Leases

9 Months Ended

Oct. 28, 2023

Leases [Abstract]

Leases

Leases

ROU lease assets are periodically reviewed for impairment losses. We use the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment - Overall, to determine when to evaluate assets and asset groups, including ROU assets, for impairment and to calculate any impairment loss to be recognized. Asset group impairment charges in the 13-weeks and 39-weeks ended October 28, 2023 and October 29, 2022, were immaterial.

Lease costs are as follows (in thousands):

	13-Weeks Ended				39-Weeks Ended
	October 28, 2023		October 29, 2022		October 28, 2023		October 29, 2022
Operating lease cost	$	20,479	$	19,285	$	60,737	$	56,606
Finance lease cost:
Amortization of assets	271		235		791		716
Interest on lease liabilities	25		27		79		84
Variable lease cost	4,862		4,771		14,554		13,536
	$	25,637	$	24,318	$	76,161	$	70,942

Finance ROU assets on the unaudited condensed consolidated balance sheets at October 28, 2023, January 28, 2023, and October 29, 2022 are shown net of accumulated amortization of $4.1 million, $3.3 million, and $3.1 million, respectively.

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

	39-Weeks Ended
	October 28, 2023		October 29, 2022
ROU assets obtained in exchange for lease obligations, net:
Operating leases	$	69,507	$	73,797
Finance leases	$	718	$	571

As of October 28, 2023, we have entered into approximately $5.5 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. We use the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment - Overall, to determine when to evaluate assets and asset groups, including ROU assets, for impairment and to calculate any impairment loss to be recognized. Asset group impairment charges in the 13-weeks and 39-weeks ended October 28, 2023 and October 29, 2022, were immaterial.

Lease costs are as follows (in thousands):

	13-Weeks Ended				39-Weeks Ended
	October 28, 2023		October 29, 2022		October 28, 2023		October 29, 2022
Operating lease cost	$	20,479	$	19,285	$	60,737	$	56,606
Finance lease cost:
Amortization of assets	271		235		791		716
Interest on lease liabilities	25		27		79		84
Variable lease cost	4,862		4,771		14,554		13,536
	$	25,637	$	24,318	$	76,161	$	70,942

Finance ROU assets on the unaudited condensed consolidated balance sheets at October 28, 2023, January 28, 2023, and October 29, 2022 are shown net of accumulated amortization of $4.1 million, $3.3 million, and $3.1 million, respectively.

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

	39-Weeks Ended
	October 28, 2023		October 29, 2022
ROU assets obtained in exchange for lease obligations, net:
Operating leases	$	69,507	$	73,797
Finance leases	$	718	$	571

As of October 28, 2023, we have entered into approximately $5.5 million of operating lease obligations related to future store locations that have not yet commenced.