Leases (Tables)

9 Months Ended

Oct. 28, 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 nine months ended October 28, 2023 and October 29, 2022:

	For the three months ended				For the nine months ended
	October 28, 2023		October 29, 2022		October 28, 2023		October 29, 2022
(in thousands)
Operating lease cost	$	11,420	$	11,365	$	33,461	$	33,123
Variable lease costs(1)		3,190		3,261		9,648		9,534
Total lease costs	$	14,610	$	14,626	$	43,109	$	42,657

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

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow and balance sheet information related to leases for the first nine months ended October 28, 2023 and October 29, 2022 was as follows:

(dollars in thousands)	For the nine months ended
Cash paid for amounts included in the measurement of lease liabilities:	October 28, 2023			October 29, 2022
Operating cash flows for operating leases (1)	$	34,121		$	42,001
Non-cash operating activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	39,119		$	20,667
Weighted average remaining lease term	4.8 yrs.			4.3 yrs.
Weighted average discount rate		6.48	%		6.45	%

(1)The cash paid for the first nine months of fiscal 2023 and fiscal 2022 included prepaid rent of $0.6 million and $4.1 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 October 28, 2023:

(in thousands)
2023 (remaining)	$	12,086
2024		49,316
2025		41,254
2026		28,561
2027		21,131
Thereafter		34,591
Total minimum lease payments	$	186,939
Less: amount of lease payments representing interest		26,599
Present value of future minimum lease payments	$	160,340
Less: current obligations under leases		40,838
Long-term lease obligations	$	119,502