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Leases (Tables)

6 Months Ended

Jul. 31, 2021

The following table is a summary of the Company’s components of net lease cost for the three and six months ended July 31, 2021 and August 1, 2020:

	For the three months ended				For the six months ended
	July 31, 2021		August 1, 2020		July 31, 2021		August 1, 2020
(in thousands)
Operating lease cost	$	10,516	$	11,300	$	21,642	$	23,932
Variable lease costs⁽¹⁾		3,436		3,266		7,181		7,069
Total lease costs	$	13,952	$	14,566	$	28,823	$	31,001

(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 six months ended July 31, 2021 and August 1, 2020 is as follows:


(dollars in thousands)	For the six months ended
Cash paid for amounts included in the measurement of lease liabilities:	July 31, 2021		August 1, 2020
Operating cash flows for operating leases⁽¹⁾	$	30,954	$	18,527
Non-cash operating activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	4,749	$	559
Net decrease in right-of-use assets due to lease modifications associated with rent concessions and lease exits	$	-	$	(578	)

Weighted average remaining lease term	4.3 yrs.		5.0 yrs.
Weighted average discount rate	6.87%		6.48%

(1)

The increase in cash payments for the first six months of fiscal 2021 as compared to the first six months of fiscal 2020 is due to rent abatements and deferments negotiated in the second quarter of fiscal 2020 for rent obligations while stores were closed. The cash paid for the first six months of fiscal 2021 also includes prepaid rent for August 2021 of $3.8 million.

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 31, 2021:

(in thousands)
2021 (remaining)	$	21,552
2022		49,173
2023		41,961
2024		32,253
2025		23,638
Thereafter		16,318
Total minimum lease payments	$	184,895
Less: amount of lease payments representing interest		25,651
Present value of future minimum lease payments	$	159,244
Less: current obligations under leases		36,938
Long-term lease obligations	$	122,306