LEASES

3 Months Ended

Apr. 30, 2022

LEASESThe Company has operating leases for retail stores, corporate offices, distribution facilities, and certain equipment. The Company’s leases have remaining lease terms ranging from less than one year up to ten years, some of which include options to extend the leases for up to five years, and some of which include options to terminate the lease early. The Company records all occupancy costs in Cost of sales, except costs for administrative office buildings, which are recorded in Selling, general, and administrative expenses. As of the periods presented, the Company’s finance leases were not material to the Consolidated Balance Sheets, Consolidated Statements of Operations, or Consolidated Statements of Cash Flows.

The following components of lease expense were recognized in the Company’s Consolidated Statements of Operations:


	Thirteen Weeks Ended
		April 30, 2022		May 1, 2021
		(in thousands)
Fixed operating lease cost		$	22,970	$	25,758
Variable operating lease cost (1)		15,118		3,374
Total operating lease cost		$	38,088	$	29,132

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(1)Includes short term leases with lease periods of less than 12 months as well as lease abatements accounted for as reductions to variable lease costs under the COVID-19 expedient of $0.8 million and $8.0 million during the First Quarter 2022 and First Quarter 2021, respectively.

As of April 30, 2022, the weighted-average remaining operating lease term was 4.3 years, and the weighted-average discount rate for operating leases was 4.9%. Cash paid for amounts included in the measurement of operating lease liabilities during the First Quarter 2022 was $23.8 million. ROU assets obtained in exchange for new operating lease liabilities were $21.1 million during the First Quarter 2022.

As of April 30, 2022, the maturities of operating lease liabilities were as follows:


	April 30, 2022
	(in thousands)
Remainder of 2022	$	81,935
2023	60,543
2024	30,697
2025	18,292
2026	15,679
Thereafter	33,671
Total lease payments	240,817
Less: imputed interest	(22,140)
Present value of operating lease liabilities	$	218,677