes, insurance, sales taxes and utilities for the Company’s leases. (2) Cost of sales includes all distribution center lease costs and store occupancy-related lease costs. As of February 3, 2024, future minimum payments, by year and in the aggregate, under all operating leases with initial terms of one year or more consist of the following (in thousands):
|  | Operating Leases |
2024 |  | $ | 45,082 |
2025 |  |  | 40,685 |
2026 |  |  | 31,490 |
2027 |  |  | 22,721 |
2028 |  |  | 13,605 |
Thereafter |  |  | 13,163 |
Total lease payments |  |  | 166,746 |
Less: interest |  |  | (26,956 | )
Present value of lease liabilities |  | $ | 139,790 |
The Company’s lease term and discount rate is as follows:
|  | February 3, 2024 |
Weighted-average remaining lease term (years) |  |  | 4.5 |
Weighted-average discount rate |  |  | 8.1 | %
Cash paid for amounts included in the measurement of lease liabilities is as follows (in thousands):
|  | 53 Weeks Ended February 3, 2024 |  |  | 52 Weeks Ended January 28, 2023 |  |  | 52 Weeks Ended January 29, 2022 |
Operating cash flows from operating leases |  | $ | 51,515 |  |  | $ | 53,415 |  |  | $ | 53,220 |

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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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