Leases (Tables)

9 Months Ended

Nov. 02, 2024

The following table presents components of lease expense (in thousands):


	Three Months Ended				Nine Months Ended
	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Operating lease expense	$	18,537	$	19,404	$	55,349	$	57,034
Variable lease expense		2,571		1,341		7,204		5,121
Total lease expense (1)	$	21,108	$	20,745	$	62,553	$	62,155

(1)

Total lease expense includes short-term lease expense and sublease income which is immaterial to the Company. Total lease expense does not include right-of-use asset impairment charges, common area maintenance charges and other non-lease components.

Schedule of Supplemental Cash Flow Information Related to Leases

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


	Nine Months Ended
	November 2, 2024			October 28, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(55,565	)	$	(52,656	)
Right-of-use assets obtained in exchange for new operating lease liabilities		42,802			45,823

Schedule of Weighted-Average Remaining Lease Term and Discount Rate

Weighted-average remaining lease term and discount rate were as follows:


	November 2, 2024	October 28, 2023
Weighted-average remaining lease term	4.7	4.9
Weighted-average discount rate	4.5%	3.2%

Schedule of Maturities of Operating Leases Liabilities

At November 2, 2024, the maturities of our operating leases liabilities are as follows (in thousands):


Fiscal 2024	$	14,486
Fiscal 2025		68,575
Fiscal 2026		47,261
Fiscal 2027		36,639
Fiscal 2028		22,476
Fiscal 2029		13,803
Thereafter		31,366
Total minimum lease payments		234,606
Less: interest		(23,541	)
Present value of lease obligations		211,065
Less: current portion		(59,084	)
Long-term lease obligations (1)	$	151,981

(1)

Amounts in the table do not include contingent rent, common area maintenance charges and other non-lease components.