Leases

9 Months Ended

Oct. 29, 2022

Leases [Abstract]

Leases

Leases

ROU lease assets are periodically reviewed for impairment losses. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment - Overall, to determine when to test ROU assets (or asset groups that contain one or more ROU assets for impairment), whether ROU assets are impaired, and if so, the amount of the impairment loss to recognize. Asset group impairment charges in the 13-weeks and 39-weeks ended October 29, 2022 and October 30, 2021, were immaterial.

Lease costs are as follows (in thousands):

	13-Weeks Ended				39-Weeks Ended
	October 29, 2022		October 30, 2021		October 29, 2022		October 30, 2021
Operating lease cost	$	19,285	$	16,796	$	56,606	$	47,357
Finance lease cost:
Amortization of assets	235		224		716		638
Interest on lease liabilities	27		30		84		109
Variable lease cost	4,771		4,264		13,536		15,186
	$	24,318	$	21,314	$	70,942	$	63,290

Finance ROU assets on the unaudited condensed consolidated balance sheets at October 29, 2022, January 29, 2022, and October 30, 2021 are shown net of accumulated amortization of $3.1 million, $2.5 million, and $2.3 million, respectively.

The following table provides ROU assets obtained in exchange for lease obligations (in thousands):

	39-Weeks Ended
	October 29, 2022		October 30, 2021
ROU assets obtained in exchange for lease obligations, net:
Operating leases	$	73,797	$	63,827
Finance leases	$	571	$	(452)

As of October 29, 2022, we have entered into approximately $7.6 million of operating lease obligations related to future store locations that have not yet commenced.

Leases

Leases

ROU lease assets are periodically reviewed for impairment losses. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment - Overall, to determine when to test ROU assets (or asset groups that contain one or more ROU assets for impairment), whether ROU assets are impaired, and if so, the amount of the impairment loss to recognize. Asset group impairment charges in the 13-weeks and 39-weeks ended October 29, 2022 and October 30, 2021, were immaterial.

Lease costs are as follows (in thousands):

	13-Weeks Ended				39-Weeks Ended
	October 29, 2022		October 30, 2021		October 29, 2022		October 30, 2021
Operating lease cost	$	19,285	$	16,796	$	56,606	$	47,357
Finance lease cost:
Amortization of assets	235		224		716		638
Interest on lease liabilities	27		30		84		109
Variable lease cost	4,771		4,264		13,536		15,186
	$	24,318	$	21,314	$	70,942	$	63,290

Finance ROU assets on the unaudited condensed consolidated balance sheets at October 29, 2022, January 29, 2022, and October 30, 2021 are shown net of accumulated amortization of $3.1 million, $2.5 million, and $2.3 million, respectively.

The following table provides ROU assets obtained in exchange for lease obligations (in thousands):

	39-Weeks Ended
	October 29, 2022		October 30, 2021
ROU assets obtained in exchange for lease obligations, net:
Operating leases	$	73,797	$	63,827
Finance leases	$	571	$	(452)

As of October 29, 2022, we have entered into approximately $7.6 million of operating lease obligations related to future store locations that have not yet commenced.