Leases

3 Months Ended

May 04, 2024

Leases [Abstract]

Leases

Leases

ROU lease assets are periodically reviewed for impairment losses. We use the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment - Overall, to determine when to evaluate assets and asset groups, including ROU assets, for impairment and to calculate any impairment loss to be recognized. Asset group impairment charges in the 13-weeks ended May 4, 2024 and April 29, 2023, were immaterial.

Lease costs are as follows (in thousands):

	13-Weeks Ended
	May 4, 2024		April 29, 2023
Operating lease cost	$	21,278	$	20,038
Finance lease cost:
Amortization of assets	141		255
Interest on lease liabilities	21		27
Variable lease cost	5,017		5,068
	$	26,457	$	25,388

Finance ROU assets on the unaudited condensed consolidated balance sheets at May 4, 2024, February 3, 2024, and April 29, 2023 are shown net of accumulated amortization of $4.5 million, $4.4 million, and $3.6 million, respectively.

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

	13-Weeks Ended
	May 4, 2024		April 29, 2023
ROU assets obtained in exchange for lease obligations, net:
Operating leases	$	16,835	$	18,433
Finance leases	$	—	$	—

As of May 4, 2024, we have entered into approximately $14.0 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. We use the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment - Overall, to determine when to evaluate assets and asset groups, including ROU assets, for impairment and to calculate any impairment loss to be recognized. Asset group impairment charges in the 13-weeks ended May 4, 2024 and April 29, 2023, were immaterial.

Lease costs are as follows (in thousands):

	13-Weeks Ended
	May 4, 2024		April 29, 2023
Operating lease cost	$	21,278	$	20,038
Finance lease cost:
Amortization of assets	141		255
Interest on lease liabilities	21		27
Variable lease cost	5,017		5,068
	$	26,457	$	25,388

Finance ROU assets on the unaudited condensed consolidated balance sheets at May 4, 2024, February 3, 2024, and April 29, 2023 are shown net of accumulated amortization of $4.5 million, $4.4 million, and $3.6 million, respectively.

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

	13-Weeks Ended
	May 4, 2024		April 29, 2023
ROU assets obtained in exchange for lease obligations, net:
Operating leases	$	16,835	$	18,433
Finance leases	$	—	$	—

As of May 4, 2024, we have entered into approximately $14.0 million of operating lease obligations related to future store locations that have not yet commenced.