Leases

3 Months Ended

May 01, 2021

Leases [Abstract]

Leases

Leases

ROU lease assets are periodically reviewed for impairment losses. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment - Overall, to determine when to test ROU assets (or asset groups that contain one or more ROU assets for impairment), whether ROU assets are impaired, and if so, the amount of the impairment loss to recognize. An asset group impairment charge of approximately $0.5 million and $4.1 million was recognized in the 13-weeks ended May 1, 2021 and May 2, 2020, respectively.

Lease costs are as follows (in thousands):

	13-Weeks Ended
	May 1, 2021		May 2, 2020
Operating lease cost	$	14,882	$	17,139
Finance lease cost:
Amortization of assets	179		235
Interest on lease liabilities	41		48
Variable lease cost	5,865		(1,208)
	$	20,967	$	16,214

Finance ROU assets on the unaudited condensed consolidated balance sheet at May 1, 2021, January 30, 2021, and May 2, 2020 are shown net of accumulated amortization of $1.9 million, $1.7 million, and $1.0 million, respectively.

The following table provides supplemental balance sheet information related to leases:

	May 1, 2021		January 30, 2021		May 2, 2020
Weighted-average remaining lease term (in years):
Operating leases	5		5		5
Finance leases	4		4		4
Weighted-average discount rate:
Operating leases	3.5	%	3.5	%	3.9	%
Finance leases	5.4	%	5.5	%	7.6	%

The following table provides supplemental cash flow and other information related to leases (in thousands):

	13-Weeks Ended
	May 1, 2021		May 2, 2020
Operating cash flows from operating leases	$	18,580	$	19,724
Operating cash flows from finance leases	$	41	$	48
Financing cash flows from finance leases	$	240	$	301
ROU assets obtained in exchange for lease obligations, net:
Operating leases	$	14,631	$	9,524
Finance leases	$	44	$	533

Maturities of lease obligation as of May 1, 2021 (in thousands):

	Operating		Finance		Total
Remainder of Fiscal 2022	$	49,322	$	835	$	50,157
Fiscal 2023	63,788		1,085		64,873
Fiscal 2024	49,667		971		50,638
Fiscal 2025	37,323		397		37,720
Fiscal 2026	26,295		302		26,597
Thereafter	40,065		42		40,107
Total minimum lease payments	266,460		3,632		270,092
Less amount representing interest	22,259		274		22,533
	$	244,201	$	3,358	$	247,559

As of May 1, 2021, we have entered into approximately $5.9 million of operating lease obligations related to future store locations that have not yet commenced.

Leases

Leases

ROU lease assets are periodically reviewed for impairment losses. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment - Overall, to determine when to test ROU assets (or asset groups that contain one or more ROU assets for impairment), whether ROU assets are impaired, and if so, the amount of the impairment loss to recognize. An asset group impairment charge of approximately $0.5 million and $4.1 million was recognized in the 13-weeks ended May 1, 2021 and May 2, 2020, respectively.

Lease costs are as follows (in thousands):

	13-Weeks Ended
	May 1, 2021		May 2, 2020
Operating lease cost	$	14,882	$	17,139
Finance lease cost:
Amortization of assets	179		235
Interest on lease liabilities	41		48
Variable lease cost	5,865		(1,208)
	$	20,967	$	16,214

Finance ROU assets on the unaudited condensed consolidated balance sheet at May 1, 2021, January 30, 2021, and May 2, 2020 are shown net of accumulated amortization of $1.9 million, $1.7 million, and $1.0 million, respectively.

The following table provides supplemental balance sheet information related to leases:

	May 1, 2021		January 30, 2021		May 2, 2020
Weighted-average remaining lease term (in years):
Operating leases	5		5		5
Finance leases	4		4		4
Weighted-average discount rate:
Operating leases	3.5	%	3.5	%	3.9	%
Finance leases	5.4	%	5.5	%	7.6	%

The following table provides supplemental cash flow and other information related to leases (in thousands):

	13-Weeks Ended
	May 1, 2021		May 2, 2020
Operating cash flows from operating leases	$	18,580	$	19,724
Operating cash flows from finance leases	$	41	$	48
Financing cash flows from finance leases	$	240	$	301
ROU assets obtained in exchange for lease obligations, net:
Operating leases	$	14,631	$	9,524
Finance leases	$	44	$	533

Maturities of lease obligation as of May 1, 2021 (in thousands):

	Operating		Finance		Total
Remainder of Fiscal 2022	$	49,322	$	835	$	50,157
Fiscal 2023	63,788		1,085		64,873
Fiscal 2024	49,667		971		50,638
Fiscal 2025	37,323		397		37,720
Fiscal 2026	26,295		302		26,597
Thereafter	40,065		42		40,107
Total minimum lease payments	266,460		3,632		270,092
Less amount representing interest	22,259		274		22,533
	$	244,201	$	3,358	$	247,559

As of May 1, 2021, we have entered into approximately $5.9 million of operating lease obligations related to future store locations that have not yet commenced.