Leases

12 Months Ended

Jan. 29, 2022

Leases [Abstract]

Leases

Leases

Our lease costs reflected in the tables below include minimum base rents, CAM charges and HVAC charges. We recognize such lease costs in the applicable expense category in either cost of goods sold, or selling, general and administrative expenses in the consolidated statements of operations and comprehensive income (loss).

Our lease costs consisted of the following (in thousands):

	Fiscal Year Ended
	February 1, 2020		January 30, 2021		January 29, 2022
Operating (fixed) lease cost	$	58,700	$	40,192	$	50,446
Short-term lease cost	170		124		82
Variable lease cost	18,237		17,550		20,655
Total lease cost	$	77,107	$	57,866	$	71,183

In response to the COVID-19 pandemic, the FASB issued interpretive guidance in April 2020, which provides entities the option to elect to account for lease concessions as though the enforceable rights and obligations existed in the original lease terms. We elected this option; accordingly, we do not remeasure the lease liabilities or record a change to the ROU assets for any concessions we receive for our retail store leases. Rather, deferred lease payments are recorded to operating lease liabilities until paid and lease concessions are recorded in the period they are negotiated or when the lower lease expense is paid.

As of January 30, 2021, we recorded deferred fixed lease payments of $5.8 million in current operating lease liabilities in the consolidated balance sheet and as of January 29, 2022, the amount recorded was not material. During fiscal years 2020 and 2021, we recorded reductions to lease costs of $18.6 million and $1.3 million, respectively, as a result of negotiated lease concessions.

A maturity analysis of our operating lease liabilities, for lease terms that include periods covered by options to extend some of our leases that we are reasonably certain of being executed, for each of the next five years and thereafter, reconciled to our operating lease liabilities recognized in the consolidated balance sheet as of January 29, 2022, is as follows (in thousands):

Fiscal Year
2022	$	58,749
2023	59,476
2024	52,812
2025	43,095
2026	31,065
Thereafter	55,792
Total operating lease liabilities	$	300,989
Less: Imputed interest	(48,224)
Total operating lease liabilities	$	252,765
Less: Current portion of operating lease liabilities	(45,716)
Noncurrent operating lease liabilities	$	207,049

Other supplementary information related to our leases is reflected in the table below (in thousands except lease term and discount rate data):

	Fiscal Year Ended
	February 1, 2020			January 30, 2021			January 29, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	59,894		$	40,025		$	59,066
Right-of-use assets obtained in exchange for new operating lease liabilities	$	18,202		$	3,814		$	11,912
Decrease in right-of-use assets resulting from operating lease modifications or remeasurements	$	8,111		$	6,493		$	5,190
Weighted average remaining lease term - operating leases	7 years			7 years			6 years
Weighted average discount rate - operating leases	5		%	6		%	6		%

Leases

Leases

Our lease costs reflected in the tables below include minimum base rents, CAM charges and HVAC charges. We recognize such lease costs in the applicable expense category in either cost of goods sold, or selling, general and administrative expenses in the consolidated statements of operations and comprehensive income (loss).

Our lease costs consisted of the following (in thousands):

	Fiscal Year Ended
	February 1, 2020		January 30, 2021		January 29, 2022
Operating (fixed) lease cost	$	58,700	$	40,192	$	50,446
Short-term lease cost	170		124		82
Variable lease cost	18,237		17,550		20,655
Total lease cost	$	77,107	$	57,866	$	71,183

In response to the COVID-19 pandemic, the FASB issued interpretive guidance in April 2020, which provides entities the option to elect to account for lease concessions as though the enforceable rights and obligations existed in the original lease terms. We elected this option; accordingly, we do not remeasure the lease liabilities or record a change to the ROU assets for any concessions we receive for our retail store leases. Rather, deferred lease payments are recorded to operating lease liabilities until paid and lease concessions are recorded in the period they are negotiated or when the lower lease expense is paid.

As of January 30, 2021, we recorded deferred fixed lease payments of $5.8 million in current operating lease liabilities in the consolidated balance sheet and as of January 29, 2022, the amount recorded was not material. During fiscal years 2020 and 2021, we recorded reductions to lease costs of $18.6 million and $1.3 million, respectively, as a result of negotiated lease concessions.

A maturity analysis of our operating lease liabilities, for lease terms that include periods covered by options to extend some of our leases that we are reasonably certain of being executed, for each of the next five years and thereafter, reconciled to our operating lease liabilities recognized in the consolidated balance sheet as of January 29, 2022, is as follows (in thousands):

Fiscal Year
2022	$	58,749
2023	59,476
2024	52,812
2025	43,095
2026	31,065
Thereafter	55,792
Total operating lease liabilities	$	300,989
Less: Imputed interest	(48,224)
Total operating lease liabilities	$	252,765
Less: Current portion of operating lease liabilities	(45,716)
Noncurrent operating lease liabilities	$	207,049

Other supplementary information related to our leases is reflected in the table below (in thousands except lease term and discount rate data):

	Fiscal Year Ended
	February 1, 2020			January 30, 2021			January 29, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	59,894		$	40,025		$	59,066
Right-of-use assets obtained in exchange for new operating lease liabilities	$	18,202		$	3,814		$	11,912
Decrease in right-of-use assets resulting from operating lease modifications or remeasurements	$	8,111		$	6,493		$	5,190
Weighted average remaining lease term - operating leases	7 years			7 years			6 years
Weighted average discount rate - operating leases	5		%	6		%	6		%