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LEASES
 12 Months Ended
Feb. 03, 2024
Leases [Abstract]  
Lessee, Operating Leases LEASES
The Company is a party to leases related to its Company-operated retail stores as well as for certain of its DCs, office space, information technology and equipment.

The following table provides a summary of the Company’s operating lease costs for Fiscal 2023, Fiscal 2022 and Fiscal 2021:
(in thousands)Fiscal 2023Fiscal 2022Fiscal 2021
Single lease cost (1)
$248,567 $246,824 $272,246 
Variable lease cost (2)
168,881 150,909 110,889 
Operating lease right-of-use asset impairment (3)
1,440 6,248 9,509 
Sublease income(3,949)(3,826)(4,292)
Total operating lease cost$414,939 $400,155 $388,352 
(1)Includes amortization and interest expense associated with operating lease right-of-use assets and the impact from remeasurement of operating lease liabilities.
(2)Includes variable payments related to both lease and nonlease components, such as contingent rent payments made by the Company based on performance, and payments related to taxes, insurance, and maintenance costs.
(3)Refer to Note 8, “ASSET IMPAIRMENT,” for details related to operating lease right-of-use asset impairment charges.


The following table provides the weighted-average remaining lease term of the Company’s operating leases and the weighted-average discount rate used to calculate the Company’s operating lease liabilities as of February 3, 2024 and January 28, 2023:

February 3, 2024January 28, 2023
Weighted-average remaining lease term (years)4.75.3
Weighted-average discount rate6.7 %6.3 %

The following table provides a maturity analysis of the Company’s operating lease liabilities, based on undiscounted cash flows, as of February 3, 2024:
(in thousands)February 3, 2024
Fiscal 2024$228,719 
Fiscal 2025220,039 
Fiscal 2026176,206 
Fiscal 2027140,281 
Fiscal 2028106,719 
Fiscal 2029 and thereafter96,761 
Total undiscounted operating lease payments968,725 
Less: Imputed interest(142,475)
Present value of operating lease liabilities$826,249 

During Fiscal 2020, the Company entered into a sublease agreement with a third party for the remaining lease term of one of its European Abercrombie & Fitch flagship store locations upon its closure. As of February 3, 2024, future minimum tenant operating lease payments remaining under this sublease were $15.5 million with a remaining sublease term of 3.8 years.
The Company had minimum commitments related to operating lease contracts that have not yet commenced, primarily for its Company-operated retail stores, of approximately $29.1 million as of February 3, 2024.