Leases

6 Months Ended

Jul. 30, 2022

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. Asset group impairment charges in the 13-weeks and 26-weeks ended July 30, 2022 and July 31, 2021, were immaterial.

Lease costs are as follows (in thousands):

	13-Weeks Ended				26-Weeks Ended
	July 30, 2022		July 31, 2021		July 30, 2022		July 31, 2021
Operating lease cost	$	19,062	$	15,679	$	37,321	$	30,561
Finance lease cost:
Amortization of assets	245		235		481		414
Interest on lease liabilities	29		38		57		79
Variable lease cost	4,306		5,056		8,765		10,921
	$	23,642	$	21,008	$	46,624	$	41,975

Finance ROU assets on the unaudited condensed consolidated balance sheets at July 30, 2022, January 29, 2022, and July 31, 2021 are shown net of accumulated amortization of $2.8 million, $2.5 million, and $2.1 million, respectively.

The following table provides ROU assets obtained in exchange for lease obligations (in thousands):

	26-Weeks Ended
	July 30, 2022		July 31, 2021
ROU assets obtained in exchange for lease obligations, net:
Operating leases	$	50,939	$	36,509
Finance leases	$	395	$	68

As of July 30, 2022, we have entered into approximately $10.9 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. Asset group impairment charges in the 13-weeks and 26-weeks ended July 30, 2022 and July 31, 2021, were immaterial.

Lease costs are as follows (in thousands):

	13-Weeks Ended				26-Weeks Ended
	July 30, 2022		July 31, 2021		July 30, 2022		July 31, 2021
Operating lease cost	$	19,062	$	15,679	$	37,321	$	30,561
Finance lease cost:
Amortization of assets	245		235		481		414
Interest on lease liabilities	29		38		57		79
Variable lease cost	4,306		5,056		8,765		10,921
	$	23,642	$	21,008	$	46,624	$	41,975

Finance ROU assets on the unaudited condensed consolidated balance sheets at July 30, 2022, January 29, 2022, and July 31, 2021 are shown net of accumulated amortization of $2.8 million, $2.5 million, and $2.1 million, respectively.

The following table provides ROU assets obtained in exchange for lease obligations (in thousands):

	26-Weeks Ended
	July 30, 2022		July 31, 2021
ROU assets obtained in exchange for lease obligations, net:
Operating leases	$	50,939	$	36,509
Finance leases	$	395	$	68

As of July 30, 2022, we have entered into approximately $10.9 million of operating lease obligations related to future store locations that have not yet commenced.