Leases and Other Commitments

9 Months Ended

Oct. 28, 2023

Leases and Other Commitments

Leases and Other Commitments

4.    Leases: For the Third Quarter of Fiscal 2023, operating lease expense was $18 million and variable lease expense was $10 million, resulting in total lease expense of $28 million compared to $25 million of total lease expense in the Third Quarter of Fiscal 2022. For the First Nine Months of Fiscal 2023, operating lease expense was $53 million and variable lease expense was $32 million, resulting in total lease expense of $85 million compared to $75 million of total lease expense in the First Nine Months of Fiscal 2022.

Cash paid for lease amounts included in the measurement of operating lease liabilities in the First Nine Months of Fiscal 2023 was $61 million, while cash paid for lease amounts included in the measurement of operating lease liabilities in the First Nine Months of Fiscal 2022 was $53 million.

The increase in lease expense and cash paid was primarily driven by the acquisition of Johnny Was.

As of October 28, 2023, the stated lease liability payments for the fiscal years specified below were as follows (in thousands):

	Operating lease
Remainder of 2023	$	19,761
2024		73,791
2025		58,704
2026		52,989
2027		39,332
2028		33,277
After 2028		63,417
Total lease payments	$	341,271
Less: Difference between discounted and undiscounted lease payments		49,809
Present value of lease liabilities	$	291,462