PROPERTY AND EQUIPMENT

12 Months Ended

Feb. 01, 2025

PROPERTY AND EQUIPMENT.

PROPERTY AND EQUIPMENT

9.   PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

($thousands)	February 1, 2025		February 3, 2024
Land and buildings	$	37,494	$	38,795
Leasehold improvements		229,227		216,531
Technology equipment		56,900		51,690
Machinery and equipment		116,404		114,245
Furniture and fixtures		146,730		140,456
Construction in progress		16,518		14,204
Property and equipment		603,273		575,921
Allowances for depreciation		(428,060)		(408,338)
Property and equipment, net	$	175,213	$	167,583

Useful lives of property and equipment are as follows:

	Years
Buildings	5 - 30
Leasehold improvements	5 - 20
Technology equipment	2 - 7
Machinery and equipment	4 - 20
Furniture and fixtures	3 - 10

After allowing for an appropriate start-up period, property and equipment at stores and any lease right-of-use assets indicated as impaired are written down to fair value as calculated using a discounted cash flow method.  The Company recorded charges for impairment of $1.9 million, $0.7 million and $1.8 million in 2024, 2023 and 2022, respectively, primarily for operating lease right-of-use assets, leasehold improvements and furniture and fixtures in the Company’s retail stores and capitalized software, which are presented in selling and administrative expenses. Fair value was based on estimated future cash flows to be generated by retail stores, discounted at a market rate of interest. Refer to Note 12 and Note 13 to the consolidated financial statements for further discussion of these impairment charges.

Property and Equipment, Held for Sale

During 2024, the Company continued to actively market for sale its nine-acre corporate headquarters campus (the “Campus”) located in Clayton, Missouri.  In January 2025, the Company entered into an agreement to sell the main portion of the Campus, subject to certain closing conditions.  In February 2025, the Company entered into two letters of intent to sell the remaining portions of the Campus.  The Company expects each of the components of the Campus to qualify as a completed sale within the next year.  Accordingly, the Campus, primarily consisting of land and buildings, has been classified as property and equipment, held for sale category on the consolidated balance sheet as of February 1, 2025 within the Eliminations and Other category.  The Company evaluated the Campus asset group for impairment and determined that no indicators were present as of February 1, 2025.