Leases and Other Commitments

6 Months Ended

Jul. 29, 2023

Leases and Other Commitments

Leases and Other Commitments

4.    Leases: For the Second Quarter of Fiscal 2023, operating lease expense was $18 million and variable lease expense was $11 million, resulting in total lease expense of $29 million compared to $22 million of total lease expense in the Second Quarter of Fiscal 2022. For the First Half of Fiscal 2023, operating lease expense was $35 million and variable lease expense was $21 million, resulting in total lease expense of $56 million compared to $47 million of total lease expense in the First Half of Fiscal 2022.

Cash paid for lease amounts included in the measurement of operating lease liabilities in the First Half of Fiscal 2023 was $41 million, while cash paid for lease amounts included in the measurement of operating lease liabilities in the First Half of Fiscal 2022 was $35 million.

The increase in lease expense and cash paid was primarily driven by the acquisition of Johnny Was.

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

	Operating lease
Remainder of 2023	$	39,686
2024		72,199
2025		55,324
2026		48,295
2027		34,751
2028		28,479
After 2028		53,276
Total lease payments	$	332,010
Less: Difference between discounted and undiscounted lease payments		45,127
Present value of lease liabilities	$	286,883