Leases

12 Months Ended

Feb. 04, 2024

Leases [Abstract]

Leases

Leases

Components of lease expense were as follows (in thousands):

	2024		2023		2022
Operating lease expense	$	30,305	$	24,173	$	18,902
Variable lease expense	11,820		16,082		10,489
Short term lease expense	1,470		721		336
Total lease expense	$	43,595	$	40,976	$	29,727

Variable lease expense includes index-based changes in rent, maintenance, real estate taxes, insurance and other variable charges included in the lease as well as rental expenses related to short term leases.

During fiscal 2024 and 2023, we did not recognize any impairment charges associated with showroom-level right-of-use assets. During fiscal 2022, we recognized impairment charges totaling $0.6 million associated with showroom-level ROU assets that were included as part of selling, general and administrative expenses.

Future minimum lease payments under non-cancelable leases as of February 4, 2024 were as follows (in thousands):

2025	$	25,897
2026	31,304
2027	29,134
2028	26,958
2029	24,397
Thereafter	76,790
Total undiscounted future minimum lease payments	214,480
Less: imputed interest	(38,976)
Total present value of lease obligations	175,504
Less: current operating lease liability	(17,628)
Operating lease liability- long term	$	157,876

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

	2024		2023		2022
Operating cash flow information:
Amounts paid on operating lease liabilities	$	29,748	$	23,724	$	14,400
Non-cash activities
Net additions to right-of-use assets obtained in exchange for lease obligations	$	42,064	$	53,239	$	116,048
Weighted average remaining lease term - operating leases	7.47		7.40		6.29
Weighted average discount rate - operating leases	4.97%		4.10%		3.44%