Leases

12 Months Ended

Jan. 27, 2023

Leases [Abstract]

Leases

NOTE 4. LEASES

The following table summarizes the Company’s components of lease expense, primarily related to Company Operated stores, which is included in Selling and administrative expense in the Consolidated Statements of Operations:

(in thousands)	Fiscal 2022		Fiscal 2021		Fiscal 2020
Operating lease expense	$	7,466	$	8,273	$	8,516
Variable lease expense		2,714		2,312		2,303
Ending balance	$	10,180	$	10,585	$	10,819

Short-term lease cost was not material for Fiscal 2022 or Fiscal 2021.

Supplemental balance sheet information related to operating leases are as follows:

(in thousands)	Fiscal 2022			Fiscal 2021
Operating lease right-of-use asset	$	30,325		$	31,492
Lease liability – current		5,414			5,617
Lease liability – long-term		31,095			32,731
Weighted average remaining lease term in years		6.6			6.8
Weighted average discount rate		6.36	%		6.55	%

Supplemental cash flow information related to operating leases are as follows:

(in thousands)	Fiscal 2022		Fiscal 2021		Fiscal 2020
Operating cash outflows from operating leases	$	9,154	$	10,509	$	8,710
Operating lease right-of-use-assets obtained in exchange for lease liabilities		4,440		1,409		3,406

Maturities of operating lease liabilities as of January 27, 2023 are as follows:

(in thousands)
2023	$	7,516
2024		6,815
2025		6,400
2026		6,343
2027		6,377
Thereafter		11,850
Total operating lease payments	$	45,301
Less imputed interest		8,792
Present value of lease liabilities	$	36,509