LEASES

12 Months Ended

Jan. 28, 2024

Disclosure Text Block [Abstract]

Lessee, Operating Leases [Text Block]

NOTE 12 – LEASES

In fiscal 2020, we adopted Accounting Standards Codification Topic 842 Leases. See “Leases” under Note 1 for a discussion of our accounting policies and elections under Topic 842. We have a sub-lease at one of our warehouses and we recognized sub-lease income of $146,000, $445,000, and $890,000 in fiscal 2024, fiscal 2023, and fiscal 2022, respectively.

The components of lease cost and supplemental cash flow information for leases in fiscal 2024, 2023 and 2022 were:

	Fifty-two Weeks Ended
	January 28, 2024		January 29, 2023		January 30, 2022
Operating lease cost	$	10,912	$	9,908	$	8,144
Variable lease cost		248		234		208
Short-term lease cost		399		327		117
Total operating lease cost	$	11,559	$	10,469	$	8,469
Operating cash outflows	$	10,537	$	10,527	$	7,730

During the fiscal 2024 second quarter, we reduced our footprint by 200,000 square feet in the Georgia warehouse. During the third quarter, we entered into an agreement to further reduce our footprint by 200,000 square feet by early calendar 2024. These modifications resulted in an approximate $13 million decrease in the lease right-of-use assets and liabilities. The right-of-use assets and lease liabilities recorded on our Consolidated Balance Sheets as of January 28, 2024 and January 29, 2023 were:

	January 28, 2024		January 29, 2023
Real estate	$	49,968	$	68,212
Property and equipment		833		737
Total operating leases right-of-use assets	$	50,801	$	68,949
Current portion of operating lease liabilities	$	6,964	$	7,316
Long term operating lease liabilities		46,414		63,762
Total operating lease liabilities	$	53,378	$	71,078

The weighted-average discount rate is 5.15%. The weighted-average remaining lease term is 7.0 years.

The following table reconciles the undiscounted future lease payments for operating leases to the operating lease liabilities recorded in the consolidated balance sheet at January 28, 2024:

Fiscal Year	Undiscounted Future Operating Lease Payments
2025	$	9,530
2026		9,589
2027		9,428
2028		7,803
2029		7,275
2030 and thereafter		20,982
Total lease payments	$	64,607
Less: impact of discounting		(11,229	)
Present value of lease payments	$	53,378