Leases

6 Months Ended

Aug. 01, 2020

Leases [Abstract]

Leases

LeasesThe Company temporarily closed its full-line and factory outlet stores on March 19, 2020, due to the COVID-19 pandemic. As of the end of July, all but three full-line stores and all factory stores have been reopened, further

discussed in Note 1 herein. As a result of the temporary closures, certain rent payments have been deferred. An immaterial amount of rent abatements were received as of August 1, 2020.

Discount Rate

The weighted-average discount rate as of August 1, 2020, was 5.0%. The discount rate is not readily determinable in the lease; therefore, the Company estimated the incremental borrowing rate, at the commencement date of each lease, which is the rate of interest it would have to borrow on a collateralized basis over a similar term with similar payments.

Leases Not Yet Commenced

As of August 1, 2020, the Company had one retail store lease which was executed, but did not have control of the underlying asset; therefore, the lease liability and right-of-use asset are not recorded on the Condensed Consolidated Balance Sheet. This lease contains undiscounted lease payments, which will be included in the determination of the lease liability, totaling approximately $2.1 million and has an approximate term of 10 years commencing in fiscal 2022.

Amounts Recognized in the Condensed Consolidated Financial Statements

The following lease expense is recorded within cost of sales for the Asia sourcing office and certain equipment leases and within selling, general, and administrative expenses for all other leases, including retail store leases, in the Company's Condensed Consolidated Statement of Operations for the thirteen and twenty-six weeks ended August 1, 2020 and August 3, 2019 (in thousands):

	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	August 1, 2020		August 3, 2019		August 1, 2020		August 3, 2019
Operating lease cost	$	6,528	$	7,010	$	13,762	$	14,367
Variable lease cost	1,735		2,528		2,553		4,765
Short-term lease cost	76		143		145		333
Total lease cost	$	8,339	$	9,681	$	16,460	$	19,465

The weighted-average remaining lease term as of August 1, 2020 was 5.7 years.

Supplemental operating cash flow information was as follows (in thousands):

	Twenty-Six Weeks Ended
	August 1, 2020		August 3, 2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	11,791	$	16,175
Right-of-use assets increase as a result of new and modified operating lease liabilities, net	$	3,271	$	7,144