Leases and Other Commitments

3 Months Ended

Apr. 29, 2023

Leases and Other Commitments

Leases and Other Commitments

4.    Leases: For the First Quarter of Fiscal 2023, operating lease expense, which includes amounts used in determining the operating lease liability and operating lease asset, was $18 million and variable lease expense was $10 million, resulting in total lease expense of $28 million compared to $24 million of total lease expense in the First Quarter of Fiscal 2022. Cash paid for lease amounts included in the measurement of operating lease liabilities in the First Quarter of Fiscal 2023 was $21 million, while cash paid for lease amounts included in the measurement of operating lease liabilities in the First Quarter of Fiscal 2022 was $18 million. The increase in lease expense and cash paid was primarily driven by the acquisition of Johnny Was.

As of April 29, 2023, the stated lease liability payments for the fiscal years specified below were as follows (in thousands):

	Operating lease
Remainder of 2023	$	58,136
2024		69,672
2025		53,410
2026		46,471
2027		33,299
2028		26,794
After 2028		46,612
Total lease payments	$	334,394
Less: Difference between discounted and undiscounted lease payments		43,962
Present value of lease liabilities	$	290,432