PROPERTY AND EQUIPMENT

12 Months Ended

Feb. 03, 2024

PROPERTY AND EQUIPMENT.

PROPERTY AND EQUIPMENT

9.   PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

($thousands)	February 3, 2024		January 28, 2023
Land and buildings	$	38,795	$	37,394
Leasehold improvements		216,531		204,378
Technology equipment		51,690		50,628
Machinery and equipment		114,245		106,197
Furniture and fixtures		140,456		130,761
Construction in progress		14,204		20,504
Property and equipment		575,921		549,862
Allowances for depreciation		(408,338)		(388,979)
Property and equipment, net	$	167,583	$	160,883

Useful lives of property and equipment are as follows:

	Years
Buildings	5 - 30
Leasehold improvements	5 - 20
Technology equipment	2 - 10
Machinery and equipment	4 - 20
Furniture and fixtures	3 - 10

After allowing for an appropriate start-up period, property and equipment at stores and any lease right-of-use assets indicated as impaired are written down to fair value as calculated using a discounted cash flow method.  The Company recorded charges for impairment of $0.7 million, $1.8 million and $4.1 million in 2023, 2022 and 2021, respectively, primarily for operating lease right-of-use assets, leasehold improvements and furniture and fixtures in the Company’s retail stores and capitalized software, which are presented in selling and administrative expenses. Fair value was based on estimated future cash flows to be generated by retail stores, discounted at a market rate of interest. Refer to Note 12 and Note 13 to the consolidated financial statements for further discussion of these impairment charges.

Property and Equipment, Held for Sale

The Company continues to actively market for sale its nine-acre corporate headquarters campus (the “Campus”) located in Clayton, Missouri and as of February 3, 2024, was engaged in discussions with multiple potential buyers.  The Company expects the Campus to qualify as a completed sale within the next year.  Accordingly, the Campus, primarily consisting of land and buildings, has been classified as property and equipment, held for sale category on the consolidated balance sheet as of February 3, 2024 within the Eliminations and Other category.  The Company evaluated the Campus asset group for impairment and determined that no indicators were present as of February 3, 2024.