XML 26 R18.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Impairment
3 Months Ended
May 04, 2024
Impairment [Abstract]  
Impairment

Note 10 – Impairment

The Company evaluates the recoverability of the carrying amounts of long-lived assets when events or changes in circumstances dictate that their carrying values may not be recoverable. This review includes the evaluation of individual under-performing retail stores and the assessment of the recoverability of the carrying value of the assets related to the stores. Future cash flows are projected for the remaining lease life. If the estimated future cash flows are less than the carrying value of the assets, the Company records an impairment charge equal to the difference between the assets’ fair value and carrying value. The fair value is estimated using a discounted cash flow approach, considering such factors as future sales levels, gross margins, changes in rent and other expenses as well as the overall operating environment specific to that store. The amount of the impairment charge is allocated proportionately to all assets in the asset group with no asset written down below its individual fair value.

The table below sets forth impairment information (in thousands, except store counts) for the periods indicated:

 

 

13-Week Period Ended

 

 

 

May 4, 2024

 

 

April 29, 2023

 

Impairment of leasehold improvements, fixtures and equipment at stores

 

$

11

 

 

$

179

 

Impairment of other long-lived assets(1)

 

 

 

 

 

46

 

Total impairment

 

$

11

 

 

$

225

 

 

 

 

 

 

 

 

Number of stores with leasehold improvements, fixtures and equipment impairment

 

 

 

 

 

2

 

(1)
Other long-lived asset impairment includes the write-off of fixtures related to the closing of two-ecommerce distribution centers in fiscal 2023.