Leases (Tables)

3 Months Ended

May 04, 2024

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 months ended May 4, 2024 and April 29, 2023:

	For the three months ended
	May 4, 2024		April 29, 2023
(in thousands)
Operating lease cost	$	11,477	$	10,666
Variable lease costs(1)		3,393		3,166
Total lease costs	$	14,870	$	13,832

(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 three months ended May 4, 2024 and April 29, 2023 was as follows:

(dollars in thousands)	For the three months ended
Cash paid for amounts included in the measurement of lease liabilities:	May 4, 2024			April 29, 2023
Operating cash flows for operating leases (1)	$	12,966		$	12,753
Non-cash operating activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	26,370		$	9,250
Weighted average remaining lease term	5.2 yrs.			4.3 yrs.
Weighted average discount rate		6.45	%		6.39	%

(1)The cash paid for the first three months of fiscal 2024 and fiscal 2023 included prepaid rent of $4.3 million and $4.2 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 May 4, 2024:

(in thousands)
2024 (remaining)	$	31,965
2025		47,074
2026		35,037
2027		28,001
2028		19,978
Thereafter		39,695
Total minimum lease payments	$	201,750
Less: amount of lease payments representing interest		32,523
Present value of future minimum lease payments	$	169,227
Less: current obligations under leases		34,644
Long-term lease obligations	$	134,583