Leases

9 Months Ended

Nov. 02, 2024

4. Leases

At November 2, 2024, we had operating leases for our retail stores, certain distribution and fulfillment facilities, vehicles and equipment. Our remaining lease terms vary from under one month to eleven years, with varying renewal and termination options.

The following table presents components of lease expense (in thousands):


	Three Months Ended				Nine Months Ended
	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Operating lease expense	$	18,537	$	19,404	$	55,349	$	57,034
Variable lease expense		2,571		1,341		7,204		5,121
Total lease expense (1)	$	21,108	$	20,745	$	62,553	$	62,155

(1)

Total lease expense includes short-term lease expense and sublease income which is immaterial to the Company. Total lease expense does not include right-of-use asset impairment charges, common area maintenance charges and other non-lease components.

Supplemental cash flow information related to leases is as follows (in thousands):


	Nine Months Ended
	November 2, 2024			October 28, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(55,565	)	$	(52,656	)
Right-of-use assets obtained in exchange for new operating lease liabilities		42,802			45,823

Weighted-average remaining lease term and discount rate were as follows:


	November 2, 2024	October 28, 2023
Weighted-average remaining lease term	4.7	4.9
Weighted-average discount rate	4.5%	3.2%

At November 2, 2024, the maturities of our operating leases liabilities are as follows (in thousands):


Fiscal 2024	$	14,486
Fiscal 2025		68,575
Fiscal 2026		47,261
Fiscal 2027		36,639
Fiscal 2028		22,476
Fiscal 2029		13,803
Thereafter		31,366
Total minimum lease payments		234,606
Less: interest		(23,541	)
Present value of lease obligations		211,065
Less: current portion		(59,084	)
Long-term lease obligations (1)	$	151,981

(1)

Amounts in the table do not include contingent rent, common area maintenance charges and other non-lease components.

At November 2, 2024, we have excluded from the table above $2.3 million of operating leases that were contractually executed, but had not yet commenced. These operating leases are expected to commence by the end of fiscal 2024.