Leases (Tables)

6 Months Ended

Aug. 03, 2019

The Company’s classification of lease cost on the Company’s condensed consolidated statements of operations is as follows (in thousands):



	13 Week Period Ended ⁽¹⁾		26-Week Period Ended ⁽¹⁾
	August 3, 2019		August 3, 2019
Cost of sales ⁽²⁾
Operating lease cost	$	13,474	$	27,062
Short-term lease cost	384		708
Variable lease cost	260		517
Total lease cost in cost of sales	$	14,118	$	28,287
Other operating expenses
Operating lease cost	$	730	$	1,460
Short-term lease cost	42		88
Total lease cost in other operating expenses	$	772	$	1,548


⁽¹⁾	Total lease cost for the 13-week and 26-week periods ended August 3, 2019 excludes expense for variable non-lease components including common area maintenance and excludes costs that are not a component of the lease including real estate taxes, insurance, sales taxes and utilities for the Company’s leases.


⁽²⁾	Cost of sales includes all distribution center lease costs and store occupancy-related lease cost.

Lessee, Operating Lease, Liability, Maturity

As of August 3, 2019, future minimum payments, by year and in the aggregate, under all operating leases with initial terms of one year or more consist of the following (in thousands):



	Operating Leases
2019 (excluding the 26 weeks ended August 3, 2019)	$	28,946
2020	65,264
2021	56,366
2022	46,709
2023	38,245
After 2023	85,770
Total lease payments ⁽¹⁾	321,300
Less: Interest	(49,039		)
Present value of lease liabilities	$	272,261

⁽¹⁾ Operating lease payments exclude $7.6 million of legally binding minimum lease payments for leases signed but not yet commenced for four new store leases

Leases Term and Discount Rate

The Company’s lease term and discount rate is as follows:



	August 3, 2019
Weighted-average remaining lease term (years)	6.1
Weighted-average discount rate	5.6	%

Leases Cash Flow Supplemental Disclosure

Cash paid for amounts included in the measurement of lease liabilities is as follows (in thousands):



	13-Week Period Ended		26-Week Period Ended
	August 3, 2019		August 3, 2019
Operating cash flows from operating leases	$	16,152	$	32,917

Schedule of Future Minimum Rental Payments for Operating Leases

The Company adopted new lease accounting guidance as of the beginning of fiscal 2019 as discussed in Note 1 and Note 12, and as required, the following disclosure is provided for periods prior to adoption. As of February 2, 2019, future minimum payments, by year and in the aggregate, under all operating leases with initial terms of one year or more consist of the following (in thousands):



	Operating Leases
2019	$	67,354
2020	62,102
2021	53,164
2022	44,087
2023	35,606
Thereafter	91,629
Total minimum lease payments	$	353,942