Leases (Tables)

6 Months Ended

Jul. 29, 2023

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 29, 2023 and July 30, 2022:

	For the three months ended				For the six months ended
	July 29, 2023		July 30, 2022		July 29, 2023		July 30, 2022
(in thousands)
Operating lease cost	$	11,374	$	10,744	$	22,041	$	21,758
Variable lease costs(1)		3,293		3,119		6,458		6,273
Total lease costs	$	14,667	$	13,863	$	28,499	$	28,031

(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 29, 2023 and July 30, 2022 was as follows:

(dollars in thousands)	For the six months ended
Cash paid for amounts included in the measurement of lease liabilities:	July 29, 2023		July 30, 2022
Operating cash flows for operating leases (1)	$	24,513	$	28,281
Non-cash operating activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	23,533	$	14,167
Weighted average remaining lease term	4.4 yrs.		4.4 yrs.
Weighted average discount rate	6.41%		6.56%

(1)The cash paid for the first six months of fiscal 2023 and fiscal 2022 included prepaid rent of $3.7 million and $3.6 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 29, 2023:

(in thousands)
2023 (remaining)	$	21,518
2024		47,118
2025		38,081
2026		25,440
2027		17,863
Thereafter		21,902
Total minimum lease payments	$	171,922
Less: amount of lease payments representing interest		22,288
Present value of future minimum lease payments	$	149,634
Less: current obligations under leases		37,727
Long-term lease obligations	$	111,907