Leases (Tables)

6 Months Ended

Jul. 30, 2022

Leases [Abstract]

Summary of Components of Net Lease Cost

The following table is a summary of the Company’s components of net lease cost for the three and six months ended July 30, 2022 and July 31, 2021:

	For the three months ended				For the six months ended
	July 30, 2022		July 31, 2021		July 30, 2022		July 31, 2021
(in thousands)
Operating lease cost	$	10,744	$	10,516	$	21,758	$	21,642
Variable lease costs(1)		3,119		3,436		6,273		7,181
Total lease costs	$	13,863	$	13,952	$	28,031	$	28,823

(1)Variable lease costs include the cost of property taxes, insurance and common area maintenance fees related to its leases.

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow and balance sheet information related to leases for the first six months ended July 30, 2022 and July 31, 2021 is as follows:

(dollars in thousands)	For the six months ended
Cash paid for amounts included in the measurement of lease liabilities:	July 30, 2022		July 31, 2021
Operating cash flows for operating leases (1)	$	28,281	$	30,954
Non-cash operating activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	14,167	$	4,749
Weighted average remaining lease term	4.4 yrs.		4.3 yrs.
Weighted average discount rate	6.56%		6.87%

(1)The cash paid for the first six months of fiscal 2022 and fiscal 2021 includes prepaid rent of $3.6 million and $3.8 million, respectively.

Schedule of Reconciliation of Undiscounted Cash Flows Related to Operating Lease Liabilities

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the Consolidated Balance Sheet as of July 30, 2022:

(in thousands)
2022 (remaining)	$	21,146
2023		47,506
2024		38,912
2025		30,624
2026		18,252
Thereafter		17,069
Total minimum lease payments	$	173,509
Less: amount of lease payments representing interest		21,939
Present value of future minimum lease payments	$	151,570
Less: current obligations under leases		37,114
Long-term lease obligations	$	114,456